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RESOLUTION NO. 88'""'97
A RESOLUTION AUTHORIZING THE CITY MANAGER
TO EXERCISE A RENEWAL OPTION, IN A FORM
ACCEPTABLE TO THE CITY ATTORNEY, TO THE
E AM .. ut"Wrm BATED NOVEMBER 1- 1984,
LEAS ,
BETWEEN THE CITY OF MIAMI AND COCONUT GROVE
BANK, FOR 2,383 SQUARE FEET OF SPACE IN THE t
COCONUT GROVE BANK BUILDING AT 2701 SOUTH
BAYSHORE DRIVE, FOR THE PERIOD BEGINNING
NOVEMBER 1, 1988 AND ENDING OCTOBER 31,
1989, AT A YEARLY RENTAL OF $47,6601 WITH
FUNDS THEREFOR- ALLOCATED FROM THE OFFICE
OF LABOR RELATIONS' BUDGETED FUNDS.
WHEREAS, Resolution No. 84-1152 authorized the City Manager <;
to enter into a lease agreement with Coconut Grove Bank, to lease
2,383 square feet of space at 2701 South Bayshore Drive to
provide office space for City administrative offices; and
WHEREAS, the initial term of the lease agreement dated. ,
v:
November 1, 1984,expired October 31, 1987; and
`-WHEREAS,Resolution No. 87-1019 authorized the City Manager
to enter into, -an amendment to the lease agreement for the period:_
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beginning November 1, 1987>and ending October 31, 1988,,_
NOW; 'THEREFORE, BE IT RESOLVED BY - THE COMMISSION. ON :THE CITY- } y
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OF MIAMI, FLORIDA:
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Section 1. The City Manager is hereby authorized' to 5r
exercise a renewal option, in a form acceptable to the City` {
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Attorney, to the.16ase agreement dated November 1, .1984, between
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the City of _Miami and Coconut Grove. Bank, for 2, 383 square 'feet:
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of space in." the Coconut' Grove Bank building at 2701 South:: K=_
Bayshore llrive, for the period beginning `November 1, 1988;and'; ��"
ending October 31, 1989, at a'yearly rental of $47,,660 plus tax, r K:
claiming a City credit of $2.00 per square foot for having =paid
`
$4,750.. in 1987- as partial reimbursement towards ,original
renovation :costs : .of the , 2, 383 square feet of space; funds' q<<
'therefor-:; being hereby allocated from the office ; of
_
'Relations' budgeted . funds.
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Section 2. This Resolution shall 'become.. effectIV!
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immediately upon its adoption pursuant tp l,aw.=€
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, A( REEMENT DATED._NOVLrMBER_.1 r 1.98 t,
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D'WIyNN CITY OF MIAMa _ l�NI) COCONUT GROVE_Att ,, .
ti18 M NDM�N made and entered into this daY Af
__r 1988r between the City of Miami, a .munioipsi ,
corporation, as TBNANT, and c000nut Grove Bank, a ploridaI I— b1. a�,�trig
` ct�rporation, as LANDIOiD: amending certain provisions . that ,:.'
lease agreement made and entered into November it 1984, between
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the same parties, which lease is deemed as being incorporated by.
reference herein as though set forth in full, for the l.ease.Of
2r383 square feet of space on the 4th floor of the Coconut Grove i
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Bank building,` located at 2701 South `;,Bayshore,. Drive, Miamf,
Florida. I.
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TENANT and LANDLORD hereby expressly agree to amend that
certain lease agreement dated November 1,. 1984i between the YV
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parties.
I TERM
The ,clause as to TERM ,on page l of ;this •lease,t is deemed
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amended by° Y the `addition of the followitng language s
The lease is hereby extended for one .year-t` `firom t ' ti '2 i.
-i� 5 l - i Y'
1 y i 'X. 7,
November 1 1988 to- October "31 1989 .± . h> t r�r " ,i� ,' L r " t+
;r. {Lrs , ' . ,. iK"iCrSt �.i�c -f Rix f,_ tt k _ t i r�?F T "`_jR11* .J ," a'
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.fi f {. ' � l x� {� ( oti Yti. R gtk 3. .•* 4,{ "F if :°' rh ✓i rr •i.'} r�
fr I- BASE RENTAL .$' ,� av
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. The clause as to BASE RENTAL on page 1 of; such` leaseisY `sz` `
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amended by the 'addition of 'the following :languages ' `F' c' tr' ¢ _�-
d dr33 r
_ a ; :" S} �.-k s
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00 ;per ' square foot " i ��
The rental for the extension �s $20 h'
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or 3 '',971: � a� � r s�,
$ r b6 per month; for �a total of $47, 660. per year plus tax. .`�" =
v Vy r r i
It'' is understood that since Tenant has now ' effectivelyt r f' Ss� ■
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exercised .the two:- option contained ' in the Option Clause of INtrn U_ �� 111
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the lease agreement, Tenant claims a credit ;of'$2.00 per square !' � #-
fgot for paying $4,750.p0 in' 1987 as partial reimbursement v,;A'l
`ems i s
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�� towards original renovation posts off the 2! 383 . square feet 'of r -,. � -
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the day and year first written move
WITNESSES: COCONUT GROVE BANK# landlord
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,. Bye '
y Corporate'Secretary _ Pres dent or Author zed
Vice-president
ATTEST 6 The CITY OF ` MIAMI Tenadt
By:
Matty,H�rai,,:_City,;:Clerk. �:.. Cesar. H. Odio C1ty Manager a �y�u`
APPROVED;AS;TO FORM AND` APPROVED'=AS TO INSURANCE
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CORRECTNESS: REQUIREMENTS: r�
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Jorge L Fernandez, j Segundo r Perez
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City Attorney Insurance Managers' z°f
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CITY OF MIAMI, FLORIDA
INTEROFFICE MEMORANDUM-
.
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` : Honorable Mayor and Members DATE FILE
ro : 1988 :
of the City Commission NOV
SUBJECT: Resolution Authorizing an
Amendment to the Coconut I
Grove Bank's Lease
Agreement -
' REFERENCES:
{ FROM : Cesar H. Odio
,i City Manager ;
ENCLOSURES:
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt. the
attached resolution authorizing a second amendment.to the November
1, 1984 lease agreement between the City. of Miami and the 1 Coconut
Grove Bank, thereby fully exercising the renewal option contained
in the existing lease.
BACKGROUND:
The General Services Administration Department analyzed the -
continuing need for space for. Labor Relations and it was mutually
agreed that this would best be achieved by extending the lease for
use of 2,383 square feet of .space on the 4th floor - of the Coconut
Grove Bank building, located at 2701 South Bayshore Drive. Said
lease contains an option clause allowing the lease term to be 1
extended for an additional two years provided that the annual rent
will be renegotiated.
An amendment allowing a one year extension tb the lease term, up to
and including October 31, 1988, which increased the rent to $52,425
per year was passed on November 19, 1987, per resolution No. 87-
1019. This amendment as well met a requirement that the City pay
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the Bank for renovations. done in 1984 by reimbursing them in ..the
amount of $4, 750. F}
The proposed second amendment would allow an additional one.. year
extension to the lease term, up to and including October -31, 1989.. r°
The rent for the year will be $47,660 by -claiming. a $2.00 per
square foot credit for the $4,750.paid in 1987. Funds for,,, thers~}t ¢�
are allocated in the Labor Relations' departmental budget
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with Cc�c�e�ntlt Grow �xnk
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moe�t rincthe ,`
of Fint�^ce and Budget to cover ttexCOOt tine this agreement
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auOunt of f501520.000
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ADDITION�t� pE•Yttuvwt.l�
FINANCE REVIEW ie 'APPROVED BYr (Ii' kE:QO [RfD)
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