HomeMy WebLinkAboutExhibitRICKENBACKER MARINA, INC.
KEY BISCAYNE, FL
Tel: 305-361-1900
Fax: 305-361-2036
Email: rickenba@bellsouth.net
January 20th, 2010
Mr. Pedro G. Hernandez, P.E.
City Manager
City of Miami City Hall
3500 Pan American Drive
Miami FL, 33133
RE: Rickenbacker Marina, Inc. - Notice of Dry Storage Lease Option
Dear Mr. Hernandez,
3301 Rickenbacker Causeway
Key Biscayne, Florida 33149
www.rickenbackennarina.com
Rickenbacker Marina, Inc. (Rickenbacker) refers you to the First Lease Amendment
Between City of Miami (Lessor) and Rickenbacker Marina, Inc. (Amendment), a copy of which
is enclosed for your convenience of reference. Capitalized terms used in this letter, and not
otherwise defined, have the same meaning as those provided therefore in the Amendment.
Please refer to Section 3 of the Amendment which outlines the Term of the Lease and, in
relevant part, states the following:
[T]he use of the dry storage facilities of the Property shall be extended for a term of four
and one-half 4 1/2 years from January 8, 2009 through July 7, 2013, with three 1 -year
options to the renew the Lease, subject to approval by the City Manager, at his sole
discretion, following ninety (90) days prior written notice from Rickenbacker subject to
other terms and conditions set forth herein, (collectively, the "Term").
As a corresponding term and condition, please refer to Section 8, Paragraph 2(a) of the
Amendment which outlines the Rent schedule for use of the dry storage facilities. The
Percentage Rent, for use of the dry storage facilities, shall be calculated as follows:
12% of Gross Revenues for [the] dry storage facilities to be increased one percent (1%)
per year after [the] initial four and one-half (4 1/2) year term.
Accordingly, Rickenbacker's Percentage Rent for its use of the dry storage
facilities shall be payable during each Lease Year, following the initial four and one-half
(4 1/2) years, in accordance with the following:
Lease Year Beginning Monthly Percentage Rent
July 8, 2013
July 8, 2014
13% of Gross Revenues
14% of Gross Revenues
July 8, 2015 (until termination July 7, 2016) 15% of Gross Revenues
Pursuant to the Amendment, Rickenbacker hereby submits this written notice and
respectfully requests that the City Manager approve Rickenbacker's three 1 -year options to renew
the Term of the dry storage facilities. As a prospective result, the dry storage facilities Term shall
terminate on July 7, 2016, along with Rickenbacker's remaining facilities, as specified in Section
3 of the Amendment. In the interim, Rickenbacker stands ready to furnish the City Manager's
Office with any additional supporting documents or information that it may require towards the
prospective approval of the above options. Thank you in advance for your anticipated guidance
and attention to this matter.
enclosures
Cc: Madeline Valdes, Director
Department of Public Facilities, City of Miami