HomeMy WebLinkAboutExhibit 2ATTACHMENT B
COMPENSATION
FIXED FEE FOR PHASE I
For the Phase I Services detailed in Attachment A to this Agreement, Provider shall be
compensated on a fixed fee basis in the amount of two hundred thousand dollars ($200,000).
This fee will only be payable in the event this Agreement is terminated without cause prior
to the completion of any dispositions, or one year from the date of execution of this
Agreement, whichever is earlier, provided Provider is not in default. Notwithstanding the
above, in the event a disposition takes place following payment of the fixed fee, the $200,000
shall be credited against the initial commission fees due to Provider.
II PHASE II FEE
A. Commission Fee
In the event the City elects to proceed with disposition of the Property, or any
portion(s) thereof, either in a phased asset sale or as a whole, the Provider shall be
compensated for Phase II of its services via commissions as calculated pursuant to the
table set forth below, which amount(s) shall be paid by the City at the closing of each
such sale and from the sale proceeds of each such sale. The commission(s) shall be
calculated in accordance with the table set forth below for each individual disposition.
No fee shall be due for services provided in Phase II if no sale is consummated and the
Provider's fees shall be limited to that which is paid for services provided in Phase I.
Sale Price of Assets
First $15 million
Amount Over $15 million
Commission Rate
1.5%
3%
Example: The commission on a sale of $22,000,000 would be calculated as follows:
Sale Price
First $15 million
Remainin. $7,000,000
Total = $22,000,000
Commission
$225,000
$210,000
Total = $435,000
B. Fixed Fee for Negotiations with Lessees
In the event the City elects to have Provider represent. the City in negotiations with the
Hyatt related to negotiating a new or amended lease agreement with Hyatt, Provider
shall be paid a flat fee of $250,000, which fee shall be paid upon execution of an
amended or new lease with Hyatt.
In the event the City elects to have Provider represent the City in the acquisition of the
University of Miami's leasehold interests, the Provider shall be compensated at a rate of
2% of the acquisition price, but not to exceed $100,000, for its services, which
amount(s) shall be paid by the City at the closing of such sale.
C. Conditions
No fee shall be due for services related to acquisitions if no acquisition is consummated.
Provider shall not be entitled to the fees provided in Paragraph B above when such
acquisition of leasehold interests is necessary in order to sell the leasehold property, in
which case Provider shall only receive the fees outlined in A above.
III ARCHITECTURAL SUBCONSULTANT
Subject to the Director's prior written approval of the architectural partner and the scope of
work to be conducted, the City shall reimburse Provider the actual cost of these services
based upon submission of an invoice and documents supporting the requested
reimbursement, which cost for these services shall not exceed fifty thousand dollars
($50,000).