HomeMy WebLinkAboutSummary FormFILE ID:
AGENDA ITEM SUMMARY FORM
16-00578
Date: March 28, 2016 Requesting Department: Department of Real Estate and Asset Management
Commission Meeting Date: May 12, 2016
District Impacted: 2
Type: Z Resolution n Ordinance mergency Ordinance E Discussion Item
E Other
Law Department
Matter ID No.
15-673
Subject: A resolution authorizing the City Manager to v the late fees for "Dolores, You Can Call Me Lolita, LLC." in
exchange for rent overpayments, property improvements b ke tenant, and a $5,000.00 payment by tenant.
Purpose of Item:
A resolution of the Miami City Commission, authorizing the City Manager to waive the late fees associated with'
the City -owned property leased to "Dolores, But You Can Call Me Lolita, LLC.," as identified in the City of Miami
Audit No. 15-001, in the amount of fifty eight thousand seven hundred thirty seven dollars ($58,737.00), in
exchange for a five thousand dollar ($5,000.00) payment and improvements to the Ci y-owned pr perty
totaling forty five thou and six hundred thirty ($45,630.00). +v`` " ZSwc °' " u., 4
/
Background Information
Budget Impact Analysis
YES Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:.
CIP N/A
If using or receiving capital funds
Grants N/A
Final Approvals
(SIGN AND DATE)
Bud
Risk Management
Purchasing w Dept. Director 312q/2 d1
Chief f "�, City Manager —
Page 1 of 2
Subject: A resolution authorizing the City Manager to waive late fees in exchange for rent overpayments,
property improvements by the tenant, and a $5,000 payment.
Background Information:
Dolores, But You Can Call Me Lolita, LLC ("Dolores") is the current tenant of the property located at 1000
South Miami Avenue.
The Office of the Independent Auditor General audited the records and financial transactions of Dolores for
the period of March 1, 2008, through February 28, 2014.
The lease with Dolores requires the late fees in the amount of 0.5% of the late rent due per day.
The Audit found that the late fees associated with the audit time -period totaled $102,255.00.
The Audit also found that Dolores had overpaid its rents during the audit time -period in the amount of
$43,518,00.
The overpayments of $43,518.00 have been used to pay a portion of the late fees from the Audit leaving a
balance of $58,737.00.
Dolores has begun improvements to the property in the amount of $45,630.00 and wishes to have the
remaining late fees waived in exchange for the improvements to the property and a $5,000.00 payment.
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