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HomeMy WebLinkAboutExhibit A CC 4/14 (OBSOLETE)LETTER OF INTENT March 30, 2022 Dufirstson Julio Neree, Esq. President/CEO Martin Luther King Economic Development Corporation 710 NW 62nd Street Miami, FL 33127 Dear Sir: The following sets out the basic terms upon which we would be prepared to lease the property referenced below. The terms are not comprehensive and we expect that additional terms, will be incorporated into a formal lease agreement to be negotiated. The basic terms are as follows: 1. Lessee: CITY OF MIAMI 2. Lessor: MARTIN LUTHER KING ECONOMIC DEVELOPMENT CORPORATION 3. Term: 4 Year Lease 4. Term Option: Month to month carry over at end of lease 5. Initial Lease Rate: $18.00 per sq ft plus tenant's proportionate share of Landlord's operational expenses (percentage determined by landlord and expressed in lease agreement) payable in monthly increments with monthly base rate. 6. Lease Rate Option: Landlord has the option to increase the initial lease rate 3 % annually during the lease term. 7. Renewal Option: The term will be for an initial 4-year period with an option to renew an additional 4 years, plus a month to month carry over provision. 8. Usable sq ft: 6,355 sq ft 9. Security Deposit: The tenant will pay an amount agreed upon by the tenant and landlord, which will be fully refundable at the end of the lease term, 10. Lease Period: 11. Premises: 12. Access: if the conditions expressed in the lease agreement and executed letter of intent are satisfied. April 1, 2022 - March 31, 2026 6114-16 NW 7th Avenue, Miami, FL 33127 6130 NW 7th Avenue, Miami, FL 33127 6140 NW 7th Avenue, Miami, FL 33127 Upon execution of this letter of Intent, the tenant and it's advisors will have access to the property to begin the necessary assessment and paperwork to obtain the required documentation for occupancy. 13. Cost: The tenant will bear their own expenses to build to suit for their operational needs. 14. Acceptance: If the tenant is agreeable to the foregoing terms, please sign and return to Lessor within 24 hours of acceptance. Sincerely, Authorized Signer for City of Miami Printed Name of Authorized Signer The above terms are accepted this day of , 2022. Authorized Signer for Martin Luther King Economic Development Corporation Printed name of Authorized Signer for Martin Luther King Economic Development Corporation