HomeMy WebLinkAboutR-78-0434111
RESotuTION NO, 780 4 34
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
AMMO A CERTAIN LEASE BETWEEN THE CITY OF M/AMi
AND BAYSHORE PROPERTIES, INC. DATED JUNE 1,
1977 BY RESCHEDULING THE PAYMENTS THEREUNDER IN
ACCORDANCE WITH THE ATTACHED AMENDMENT, WHEREBY
THE CITY WILL 'CHARGE AN ADDITIONAL 6,5% AS A
PENALTY PAYMENT ON MONIES ADVANCED, IF ANY, BY
THE CITY TO SATISFY PREEXISTING OBLIGATIONS OF
THE SAID BAYSHORE PROPERTIES, INC. IN CONNECTION
WITH THE DEMISED PREMISES, AND WHEREBY THE CITY
WILL ADD A 5% PENALTY CHARGE FOR LATE PAYMENTS,
IF ANY, BY THE SAID BAYSHORE PROPERTIES, INC.
WHEREAS, by Motion No. 78-346, the City Commission
authorized the Administration to renegotiate the schedule of
payments portion of the City's Agreement with Monty Trainer
(Bayshore Properties, Inc.) in connection with the purchase of
the Miley Property over a period of 9 years; and
WHEREAS, the terms of the subject amendment have been
reviewed and accepted by Bayshore Properties, Inc., as follows:
Reference:
(Agreement, June 1, 1977; Paragraph 7)
CURRENT PAYMENT SCHEDULE
OF MAXIMUM LOAN ADVANCED
REQUIRED OF BAYSHORE PROPERTIES, INC.
YEAR
1978 $ 160,000
1978 30,000
1979 152,000
1980 145,000
1981 139,000
1982 131,000
1983 125,000
1984 117,000
1985 112,500
1986 52,000
"DOCUMENT INDEX
ITM ./1)
PROPOSED
PAYMENT SCHEDULE
$ 90,000
120,000
120,000
140,000
140,000
130,000
130,000
130,000
163,500
TOTAL $1,163,500 $1,163,500
Page 1 of•3
CITY COMMISSION
MEETING OF
JUN321978
sownon Mo.7. , 3
and
WiEftEAS, Bayshore Properties, Inc., agrees to pay to the
City, as penalty, 6.5% pet annum of all money advanced by the City
above the amount received from Bayshore properties, Ind., as
revenue, arid the amount due to Mr. O. B. Miley, Trustee, in accordance
with the Final Judgment of Case No. 77-15942, City of Miami, Florida
vs. O. B. Miley, Trustee, and there shall be no prepayment penalty; and
WHEREAS, the difference between the amount of revenue
received, and the payment due to O. B. Miley is One Hundred Thousand
($100,000.00) Dollars for the 1978; Thirty -Two Thousand ($32,000.00)
Dollars for the year 1979; and Twenty -Five Thousand ($25,000.00)
Dollars for the year 1980; and
WHEREAS, on or before May 14, 1981, Bayshore Properties,
Inc., will pay to the City the penalty payment of Twenty -Nine
Thousand Seven Hundred Fifteen ($29,715.00) Dollars, and
WHEREAS, Bayshore Properties, Inc., agrees to pay a late
penalty payment on any rent or other payments, exclusive of the
annual payments as recited hereinabove; and
WHEREAS, the late penalty shall be five (5%) percent of the
amount due if not paid within ten (10) days after receipt of Invoice,
and an additional five (5%) percent penalty if payment is not
received within thirty (30) days,
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The City Manager be and he is hereby authorized
to amend the leasel/ between the City of Miami and Bayshore Properties,
Inc., in accordance with the following schedule:
CURRENT SCHEDULE OF MAXIMUM
LOAN ADVANCED REQUIRED OF
YEAR BAYSHORE PROPERTIES, INC. PROPOSED SCHEDULE
1978 $ 160,000 $ 90,000
1978 30,000
1979 152,000 120,000
1980 145,000 120,000
1981 139,000 140,000
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rr_--,___---r_rawrr.rrerer+rur—e!rrrrrtWuM+r------_-_r_-a n-rW-x--a-1 ve rre
1/ Lease dated June 1, 1977, Paragraph 7
Y , t OnktNT gCHtDUtJE _(continued) PnOPOStO ,_$Cf#Ebtitb
i982 $ 131,000 $ 140,000
1983 125,000 130,000
1984 117,000 130,000
1985 112,500 130,000
1986 52,000 163,500
TOTAL $1,163,500 $1,163,500
Section 2. That a five (5%) percent clause penalizing
Bayshore Properties, Inc. be added to the Lease for late payment
of rent and ad valorem taxes that have not been paid by May 31 of
the tax year, if any, by the said Bayshore Properties, Inc.
Section 3. That an additional penalty clause of six
point five (6.5%) percent per annum be charged Bayshore Properties,
Inc. on all money paid by the City of Miami to 0. B. Miley, Trustee,
over the amount of revenue received from Bayshore Properties, Inc.
(i.e., the difference between current and proposed schedules for
the years 1978, 1979 and 1980).
PASSED AND ADOPTED this 22 day of JUNE , 1978.
MAURICE A. FERRE
MAURICE A. FERRE, M A Y O R
ATTEST:
RALPH G. ONGIE, CITY CLERK
PREPARED AND APPROVED BY:
ticttic
t1r TERRY V. PERCY
ASSISTANT CITY ATTORNEY
APPROVED AS, TO FORM AND CORRECTNESS:
ir
ORG,-1C11TOX, JR, CITY RNEY
Page 3 of 3
78434
AMENbMENT TO AGREEMENT
THt8 AGREEMENT, bearing the date of
1978, and entered into, on the dates respectively shown below, by
and between the City of Miami, Florida, (hereinafter referred to
as "CITY"), and Bayshore Properties, Inc., a Florida corporation
(hereinafter referred to as "COMPANY"), amends an existing agreement
bearing date of June 1, 1977.
WHEREAS, the CITY and BPI entered into an agreement pursuant
to Resolution No. 77-462 for the rental of real property located
at 2560 So. Bayshore Drive, effective June 1, 1977; and
WHEREAS, said agreement provided that it should be amended
only upon written consent of both parties thereto; and
WHEREAS, both parties are desirous of amending said agreement;
and
WHEREAS, the City Commission, pursuant to Resolution No.
, authorized the City Manager to amend existing lease
agreement in accordance with the terms set out below;
IN CONSIDERATION of the mutual covenants and agreements here-
inafter set forth, and for and in consideration of other valuable
consideration, the parties hereto covenant and agree as follows:
1. Both parties agree to amend the payment schedule of the
existing lease (Paragraph Seven) in accordance with the following:
YEAR
1978
1978
1979
1980
1981
1982
1983
1984
1985
1986
CURRENT PAYMENT SCHEDULE
OF MAXIMUM LOAN ADVANCED
REQUIRED OF BAYSHORE PROPERTIES, INC.
$ 160,000
30,000
152,000
145,000
139,000
131,000
125,000
117,000
112,500
52,000
TOT$1,163,500
PROPOSED
PAYMENT SCHEDULE
$ 90,000
120,000
120,000
140,000
140,000
130,000
130,000
130,000
103,500
$1,163,500
78-434
r
YEAR C iU tRtNT. 804EDUE__(000tirliec )_ PROPOSED, LSC #DDULE
1982 $ 131,000 $ 140,000
1983 125,000 130,000
1984 117,000 130,000
1985 112,500 130,000
1986 5.2,000 163►500
TOTAL $1,163,500 $1,163,500
Section 2. That a five (5%) percent clause penalizing
Bayshore Properties, Inc. be added to the Lease for late payment
of rent and ad valorem taxes that have not been paid by May 31 of
the tax year, if any, by the said Bayshore Properties, Inc.
Section 3. That an additional penalty clause of six
point five (6.5%) percent per annum be charged Bayshore Properties,
Inc. on all money paid by the City of Miami to 0. B. Miley, Trustee,
over the amount of revenue received from Bayshore Properties, Inc.
(i.e., the difference between current and proposed schedules for
the years 1978, 1979 and 1980).
PASSED AND ADOPTED this day of
, 1978.
MAURICE A. FERRE, MAY 0 R
OC;e,:;71_,)
G. ONGIE, CITY CLERK
PREPARED AND APPROVED BY:
APPROVED AS TO FORM AND CORRECTNESS;
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