HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: /'
Date: March 28, 2016 Requesting Department: Department of Real Estate and Asset Management
Commission Meeting Date: May 12, 2016 District Impacted: 2 Law Department
Type: Z Resolution ❑ Ordinance EIFmergency Ordinance ❑ Discussion Item Matter ID No.
15-673
❑ Other
Subject: A resolution authorizing the City Manager to verve late fees for "Dolores, You Can Call Me Lolita, LLC." in
exchange for rent overpayments, property improvements b"lye 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 City -owned pr perty
totaling forty five thou and six hundred t irty ($45,630.00). r�/+v``"''
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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: $0
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
CIP N/A _ Budge AL
If using or receiving capital funds
Grants N/A Risk Management
" 3jj2¢QI
Purchasing � ,��, Dept. Director
Chief City Manage,C
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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.
e Office of the Independent Auditor General audited the records and financial transactions of Dolores for
e 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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