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u <br />Fj <br />L <br />TO: <br />FROM: <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />(305) 947.0606 City Hall <br />(305)949.3113 Fax <br />MEMORANDUM <br />The Honorable Mayor and City Commission <br />Christopher J. Russo, City Manager <br />DATE: 11/21/2013 <br />RE: Resolution approving the First Amendment and Consent to <br />Assignment between. the City of Sunny Isles Beach, American <br />Federated Title Corp., as trustee under Florida Land Trust #3258, <br />and Beach Bar @ Newport Pier, LLC <br />RECOMMENDATION: <br />This Resolution is presented for your consideration. <br />REASONS: <br />The City of Sunny Isles Beach, Florida (the "City"), and American Federated Title <br />Corporation, as Trustee under Florida Land Trust #3258 ( "Assignor ") entered into a Lease <br />Agreement dated July 26, 2013 for the lease of restaurant facilities and a bait shop located <br />at the Historic Newport Fishing Pier ( "Pier "). City and Assignor are also parties to a <br />Management Agreement for the Pier exclusive of the restaurant and bait shop. <br />Assignor desires to assign and Beach Bar @ Newport Pier, LLC, a Florida limited liability <br />company ( "Assignee ") desires to assume Assignor's rights and obligations with respect to <br />the Management Agreement in order for Assignee to manage the Pier. The Parties agree <br />that the admission fees collected from the Pier shall be divided and shared evenly 50/50 <br />between the City and Assignee. In tutu, the Assignee's 50% share of admission fees <br />collected shall be divided and shared between the Assignor and Assignee. The remaining <br />terms and conditions of the Management Agreement shall remain in full force and effect. <br />ATTACHMENTS: <br />• Resolution <br />• First Amendment and Consent to Assignment <br />Agenda Item NOW <br />Date 11212013 <br />358 <br />