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154,8 <br />Cite of Sunny Isles Beach <br />�SVNNY <br />r <br />�`'�'_'� F <br />18070 Collins Avenue. Suite 250 <br />,° <br />Sunnv Isles Beach. Florida 33160 <br />', `•�:_�,yl, <br />(305) 947 -0606 City Hall <br />(305) 949-3113 Fax <br />iyf ,99� yt� <br />(305) 947 -2150 Building Department <br />p0. <br />c/r �o of suN <br />� � <br />(305) 947 -5107 Fax <br />MEMORANDUM <br />TO: The Honorable City Commission <br />FROM: Mayor Norman S. Edelcup <br />DATE: November 20, 2014 <br />Ciry Commission <br />Norman S. Edelcup. Mayor <br />Isaac Aelion. Vice Sla)or <br />Jeanette Gatto. Commissioner <br />Jennifer Levin. Commissioner <br />Geo"e -Bud- Scholl. Commissioner <br />Christopher J. Russo Chy Manager <br />Hans Ottinot. City Anornee <br />Jane A. Hines. NdIC. On, Clerk <br />RE: Resolution accepting the final payment of $75,000.00 for naming the gymnasium <br />located at the Pelican Community Park the "Raanan and Phyllis Katz Sports <br />Center" in perpetuity <br />RECOMMENDATION <br />It is recommended that the City Commission accept the final payment of 575.000.00 for naming <br />the gymnasium located at the Pelican Community Park the "Raanan and Phyllis Katz Sports <br />Center' in perpetuity. <br />REASONS <br />In 2009. the City of Sunny Isles Beach. Florida (the "City ') received a philanthropic offer from <br />Raanan Katz to name the gymnasium located at the Pelican Community Park, 18115 North Bay <br />Road. the 'Raanan and Phyllis Katz Sports Center`. Raanan Katz and the City subsequently <br />entered into an Agreement for Gymnasium Naming Rights, wherein Raanan Katz agreed to pay the <br />sum of $525,000.00 (Five Hundred Twenty Five Thousand Dollars) to the City for a seven year <br />period, with yearly payments of $75.000.00 (Seventy Five Thousand Dollars). <br />Raanan Katz wishes to make the final, remaining payment of $75;000.00 to the City to name the <br />Gymnasium located at the Pelican Community Park the "Raanan and Phyllis Katz Sports Center' <br />in perpetuity. To finalize the Agreement. the City Attorney will file a restrictive covenant with <br />Miami -Dade County to reflect the approval of this Resolution and conditions of the naming rights. <br />pr�D -at1: l 0 <br />Agenda Item <br />Date <br />