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1/15/2016 Item Coversheet <br /> condominiums are still being actively marketed at the end of the <br /> current Dezer lease, the City would agree to lease Corner House the <br /> 15800 Collins Avenue sales office for up to an additional 18 months for <br /> $5,000.00 per month.A proposed Letter of Intent will be presented to <br /> the City Commission for approval of the proposed lease agreement. <br /> The above agreement is very favorable to the City for the following <br /> reasons: <br /> 1. The Property located at 18590 Collins Avenue is strategically <br /> important to the City given the City's prior acquisition of the Turnberry <br /> site on Atlantic Boulevard. These two sites connect through the <br /> overlap of the back alley. <br /> 2. The above agreement puts to rest the notion of a multistory building <br /> at the entrance to a single family neighborhood. <br /> 3. The 71,500 TDRs that the City is donating for the property located <br /> at 18801 Collins Avenue ("Veradero") is marginally higher than the <br /> actual yield of the property's TDRs of 62,685. However, since the City <br /> is able to receive the property located at 18590 Collins Avenue <br /> immediately, the benefits to the City are high. This includes immediate <br /> benefits to the surrounding communities, strategic assemblage of this <br /> block of properties, and the avoidance of litigation. <br /> I respectfully request your approval of this Resolution. <br /> [1] It should be noted that through the course of negotiations, the <br /> Parties actually ended up at 71,500 TDRs. However, Corner House <br /> wanted to show a net transaction of 75,000 TDRs. In order to realize <br /> this objective, the City is being rebated the difference in cash value <br /> (3,500 TDRs x$125=$437,500). <br /> ATTACHMENTS: <br /> Description <br /> Resolution <br /> Letter of Intent <br /> Item Number: 10.H. <br /> • <br /> • <br /> httpi/sunnyisles.novusagenda.com/agendaweb/CoverSheet.aspx?Item 1 D=1837 2/2 <br />