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<br />unny s es eac, on a <br />305.947.0606 <br />www.sibfl.net <br /> <br />City Commission <br /> <br />Norman S. Edelcup <br />Mayor <br /> <br />December 13,2007 <br /> <br />FAX- U.S. MAIL <br /> <br /> <br />Lewis J. Thaler <br />Vice Mayor <br /> <br />Roslyn Brezin <br />Commissioner <br /> <br />Gerry Goodman <br />Commissioner <br /> <br />Robert M. Cornfeld, President <br />Newport Operating Corporation <br />3850 Hollywood Boulevard, Suite 400 <br />Hollywood, Florida 33021 <br /> <br />George "Bud" Scholl <br />Commissioner <br /> <br />Re: <br /> <br />Addendum to Letter of Agreement for Replacement of Sunny Isles <br />Beach <br />Fishing Pier. <br /> <br />A. John Szerlag <br />City Manager <br /> <br />Hans Ottinot <br />City Attorney <br /> <br />Jane A. Hines <br />City Clerk <br /> <br />Dear Dr. Cornfeld: <br /> <br />As we further discussed, you will remit to the City of Sunny Isles Beach $500,000 <br />which will function as a deposit for the removal, design, and construction of the <br />Sunny Isles Beach/Newport Fishing Pier. In addition, the City will also allocate <br />$500,000 as a deposit for the above referenced pier elements. This fund which <br />will total $1 million will be held in a City Capital Improvements Project Account <br />entitled "Sunny Isles Beach/Newport Fishing Pier" and be drawn upon on an as <br />needed basis by the City of Sunny Isles Beach. The City will control this <br />budgetary account. <br /> <br />Additionally, you will establish a non transferable" pledge" account with Lehman <br />Brothers for the Fishing Pier Project. This account will carry a beginning balance <br />of $1.5 million with the City of Sunny Isles Beach being the only authorized <br />signatory/beneficiary on the account. The City will then be authorized to <br />withdraw on an as needed basis a total amount not to exceed $1.5 million. Any <br />interest earning on the account will be returned to you, and likewise you'll be <br />responsible for all commissions and charges on that account. The City will also <br />allocate $1.5 million to its Capital Improvement Account for the Fishing Pier. <br /> <br />The deposit, trust, and City Capital Account needs to be established no later than <br />January 10, 2008. And this letter and the initial agreement letter will be finalized <br />in a contract prepared by the City Manager and City Attorney. <br /> <br />If construction on the Pier does not begin within (3) years from approval of this <br />agreement, any unused funds that you contributed in the initial deposit, as well as <br />unused funds in the trust that you established, will be returned to you. <br /> <br />R. Cornfeld - Addendum Ltr. <br />