Reso 2007-1183 - Laserfiche WebLink

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I f'l) 111 : Date. P~I~e . \. Jllhn ')/erla~ "-0\ ember 2:-<.2007 2 on 7. All net revenues obtained from the fishing pier and restaurant lease will be shared equally between Cornfeld and the City of Sunny Isles Beach, so long as the cost for design, removal, and replacement of the Pier structure does not exceed Four Million Dollars ($4,000,000). If the City's share for design, removal and replacement of the pier structure is greater than Two Million Dollars ($2,000,000), the City will receive 75% of the net revenues until the additional cost incurred by the City is equalized compared with Cornfeld's contribution of Two Million Dollars ($2,000,000). Following is an example of this calculation: City share project cost Cornfeld share project cost Total project cost $3 Million $2 Million $5 Million Additional cost incurred by the City $1 Million First year total net revenues First year City share revenues First year Cornfeld share revenues $100,000 $75,000 $25,000 Net revenues include operation and maintenance cost, and excludes costs set forth in paragraph 4 above. In the above example, the City will receive 75% of the net revenue until the additional One Million Dollars ($1,000,000) expenditure by the City is recovered. After the City recovers its additional expenditure, net revenues will be shared equally. 8. If all necessary permits have not been obtained from all governmental agencies by February 2009, then this agreement shall be null and void. 9. Neither party shall be required to perform under this agreement if the Pier is destroyed permanently by Acts of God which include but are not limited to hurricanes, earthquakes, and tornadoes. R. Comfcld - Fishing Picr Agrccmcnt J .tr.