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<br />SH~TTS <br />BOWEN <br />LLP <br /> <br />ATIORNEYS AND COUNSELLORS AT LAW <br /> <br />SIDNEY C, CALLOW A Y <br />Member Florida Bar <br />(954) 847-3833 Direct Telephone <br />(954) 888-3063 Direct Facsimile <br /> <br />E-MAlL ADD,RESS: <br />scalloway@shutts-law,com <br /> <br />February 7, 2008 <br /> <br />VIA FACSIMILE AND MAIL (305) 957-1312 <br /> <br />Hans Ottinot, City Attorney <br />City of Sunny I~les Beach <br />18070 Collins Avenue, 4th Floor <br />Sunny Isles Beach, FL 33160 <br /> <br />Re: Case Name: <br /> <br />City of Sunny Isles Beach v. 18100 Collins A venue <br />Shopping Center, Ltd, et al <br />2004-12891-CA-10 <br />1 <br />27169.0001 <br /> <br />Case No.: <br />Parcel No.: <br />Client-Matter No.: <br /> <br />Dear Hans/l~"7 <br /> <br />Please allow this letter to serve as a follow up to our most recent discussions regarding the proposed <br />settlement of the above-styled case. You have my most recent opinion and assessment of the <br />above-styled case, with specific emphasis on the legal and economic risks to the City, which were <br />associated with resolving the parties' legal and factual dispute concerning the valuation of the subject <br />property. As previously indicated this case is currendy set as the number one case of the Court's <br />two-week trial docket beginning Monday, FebroalY 11, 2008, and the parties have ceased formal <br />discovelY and are currently completing file work for began trial on Monday. <br /> <br />As I have stated before, my assessment of the City's legal position has not changed in any significant <br />way, however the Court's delays in forcing this matter to jury trial before now has increased the <br />City's legal and financial exposure, due ahnost exclusively to the additional time from which pre- <br />judgment interest would be calculated on the basis of the time in which a final judgment is entered. <br />Simply put, prejudgment interest that the City may ultimately owe to the respondent - il1:espective <br />of the final judgment amount has increased significandy since March, 2007 - the approximate time <br />in which you assigned this case to me. <br /> <br />The Respondents' real estate appraiser has submitted a report and is prepared to testify that his <br />opinion of value of Parcell is $12 million, On behalf of the City, we are prepared to present a <br /> <br />FTLDOCS 5289886 1 <br />200 EAST BROWARD BOULEVARD . SUITE 2100 . FORT LAUDERDALE, FLORIDA 33301 . TELEPHONE (954) 524-5505 . FACSIMILE (954) 524-5506 . WEBSITE: www,shutts-Iaw,com <br /> <br />I <br />I <br /> <br />MlAMl <br /> <br />FORT LAUDERDALE <br /> <br />WEST PALM BEACH <br /> <br />ORLANDO <br /> <br />TAMPA <br /> <br />TALlAHASSEE <br /> <br />AMS'reRDAM <br /> <br />LONDON <br />