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<br />RESOLUTION NO. 2008- 1'3(.,'2. <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, APPROVING A NON- <br />BINDING LETTER OF INTENT BETWEEN THE CITY OF <br />SUNNY ISLES BEACH AND LSB INVESTMENT CORPORATION <br />IN SUBSTANTIALLY THE SAME FORM AS EXHIBIT "A" TO <br />LEASE VACANT LOT ABUTTING THE MILLENNIUM PLAZA <br />SHOPPING CENTER; AUTHORIZING THE CITY MANAGER <br />AND CITY ATTORNEY TO DO ALL THINGS NECESSARY TO <br />EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN <br />EFFECTIVE DATE. <br /> <br />WHEREAS, the City is the fee simple owner of vacant parcel of land abutting the <br />Millennium Plaza Shopping Center; and <br /> <br />WHEREAS, LSB Investment Corp. ("LSB") owner of the Millennium Plaza Shopping <br />Center abutting the vacant lot, is desirous of leasing the vacant lot to expand the parking for the <br />shopping center; and <br /> <br />WHEREAS, City staff has negotiated and proposed entering into a non-binding Letter of <br />Intent with LSB to lease the vacant lot to add additional parking for the shopping center and to <br />install sufficient landscape buffer to mitigate any impacts that the lot may have on adjacent <br />neighborhoods. <br /> <br />WHEREAS, the negotiated terms in the Letter of Intent specifies the responsibilities of <br />the parties with respect to the Project, including terms and conditions of the lease and conditions <br />of use. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Section 1. Ratification of Letter of Intent. The City Commission hereby ratifies the non- <br />binding Letter of Intent in substantially the same form with LSB Investment Corporation to lease <br />a vacant lot located in the Golden Shores area abutting the Millennium Shopping Center Plaza to <br />be used as additional parking for the Shopping Center and subject to certain conditions of use, <br />attached hereto as Exhibit "A". <br /> <br />Section 2. Authorization of City Manager and City Attorney. The City Manager and City <br />Attorney are hereby authorized to do all things necessary to effectuate this Resolution. <br /> <br />Section 3. <br /> <br />Effective Date. This Resolution shall become effective upon adoption. <br /> <br />Authorizing The CC To Execute Non-Binding LO! Lsb - LSB Investments <br /> <br />Page I of2 <br />