Reso 2009-1422 - Laserfiche WebLink

Home Browse Search

provided in the Agreement (the "Agreement") to be negotiated by the parties. The rent and other funds shall be payable as follows: (i) Deposit. A good faith pre-lease money deposit in the amount of $250,000.00 (the "Deposit"), shall be delivered by City to Strand in two phases. First, $125,000.00 may be provided within two (2) business days of full execution of the Agreement by both the City and the Strand, but in no event later than November 1, 2010. The Deposit plus any accrued interest shall be credited to the Strand. Should the lease Agreement not come to fruition $125,000.00 of the deposit shall be refundable to the City. (ii) Additional Deposit. The City shall deposit an additional money deposit in the amount of $125,000.00 (the "Additional Deposit") to the Strand in six monthly installments commencing on December 1, 2011. Each installment shall be $20,834.00. (iii) Commencement of Lease Payments. Upon the issuance of a Certificate of Occupancy, annual lease payments of $150,000.00 shall commence. Such payments shall be made on a schedule to be determined by the parties in the Agreement. These payments shall be subject to an annualized increase based on the CPI to a max of 3%. The lease payments shall be adjusted at the same frequency as the lease agreement for the City Property on the North side of the Government Center. b. Additional Consideration. As additional consideration, City shall construct (within the improvements to be made by the City on the Property) and provide to the Strand enclosed parking consisting of 82 spaces for the sole and exclusive use of the Strand (or its successors, provided that the spaces are for the sole benefit and use of the Golden Strand at 17901 Collins A venue and not any other property. ) To the extent feasible, the spaces will be constructed on ground level. The parking spaces provided to the Strand shall be unimpeded and transferred in the form of an irrevocable assignment prepared in recordable form. The construction of, all taxes, maintenance, repair, replacement, operational expenses and assessments of the assigned parking spaces shall be at the City's or its successors sole expense, except Strand shall be responsible for any damage to the spaces that result from the negligence of Strand's unit owners or its agents. The City will provide a pedestrian ingress and egress point on the east side of the enclosed parking. Any Declaration of covenants or similar restrictions created in the future regarding the parcel shall include language memorializing the assignment and incorporating and attaching the executed assignment as an Exhibit. c. Site Development. Upon the execution of the Ground Lease, the City shall have the right to develop the site to construct a retail parking garage and other improvements. ("Intended Improvements")The City shall be required to obtain all