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<br />Preview <br /> <br />Page 3 of 4 <br /> <br />for any actions taken in connection with the work. <br /> <br />13. Developer shall provide warranties for its work and correct any defective work upon <br />demand by the City. <br /> <br />14. There is no early completion bonus and Developer shall be required to pay liquidated <br />damages penalties in the amount of $2,000.00 <br />(two thousand dollars) per day for each day the work is delayed beyond the contract <br />deadlines. <br /> <br />15. If the leased area is converted to park area, the Developer shall provide the City with <br />a fixed price for the design and construction of the leased area to a park area. <br /> <br />16. City shall have the right to convert the proposed retail restaurant area to open/park <br />space if Developer is unable to locate and secure a vendor to occupy the high end retail <br />restaurant space. The City will have to pay additional fees for design and construction to <br />convert the retail restaurant area into open space. <br /> <br />Ground Lease and Develo~ment Agreement: The City of Sunny Isles Beach (the <br />"City") is the fee simple title holder of the property located at 151 Sunny Isles Boulevard. <br />The City and Developer desire to enter into a Ground Lease and Development <br />Agreement to develop the Project. The salient provisions of the Ground Lease and <br />Development Agreement are as follows: <br /> <br />1. The initial term shall be thirty (30) years with two (2) thirty (30) years options to <br />renew plus a third option for nine (9) years, for a total potential lease term of ninety nine <br />(99) years. <br /> <br />2. Developer shall be required to develop, manage, and operate at its sole expense <br />restaurants on the leased premises. <br /> <br />3, Commencing upon the payment of rent by the retail restaurant operators, Developer <br />shall pay the City annual rent in the amount of 30% of the annual gross rent from the <br />restaurant operations located on the leased premises. No annual rent is due if the <br />premises are not leased. Gross rent will be based on comparable market rates. <br /> <br />4. Within 30 days after finding an Acceptable Vendor, Developer shall at its sole expense <br />submit plans to the City for the construction of the restaurant area. <br /> <br />5. Developer shall commence construction of the restaurant area within 180 (one hundred <br />and eighty) days from commencement of construction of the parking garage, which will <br />be used for parking for the restaurant facilities. <br /> <br />6, Developer and the City shall enter into a joint agreement with respect to the park. The <br />parking garage will be under the day to day control of the City and the City will be <br />entitled to all revenue from the use of the parking garage. <br /> <br />7. Developer shall be responsible for locating and securing a vendor, acceptable to the <br />City, to occupy the high end retail restaurant space within six months from the date the <br />Ground Lease is approved by the City Commission. <br /> <br />http://sibagenda. sibfl.net/agenda/Preview .aspx?I temID=5 26&MeetingID=0&MeetingDate... 6/ 10/2011 <br />