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City of Sunny Isles Beach 18070 Collins Avenue, Suite 250 Sunny Isles Beach, Florida 33160 (305) 947-0606 City Hall (305) 949-3113 Fax (305) 947-2150 Building Department (305) 947-5107 Fax City Commission Norman S. Edclcup, Mayor Lewis Thaler, Vice Mayor Isaac Aelion, Commissioner Jeanette Gatto, Commissioner George "Bud" Scholl, Commissioner Alan J. Cohen, City Manager Hans Ottinot. City Attorney Jane A. lIines. Cl\IC. City Clerk MEMORANDUM TO: Honorable Mayor and City Commission FROM: Hans Ottinot, City Attorney ~ DATE: April 19, 2012 RE: First Amendment to Purchase Agreement for 18080 Collins Avenue On or about November 30, 20 II, the City and Dezer Development, LLC/Weintraub Investments, LLC, entered into an Agreement of Purchase and Sale for the real property located at 18080 Collins A venue (the "Purchase Agreement") to create a first class executive office building with a parking garage to service the office building (the "Project"). The parties desire to enter into a First Amendment to the Purchase Agreement to require that Dezer Development, LLC (the "Buyer") agree to the following: I. Closing shall occur on or before May 11, 2012; 2. Buyer shall obtain a Site Plan Approval on or before December 1, 2014; 3. Buyer shall grant to City a Right of First Refusal with respect to the Alamo site; and 4. The existing tenant shall remain on the Property for at least four (4) months from the date of Closing unless the Buyer has agreed to accept the assignment of the Lease Agreement between the City and Vanguard Car Rental USA, Inc. prior to Closing. Furthermore, the Buyer shall be entitled to all rents collected by the City after Closing if no assignment has occurred. Please note that Weintraub Investments, LLC is no longer involved lt1 the Project based on information received from Dezcr Development. HO/fa lattachment f\bh-oJ\\: Agenda Item Date \0.0 z.-j-\9-1~