2003-25419 Reso
-
Upload
donpeeblesmia -
Category
Documents
-
view
223 -
download
0
Transcript of 2003-25419 Reso
-
8/15/2019 2003-25419 Reso
1/8
RESOLUTION
NO.
2 0 0 3 - 25419
A
E S O L U T I O N OF
HE
M A Y O R
AND
IT Y
C O M M I S S I O N
OFH E
CITY
OF
AM
BEACH
L O R I D A
A U T H O R I Z I N G
THE M A Y O R
AND
IT Y
CLERK
TO
EXECUTE T H E
LETTER
O
NTENT
E G O T I A T E D
B E T W E E N
T H E
CITYOF
M I A M I BEACH,
THE
MAM
EACH
R E D E V E L O P M E N T A G E N C Y
AND
RDPROYAL
PALM
HOTEL
L I M I T E D
P A R T N E R S H I P (
RDP)
AND
U R T H E R AUTHORIZING
TH E
P R E P A R A T I O NOF
THE
L O S I N G D O C U M E N T S
TO
REFLECTTHE
E R M S O U T L I N E D
IN
H E LETTER
OF
N T E N T . W H E R E A S ,
over the
pastyea
he
A d m i n i s t r a t i o n ,
and
he
o m m i s s i o n
Iiaison(
s
nitially
C o m m i s s i o n e r S i m o n
Cruz
and
r e s e n t l y C o m m i s s i o n e r Jose
Cruz),
as
a p p o i n t e d
l i a i s o nbyhe
MamBeach
R e d e v e l o p m e n t
A g e n c y (
RDA) ,the
ity Attorney
and
u t s i d e
counsel,
Joel M i n s k e r ,
have metwth
on
P e e b l e s
and
is r e p r e s e n t a t i v e s
to
address
the
u t s t a n d i n g issues
in
o n n e c t i o n
with
theRoya
Palm
Crowne
Plaza
Hote l (
RDP;
nd
WHEREAS,
on
N o v e m b e r13
2002
he
RDA
o a r d
d i s c u s s e d
the
rogress
o
h e
negotiations
w a s
p r o v i d e d
a
ummary of the
o u t s t a n d i n g
i s s u e s at
that
time
and
onApl
30
0 0 3 ,
th e RDA
B o a r d
c o n s i d e r e d
a p p r o v a l
o
Letter
o
ntent (
LO )
u b j e c t
to
e r t a i n
a m e n d m e n t s whch
w e r e
no
c c e p t e d
by
D o n P e e b l e s ;
andW H E R E A S ,
on
June
11
2003
he
RDA
B o a r d directed
the
Manager,
wth
o m m i s s i o n e r
J o s e Smith
as
l i a i s o n ,
too n t i n u e
n e g o t i a t i o n s
subect
to
er ta in
gudance;
and
W H E R E A S ,
the
LO
addresses:1
ack
Ren
n v i r o n m e n t a l
D e l a y Caim/
Saes
Taxes;
2u t u r e
R e n t a l ,
and
R e p a y m e n t
ohe
R e t u r n , C o n d i t i o n s
upon
Sale
o
the
oe
and
x t e n s i o n o
the
ixed
E x p i r a t i o nDe
nd
Mandato ry
P u r c h a s e ;3
onversion
o
h e
S h o r e c r e s t
H o t e l
to
c o n d o m i n i u m l h o t e l l t i m e s h a r e
upon payment
o
the
u r c h a s e Pce
in
fu, (
.e0,
000
000
pus
he
annual
return); 4
m e n d i n g
the
C o n v e n t i o n
C e n t e r
A g r e e m e n t
to
reduce
theRoom
Bock
requirement,
as
defined,
rom5 0 rooms
to
57
ooms
perday,as
the
Roya
Pam
conans
257
ooms;5)e f i n a n c i n g ;6
F E
R e s e r v e ;
7
m e n d m e n t
to
e a s e
A g r e e m e n t
r eg a rd ing
Town
a r k as
Hotel
Manager;
8
u t s t a n d i n g Dsputes;
9
Restaurant
A g r e e m e n t ; 10) R e l e a s e
oal
Claims by
RDP,
D A
a n d
Cty
o
iami
Beach;
11
m e n d m e n t s
to
the
arage
E a s e m e n t
A g r e e m e n t
to
l im inate
thea y m e n t
o
Use
Fee
rom
R D P
to
g e n c y andaacility
Usage Paymen
from
Agency
to
RDP
annualy deeting
the
provision
that
requires
RDP
s
pproval
of the
garage
op era to r ,
and
d e f i n i n gthe
e lf Park R a t e ;
12)
Beach
o n c e s s i o n
Agreement;
13)
Attorneys
Fees;
4) Sp ec ia l I n d e m n i f i c a t i o n ; 15
Te rm i nat i on ;
and
6)
prov id ing
thee c o g n i z e d
M o r t g a g e
c o n s e n t
letterto
be
provided
within
-
8/15/2019 2003-25419 Reso
2/8
WHEREAS,
based
upon
the
resolution ofall
outstanding
claims
and
issues,
pending
the
settlement
with Cark
Construction,
and
the
agreement
to allow
the
conversion
of
the
Shorecrest
Hotel
to a condominiumlhotel/
imeshare,
only
upon
payment
in full of
the
Purchase
Price,
it
is
recommended
the Chairman
and Members
of the Board
adopt
the
attached
resolution.
NOW,
THEREFORE,
BE
IT
DULYRESOLVED
BYTHE
MAYOR
ANDMEMBERS
OF
THEMIAMI
BEACH CITYCOMMISSION,
thatthe
Mayor
and
City
Commission
hereby
approve
and
authorize
the
Mayor
and
City
Clerk
to execute
the
Letter
of
Intent
negotiated
between the
City
of
Miami
Beach, the
Miami
Beach
Redevelopment Agency
and
RDP
R o y a l
Palm
Hotel
Limited
Partnership
and
further authorize
the
preparation
of
closing
documents
to reflect
theterms
outlined
in
the
Letter
of
Intent.
PASSEDand
ADOPTEDthis
2 5 t h
day.
ATTEST:
W w t
f~
Lk
CITY
CLERK
JMG/
CMC/
rar
T:\
AGENDA\
0 0 3 \ 0 v 2 5 0 3 \
r e g u l a r \ R o y a l a l m
LOI.CITY.RES.doc
APPROVED
NJ
TO
FORM &
LANGUAGE
FOR
EXECUTION
t/
ti>:
1
Cty
-
8/15/2019 2003-25419 Reso
3/8
ClY
OF
MIAMI BEACH
COIVMISSION
ITEM
SUMMARY
m
Condensed
Title:
AResolution
authorizing
the
Mayor
and
Ci ty
Clerk
to
execute the Letter
of Intent
negotiated
between
the
City
of
Mami
Beach, the
Mami Beach
Redevelopment
Agency
and RDP
Royal
Palm
Hotel
Limited
Partnership (
RDP ) and further
authorizing
the
preparation
of
the
closing
documents
to
reflect
the
terms
outlined
in
the
Letter
of Intent.
Issue:
Shall the
City
Commission
approve
the execution
of
the
Letter
of
Intent
and authorize
the
preparation
of
closing
documents
to
reflect
the
terms
outlined
in the
Letter
of
Intent?
Item
Summa
IRecommendation:
Based
upon
the resolution of all
outstanding
claims
and
issues,
pending
the
settlement
with Cark
Construction,
and
the
agreement
to
allow
the conversion
of
the Shorecrest
Hotel
to
a
condominium/
hotel/timeshare,
only upon payment
in full
of
the
Purchase
Price,
it
is
recommended
the
Ma
oand Members
of
the Ci Commission
ado t theattached
resolution.
Advisory
Board Recommendation:
I N /
A
Financial
Information:
Source
of
Funds:
D
inance
Dept.
City
Cerk'
s
Office
Legislative
Tracking:
I
Christina
M.
Cuervo
Si
n
Offs:
OepartmerifOrector
T:\
AGENDA
003\
nov2503\
regular\
o y a I P a l m LO.
CITY.S U M .
docG E N D A
I T E M R 7 B
DATE
-
8/15/2019 2003-25419 Reso
4/8
CITY
OF MIAMI
BEACH
CITY
HALL 1700
O N V E N T I O N
C E N T E R DRIVE MIAMI BEACH,
F L O R I D A33139
w w .
miamibeachfl.
go
C O M M I S S I O N
M E M O R A N D U M
From:Mayor
David
Dermer
a n d
M e m b e r s
o
the
Cty
o m m i s s i o n Jorge
M
o n z a le z ~
C i t y
M a n a g e r0.
Date:
N o v e m b e r
25
00 3
ToSubject:
A
E S O L U T I O N
O
H E
M A Y O R
AND
C I T Y C O M M I S S I O N
OFTHE
CTY
F
MIAMI
BEACH, F L O R I D A
A U T H O R I Z I N G
T H E MAYOR
AND CTY
L E R KTO
XECUTE
THE
L E T T E R OF
N T E N T N E G O T I A T E D
B E T W E E N
THE
CTYOF
MAM
BEACH,
THE
M I A M I BEACH
R E D E V E L O P M E N T
AGENCY
AND
RDP
R O Y A L
PALM
HOTEL
LIMTED
A R T N E R S H I PRDP)
ND
F U R T H E R
A U T H O R I Z I N G
THE
R E P A R A T I O NOF
HE CLOSING DOCUMENTS
T O
R E F L E C T
THE
E R M S
O U T L I N E D
IN
THE
L E T T E R
OF I N T E N T .
A N A L Y S I S :
O v e r the
pastyea
nd
a
ha,
hed m i n i s t r a t i o n
and
the
o m m i s s i o n l ia ison(
s (
initially
Commissioner
S i m o n
Cruz and
presently
C o m m i s s i o n e r
J o s e
S m i t h ) ,
a
ppo in ted
l i a i son
by
the
R e d e v e l o p m e n t
A g e n c y (
RDA),the
ty
Attomey,
andu t s i d e c o u n s e l ,
Joel
Mnsker,h a v e m e t
wth
o n
Peebles
and
hs
e p r e s e n t a t i v e s
to
address
the
u t s t a n d i n g
i s sue s
inonnec t i on
wththe
Royal
P a l m Crowne
P l a z a
Hotel (RDP).
O
o v e m b e r
13
0 0 2 ,
the
RDA
oard
d i s cus s e d
t h e
progress
of
the
n e g o t i a t i o n s ,
was
r o v i d e dau m m a r y o
the
outstanding
i s s u e s
a
h at
time
and d i r e c t e d n e g o t i a t i o n s
to
ontinue.
O n
A p r i l30
0 0 3 ,
the
R D A
Board
c o n s i d e r e d
approvalo
etter
o
Inen
L O I )
u b j e c t
to
c e r t a i n
a m e n d m e n t s
w h i c h
were noaccepted
by
Don
e e b l e s .
O
une
11
2003, the
D A Board
i r e c t e d
theManager,
with
o m m i s s i o n e r Jose
Smth
as
i a i s o n ,
to
execute
the
Tolling
A g r e e m e n t
and
to
o n t i n u e
n e g o t i a t i o n s
subject
to
the
o l l o w i n g
guidance:1
xp lore
ex t en d i n g
the
term
o
he
c o n t r a c t
from
5
y e a r s
to
ome
o t h e r
perod,
e r h a p s
99
yeas.
e r i o d i c
p a y m e n t s
o
thee t u r nto
the
D A l C i t y should
be
a d d r e s s e d
in
thee g o t i a t i o n s . The
D A l C i t y
may
wan
to
e f i n e p e r i o d sohen t h e R D A l C i t y
wll
e c e i v e the
8
c c r u e d andn p a i d
i n t e r e s t .
2elative
to the
Rental,
here
is
o
s e n t i m e n t
on
h e
C o m m i s s i o n
to
e d u c e
the
ren,
bu
there
is
some
f l e x i b i l i t y
on r a m p i n g
up
n d m a k i n gitpl o n g
thewaye l a t i v e l y short
p e r i o d
o
ime,may
be
yearo
two).
Th e re
needs
to
e
d i s c u s s i o n
on
how
the
ren
for
the
period oim e
between
May15, 2 0 0 2
until
June
1
2 0 0 3wll
be paid.
3
The
40 L O I
wll
serve
as
the
a s i s fo
he
n e g o t i a t i o n s .
4
he ren (
1
2
o
he $9 0 , 000)
wll
-
8/15/2019 2003-25419 Reso
5/8
November
25
003
C o m m i s s i o n
M e m o r a n d u m
Royal
P a l m -
Letter
o
I n t e n t
Page
2
5
6
W h a t e v e r
r i g h t s the
ty
has
t o d a y
wll
c o n t i n u e (
r i g h t s
as
o
oday
will not
be
d v e r s e l y
affected)
and
s
such
a
o l l i n g
A g r e e m e n t
w a s
e x e c u t e d
by
he
parties
in
June
003.
7owance
forurning
th e S h o r e c r e s t Hote l
into
c o n d o m i n i u m
units
whch
is
inh e
Apr
30LOI w i l l
cont i nue
to
be
ae l e v a n t
term.
This
is
where
a
lo
o
the
equy
ould
be
e x t r a c t e d to
a k e u p the
v e r r u n .8
C om m iss ione r
Smith
wllactas
the
i a i s o nto
h e neg o t ia t ions .
S i n c e
thadate,
he p a r t i e s
have
continued
to
d d r e s s
the
a l i e n t
issues
and
he
p r o p o s e d
n e g o t i a t e d
terms,
in
addton
to
hose
r e s e n t e d on
Apr 3 0 ,
20 0 3 (
seet tached
A p r i l
30
2 0 0 3
m e m o r a n d u m ) ae
u m m a r i z e d
b e l o w
ande f l e c t e d
in
he
a t t a c h e d
Letter
ontent
LO)
1
he
L e a s e
wll
be
m e n d e d
to
p r o v i d e
t h a t
the
Base R e n t and
d d i t i o n a l
Ren
due
ro m
Hotel
O p e n i n g
Dae
f May15
2002
to
ay
15
0 0 3
wll
be
d e f e r r e d and
a y a b l e
o v e r a
0
year
er iod
c o m m e n c i n gin
ease Y e a r 5 t h r o u g h Lease
Year
14e f e rto
t t a c h e d
E x h i b i t )
2he
Lease
will
be
m e nd e d
to
p r o v i d e
that
the
d d i t i o n a l Ren
and
Incent ive
Ren
due
ine a s e Yea
2
3
and
5
ll
bee f e r r e d
an d p a y a b l e over
a
0
yea
e r i o d
c o m m e n c i n gin
ease
Year
6
h r o u g h
L e a s e
Yea5. (
Refer
tot t a c h e d Exhibit)
3
e g i n n i n g
in
e a s e
Y e a r
2
ase Rent
sha
be
due
and
p a y a b l e
inc c o r d a n c e w i t h
the
Lease
terms.
4
hee a s ewll
be a m e n d e d torovide that th e
outside
d a t e
for p a y m e n t
o
he P u r c h a s e
Price (
h i c h
i n c l u d e s
the
8%
r e t u rn )
wllbe e x t e n d e d
from
25
to
99
ears.5
The
R e f i n a n c i n g T i m e s
stated
in
e c t i o n
11
3(
ao
the
Lease
sha
bec h a n g e d
to
n
or
prior
o the b e g i n n i n g
o
he
ifth(
th) e ar
after
the
H o t e l
O p e n i n g
Dae(
irst
Ref inancing ) ;
on
r
prior
toen(
0) ears after
the
c l o s i n g
o
he
F i r s t R e f i n a n c i n g
Second R e f in a n c i n g )
and
then
very
t e n t h (
1 0 t h )
a n n i v e r s a r y
o
the
S e c o n d
R e f i n a n c i n g t h e r e a f t e r
p r o v i d e d
tha
the
aturity
daeo
any
efinancingtha
x t e n d s
beyond
th e
n e x t
r e q u i r e d
R e f i n a n c i n g
will
no
ave
o
bee p a i d prior
t o
its
m a t u r i t y
p r o v i d e d
said
m a t u r i t y
date
s noaterthanw e n t y ( 20)
years
rom
th e l as t
r e f i n a n c i n g ;
p r o v i d e d
f u r t h e r
h o w e v e r ,
tha
when
Tenan
r e f i n a n c e s the
B a l a n c e
o
its D e b t ,thee t
R e f i n a n c i n g
P r o c e e d s ,
as
defined
in
S e c t i o n
11.13(b
thee a s e
shall
b e applied to the extent a v a i l a b l e
in
he
o l l o w i n g
order
A
o O w n e rto
pay t h e
d e fe r red R e n t a l described
in items
1
an d
2b o v e ;
B
0%
tow n e r
to
pay
the
%
r e t u r n
a p p l i c a b l e as
patothe
u r c h a s e
Price
a c c r u e d and
-
8/15/2019 2003-25419 Reso
6/8
November
25
003
C o m m i s s i o n
M e m o r a n d u m
Royal
P a l m -
Letter
o
I n t e n t
P a g e
3
o
D
0%
tow n e r
toay
he
Purchase
P r i c e (
which
i n c l u d e s
the%
e t u r n )
fow n e r '
s
nterest in
the
r e m i s e s ;
and
0%
o
Tenant
fo
e n a n t
Cos
O v e r r u n s
paidby
e n a n t (
e s t i m a t e d
at $
2
i l l i o n ) ;
E
Tow n e r
toay
he
b a l a n c e
otheu r c h a s e
Price (h i c h i n c l u d e s
the
8% r e t u r n )
fo
w n e r
s
n t e r e s t
inhe
P r e m i s e s ;
F.
To
T e n a n t
if
n y f u n d s
r e m a i n
after
p a y i n g
in
ful
hea m o u n t sin
A-6E
above.
Any
Cos
Overruns
will
b e
calculated
ne
o (
1
ny
C l a r k
s e t t l e m e n t p r o c e e d s
pad
oenant
drectly
or
i n d i r e c t l y but (
aeto
t t o r n e y s andt h e r p r o f e s s i o n a l
ees
and
ourt costs
no
r e f l e c t e d
in
enant 's
o s t o v e r r u n c a l c u l a t i o n and
o t
a d v a n c e dby
o w n
P a r k
and(
b
the
Clark
Credt
to
theexten
paidtow n e r ,
and (
2
ny
prior
o v e r r u n
o
equ i ty repayments
f rom th e
two(
)
r i o r
f u t u r e
advances
paid
to
T e n a n t .
Cost
O v e r r u n s
will be
subject
to
ful
a c c o u n t i n g an d
review
by
he
O w n e r ,
wth
th e exact a m o u n t s
in
58and
50
o
e
a g r e e d
upon
by
the
a r t i e s .
6
n
e a s e Y e a r
25nd
every
1 0
y e a r s
t h e r e a f t e r ,
T e n a n t
shallpay
w n e r
any
accrued
and
n p a i d portion
o
the
8%eturn
as
o l l o w s :
A
Any
n d
al
npaid
p o r t i o n s
o
he
8%
return
accrued
in
L e a s e
Years
1
5
wll
be
a m o r t i z e d
and
a id o v e r
10ears
in
Lease
Y e a r s 26-35
B
ny
and
al
n p a i d p o r t i o n s
o
he8%
eturn
accrued
in
u s q u n t
10 Lease
Year
i n c r e m e n t s (
ease
Y e a r s
26-35
6-
45, 46-
556
6 5 ,
66
5768586-
95,
and95
x p i r a t i o n
wll
e a m o r t i z e d
and
aid
o v e r
10ears
in
he
e s p e c t i v e
s u c c e e d i n g10
ear L e a s e
Term
eriods (
i.e
ease
Years
3 6 -45,
46-
55,
56
5.
665,76
5,
86-
5, and
95x p i r a t i o n , respectively)
and
will
be
referred
to
s (the
A m o r t i z e d
R e t u r n ) .
C
Commencing
on Lease
Year
35nd fo
each
LeaseYear
t h e r e a f t e r , tothe
xtent
that
the
ase
Rent,
A d d i t i o n a l
Ren
and
he
m o r t i z e d
R e t u r n ,
in
g g r e g a t e ,
payable
in
ach e a s e Yearisess
than$00, 0 0 0 ,
as
d j u s t e d
fo
n f l a t io n (
the
e n t a l Cap ),hen
in
uch
L e a s e Year,
Tenant
shal
p a y
th e
d i f f e rence
b e t w e e n the
e n t a l
Cap
e s s
the
aggregate
o
Base
R e n t ,
d d i t i o n a l
Ren
and
the
Amortized
Return fora id
Lease
e a r , as
M a n d a t o r y
I n c e n t i v e
R e n t (
the
M a n d a t o r y
Incent ive Rent ).
If
in
ny
such
Lease
e a r , on
o
f ter
L e a s e
Yea
35n c e n t i v e R e n tis
pa ya b l e ,
such
Incentive Rent
shall
be
due
and
ayable
evenifuch
p a y m e n t results
in
p a y m e n t
thaYeainxcess
o
th e Rena
Cap
ental
Cap ise f i n e dashe
00,
000
a m o u n t
which
shal
be
-
8/15/2019 2003-25419 Reso
7/8
November
25
003
C o m m i s s i o n
M e m o r a n d u m Royal
P a l m -
Letter
o
I n t e n t
P a g e
4
5
8
h e
Lease
will b e a m e n d e d
to
r o v i d e
that
in
he even
o
ny
Sae,al
d e f e r r e d andlor
unpaid
R e n t a l
and
the
8e t u r n
shall
be
duen d
payable.
Any
ale
wll
ause al Rental,
n c l u d i n g
any deferrals
thereof,
as
t a t e din
he G r o u n d
Lease
A m e n d m e n t
to
rever t
to
he
r i g i n a l
Rental
w i t h o u t any
deferrals
thereof,
as
provided
inhe
oigna
L e a s e .9
l
r e m a i n i n g t e r m s
a n d
cond i t i ons
o
he
Apr
30
0 0 3
LO,
no
in
onflict
with
the
term
r o v i d e d
fo
erein,
s h a l l
r e m a i n u n c h a n g e d
a n d are
i n c o r p o r a t e d
by
r e f e r e n c e
herein.
10)As
t
e l a t e s
to
he
Town
P a r k
1%quity
nterest, h e
Lease
il l beamended
as
o l l o w s :
A
h e
a m e n d m e n t s
p r o p o s e d
by
Developer
in
the a t t a c h e d A m e n d m e n t
to
g r e e m e n t
o
Lease
willbe
i n c l u d e d
inhe
O I
and final
c l o s i n g d o c u m e n t s a n d
wll
e r m i n a t e
upon the
Sae
o
he
otel
or
earlier o (
1
termination
o
the
otel
M a n a g e m e n t
Agreement
b e t w e e n
R D P
and
T o w n
P a r k
Hote l
C o r p o r a t i o n
o (2
15
e a r s f r o m
Hotel
O p e n i n g
Date.
B
e c t i o n 16
7(
e
the Lease
wllbe
e l e t e d
in
ts
e n t i r e t y
C
n y
payments
or costs
ino n n e c t i o n w i t h he
Noe
ando
oan ,as
e f i n e d
inhe
A m e n d m e n t
to
greement
o
e a s e ,
will no
be
o n s i d e r e d O p e r a t i n g
E x p e n s e s
ase f i n e d
in
the
e a s e .
The
mos
u b s t a n t i v e
changes
f r o m
the
tems p r e s e n t e d
to
the
ity C o m m i s s i o n
on
Apr30
0 0 3 , relateto
the
i t y l R D A ' s
a g r e e m e n t
to:
1x t e n dthe
erm
o
99
ears
andelete
the
m a n d a t o r y
p u r c h a s e
in
Lease
Year
25
2)
Deferral o
a
o r t i o n o
e n t a l an d
amortized
over
a
0
ear p e r i o d ,
primari ly
durng
e a se
years
5-
15
The
OI p r o v i d e stha
pon
its e x e c u t i o n ,
the
deferral
o
ent
wll
be
f f e c t i v e
i m m e d i a t e l y
r a t h e r
than
when
the
cosng
d o c u m e n t s
ae
i g n e d .
Ifl o s i n g
d o c u m e n t s
ae
ot e x e c u t e d
w i t h i n
sx(
)
months,
any a m o u n t s
deferred
and
u n p a i d
sha
be
a id noa t e r
than30
days,
h e r e a f t e r .
3
eriodic
p a y m e n t s
o
c c r u e d
and unpad e tu r n w i l l be
p a i d
c o m m e n c i n g
in
Lease
Y e a r26n d
a n n u a l l y
thereafter.
4
s
r e v io us ly
n e g o t i a t e d ,
the
e l e a s e
o
the
h o r e c r e s t
P r o p e r t y for
c o n d o m i n i u m l h o t e l l t i m e s h a r e ,
upon
ful
a y m e n t
o
he
Purchase
Pce
in
fu,
i.
10
i l l i o n . A d d i t i o n a l l y ,
th e
elimination
o
the
excess
F a c i l i t y
Usage
P a y m e n t
wll
r e p r e s e n t
an
n n u a l r e c u r r i n g savings
to
he
A n c h o r
S h o p s
G a r a g e /
RDA
5)
Resolution
o
e r t a i n o u t s t a n d i n g tem
r e v i o u s l y
listed onExhibit
B
ist
oisputed
items.
Oneptember
1
,
00 3 a
tatus
report was
provided
and
he
RDA
Board
r e q u e s t e d that
prior
to
inal
approval
o
-
8/15/2019 2003-25419 Reso
8/8
November
25
003
C o m m i s s i o n
M e m o r a n d u m Royal P a l m -Letter
o
I n t e n t
Page
o
5
A t t a c h e d ,
I
have
also
providedanupdated
Ne
r e s e n t
Value
calculation
reflect ing
th e
new
e g o t i a t e d
t e r m s
in
o m p a r i s o n
tohe E x i s t i n g
L e a s e
T e r m s
and
the
April
30
2003
O I
T e r m s .
Based
upon
the
resolution
o
l
outstanding
claims andissues,
e n d i n g
the
settlement
w i t h Clark
C o n s t r u c t i o n ,
andhe
a g r e e m e n ttollow
the c o n v e r s i o n
he S h o r e c r e s t Hoe
toa
o n d o m i n i u m l h o t e l l t i m e s h a r e
o n l y
upona y m e n t
in
f u l l
o
he
P u r c h a s e
Price,
it
is
r e c o m m e n d e d
theMayo
and
Cty
o m m i s s i o n
adop
he
attachedresolution.
M G I C M C l r a rT\
G E N D A \ 2 0 0 3 \