Letter of Agreement 3/12/1996
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JEFFERSON PLAZA, LTD.
2665 S. Bayshore Drive, Suite 302
Coconut Grove, Florida 33133
March 12, 1996
Jose Garcia-Pedrosa, City Manager
City of Miami Beach
1700 Convention Center Drive, 4th Floor
Miami Beach, Florida 33139
Re: Jefferson Plaza, Ltd. - Letter Agreement
Regarding Contribution in Connection with
Construction of Pedestrian Walkway
Dear Mr. Garcia-Pedrosa:
As you are aware, as a condition to the approval of Jefferson
Plaza, Ltd.'s proposed project at 15th Street and Collins Avenue
("Jefferson Project"), the City of Miami Beach ("City") required
Jefferson Plaza, Ltd. ("Jefferson") to grant a perpetual easement
to the City for use as an at grade pedestrian walkway ("Walkway")
across that certain parcel of land approximately 15 feet in width
running along the dune line near the eastern boundary of the
Jefferson Plaza property ("Property"). The City intends to
construct the Walkway and provide landscaping upon the easement
parcel, and Jefferson has agreed to contribute $10,000.00 to the
City for this purpose in accordance with the following terms.
Subsequent to the issuance of a building permit for the
Jefferson Project, but prior to the issuance of a Certificate of
Occupancy for any portion of the Jefferson Project, Jefferson shall
deliver to the City, in form and content reasonably satisfactory to
the City, a cash deposit or bond in the amount of Ten Thousand
Dollars ($10,000.00) to provide for a portion of the cost of
construction and landscaping of the Walkway. The City shall be
authorized by Jefferson to draw upon the bond or cash deposit
within twenty (20) days of the City's written demand for the funds
(the "Walkway Demand"), together with proof that all permits
required for construction of the Walkway have been obtained and the
City is ready to begin construction of the Walkway. However, if
the City has not delivered the Walkway Demand to Jefferson within
five (5) years of the date hereof, Jefferson's obligation to pay
any portion of the cost of construction or landscaping of the
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March 18, 1996
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Walkway shall be deemed satisfied and the cash deposit or bond
shall be returned to Jefferson. In no event shall any Certificates
of Occupancy be issued for the Jefferson Project until either the
$10,000.00 cash deposit or bond is delivered to the City, or
payment is made to the City in response to the issuance of the
Walkway Demand, unless the Walkway Demand is not made within five
(5) years of the date hereof.
If you are in agreement with the terms of this Letter
Agreement, please execute where indicated below.
Very truly yours,
JEFFERSON PLAZA, LTD.,
a Florida limited partnership
By:
JEFFERSON PLAZA MANAGEMENT, L. C .
a Florida limited liability
company, General Partner
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By:
AGREED TO
CITY OF M
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March 18. 1996