HomeMy WebLinkAbout404-2001 Reso
',..
"
RESOLUTION
404-2001
A RESOLUTION BY THE CHAIRMAN AND MEMBERS OF THE
REDEVELOPMENT AGENCY CONSENTING TO AN ASSIGNMENT OF
LEASE FROM BUDGET RESERVATION SERVICE CORPORATION TO
VACATION TOURS OF SOUTH BEACH, INC., IN CONNECTION WITH
SUITE "J" IN THE ANCHORS SHOPS AT SOUTH.BEACH.
WHEREAS, In late September, 2001, Miami Beach Development Corporation (MBCDC),
the Redevelopment Agency's Property Manager at the Anchor Shops, received notification
that Budget Reservation Service, Inc., (Budget), one of the Anchor Shop's tenants, was
ordered by the Courts to relinquish its assets to its partner, Vacation Tours of South
Beach, Inc., (Vacation Tours); and
WHEREAS, Budget Reservations has since dissolved, leaving Vacation Tours operating
in its place since the beginning of October; and
WHEREAS, Vacation Tours has formally requested to remain operating on the premises
and has been paying rent on time for the past three months; and
WHEREAS, Pursuant to the Redevelopment Agency's request, Vacation Tours has
submitted its business plan, financial statements, records of incorporation, proof of
insurance and other pertinent information typically requested of new tenants; and
WHEREAS, Based on the information presented, the Administration is satisfied that the
company is sound and will continue to operate a first class business and;
WHEREAS, Since Vacation Tours was in partnership with Budget in the operation of the
Anchor Shops location, the Administration recommends assignment of the Lease to
formalize Vacation Tours' presence there.
NOW, THEREFORE BE IT DULY RESOLVED BY THE CHAIRMAN AND MEMBERS OF
THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Chairman and Members
consent to an Assignment of Lease from Budget Reservation Service Corporation to
Vacation Tours of South Beach, Inc., in Connection with Suite "J" in the Anchor Shops
at South Beach.
PASSED and ADOPTED this 19th day of December, 20
CHAlRMAN'PRCNEDAS1O
FORM.LANGUAGe
& FOR EXECUTION
~~~I
ATTEST:
ftm~ f~
SECRETARY
CITY OF MIAMI BEACH
COMMISSION ITEM SUMMARY
m
"!iiiii!F
Condensed Title:
A Resolution consenting to an assignment of lease from Budget Reservation Service Corporation to
Vacation Tours of South Beach, Inc., in connection with suite "J" in the Anchors Shops at South Beach.
Issue:
Budget Reservation Service, Inc., one of the Anchor Shop's tenants, was ordered by the Courts to relinquish
its assets to its partner, Vacation Tours of South Beach, Inc. This included (subject to the approval of the
Redevelo ment A enc , its leasehold interest in the Anchor Sho s.
Item Summary/Recommendation:
Since Vacation Tours was in partnership with the former tenant in the operation of the Anchor
Shops location, the Administration recommends assignment of the Lease to formalize Vacation
Tours' presence there, subject to execution of a Performance Guaranty.
Advisory Board Recommendation:
I N/A
Financial Information:
Amount to be expended:
D
Finance Dept.
N/A
Source of
Funds:
tt....ttilid6dhttt. tt rn
... .................................... .
...................,............. .
.... ....~iiQjlI
. . .
......................
.;.:.:.;.:.,'.;.;.;.:.:.;.:.;.;.;.:.;..;.:.;.
....................
.....................
........_~ir
. .... .... .. ... ..... ....
Si n-0ffs:
. ....g~~~!I!!n1.R!~g~rIJ
..........,..........-.
................................,
................
~.';.;.:.;.;.:-:.:.;.;.:.;.'.._;..
...l;.m..~. ;.111 Pil"",. ..~r.;...~......~t;I.
.. .,.... ,.... ...... ..... ...... . .. ...... .
AGENDA ITEM
DATE
3A
;;'-11'-0/
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
www.ci.miami-beach.fl.us
REDEVELOPMENT AGENCY MEMORANDUM
From:
Chairman and 'Members of the
Miami Beach Redevelopment Agency
Jorge M. Gonzalez \\. A ~
Executive Director cJ lYV 0
Date: December 19, 2001
To:
Subject:
A RESOLUTION BY THE CHAIRMAN AND MEMBERS OF THE
REDEVELOPMENT AGENCY CONSENTING TO AN ASSIGNMENT OF
LEASE FROM BUDGET RESERVATION SERVICE CORPORATION TO
VACATION TOURS OF SOUTH BEACH, INC., IN CONNECTION WITH
SUITE "J" IN THE ANCHORS SHOPS AT SOUTH BEACH.
ADMINISTRATION RECOMMENDATION
Adopt the Resolution.
ANALYSIS
In late September, 2001, Miami Beach Development Corporation (MBCDC), the
Redevelopment Agency's Property Manager at the Anchor Shops, received notification that
Budget Reservation Service, Inc., one of the Anchor Shop's tenants, was ordered by the
Courts to relinquish its assets to its partner, Vacation Tours of South Beach, Inc. This
included (subject to the approval of the Redevelopment Agency), its leasehold interest in
the Anchor Shops. Budget Reservations has since dissolved, leaving Vacation Tours
operating in its place since the beginning of October. Vacation Tours has formally
requested to remain operating on the premises and has been paying rent on time for the
past three months.
Pursuant to the Redevelopment Agency's request, Vacation Tours has submitted its
business plan, financial statements, records of incorporation, proof of insurance and other
pertinent information typically requested of new tenants. Vacation Tours is a Coral Gables-
based operation in the business of selling tour packages, airline tickets, ground tours,
cruises, land packages (including hotels and transfers), car rentals, train tickets and all
other travel-related activity. Based on the information presented, the Administration is
satisfied that the company is sound and will continue to operate a first class business.
Since Vacation Tours was in partnership with the former tenant in the operation of the
Anchor Shops location, the Administration recommends assignment of the Lease to
formalize Vacation Tours' presence there. As a condition to the Assignment of Lease,
Vacation Tours will also be required to execute a Performance Guaranty, with respects to
the payment and performance of all liabilities, obligations, and duties under the terms of
the Lease Agreement.
.
December 19,2001
Miami Beach Redevelopment Agency Memorandum
Page 2 of 2
The terms of Lease Agreement would remain the same for the 721 square foot space. The
annual rent is $18,025, ($25/sJ.), or $1,502.08 per month for the next seven years, after
which it will be adjusted annually according to CPI, for the remaining 5 years in the Lease.
JMG/C~DW/rar
\\CH2\VOL 1\CMGRlAGENDA\2001Idecl901\RDA'ASSIGNMENT.doc