Development Agreement~TUN-OG-lg94 13:42 FROM SOH(3 ~<ITCHEN 8~ BAR TO
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'he Ballet Valet Parking Company, Ltd.
Ocean Drive
Miami Beach, Florida 33139
dune. 6, 1994
Assis=ant C~ty Manager
City Of Mia~i ~eauh
1901 Convention Center Drive
Miami Deac~i Florida 33139
D~velopmen~ A~eemen~, b~ &nd between Ci~y o~ Miemi
Seaoh (~he "City"), TheSelist vale~ Parking Company,
Dear Mayra:
This letter will serve to clarify certain issues :elated to
the Development Agreement.
F~r~t, aBV agrees tha~ ~urtn~ the ~erm of the ~h~rt-~erm
lease Detween BY and City of the operation of a par~ing facility
On the Cityiland prior =o %he CO~menCemexat of ~OnStru~tion, the
parking spaces will only be u~lized for Goldman tenants, guests
and customers in the manner set ~O=~h in ll,9(a) of tl~e
DevelopmentiAgreement.
Seoond~ should ~here be greater ~han 30% of Velve~'a leased
space on th~ City portion of ~.e ~and0 ~v will pay ~ th~ ClL~
ren~ e~ual ~o such percentage times the monthly Velvet ren~
~:8,000,
ThlrU, i to the exxon= ~here ~s as~es~os ~n any
buildings located on theCi~ portion of the land, BV shall be
res~ensib~e! for ~he removal o~ said asbestos aria ne=wi~ns~anU~n~
any provision to the ¢on~rary in the Deve~opmen~ Agreement and
~he Real Estate Purchase Agreement, the C~y ~s no~ accep~ing ~ne
City land s~bject to an~ asbestos problems, which BV
ellm~nate '~ does heEeby ~n~emnify =he C~ty againsE a~l oos~s
and liabili~les arising ~ eref=om. h
Very. ~ruly yours,
The Ballet Vale~ Parking Company,
Ltd., a Florida limited partnership
The Balle~ valet rp., a
~:Rr~~esiden~ ~o~din n
TOTAL P. 03