Item J2
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: November 17, 2004
Bulk Item: Yes No l
Department: Land Authoritv
Agenda Item Wording: Approval of an addendum to lease renewal agreement concerning the
acquisition of Tract C, Porpoise Point Section 4, Big Coppitt Key as an affordable housing site.
Item Background: The Land Authority has entered into a contract to purchase the subject property as
an affordable housing site. The Sellers have an existing ground lease with Viacom Outdoor Inc. for a
billboard. The proposed lease addendum provides the Land Authority with the 'right to terminate the
lease upon 30 days notice and includes Viacom's waiver of any claims against the Land Authority
concerning acquisition of the property.
Advisory Committee Action: On October 28,2004 the Committee voted 5/0 to approve this item.
Previous Governing Board Action: On September 21, 2004 the Board approved a contract to
purchase the subject property.
Contract/Agreement Changes: NIA
Staff Recommendation: Approval.
Total Cost: NIA
Budgeted: Yes _ No
Cost to Land Authority: NIA
Source of Funds:
Approved By: AttorneY-L
County Land Steward _'
Executive Director Approval:
~. r-
· ~ar1< J. Rosch
Documentation: Included:-L
To Follow:
Not Required:
Disposition:
Agenda Item LA #2
ADDENDUM TO LEASE RENEWAL AGREEMENT
THIS AGREEMENT, dated this day of , 2004, is by and between
Thomas A. Vellanti and Velia G. Vellanti as Landlord and Viacom Outdoor Inc. (successor in interest
to National Advertising Company, doing business as 3M Media) as Tenant.
WITNESSETH:
WHEREAS, Landlord and Tenant previously entered into that certain Lease Renewal Agreement
#48987B dated April 17, 1997, regarding an outdoor advertising structure located on Big Coppitt Key,
Florida (hereinafter "Lease"); and
WHEREAS, Landlord has agreed to sell the Property (as defined in the Lease) to Monroe County
Comprehensive Plan Land Authority, ("Land Authority"); and
NOW THEREFORE:
For and in consideration of the mutual promises contained herein and other good and valuable
consideration, receipt of which is hereby acknowledged, and for the express benefit of the Land
Authority, Landlord and Tenant agree and Land Authority consents that upon the transfer of title to
the Property from Landlord to Land Authority, the terms of the Lease shall be amended as set forth in
this Addendum.
1. The above whereas clauses are true and correct and are incorporated by this reference.
2. Land Authority, as successor-in-interest to landlord, shall have the right to terminate the
Lease upon thirty (30) days written notice to Tenant clo Mr. Joe Little, Vice President/Real
Estate SE, Viacom Outdoor Inc., 6904 Cypress Park Drive, Tampa, Fl33634.
3. Land Authority shall be obligated to reimburse Tenant for any rent previously paid to Landlord
or Land Authority, as the case may be, for the terminated portion of the Lease term.
4. In the event that Land Authority gives proper notice of its intention to exercise its right to
terminate the Lease as set forth in Paragraph 2 hereof, Tenant shall remove the above-
ground portion of its outdoor advertising structure within thirty (30) days of the receipt of such
notice.
5. In the event that Tenant shall fail to remove the above-ground portion of its outdoor
advertising structure in accordance with the terms of this Addendum, land Authority may so
remove the above-ground portion of Tenant's outdoor advertising structure without liability to
Tenant and charge its actual cost of removal to Tenant which Tenant hereby agrees to pay.
6. Land Authority and Tenant hereby acknowledge that the rent payable pursuant to the Lease is
paid annually in advance. The rent payable with respect to the current Lease year is paid in
full to and including March 31, 2005. In the event that land Authority shall not exercise its
right of termination prior to March 31, 2005, Tenant shall. as of April 1 ,2005, begin to pay rent
on a monthly basis in the amount of $416.67 plus applicable sales tax until the Lease is
terminated in accordance with the terms hereof.
7. The Tenant shall and hereby does waive any and all claims, rights, remedies, or causes of
action it may have against the Landlord, Land Authority, Monroe County, and their respective
Page 1 of 3
agencies, subdivisions, employees and agents related to the acquisition of the property from
Landlord by the Land Authority.
8. Landlord, Tenant, and Land Authority agree that the terms of this Addendum shall be
contingent on Land Authority acquiring title to the Property within ninety (90) days of the date
herein. Once the terms of this Addendum shall become effective, except as hereby modified,
the terms of the Lease shall remain in full force and effect.
LANDLORD:
TENANT:
Viacom Outdoor Inc.
Thomas A. Vellanti
Velia G. Vellanti
DATE:
DATE:
(Ofr-7~Y;
Witnesses as to Landlord:
Witnesses as to Tenant:
I HEREBY CERTIFY that on this ay of , 2004, before me, an
officer duly qualified to take acknowledgments, personally appeared Thomas A. Vellanti and Velia G.
Vellanti to me known to be the person described in and who executed the foregoing instrument and
acknowledged before me that they executed the same for the purposes therein expressed.
Personally known or produced as identification.
My Commission Expires:
Notary Public, State of
I HEREBY CERTIFY that on this df)\ffl day of O~ , 2004, before me, an
officer duly qualified to take acknowledgments, personally appeared Joe Little to me known to be the
person described in and who executed the foregoing instrument and acknowledged before me that
they executed the samtt'"for the purposes therein expressed.
Personally known V or produced as identification.
My Commission Expires:
(f)(lLU1N ~
Notary Public, State of ~
Page 2 of 3
CONSENT
The terms of this Addendum are accepted by the Monroe County Comprehensive Plan Land
Authority.
The MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY, acting by and through its
CHAIRMAN, has executed this Addendum on behalf of the MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY this day of , 2004.
ATTEST:
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
(Seal)
Mark J. Rosch, Executive Director
David P. Rice, Chairman
Page 3 of 3
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