RDA-1. - Amend Cubiche 105 Lease, Adjust Rent

A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY (RDA), APPROVING, IN SUBSTANTIAL FORM, AMENDMENT NO. 3 (AMENDMENT) TO THE LEASE AGREEMENT BETWEEN THE RDA (LANDLORD), AND CUBICHE 105, LLC (TENANT), FOR USE OF APPROXIMATELY 7,130 SQUARE FEET OF GROUND FLOOR RETAIL SPACE AT THE ANCHOR SHOPS AND GARAGE, LOCATED AT 1555 WASHINGTON AVE, SUITE NOS. 1-3 (PREMISES), AS A FULL SERVICE RESTAURANT, SAID AMENDMENT ADJUSTING TENANT’S RENT SCHEDULE TO TEN PERCENT (10%) OF GROSS SALES IN LIEU OF THE CURRENT TRIPLE NET RENTS FOR A PERIOD OF FOUR (4) YEARS, FROM JANUARY 1, 2026 THROUGH DECEMBER 31, 2029, WITH ALL OTHER LEASE TERMS TO REMAIN IN EFFECT, TO ADDRESS TENANT’S FINANCIAL CONSTRAINTS AND TO FACILITATE PLANNED RENOVATIONS; AND CLARIFYING THAT TENANT’S RENEWAL OF THE LEASE TERM AS OF JANUARY 1, 2026 IS CONTINGENT UPON APPROVAL OF THE PROPOSED PERCENTAGE RENT STRUCTURE; AND FURTHER, AUTHORIZING THE EXECUTIVE DIRECTOR TO FINALIZE THE AMENDMENT; AND FURTHER, AUTHORIZING THE EXECUTIVE DIRECTOR AND SECRETARY TO EXECUTE THE AMENDMENT.