SPREADSHEET - CALCULATION OF LEASE PAYMENTS
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PllST OFFICE Box 4748, CLF.\I<\l:'ATEI<, FLOlmJA 33758--i748
CI11' 11.\1I.. 112 SOUTlI OSCEOlA ^VE~1 'E. CLF~\RWATER. fLOI<JD,\ 337511
TEIF.l'1I0NE (813) 562-4010 FAX (813) 562-4021
May 15,1998
011' ArrORNEY'S OFFICE
Robert L. Shear, P.A.
2790 Sunset Point Road
Clearwater, FL 33759
Re: City of Clearwater lease agreement with Pickles Plus Too, Inc.
Dear Bob,
First let me congratulate you and your client on a successful grand opening of your
restaurant at the Clearwater Harborview Center. Secondly this letter will also serve as
confinnation of receipt of check #237 in the amount of $2,229.16, which represents the first
month's rent for said restaurant
In addition, I am enclosing herewith a spreadsheet from the City of Clearwater
Finance Department which outlines your clienfs obligations for payment to the City of
Clearwater. All dates are calculated based upon the agreed upon date of the lease of May
1, 1998. Please note that the payment period begins November 1, 1998, with a total
monthly payment of $3, 508.33 of which your above referenced check of $2, 229.16 will be
deducted, bringing a total amount due for November 1, 1998, of $1,279.17.
Beginning December 1, 1998, please pay all amounts due as specified in the attached
spreadsheet
Also, please note that in addition to the total monthly payment there will be an
annual amount due as additional rent if your clienfs gross receipts exceed $575,000.
Under the tenns of the lease agreement, that additional rent is due on January 15th
annually. The City's Finance Department will prorate the initial partial year from May 1,
1998, to December 31, 1998, if your client so desires. The City Finance Department has
prepared a review based on the January 15th date but if your client would prefer to review
the gross sales on May 1&1 of every year which is the anniversary date of the lease, then that
adjustment can be made at this time. Please contact me with your client's preference on
this matter so that we can adjust our records accordingly. The City also would prefer that
the gross sales figures be submitted directly to the City's Finance Department no less than
quarterly from your dienfs accountant
Please have your client submit all payments and gross sales reports to the following
address:
City of Clearwater, Finance Department,
Attention: Jay Ravins,
PO Box 4748
Clearwater, FL 33758
@
"EQUAL E.\\PLOYME.'lT AND MFIR.\l\T1VE ACTlo:--r EMPLOYER"
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Please review the contents of my letter and the attached spreadsheet carefully to
ensure that it conforms with your understanding of the lease agreement and any
amendments thereto. If you have any questions or comments, please don't hesitate to
contact my office so that we can resolve any potential problems. Thank you in advance for
your cooperation in this matter.
Sincerely,
~
John Carassas
Assistant City Attorney
~
Enclosure
cc: Rick Hedrick, Assistant City Manager
Jay Ravins, Controller
Joseph Benedettini, President, Pickles Plus Too, Inc.
JC:mm
City of Clearwater
Pickles Plus Lease Agreement
Calculation of Lease Payments
May 1, 1998
,
Lease payments commence 6 months after date work is completed & C.O. is issued. Per Legal this date was 5/01/98. Lease payments commence .11/01/98.
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Payment Period
November I, 1998 thru October 31, 1999
November I, 1999 thru October 31. 2000
November I, 2000 thru October 31, 2001
November 1,2001 thru October 31, 2002
November 1. 2002 thru October 31, 2003
November 1, 2003 thru October 31, 2004
November 1,2004 thru January 31, 2005
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
3 mos.
February 1,2005 thru January 31, 2006 Option Year 1
February 1,2006 thru Januar~" 31,2007
.t~
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F,'hrunry 1, 2007 thru ,JRnuAry :~ I. 2008
February 1. 2008 thru October 31, 2008
November 1. 2008 thru January 31, 2009
. Fehruary 1,2009 thru January 31,2010
.
Option Year 2
Option YeAr a
Option Year 4
Feb-Oct
Option Year 4
Nov -Jan
Option Year 5
($10,000/yr.)
($25,000 with 3% ($5,OOO/yr) Reimb of
annual increase) Total Direct Total Landlord
Fixed Fixed Main t Exp Maint Exp Construction
Base Rent Tax Base Rent Reimb Tax Reimb Costs
$ 2,083.33 $ 145.83 $ 2,229.16 $ 416.67 $ 29.17 $ 445.84 $ 833.33
$ 2,145.83 $ 150.21 $ 2,296.04 $ 416.67 $ 29.17 $ 445.84 $ 833.33
$ 2,210.21 $ 154.71 $ 2,364.92 $ 416.67 $ 29.17 $ 445.84 $ 833.33
$ 2,276.51 $ 159.36 $ 2,435.87 $ 416.67 $ 29.17 $ 445.84 $ 833.33
$ 2,344.81 $ 164.14 $ 2,508.95 $ 416.67 $ 29.17 $ 445.84 $ 833.33
$ 2,415.15 $ 169.06 $ 2,584.21 $ 416.67 $ 29.17 $ 445.84 $ 833.33
$ 2,487.61 $ 174.13 $ 2,661.74 $ 416.67 $ 29.17 $ 445.84 $ 833.33
CPI increase CPI increase $ 833.33
$ 833.33
$ 833.33
$ 833.33
$
$
i
Total Monthly
!Monthly Payment
Payment Due
I 1st of month;
$ 3,508.33 10 day In'ace period
$ 3,575.21 1st of month;
10 dav ""ace neriod
, 1st of month;
$ 3,644.09 10 dav ..,.ace neriod
$ 3,715.04 1st of month;
10 dav l!l'ace neriod
$ 3,788.12 1st of month;
10 day l!l'ace period
$ 3,863.38 1st of month;
10 day I?l'ace period
$ 3,940.91 1st of month;
10 day I?l'ace period
:'1
j'Dependent 1st of month;
upon CPI 10 day grace period
increase
Dependent 1st of month;
upon CPI 10 day grace period
increase
I
, Dependent 1 st of month;
'[ upon CPI
) increase 10 dHY b'J'ace period
I
I Dependent Is!, of month;
I upon CPI 10 da} griice period
! increase
i Dependent 1st of month;
; ~pon CPI 10 day grace period
mcrease
Dependent 1st of month;
upon CPI 10 day grace period
increase
,
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Annual Calendar Year
Additional Rent
(and applicable sales tall:)
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6% over $575 000 sales
Due January 15, 1999 ,
Due January 15, 20~~
Due January 15. ZOOI I
_._-~
Due January 15, 2002 --1
Due January ;5,2.003
Due January 15, 2004
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Due January 15, 200f'
Due January 15,2006
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Due January 15, 2007
Due January 15, 2009
Due January 15,2010
Due January 15,2011
C:\W!]\'DOWS\TEMP\[Lease payments schedule,xls]Mtg.John Carassas