On September 11, 2013, the Miami Beach Redevelopment Agency (“RDA” or “Landlord”) and US Vintage, Inc. (“Tenant”) entered into a commercial lease agreement (the “Lease”) for the retail space located at 1560 Collins Ave., Suite 3-4, Miami Beach, FL 33139 (“Premises”) The full term of the Lease commenced on October 1, 2013, and expired on September 29, 2023.

On February of 2021, the Tenant began failing to make rent payments and as a result, Notices to Cure Default were sent by the Landlord.

On June 16, 2021, RDA filed a commercial eviction action in the Circuit Court of the Eleventh Judicial Circuit in and for Miami-Dade County, styled Miami Beach Redevelopment Agency v. US Vintage, Inc. et al., Case No. 2021-014138-CA-01. the Defendants attribute their default, in part, to the COVID-19 pandemic crisis for severely impacting business revenues and local economies overall.

On July 21, 2021, Landlord regained possession of the Premises, at which time, Defendants’ rent was in arrears in the amount of approximately $287,767, with additional amounts of approximately $600,000 asserted as damages incurred prior to reletting the Premises to a new tenant. The RDA and the Defendants (collectively referred to as the “Parties”) desire to avoid incurring further costs of litigation, and seek to resolve all matters in controversy, disputes, and causes of action between the parties in an amicable fashion.

On January 10, 2024, at mediation, the Parties reached a full and final compromise and settlement of all matters, causes of action, claims and contentions between them and memorialized the settlement in writing (the “Settlement Agreement”).

The Settlement Agreement, which is attached hereto as Exhibit “A” to the Memorandum accompanying this Resolution, is contingent upon approval of the Chairperson and Members of the RDA. having determined that settlement of the litigation is in the best interests of the RDA, the Chairperson and Members of the RDA desire to approve the Settlement Agreement and authorize the settlement payment to be made by the Defendants to the RDA’s JP Morgan Chase account.

Based upon the foregoing, the Administration recommends that the Chairperson and Members of the RDA approve the Settlement Agreement in the form attached as Exhibit “A” to the Memorandum accompanying this Resolution between the RDA, on the one hand, and US Vintage, Inc., Joshua Glickman, Shaul Ashkenazy and Ezra Saig (collectively, “Defendants”) to settle all claims between the parties in the case styled Miami Beach Redevelopment Agency v. US Vintage, Inc. et al.; and further, authorize the Executive Director and Secretary of the RDA to execute the Settlement Agreement and any documents related thereto.

Exhibits:

A – Settlement Agreement