📓

MOM: Meeting Summary for Kitchen Rental Proposal at CIF Building

MOM: Meeting Summary for Kitchen Rental Proposal at CIF Building

image
icon
Minutes of the Meeting Summary

Meeting Details

  • Date: 22-05-2024
  • Time: 11:00 am
  • Location: Muscat Bay - Meeting Room - CIF Building

Attendees

  • Participants:
    • Muscat Bay team
    • JMB - CFO
    • Al Naba Business Management team

Agenda

  • Discussion on renting out the CIF building and associated kitchen facilities.

Key Points Discussed

Overview of CIF Building

  • Location: The CIF building is centrally located and well-suited for commercial kitchen operations.
  • Facilities:
    • Brand-new kitchen appliances.
    • Additional assets including:
      • Extract fans for the toilets.
      • York chiller brand AC units.
      • Other relevant equipment and utilities.

Rental Proposal

  • Purpose: Renting the CIF building to accommodate kitchen operations.
  • Financial Terms:
    • Monthly rental fees including utilities (water, electricity).
    • Maintenance responsibilities and associated costs.

Kitchen Equipment and Assets

  • Kitchen Appliances:
    • All appliances are brand new, ensuring high efficiency and reliability.
    • Specific brands and models to be provided.
  • Additional Assets:
    • Extract fans for maintaining hygiene in the toilets.
    • York chiller brand air conditioning units for optimal temperature control.
    • Other necessary utilities to support kitchen operations.

Maintenance and Operational Responsibilities

  • Maintenance:
    • Regular servicing of kitchen appliances.
    • Monthly and quarterly reports on maintenance activities.
    • Preventive maintenance to be validated by engineering teams.
  • Operational Costs:
    • Water, electricity, and gas costs to be covered by the tenant.
    • Costs associated with waste management and grease trap cleaning.

Coffee Shop Operations

  • Operational Responsibilities:
    • Operate the provided coffee shop on a cash basis.
    • Monthly rental fees include utilities such as water and electricity.
    • Maintenance of chiller charges.

Safety and Cleaning

  • Responsibilities:
    • Cleaning and maintaining the area, including all safety equipment.
    • Regular gas refilling and maintenance of kitchen appliances.
    • Ensure all assets are returned in good condition at the end of the contract.

Third-Party Inspections

  • Agreement:
    • Conduct third-party inspections before handing over the premises back to Muscat Bay.
    • Ensure no damages or issues with the assets upon contract completion.

Future Considerations

  • Depreciation and Replacement:
    • Discussion on the depreciation of kitchen equipment over a five-year period.
    • Reserve fund for the replacement of equipment as needed.
  • Transparency and Reporting:
    • Regular reporting and transparency in operations.
    • Sharing business revenue and adjusting rental agreements based on business volume.

Community and Business Model

  • Community Services:
    • Provision of community benefits such as free weekly lunch for staff.
    • High-quality food and services matching the standards of premium clients like Jumeirah.
  • Business Model:
    • Emphasis on operating efficiently within existing areas.
    • Potential for growth and increased business volume.

Action Items

  1. Financial Agreement: Finalize the monthly rental fees and other financial terms.
  2. Maintenance Plan: Develop a detailed maintenance plan with regular reporting.
  3. Equipment List: Provide a comprehensive list of kitchen equipment and their depreciation schedule.
  4. Community Engagement: Plan for community services and additional benefits.
  5. Future Discussions: Schedule follow-up meetings to discuss progress and any adjustments needed.

Conclusion

  • Summary:
    • The CIF building offers a well-equipped and centrally located facility for kitchen operations.
    • Detailed financial and maintenance plans are essential for ensuring smooth operations.
    • Transparency and regular reporting will be key to the success of the rental agreement.