HomeMy WebLinkAboutR-98-0220J-98-252
2/24/98
RESOLUTION NO.9 8 - 220
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
PROVIDE AN ADVANCE, IN THE AMOUNT OF $240,000, TO
THE BAYFRONT PARK MANAGEMENT TRUST (TRUST),
FROM THE TRUST'S FY 1998/99 BUDGETARY ALLOCATION,
TO OFFSET THE LOSS OF SAID INCOME IN FISCAL YEAR
1997/1998.
WHEREAS, the Bayfront Park Management Trust (Trust) was created as a limited
agency of the Miami City Commission on November 19, 1997; and
WHEREAS, the Trust's directive is to "operate, manage and monitor the park for
the purpose of insuring maximum community utilization and enjoyment; and
WHEREAS, the Bayfront Park Amphitheater's sponsor, AT&T, has reduced its
contribution by $120,000; and
WHEREAS, Miami -Dade County has taken over the FEC property, resulting in an
additional $120,000 loss in earned income from parking revenues; and
WHEREAS, the net loss of approximately $240,000 is hampering the Trust's ability
to complete its mission to the citizens of the City of Miami; and
WHEREAS, said advance would enable the Trust to resolve cash flow issues this
fiscal year;
CITY COIVIIVIISSION
MEETING OF
FEB 2 4 1998
Resolution Na
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution
are hereby adopted by reference thereto and incorporated herein as if fully set forth in this
Section.
Section 2. The City Manager is hereby authorized to provide an advance, in the
amount of $240,000, to the Bayfront Park Management Trust (Trust) from the Trust's FY
1998/99 budgetary allocation to offset the loss of said income in Fiscal Year 1997/1998.
Section 3. This Resolution shall become effective immediately upon its adoption.
PASSED AND ADOPTED this 24th day of February , 1998.
XAVIER L. SUAREZ, MAYOR
In accordance with Miami Code Sec. 2-36, since the Mayor did not ind-,1- .1 f
this legislation by signing it in the designated place prnvid - i
becomes effective with the elapse of ten (10) days from th& ci-a
regarding same, without the Mayor exercising a v to.
ATTEST:
Walter J. o ity Clerk
WALTER J. FOEMAN
CITY CLERK
APPROVED AS TO FORM AND CORRECTNESS:
lr4j,t,
A�X�WELLL EW
IMER
CITY ATTORNEY
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98- 220