HomeMy WebLinkAboutR-98-0434J-98-486
4/28/98
RESOLUTION NO. 9 8- 434
A RESOLUTION AUTHORIZING AN EXTENSION OF
TIME TO LATIN AMERICAN GOURMET
RESTAURANT, INC., FOR THE OPENING OF THE
CONCESSION AREA AT PAUL WALKER PARK,
LOCATED AT 46 W. FLAGLER STREET, FROM MAY
25, 1998 TO NOVEMBER 25, 1998, PROVIDED THAT
AN INDEMNITY BOND OR LETTER OF CREDIT,
SATISFACTORY TO THE CITY ATTORNEY, IN THE
AMOUNT OF $100,000, IS PROVIDED TO THE CITY
ON OR BEFORE MAY 28, 1998, THE TERMS OF
WHICH WOULD GUARANTEE THE CITYS ABILITY
TO COMPLETE THE CONSTRUCTION AND
ACQUISITION OF THE EQUIPMENT FOR THE
CONCESSION AREA; FURTHER AUTHORIZING THE
TERMINATION OF THE MANAGEMENT
AGREEMENT WITH LATIN AMERICAN GOURMET
RESTAURANT IF THE INDEMNITY BOND OR
LETTER OF CREDIT, AS SPECIFIED ABOVE, IS NOT
RECEIVED BY MAY 28, 1998.
WHEREAS, on May 29, 1992, a Management Agreement was executed
between the City of Miami and Latin American Gourmet Restaurant, Inc., for
the management, operation and maintenance of the park concession area at
Paul Walker Park; and
CITY COMMZMSION
MEETING OF
APR 2 8 1998
R"olutim No.
98- 434
WHEREAS, pursuant to Resolution No. 97-821, adopted November 26,
1997, the City Commission granted Latin American Gourmet Restaurant,
Inc. an extension of the previously set date for opening the park concession
area from June 1, 1997 to May 25, 1998, and also required Latin American
Gourmet Restaurant, Inc. to provide the City with an indemnity bond or
letter of credit, the terms of which would guarantee the City's ability to
complete the construction and acquisition of the equipment for the concession
area; and
WHEREAS, Latin American Gourmet Restaurant, Inc. requires
another six (6) month extension to open the park concession area, from May
25, 1998 to November 25, 1998; and
WHEREAS, the City Commission will grant Latin American Gourmet
Restaurant, Inc. the requested extension to open the park concession area,
from May 25, 1998 to November 25, 1998, contingent upon Latin American
Gourmet Restaurant, Inc. furnishing the City with an indemnity bond or
letter of credit, in the amount of $100,000, satisfactory to the City Attorney,
the terms of which would guarantee the City's ability to complete the
construction and acquisition of equipment for the concession area; and
WHEREAS, if said indemnity bond or letter of credit, is not furnished
to the City on or before May 28, 1998, the Management Agreement with
Latin American Gourmet Restaurant will automatically be terminated;
2
98- 434
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 Commission hereby authorizes an extension of
time to Latin American Gourmet Restaurant, Inc. for the opening of the
park concession area at Paul Walker Park from May 25, 1998 to November
25, 1998, provided that Latin American Gourmet Restaurant, Inc. provides
the City with an indemnity bond or letter of credit, in the amount of
$100,000, satisfactory to the City Attorney, the terms of which would
guarantee the City's ability to complete the construction and acquisition of
equipment for the concession area.
Section 3. The automatic termination of the Management
Agreement with Latin American Gourmet Restaurant, Inc. if said indemnity
bond or letter of credit is not furnished to the City on or before May 28, 1998,
is hereby authorized.
Section 4. This Resolution shall become effective immediately upon
its adoption.
3 98- 434
PASSED AND ADOPTED this 28th
day of Ap r i 1 , 1998.
JOE CAROLLO, MAYOR
In accordance with Miami Code Sec. 2-36, since the Mayor did not indicate approval of
tiis legislation by signing it in the designated place provided, said legislat;ca
becomes effective with the elapse of ten (10) day from the date of Commise;cn
regarding same, without the Mayor exercisi eto.
ATTEST:
�L21
Iter J n, City Clerk
WALTER J. FOEMAN,
CITY CLERK
PREPARED AND APPROVED BY:
7��
JULIE 0. BRU
ASSISTANT CITY ATTORNEY
ORRE�N S�O ARM AND
TA
W2526kSK:JOB
4 98— 434
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO Jose Garcia -Pedrosa DATE : April 14, 1998 FILE
City Manager
Humberto Hernandez
FROM Chairman
SUBJECT : DISCUSSION ITEM
April 28th, 1998
REFERENCES:
ENCLOSURES:
Discussion concerning an extension of six (6) months to Latin American Gourmet
Restaurant, Inc.
I - '4' - NO
�w mr.-
April 2, 1999
Latin American Gourmet Restaurant, Inc.
2900 SW e Avenuc
Miami, Florida 33129
Re: $100,000.00 Stand -By Letter of Credit Application
Bear Sus:
We have received the above application for a stand by letter of credit in the amount of
$100,000,00. In addition, we have reviewed an unsigned amendment that appears to be
current and more specifically page 7 (B) that describes the $100,000.00 requirements and
the May 25, 1998 draw down date.
Your contractor, Landmark Builders, Inc. has faxed me a letter stating that the contractor
company needs 120 days, after issuance of permits and execution of contract, in order to
finish the construction.
Before we can go forward on this L/C request, we need to establish a reasonable date for
the City to be able to draw on this performance bond. The City needs to consider the time
to obtain or reactive building permits, constuuction time, equipment acquisition,
installation, testing and final certificate of completion. Additionally the May 25
requirement also says open for business.
A9 ils stands, we cannot consider this request, until areasonable date is given by the City
of Miami to consider the contract in default and be able to draw down the Letter of
Credit.
Sinocrely,
I�
ulian L. Mesa
Viec-Chairman
98— 4A
FLAG LER STATION BRANCH - 48 East Flagler Street, Miami. Florida 33131 .(am) 377-BANK -Telex: 514085 TRANSATSK
Extended Page
e4r02/1.99a 11:51 3856616090 CHISHD—M ARCHITECTS PAGE 02
' Ja ' 1. W .1v a ♦ ' _,OFI. r "O , 6HI10 Mom. %
bbtbCI:pr, r.ryl
i�Inc.
landmark Builders, n
2900 S.W. THIRD AVENUE + S'JtTC 609 • MIAWt, ELOISICA WtV • TEL : (00) 880.9600 + fAA; ()0SJ 8$9•960?
Aprl1 1, Isis
RACSIMrLE: QM 6614090
Mr, Robert chishotm
R.K. Chisholm, Inc.
7254 5W 48 Street
Miami, Florida S3155'
RE: LATIN AMERICAN GOURMET RESTAURANT
46 West Ftagler Street, Miami, Florida
Oepr Robert:
After review of the plans artia visual inspection of the job site, we estimate the construction
of the soove referenoed proJect to be completed within (124) calendar days $Aar iaauance
of permits and execution of construction contract.
If you have any questions, please do not hesitate to contact ma directly.
Sincerely.
Wi flam 1. Pervt
presidents
WIPJip
K
OVEW Atf 8E1 v�CES "'434
TO-4- P , 01
P 02
LA TIA' fl(n1ERI(;-IN GUURAILY RESIA URA I NT, INC
SHAREHOLDER INVESTMENT & EXPENSE REPORT
(NOVEMBER 24, 1997)
EXPENSE 01STg,115-UTION
Arhiects Expense)
Chisholm Architects a 13,000.00
{Architect Expense)
Perez & Perez $ 25,000.00
(Attorneys Expense)
Richard Alayon
$
1,000.00
(Construc:lion Expense)
K&K Consulting Corp.
$
125,578.21
(Construction Expense)
J.A.L. Consultants Inc.
$
273,000.00
(Electrical Expense)
Royal Electrical Supply, Inc.
$
907.10
(Licenses & Permits Expense)
City of Miami
$
1,749.28
(Miscellaneous Expense)
General
$
6,836.00
(Refit Expcnso)
City of Miami
..
.16,366.2.5
Total Investment
$
480,458.84
46 Wes! Flagler St., Miaiaii, FMrirla
J8-- 4A
P 93
Transatlantic sank Cell Date: 12131/97 State a: State FFIEC 033
46 East FlaglcrStreet Vondor ID: b Cert tt: 25580 RC-7
Miami, FL 33131 Transit 8: 67011825
Transmits() to IDS as 0083611 on 01/29/98 at 13:15:53 CST 5
Schedule RC-C - Continued
Part 1. Continued
Memoranda
Dollar Amounts in Thousands
1. Not applicable
2. Loads (1) and Leases restructured and in compliance with modified terms (included M
Schedule RC-C, pan 1, above and not reported as past due or nonactruel in
Schedule PtC N. Memorandum 4em t)_
ACON
i. Real esreto loans
1617 0 M.2.a
G. All other loans end lease firlanting receivables (exclude loans to indrAduals for
. household. family, and other personal expenditures)
669t 61 M.2.12
3. Maturity and repricing data for loans ano leases (excluding those in nonaccrual status):
a. Closed -end loam secured by first liens on 1.4 family residential properties
with a remaining maturity or repricing frequency of: 12, 3)
(1) Three months or less
A584
3.280
M.3.al
(2) Over three months through 12 months
A585
266
M.3.a2
tS) Over one year through three years
ASO
607
M-3.a3
(4) Over three years through five yeast' —
A587
360
M.3.a4
(6) overfive years through 19 years
As6a
135
M.3.a3
(a} dyer 16 years
Asee
o
101.3.06
b. All loans and leases other than closed -end loans secured by first liana on 1-4 family
residential properties with a remaining maturity or repricing frequency of. (2, 4)
(1) Three months or less
ASTO
76,366
M.3.b1
(2) Over three months through 12 months
A571
9 312
M.312
(3) OVer one year through three years
A572
8,445
M.3.b3
(4) Over three years through five years
A573
4,938
M.3.b4
(5) Over five years Ilirough 13 years
A574
0
M.3.b5
(6) Over I years
A375
0
M.3.66
C. Fixed rate AND floating rate loans and leases with a REEMAINING MATURITY of one
year or less (included In Memorandum Items 3.2 and 3.b above)
A247 82 573 101.3.0
d. Fixed rate AND floating rate loans secured by nonfarm nonresidential properties (6)
with a REMAINING MATURITY of over five years (Included In
A577 1,537 M.3.o
Memorandum i#em 3.b above)
e. Fixed rdta AND floating rate commercial and industrial loans (6) with a REMAINING
M.3.e
MATURITY of over ttxee years {Included In Memorandum items 3.b above)
A578 700
4. Loans to finance cornmerclai real estate, construction, and land development activities
(not secured by real estatri) included In Schedule RC-C, part 1, items 4 arts 9.b. page RCS (7)
2746
0
MA
S. Loans and leases held for sale (included in Schedule RC-C, part 1, above)
$359
540
M_5
6. Adjustable rate closes -end loans secured by !fist liens on 1.4 family residential properties
(Included In Schedule RC-C, part 1, item 1.c.(2)(a), page RC-6)
53703.967 M.6
(1) See Instructions for loan classifications used In Memorandum item 2,
(2) Report fixed rate loans and leases by remaining maturity and floating rate loans by repricing frequency.
(3) Sum of Memwarulum Items 3.a.(1) through 3.a.(6) plus total nonaccrual closed -end loans
secured by first liens on 1-4 family resideritiai properties Included in Schedule RC-N,
Marnorandum Item 4.c.(2), column C, must equal toot closed -end loaf%$ secured by first
liens on 1.4 family residential properties from Schedule RC-C, part I, Item
(4) Sum of Memorandum items 3.b.(1) through 3.b.(6) plus total nonaccrual loans and leases from
Schedules RC-N, sum of Hems 1 through 5, column G, minus nonaccrual closed -end loans
secured by first lions on 4.4 family residential properties included In Schedule RC-N,
Memorandum Item 4.c.(2), column C, must equal total loans and leases from Schedule RC-C, Part 1,
sum of items 1 through Ia. minus total ciosed-and loans secured by first liens on 14 farnily
rexi%lentiat propertie9 In domestic offices from Schedule RC-C, part 1, item
(b) As defined for 3clteuula RC-C, part 1, Item 1.e.
(6) As defined for Schedule RC-C. part 1, Item 4.
(7) Exclude loans secured by real estate lhat are Included In Schedule RC-C, part 1, items 1 _a through 1.e.
9 8 - CA
Extended Page
Transatlantic Bank call Oate; 12/31197
Stale 0: State FFIEC 033
48 East Fla glar Street Vendor ID: D
Cert #: 25680 RC-6
Miami, FL 33131 Transit #: 67011825
Transmitted to EDS as 00$3611 ai 01rz9198 at 13:15.53 CST
14
Schedule RC-C - Loans and Lease Financing Receivables
_
Part I. Loans and Leasos
Do ncl deduct the allowance for loan and )ease tosses from amounts
reported in this schedule. Report total loans and leases, net of unearned
income. Exclude assets held for trading and cornrnercial paper.
C215 <-
DollwArpounts in Thousands
1. Loans secured by foal estate:
R oN
•a. Construction and land development
f 0--r =1—a'= 1415
10.420
1.8
b. Secured by tarm:and (including farm residential and other improvements)
1420
L 0
1 1.b
c, Secured by 1-4 family raaldentia) properties:
(1) Revolving, open-end bans secured by 1-4 rattily residential properties and extended
under fines or crodlt
to 1797 366 1.c.1
(2) All otner loans secured by 1-4 farnily residential properties:
(a) Secured by first lions
ti387
4,648
1.e.2a
(b) Secured by junior liens
6368
2 t)87
i.e.2b
a. SecureO by multifamily (5 or more) residential properties
1460
4,625
l.d
e. Securbo by nonfarm nonresidential properties
1480
29 007
1.e
2_ Loans to depository fnsLtutions,
a. To commercial banks In the U.S,:
(1) To U.S. branches and agencies of foreign banks
ism
0
2.21
(2) To other comrnemiil banks in die U.S.
1507
0
2.a2
b. To other depository insikwons In the U.S.
— _ _ 1517
0
2.b
c. To banks in foreign countries:
(1) To foreign branches of other U.S. banks
_ 1513
0
2.ct
(2) To other banks In flxeign countries
1516
0
2.c2
Z. Loans to finance agricuaurat production and other loans to farmers
1500
0
3.
4. Cornniercial and Industrial loans:
a. To U.S. addressees (Oomicfle)
"s1 gy t7' 1,031
37,980
4.a
b. T9 non-U.S. addressees (domicile)
1764
D 14.b
5 Acceptances of other banks
1755
0 Is.
0. Loans to individuals for household, family, and other peraonal expenditures (i.$., consumer
loans) (Includes purrltased paper :
a. Credit Cards and related plans (includes Check credit and *Vier revolving credit plans)
2008
0
6.9
b. Other (includes single payment, installment, and all student bans)
/ ar 3� 2011
11,230
6.b
7. Loans to foreign government and offrdal Institutions (including foreign central banks)
2061
0
7,
S. Ctii ations (other than securities and leases) a`, states and political subdivisions to the U.S.
(includes nonrated Industrial development ob:sgatfons)
21071—r
9. Other Loans:
8. Loans for purchasing or carrying securities (secured and unsecured)
1545
0
9.3
b. AN Other loans (exclude consumer loans)
r �1 7 , 1364
720
9_b
10. Lease financing receivables (net of unearned income;
- 2165
0
10.
11. LESS: Any unearned income on bans reflected in items 1-9 above
2123
339
11,
12- Total loans and leases, net of unearned Income (sum of ue1115 1 through 10 minus item 11)
(must equal 6cheduts RC, Item 4.a)_ I
(j 7/ y c{
y 2122 102,744 32.
8- C3 4