HomeMy WebLinkAboutR-90-0368J-90--396
5/11/90
RESOLUTION NO. 9 V- 368
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
AMEND THE AMENDED AND RESTATED AGREEMENT
BETWEEN THE CITY OF MIAMI AND MIAMI
MOTORSPORTS, INC., AS AMENDED, DATED OCTOBER
16, 1985, WHEREIN THE CITY AGREES TO PAY THE
COMBINED IMPACT FEE AND OPTION EXERCISE FEE
AT A DISCOUNT IN YEARS 1993 AND 1994 AND
SHALL REMOVE THE CITY'S OBLIGATION TO PAY
SAID FEES IN YEARS 1996 AND 1997; FURTHER
AUTHORIZING THE CITY MANAGER TO ACCEPT
ASSIGNMENT OF SUCH FEES TO LENDING
INSTITUTIONS TO BE NAMED BY THE MIAMI
MOTORSPORTS, INC..
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to
amend the Amended and Restated Agreement between the City of
Miami and Miami Motorsports, Inc., as amended, dated October 16,
1985, wherein the City agrees to pay the combined impact fee and
option exercise fee at a discount in years 1993 and 1994 and
shall remove the City's obligation to pay said fees in years 1996
and 1997.
Section 2. The City Manager is hereby authorized to
accept, assignment of such fees to lending institutions to be
named by the Miami Motorsports, Inc..
Section 3. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 24th day of Ma
R L. SU
CITY CLERK
19 90 .
, MAY
CITY COMMISSION
MEETING OF
MAY 24 1990
90- 368
NFSOLU110k No,
PREPARED AN PPROVED SY /
DRO VILARELLO
ASSISTANT CITY
APPROVED AS TO FORM AND CORRECTNESS:
�J GE L. ER ANDEZ
CITY ATTORNE
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9a- 368
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CITY OF MIAMI, FLORIDA CA=37
INTER-OFFICE MEMORANDUM
TO: The Honorable Mayor and DATE May 16, 1990 FILE
Members of the City Commission
SUBJECT Resolution to Amend the
Amended & Restated Agreement
with Miami Motorsports
Cesar H. Od
FROM City Manager REFERENCES
ENCLOSURES
RECOMMENDATION:
It is respectfully requested that the Commission adopt the
attached Resolution authorizing the City Manager to amend the
Amended and Restated Agreement between the City of Miami and
Miami Motorsports, Inc., as amended, dated October 16, 1985.
BACKGROUND:
The attached Resolution wail amend the Amended and Restated
Agreement between the City of Miami and Miami Motorsports, Inc.,
as amended, dated October 16, 1985, wherein the City agrees to
pay the combined Impact fee and option exercise fee at a discount
In years 1993 and 1994 and shall remove the City's obligation to
pay said fees In years 1996 and 1997. it further authorizes the
City Manager to accept assignment of such fees to lending
Institutlons to be named by Miami Motorsports, Inc.
90- 368