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HomeMy WebLinkAboutR-87-0965J-87-889 10/22/87 j RESOLUTION No. A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT, IN SUBSTANTIALLY THE FORM ATTACHED, WITH MIAMI CAPITAL DEVELOPMENT, INC. (MCDI), PROVIDING MONIES TO SAID ORGANIZATION IN AN AMOUNT NOT TO EXCEED $35,000 TO BE ALLOCATED FROM AVAILABLE FONDS AS DETERMINED BY THE CITY MANAGER IN SUPPORT OF A HYDROFOIL WATERBUS PROGRAM. WHEREAS, on April 6, 1983, the City Commission, by Resolution No. 83-331. approved the allocation of $3,215 for the purpose of partially funding a study involving the operation of a hydrofoil waterbus; and WHEREAS, the Sorg Marketing Group has requested authority to borrow funds to meet costs of placing the Hydrofoil Waterbus in operating condition; and WHEREAS, the City cannot legally provide loans to for -profit businesses; and WHEREAS, Miami Capital Development. Inc. (MCDI) has determined that support of the Hydrofoil Waterbus Program will help carry out the objective of MCDI and the City of Miami to promote local business development within the maritime transportation industry; It Now, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section I. The City Manager is hereby authorized to execute an Agreement. in substantially the form attached, with Miami Capital Development, Inc. (MCDI), providing monies to said organization in an amount not to exceed $35,000 for MCDI to make the same available as a loan to Sorg Marketing Group (SMG) to be repaid to MCDI over a 12-month period at the prevailing prime interest rate on a quarterly basis and subject to MCDI obtaining a personal guarantee from the officers of SNG, in order to place the Hydrofoil Waterbus in operating condition, with funds therefor to be allocated from available funds as determined by the City Manager. NCDI shall remit payments of the principal to. k Eku crry COMMISSION MEETING OF OCT 22 1987 �N No. 87-965 El the City as the same are reoeived from SMG with MCDI retaining the interest reoeived as oompensation for its administrative servioes. PASSED AND ADOPTED this 22 ATT ago - MA Y RIRAI CITY CLERK BUDGETARY REVIEW: MANOHAR JAXA, DIRECTOR MANAGEME JD DEPT. FINANCIAL F*VIEW: ,A CARLOS E. GARCIA, DIRECTOR DEPARTMENT OF FINANCE PREPARED AND APPROVED BY: ROBERT F. CLERK CHIEF DEPUTY CITY ATTORNEY nd day of October 1987. XAVIER L. gVAREZ, MAYOR APPROVED/AS TO FORM AND CORRECTNESS: A. CITY RFC:rb:bss:M839 -$- 87:-965 AGREEMENT This Agreement entered into as of the day of , 1986, by and between the City of Miami, a municipal corporation of the State of Florida, hereinafter referred to as "CITY" and MIAMI CAPITAL DEVELOPMENT, INC., a Florida Corporation, hereinafter referred to as "MCDI". WITNESSETH: WHEREAS, CITY maritime transportation will be enhanced by r the operation of a Hydrofoil Waterbus; and WHEREAS, MCDI has determined that support of a Hydrofoil Waterbus will stimulate business development within the City of Miami; and WHEREAS, the City Commission authorized the City Manager to negotiate and execute an Agreement by Resolution No. ; NOW, THEREFORE, THE CITY and MCDI agree as follows: I. TERM: The term of this Agreement shall be from 1987, through 1988. II. GENERAL PROVISIONS: A) The CITY shall make available to MCDI the amount of $35,000.00, to make loans to finance placing the hydrofoil Waterbus in operating capacity, as proposed by Sorg Marketing Group (SMG). t ' 6) It is understood that CITY'S payment under this contract 4 4 I will be contingent upon MCDI executing a contract with SMG, which is to be approved by the City Manager, and such approval shall } not be unreasonably withheld. Such contract shall contain but not be limited to the following provisions: 1) That subject to the provision of this Agreement, SMG t may borrow up to $35,000.00 from MCDI for cost of repairs to place the Hydrofoil Waterbus in operating capacity. x 877 -965 ;i y j 2) Interest payments shall be made by SMG to MCDI on a quarterly basis. The interest rate shall be the same as the prime interest rate of the bank at which the CITY conducts most of its business. The rate will be adjusted on a quarterly basis for the next succeeding quarter as of the first business day of each quarter. 3) SMG shall make the interest payment to HCDI by the tenth of the month following the end of each quarter. 4) Payment of loan principal shall be made within 12 months from the date funds are borrowed. 0 5) Officers of SMG shall personally guarantee repayment of the loan. COMPLIANCE WITH FEDERAL, STATE, AND LOCAL LAWS: Both parties shall comply with all applicable laws, ordinances, and codes of Federal, State, and Local Government. IV. GENERAL CONDITIONS: A. All notices or other communications which shall or may be given pursuant to this Agreement shall be in writing and shall be I delivered by personal service, or by registered mail addressed to j� the other party at the address indicated herein or as the same 1 may be changed from time to time. Such notice shall be deemed given on the day on which personally served; or, if by mail, on the fifth day after being posted or the date of actual receipt, whichever is earlier. CITY OF MIAMI Cesar H. Odio City Manager 3500 Pan American Drive Miami, Florida, 33133 MIAMI CAPITAL DEVELOPMENT, INC. Miami Capital Development, Inc. 311 N. E. 13th Terrace Miami, Florida 33132 B. Title and Paragraph headings are for convenient reference and are not part of this Agreement. C. In the event of conflict between terms of this Agreement and any terms or conditions contained in any attached documents, the terms in this Agreement shall rule. D. No waiver or breach of any provision of this Agreement shall constitute a waiver of any subsequent breach of the same or any other provision hereof, and no waiver shall be effective unless made in writing. E. Should any provision, paragraphs, sentences, words or phrases contained in this Agreement be determined by a court of competent jurisdiction to be invalid, illegal or otherwise unenforceable under the laws of the State of Florida or the City of Miami, such provisions, paragraphs, sentences, words or phrases shall be deemed modified to the extent necessary in order to conform with such laws, or if not modifiable to conform with such laws, then same shall be deemed severable, and in either event, the remaining . terms and provisions of this Agreement shall remain unmodified and in full force and effect. V. Allr%TT nTP_UTQ. CITY reserves the right to audit the records of MCDI at any time during the performance of this Agreement and for a period of one year after final payment is made under this Agreement. VI. CONSTRUCTION OF AGREEMENT: This Agreement shall be construed and enforced according to the laws of the State of Florida. VII. INDEPENDENT CONTRACTOR: MCDI and its employees and agents shall be deemed to be i independent contractors, and not agents or employees of CITY, and shall not attain any rights or benefits under the Civil Service or Pension Ordinances of CITY, or any rights generally afforded classified or unclassified employees; further they shall not be d deemed entitled to Florida Workers' Compensation benefits as employees of CITY. 87-- #^fir`' 6 k l VIII. MCDI shall remit payments of the principal to the CITY as the same are received from SMG with MCDI retaining the interest received as compensation for its administrative services and as consideration for this Agreement. IX. AMENDMENTS• No amendments to this Agreement shall be binding on either party unless in writing and signed by both parties. IN WITNESS WHEREOF. the parties hereto have caused this instrument to be executed by the respective officials thereunto duly authorized, this the day and year first above written. - 4 - CITY OF MIAMI. FrLORIbA 120 INTER-01rPiCE MEMOMANDUM TO. Honorable Mayor and °ATE: JUL 151991 FILE: Members of the Cit Commission SUBJECT Agenda Discussion Item FROM! Cesar H. O d i o REFERENCES: City Manager ENCLOSURES: As instructed by the City Commission's Motion 87-613 of June 22, 1987, requesting the City Manager to recommend how to provide financing to the Hydrofoil Waterbus Project, we are proposing the following: Agreement be entered between the City and Miami Capital Development, Inc. to make available a loan in the amount of $35,000. to the group sponsoring the Hydrofoil Waterbus Project, under the following terms: - Loan to be repaid within 12 months of receipt. - Subject to interest charge at the prevailing prime rate. - Funds to be provided by the Marinas Enterprise Fund. - One or more officers of the corporation borrowing funds will personally guarantee its repayment. This agreement, once approved by the City Commission, will be subject to the approval of the City Attorney and Miami Capital Development, Inc. 871--.9G.5, .