HomeMy WebLinkAboutR-87-01991
J-87-194
2/19/87
RESOLUTION NO. 87-199'
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE A SECOND AMENDMENT TO THE AMENDED AND
RESTATED GRAND PRIX AGREEMENT, IN SUBSTAN-
TIALLY THE ATTACHED FORM, BETWEEN MIAMI
MOTORSPORTS, INC. AND THE CITY OF MIAMI AND
PROVIDING FOR THE SATISFACTION OF MIAMI
MOTORSPORTS INC.'S OBLIGATION TO PAY FOR THE
DESIGN AND CONSTRUCTION OF THE GRAND PRIX
RACE CIRCUIT PAVING PROJECT SET FORTH IN
RESOLUTION NO. 85-932.
WHEREAS, under an
agreement
between the City of
Miami
and
Miami Motorsports, Inc.
dated June
14, 1982, the Miami
Grand
Prix
racing events were staged for three (3) years in Bayfront Park,
around Miamarina and along Biscayne Boulevard south of Port
Boulevards; and
WHEREAS, the City of Miami and Miami Motorsports, Inc.
entered into an Amended and Restated Grand Prix Agreement (the
"Agreement") on October 16, 1985, relocating and creating a new
race circuit through Bicentennial Park, the FEC track, and along
Biscayne Boulevard north of Port Boulevards; and
WHEREAS, pursuant to the Agreement, the City of Miami is
required to pay a $200,000 Impact Fee per year during the term of
the Agreement; and
WHEREAS, pursuant to the Agreement, Miami Motorsports, Inc.
is required to pay the City $25,000 per year for each year the
Agreement is in effect, not to exceed $250,000; and
WHEREAS, pursuant to Resolution No. 85-932, Miami
Motorsports, Inc. is required to reimburse the City for the
design and construction of the Grand Prix Race Circuit Paving
Project at a rate of $30,000 per year for five (5) years
commencing in 1985; and
WHEREAS, Miami Motorsports, Inc. is obligated to pay the
City a total of $370,000 over the remainder of the term of the
Agreement; and
WHEREAS, the Second Amendment to the Agreement, which is
attached hereto, removes the City of Miami's obligation to pay A
CrM COMMISSION
ATTACHMENTO MEETING OF
FEB 26 1987
8700499
L.CONTAINRI� RESOLUTION No.
$200,000 per year Impact Fee in years 1993 and 1994 (totaling a
$400,000 Impact Fee` in return for the City of Miami satisfying
Miami Motorsports, Inc.'s obligation to pay the City $370,000
over the remainder of the term of the Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The City Commission hereby authorizes the City
Manager to execute a Second Amendment to the Amended and Restated
Grand Prix Agreement in substantially the attached form.
Section 2. Miami Motorsports, Inc.'s obligation to pay,
pursuant to Resolution No. 85-932, the City $30,000 per year for
five years for the design and construction of the Grand Prix Race
Circuit Paving Project has been satisfied and paid in full.
PASSED AND ADOPTED this 26th day of February , 1987•
4� - ; -
XAVIER L. SUA W , MAYOR
ATTEST:
MA TY HIRAI
CITY CLERK
PREPARED AND APPROVED BY:
CHRIS20PHER G. KORGE
ASSIS7TANT CITY ATTORN6
APPROVEt^S TO FORM AND CORRECTNESS:
LU I A. DO GHERTY
CI ATTORNEY
CGK/rd/M351
87-199
4-
SECOND AMENDMENT TO THE
AMENDED AND RESTATED GRAND PRIX AGREEMENT
This Second Amendment (the "AMENDMENT") to the Amended and
Restated Grand Prix Agreement (the "AGREEMENT") dated October 16,
1985, by and between the City of Miami, a municipal corporation
of the State of Florida, (the "CITY") and Miami Motorsports,
Inc., a corporation organized and existing under the laws of the
State of Florida (the "LICENSEE").
WITNESSETH
WHEREAS, LICENSEE and CITY entered into the AGREEMENT dated
October 16, 1985, under which the CITY granted LICENSEE a license
to use certain park and street property under the control of the
CITY subject to certain terms and conditions;
WHEREAS, the City Commission by Resolution No. has
authorized the City Manager to execute a Second Amendment to the
AGREEMENT; and
NOW, THEREFORE, for $10.00 and other good and valuable
consideration, receipt and adequacy of which is hereby
acknowledged, the parties agree as follows:
1. The foregoing recitals are true and correct and are
made a part of this AGREEMENT.
2. CITY and LICENSEE desire to amend and modify as set
forth in this AMENDMENT certain rights, obligations and
conditions contained in the Amended and Restated Grand Prix
Agreement.
3. Unless otherwise specifically modified herein, all such
rights, obligations and conditions contained in the Amended and
87�-19!�
87-199
r�
t
.—
Restated Grand Prix Agreement shall remain in full force and
effect as stated therein.
4. Paragraph numbered 13, page 8 of the AGREEMENT is
hereby deleted and in its place the following words inserted:
The parties hereto recognize that the construction
and operation of the Bayside Specialty Center in
the adjacent Bayfront Park will cause an adverse
impact on LICENSEE in terms of its exclusive
concessionaire rights and the availability of open
space for use by LICENSEE for viewing and pit
areas and concession areas. To compensate
LICENSEE for such impact, the CITY has paid to
LICENSEE, pursuant to the terms of the Amendment,
and LICENSEE acknowledges the receipt thereof, the
sum of Six Hundred and Fifty Thousand Dollars
($650,000.00) as an Impact Fee and Option Exercise
Fee and hereby agrees to pay to LICENSEE an
additional amount of Two Hundred Thousand Dollars
($200,000.00)(hereinafter "Impact Fee") per year
which includes the Impact Fee and Option Exercise
Fee described in the Amended Agreement, for each
year of the remaining term of the Agreement,
except for year six and seven of the "extension
periods" (the CITY will not pay an Impact Fee
during years 1993 and 1994), said sum to be paid
upon the approval by the City Manager of the
scheduled required pursuant to paragraph 38 of
this Agreement.
_2_ 87-1:99,
87�-199
vlr
5. Paragraph number 17, page 9 of the Agreement is hereby
deleted.
IN WITNESS WHEREOF, the parties hereto have caused this
AGREEMENT to be duly executed and delivered by their respective
officers and hereunto duly authorized as of the date first above
written.
WITNESS: MIAMI MOTORSPORTS, INC., a
corporation organized and
existing under the law of
Florida
ATTEST:
Matty Hirai
City Clerk
By
President
CITY OF MIAMI, FLORIDA,
a municipal corporation
By
Cesar H. Odio
City Manager
APPROVED AS TO FORM AND CORRECTNESS:
By ---
Lucia A. Dougherty
City Attorney
M051/CGK/rd
2/19/87
-3-
87-19 5
87-19K:j
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
TC Honorable Mayor and Members
of the City Commission
Cesar H. Odio
`R`'"' City Manager 0
RECOMMENDATION:
DATE February 20, 1987 r,LE
SuB_Ec.T Miami Grand Prix
RLrEPENCES
ENCLOSURES
The City Manager be authorized to execute an amendment to the
Grand Prix agreement between Miami Motorsports, Inc. and the City
of Miami, that will provide for the satisfaction of Miami
Motorsports' obligation to pay for the design and construction of
the Grand Prix race circuit as set forth in Resolution 85-932.
BACKGROUND:
Previously the City of Miami and Miami Motorsports, Inc. had an
agreement dated June 14, 1982, that provided for the staffing of
three annual race events in Bayfront Park. That agreement was
amended on October 16, 1985, relocating and establishing a new
race circuit through Bicentennial Park and the FEC track. That
agreement required the City of Miami to pay Miami Motorsports an
impact fee of $200,000 per year during the term of the agreement.
Miami Motorsports is to pay the City $25,000 for each year the
agreement is in effect up to a maximum of $200,000.
Additionally, Resolution 85-932 requires Miami Motorsports to
reimburse the City $30,000 per year for five years commencing in
1985. Miami Motorsports' obligations to the City total in excess
of $370,000 over the remainder of the term of the agreement. The
proposed agreement removes the City of Miami's obligation to pay
$200,000 per year in the years of 1993 and 1994 (total $400,000)
in return for the City of Miami satisfying Miami Motorsports'
obligation to the City of $370,000.
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