HomeMy WebLinkAboutR-85-0932J-85-930 �dr-_,.c
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE USE OF
1980 HIGHWAY GENERAL OBLIGATION BOND
FUNDS IN AN AMOUNT NOT TO EXCEED
$600,000 FOR THE DESIGN AND
CONSTRUCTION OF THE GRAND PRIX
RACE CIRCUIT PAVING PROJECT, TO BE
REIMBURSED TO THE CITY FOR REPAYMENT
TO SAID BOND FUND FROM MIAMI
MOTORSPORTS, INC. AT A RATE OF
$25,000 PER YEAR FOR TEN YEARS; FROM
BACK PAYMENTS OWED TO THE CITY BY
MIAMI MOTORSPORTS, INC. AT A RATE OF
$30,000 PER YEAR FOR FIVE YEARS;
FROM A PERCENTAGE OF NET PROFITS
DERIVED FROM THE RACING EVENTS PAID
TO THE CITY ANNUALLY BY MIAMI
MOTORSPORTS, INC; AND FROM A ONE-
TIME PURCHASE OF AN OPTION RIGHT BY
ROUSE-MIAMI, INC. IN A14 AMOUNT OF
$100,000; SUBJECT TO THE EXECUTION
OF THE GRAND PRIX AGREEMENT,
AMENDED AND RESTATED BETWEEN THE
CITY OF MIAMI AND MIAMI 'OTORSPORTS,
INC.
WHEREAS, it is recognized that the construction and -
operation of the Bayside Specialty Center and Parking Garage and
the construction of the Bayfront Park Redevelopment Project will
have a definite impact on the staging of the Grand Prix race
events by Miami Motorsports, Inc.; and
WHEREAS, pursuant to a request from Miami Motorsports, Inc.,
the City Commission adopted Resolution No. 85-801 on July 25,
1985 approving the relocation of the race circuit from Bayfront
Park to Bicentennial Park and authorizing the City Manager to
advance funds for the design and construction of the Grand Prix
Race Circuit Paving Project in Bicentennial Park; and
WHEREAS, the amount of funds advanced for the design and
construction of said race circuit project shall not exceed an
amount of $600,000; and
WHEREAS, an amount of $600,000 is available to appropriate
funds for the design and construction of the Grand Prix Race
Circuit project from 1980 Highway General Obligation Bonds;
WHEREAS, any and all funds advanced, not to exceed an amount
of $600,000, will be reimbursed to the City for repayment to the
1980 Highway General Obligation Bond Fund from Miami Motorsports,
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Inc. at a rate of $25,000 per year for ten years; from back
payments owed to the City by Miami Motorsports, Inc. at a rate of
$30,000 per year for five years; from. a percentage of net profits
derived from the Grand Prix race events paid to the City annually
by Miami Motorsports, Inc.; and from a one-time purchase of an
option right by Rouse -Miami, Inc. in an amount of $100,000.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The City Commission hereby authorizes the use of
1980 Highway General Obligation Bond Funds in an amount not to
exceed $600,000 for the design and construction of the Grand Prix
Race Circuit Paving Project.
Section 2. Any and all 1980 Highway General Obligation
Bond Funds advanced by the City to Miami Motorsports, Inc. for
the design and construction of the Grand Prix Race Circuit Paving
Project shall be reimbursed to the City for repayment to said
bond fund from Miami Motorsports, Inc. at a rate of $25,000 per
year for ten years; from back payments owed to the City from
Miami Motorsports, Inc. at a rate of $30,000 per year for five
years; from a percentage of net profits derived from the racing
events paid to the City annually by Miami Motorsports, Inc., and
from a one-time purchase of an option right by Rouse -Miami Inc.
in an amount of $100,000.
PASSED AND ADOPTED this 12th day of SEPTEMBER , 1985.
PREPARED AND APPROVED BY:
ROBERT F. CLARK
Chief Deputy City Attorney
MAURICE A. FERRE
MAURICE A. FERRE, ayor
APPROVED A TO FORM AND CORRECTNESS:
V V V i_ -. L W V_
City Attorney
85-93411,
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INTER-OF�lC.F= R9�►�1UR�,t��i?I_1M
65
TO Honorable Mayor and August 28, 1985 GP.460.01
Members of the City
Commission Grand Prix Race Circuit Funding
FaoM Sergio Pereira For City Commission Meeting of
City Manager �� Sept. 12, 1985 (Companion to
Item #")
Resolution
It is recommended that the City
Commission __a__d__opt__ the attached
resolution autt rizing the use of
1980 Highway General Obligation Bonds
in an amount not to exceed $600,000
or the design and construction of
the Grand Prix Race Circuit to be
reimbursed to t e City for repayment
to said bond fund from Miami
Motorsports Inc. at a rate of
5, 00 per year for ten years; from
back payments owed to the City by
Miami Motorsports, Inc. at a rate of
$30,000 per year for five years; from
a percentage of net profits derived
from the racing events paid to the
City annually by Miami Motorsports,
Inc.; and from a one-time purchase of
an option right by Rouse -Miami Inc.
in an amount of $100,000.
It is recognized that the construction and operation of the Bayside
Specialty Center and Parking Garage and the construction of the Bayfront
Park Redevelopment Project will have a definite impact on the staging of
Grand Prix race events by Miami Motorsports, Inc. Pursuant to a request
from Miami Motorsports, Inc., the City Commission adopted Resolution No.
85-801 on July 25, 1985, approving the relocation of the race circuit
from Bayfront Park to Bicentennial Park, and authorizing the City
Manager to advance funds for the design and construction of the Grand
Prix Race Circuit Paving Project in Bicentennial Park. The amount of
funds to be advanced for the design and construction of said race
circuit shall not exceed an amount of $600,000. The funds are to be
advanced from 1980 Highway General Obligation Bonds.
Any and all funds advanced will be reimbursed to the City for repayment
to the 1980 Highway General Obligation Bond Fund from Miami Motorsports,
Inc. at a rate of $25,000 per year for ten years; from back payments
i
Honorable Mayor and
Members of the City
Commission
Page Two
owed to the City by Miami Motorsports, Inc. at a rate of $30,000 per
year for five years; from a percentage of net profits derived from the
Grand Prix race events paid to the City annually by Miami Motorsports,
Inc.; and from a one-time purchase of an option right by Rouse -Miami,
Inc. in an amount of $ 100, 000.
It is recommended that the attached Resolution be adopted authorizing
the use of 1980 Highway General Obligation Bonds for design and
construction of the Grand Prix Race Circuit Paving Project in
Bicentennial Park to be reimbursed to said bond fund as specified above.
It is requested that the attached Resolution be scheduled for the City
Commission meeting of September 12, 1985•
JEG/ARW/mim
85-9:3`'.