HomeMy WebLinkAboutR-85-0027h
J-85-53
1/4/85
RESOLUTION NO, 85�27
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AN AGREEMENT BETWEEN THE CITY AND
MIAMI MOTORSPORTS, INC. ESTABLISHING A
PAYBACK SCHEDULE OF FIVE (5) EQUAL AMOUNTS
ANNUALLY, BEGINNING MARCH 15, 1985 UNTIL PAID
IN FULL, FOR A TOTAL AMOUNT OF $137,000.00 IN
DEBT INCURRED DURING THE STAGING OF AUTO RACE
EVENTS AS LICENSED BY THE JUNE 14, 1982
AGREEMENT BETWEEN THE CITY AND MIAMI MOTOR -
SPORTS, INC.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The City Manager is hereby authorized to
execute an agreement between the City and Miami Motorsports, Inc.
establishing a payback schedule of five (5) equal amounts
annually, beginning March 15, 1985 until paid in full, for a
total amount of $137,000.00 in debt incurred during the staging
of auto race events as licensed by the June 14, 1982 agreement
between the City and Miami Motorsports, Inc.
PASSED AND ADOPTED this 10 day of January , 1985.
_ EST :
_ RAL H G. ONGIE v �—
ity Clerk
PREPARED AND APPROVED BY:
ROBERT F. CLARK
Deputy City Attorney
AP
"VV.LM Lf. "VVV
City Attorney
RFC/wpc/ab/039
Maurice A. Ferre
MAURICE A. FERRE, MAYOR
FORM AND CORRECTNESS:
CITY COMMISSION
MEETING, 11-1-F
JAN 100IM
RESOLUTION ,w. ` 5 2 / ,
REMARKS.
BnoAD AND CASSEL
ATTORNEYS AT "W
Or COUNGEL
LLEWIS HORRWI�TZ°
BARRY D. SCHREIBER
111A11RT KUTUN. P. A
MICHAML WILE
• NOT ADMITTED IN rLORIDA
Mr. Randolph B. Rosencrantz
City Manager
City of Miami
3500 Pan American Drive
Miami, Florida 33133
ONE BISCAYNE TOWER
2 SOUTH BISCAYNE SOULEVARO
MIAMI. MORI DA 33131
(3051 371- 0100
BARNETT BANK BUILDING THE RtrLECTIONS OMCE CENTRE
1106 KANC CONCOURSE 400 AUSTRALIAN AVENUE. SOUTH
BAY HARBOR ISLANDS. FLORIDA 331S4 WEST PALM BEACH. rLORIOA 33401
(3051 866 -1000 (30S1 832- 3300
*"OWARO 763-2070 DADS 366-3SOI
INTERSTATE PLAZA
1400 WEST PALMETTO PARK ROAD
ROCA RATON• PLORIDA 33432
(3051 366-4433
MAITLAND CENTER, rOURTM FLOOR
1081 WINOERLCY PLACE
MAITLAND. rLORIDA 3E7S1
(308) 660-6064
I805 NORTH rWRIDA AVENUE
P. O. BOX BOO
TAMPA. rLORIDA 33601
(613) 220-0000
lids rIRST STREET
P. O. BOX 4137
SARASOTA. rLOR1DA 33877
16131 068-7300
1158 HAMMOND DRIVE. N.E.
SUITE 2000
ATLANTA. GEOROIA 30326
14041 303-2100
TELEX: 51-4736 MALA
PLEAS! RCPLY TO: Miami Office
December 31, 1984
Re: Miami Motorsports, Inc. Agreement with City of Miami 6/14/82
Dear Mr. Rosencrantz:
This letter will serve to acknowledge that Miami
Mortorsports, Inc. is indebted to the City of Miami in an
approximate amount of $137,000.00 as a result of services
previously performed by the City through the above -described
Agreement for services performed. The exact amount owed is part
of the City Commission record.
Pursuant to City Commisssion action and our acknowledgment
of same, Miami Mortorsports, Inc. agrees it is indebted to the
City of Miami for the above amount or approximately an amount
equivalent thereto; and, it shall pay the City of Miami the said
amounts in five equal installments beginning March 15, 1985, and
one -fifth thereof each subsequent March 15th, until said amount
is paid in full. There shall be no interest accuring on said
unpaid balance due at any time.
Date: L2
MIAMI M SPORTS, I C. a
corpora
By:
gresi ent
Sincerely,
Date: / 213i ley
CITY OF MIAMI, FLORIDA
a municipal corporation
By. My manager
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CITY OF MIAMI. FLORIDA
6 INTt*-OFFICC MtMORANDUM
-5
TQe Honorable Mayor and DAM January 3, 1985 FILL'
Members of the City
Commission Sumer: Miami Motorsports, Inc. Agreement
FROM: railf-P
Rosencran Rp[RtNetle For City Commission Meeting
City Manager of January 10, 1985
6NCLOSUR[f:
It is recommended that the City
Commission authorize the City
Manager to execute an agreement
aetween the city and Miami
Motorsports, Inc. esta�hing a
paynack sc e u e of five (5) equal
paymen s -Beginning marcn IS,
unt1l pald in full, for tne to=a
amount or r1777M.00 in debt
incurred during the s aging of auto
race events as licensed by the
June 14, 1982 agreement between the
City and Miami Motorsports, Inc.
The City granted a license to Miami Motorsports, Inc. to stage Grand
Prix race events on City property and City streets by an agreement
dated June 14, 1982. The first event in February 1983 was rained
out causing Miami Motorsports to suffer losses.
By Motion No. 83-267 dated March 24, 1983, the City Manager was
directed to allocate funds to pay for City employee overtime costs
incurred during the staging of the race event with the total amount
to be repaid to the City by Miami Motorsports. $137,000 of this
original amount still remains unpaid.
In order to recognize this debt in connection with a current
amendment to the original license agreement, the proposed payback
agreement with Miami Motorsports will acknowledge the debt and
establish the payback schedule.
it is recommended that the City Manager be authorized to execute a
payback agreement with Miami Motorsports prior to releasing certain
funds to Miami Motorsports as required in the December 31, 1984
Amendment to Agreement.
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