HomeMy WebLinkAboutR-84-1341.7J-84-1228
RESOLUTION NO. 84 1341L.7
A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN
AMENDMENT ENT22MENT
"AMENDMENT TO AGREEMENT" WHICH AMENDS
THE EXISTING BETWEEN THE CITY OF MIAMI AND THE
MIAMI MOTORSPORT INC. ("LICENSEE"), PROVIDING BY SAID
AMENDMENT FOR FOLLOWING: ESTABLISHMENT OF THE
OBLIGATIONS OF THE PARTIES IN CONNECTION WITH THE BAYSIDE
SPECIALTY CENTER A PARKING FACILITY AND THE STAGING OF
RACE EVENTS IN BAYFR NT PARK AND ADJACENT CITY OWNED RIGHTS
OF WAY AND AUTHORIZA ION OF PAYMENT BY THE CITY TO MIAMI
MOTORSPORTS, INC. OF $3500000 ON OR BEFORE DECEMBER 31,
1984 AND AN ADDITION $1009000 EACH YEAR THAT LICENSEE
STAGES A RACE FOR T REMAINING TERM OF THE LICENSE
AGREEMENT AND ANY RENEW TERMS AND ALSO AUTHORIZATION FOR
PAYMENT OF $1009000 TO A QUIRE AN OPTION ("REMOVAL OPTION")
FROM LICENSEE IN FAVOR 0 THE CITY TO CAUSE LICENSEE ON A
YEAR TO YEAR BASIS TO R THE RACE ON A RACING CIRCUIT
LOCATED OUTSIDE OF BAYF ONT PARK AND PAYMENT OF AN
ADDITIONAL AMOUNT OF $10090 0 AS AN OPTION EXERCISE FEE FOR
EACH EXERCISE OF THE OPTION Y THE CITY WHICH AMOUNTS SHALL
BE PARTIALLY REIMBURSED BY YSIDE; ALLOCATING MONIES FOR
THE COST OF SAID AMENDMEN FROM SPECIAL PROGRAMS AND
ACCOUNTS, CONTINGENT FUND.
WHEREAS, the City, on July 14, 1W entered into an agreement with
Miami MotorSports, Inc. ("Licensee") in whi h the City granted Licensee the
license and privilege to stage race events City -owned property including
Sayfront Park, Bayfront Auditorium, the FEC Pa k property and certain public
rights of way under City authority ("License Agre nt"); and
WHEREAS, the City and Bayside Center Lim ted Partnership ("Bayside")
wish to enter into a Lease Agreement for the de elopment of a waterfront
specialty center ("Bayside Specialty Center") on a p rtion of Bayfront Park,
f�; and into a Lease Agreement for the development of a pa king garage containing
._
,e
;w,xy not less than 1200 parking spaces and a surface p g p parking lot ("Parking Garage
Lease") contemporaneously with the execution of the attach Amendment; and
's WHEREAS the City, Licensee and Bayside desire to enter into a
separate three -party agreement ("Supplemental Agreement") whi h sets forth the
1 obligations and rights of the City, Bayside and Licensee with keference to the
staging of race events and the operation of the Bayside Specia ty Center and
Parking Garage contemporaneously with the execution of the attach d Amendment;
_ and
WHEREAS, the City and Licensee desire to amend the License Agreement
i'.
z`. to set forth their respective rights and obligations in connection with the
interaction between the Specialty Center, the Parking Garage, and the staging
/51 �tITY COMM�oro�
MEETING
DEC 7 IM
RISOLUT
rfMaens.
of the race events and to provide for an increase in the percentages of net
profit payable by Licensee to the City; and
WHEREAS, the attached Amendment to Agreement provides that the
parties thereto recognize that the construction and operation of the Bayside
Specialty Center and Parking Facilities will require a modification of the
existing race circuit, the staging areas and concessionaire areas and may
cause an adverse economic impact on Licensee in terms of its exclusive
concessionaire rights, in addition to decreasing the land available for the
staging of race events; and
WHEREAS, the City wishes to compensate Licensee for the
above -described adverse impacts; and
WHEREAS, the proposed construction and operation of the Bayside
Specialty Center and Parking Facilities as well as other future activities
occurring in Bayfront Park, may require that the staging of the race be held
outside Bayfront Park and on City streets in downtown Miami;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI:
Section 1. The City Manager is hereby authorized to execute the
Amendment to Agreement between the City of Miami and Miami MotorSports, Inc.,
in substantially the form attached hereto, which amends the existing License
Agreement between the parties to set forth the rights and obligations with
respect to the interaction between Bayside Specialty Center and Parking Garage
for the Specialty Center, and the staging of race events.
j Section 2. The City Manager is hereby authorized to pay an Impact
Fee in the sum of $350,000 to Miami MotorSports, Inc., on or before December
319 1984, and an additional sum of $100,000 per year each year that Licensee
stages a race for the remaining term of the License Agreement, including any
renewal terms, in recognition of the impact the construction and operation of
the Bayside Specialty Center and Parking Facilities may have on the staging of
the race events, and for the reduction of the Bayfront Park areas available to
Licensee for its staging, racing circuit and concessionaire areas.
Section 3. Authorization is also hereby granted for the City's
payment of $100,000 to acquire an option from Licensee in favor of the City to
cause Licensee on a year to year basis to run the race on a racing circuit
located outside of Bayfront Park ("Removal Option") and payment of an
w 2 �.
17134 /7
additional amount of $100,000 Fee for each exercise of the option by the City
("Option Exercise Fee"), which amounts will be partially reimbursed by Bayside.
Section 4. Monies to cover the cost of the herein authorized
amendment are hereby allocated from special programs and accounts, contingent
fund.
PASSED AND ADOPTED this _7thL day of December. , 1984.
Maurice A. Ferre
ayor
ATTEST:
1. G. ONGIE, City Clerk 4-1
PREPARED AND APPROVED BY:
Lwae
.A.W"" Assistant City Attorney
APPROVED AS TO FORM AND CORRECTNESS:
/ l -.0 A 'A