HomeMy WebLinkAboutR-79-0834RESOLUTION No. 7 9"" 8 3 4
A RESOLUTION AUTHORIZING THE EXTENSION OF THE
DEADLINE DATE FROM DECEMBER 31, 1979 TO DECEMBER
31, 1980 FOR THE ISSUANCE OF REVENUE BONDS
DESCRIBED IN PARAGRAPH 2(b) OF THE JUNE 29, 1979.
"AMENDMENT TO AGREEMENT" BETWEEN THE CITY OF
MIAMI AND DIPLOMAT WORLD ENTERPRISES, LTD, WHICH
AGREEMENT PROVIDED FOR THE DEVELOPMENT OF WATSON
ISLAND AS A MAJOR THEME PARK THEREBY PROVIDING
FOR THE CONTINUATION OF THE SAID JUNE 29, 1979
"AMENDMENT TO AGREEMENT"; FURTHER ACKNOLWEDGING
THE VALIDITY OF THE ASSIGNMENT TO WATSON ISLAND,
LTD. BY SAID DIPLOMAT WORLD ENTERPRISES, LTD.
AS PROVIDED IN PARAGRAPH 35 OF SAID JUNE 29, 1979
"AMENDMENT TO AGREEMENT."
WHEREAS, on the llth day of November, 1977, the City of
Miami entered into an Agreement with Diplomat World Enterprises,
Ltd., for the development of Watson Island as a major park develop-
ment; and
WHEREAS, the City of Miami entered into an Amendment to
that Agreement with Diplomat World Enterprises, Ltd. on June 29,
1979; and
WHEREAS, the Interim Evaluation of Watson Island Management
Agreement for the City of Miami, prepared by Peat, Marwick, Mitchell
& Co., dated November 12, 1979, reflects that the aforesaid
Amendment to Agreement substantially improves the options available
to the City of Miami and the City's position; and
WHEREAS, under Article 39 of the aforesaid Amendment to
Agreement,if the bonds described in paragraph 2(b) of the aforesaid
Amendment to Agreement are not issued on or prior to December 31,
1979, the aforesaid Amendment to Agreement is to become null and
void and the aforesaid Agreement in its original form is to be
reinstated; and "DOCUMENT INDEX
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WHEREAS, the City upon the rec ue-s4 a d recommendation of
the City's bond counsel is desirous of continuing the aforesaid
Amendment to Agreement in full force and effect; and
WHEREAS, under Article 35 of the aforesaid Amendment to
Agreement, Diplomat World Enterprises, Ltd. is given the right to
assign the aforesaid Agreement and Amendment to Agreement to a
corporation; and
CITY COMMISSION
MEETING OF
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WHEREAS, Diplomat World Enterprises, Ltd. has expressed
its desire to assign its rights and obligations under the aforesaid
Agreement and Amendment to Agreement to a limited partnership under
the laws of the State of Florida to be formed in the name of Watson
Island, Ltd., with the control of such limited partnership to be
vested in. Watson Island, Inc., a corporation to be formed under the
laws of the State of Florida to be owned solely by the general
partners of Diplomat World Enterprises, Ltd.; and
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WHEREAS, the City is agreeable to allowing such assignment,
provided that all of the other conditions of Article 35 of the afore-
said Amendment to Agreement shall be complied with;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF MIAMI, FLORIDA:
Section 1 The extension of the deadline date for the
issuance of revenue bonds described in paragraph 2(b) of the June
29, 1979 "Amendment to Agreement" which provided for the development
of Watson Island as a major theme park is hereby authorized from
December 31, 1979 to December 31, 1980 thereby providing for the
continuation of the said June 29, 1979 "Amendment to Agreement"
Section 2. The validity of the assignment by Diplomat
World Enterprises, Ltd. of all of its rights and obligations under
the June 29, 1979 "Amendment to Agreement" to Watson Island, Ltd.,
which agreement provided for the development of Watson Island as a
major theme park is hereby acknowledged.
Section 3. All resolutions in conflict herewith are
hereby repealed and this Resolution shall take effect immediately
upon its adoption.
PASSED AND ADOPTED this 5th day of December
ATTEST:
PREPARED AND APPROVED BY:
Assistant City Attorney
Maurice A. Ferre
, 1979.
Maurice A. Ferre, Mayor
ED AS TO. -FORM AND CORRECTNESS:.