HomeMy WebLinkAboutM-79-0020hi: MARi`Nt: CC tiNCIL
625 S. W .2tid Ave.
fitk nl, Florida
Janttary J ty979
The Mirine Cottticit iibct:rd of Directors Passed the following resolution
this dale:
After having reviewecl the various phms front lite original bidders
as well as the asiiects of a rtbtic trust as Presented by lite comm-
ittee advocating the trust, and the specific contract between Bis-
cayne,Recreation Corp, and the City before the Cosntnissiott this
evening, the Marine Council endorses and recommends the City
Commission atucn'd the proposed management contract to Biscayne
Recreation Development Corp, for the managetilent of Dinner Key.
The Marine Council requests that the city continue to ask for its
advice on City matters relating to the marine community.
S;fJ mitt rt as directed,
Cam+ ,F I
Richard E. 73r? gs
Executive. Director
wurakr ^ate< ....4:
i:i•;soLUTtoti•t ria
,\ it1:';OLOTIfN• Atr1`11(H ttt+; 'lniS r'ITY•t•1AtiArtEP• To_
EXECUTE Tun /1TTAC.'itiiti j\t,,{c1;i;M1;t4T -W1`i f , t11;W WC)Rt4D
t1ARtNAS4 itSry, ro12 Tf11; oi't RA` 4oN AND•M%fJAc3rtlt N or
t•t1AMAltttlA Pak A Ml 1.t0t) OP IN •AC CORhtNCE
WITH THE Sri 12t1w AND roNt)tTioNS 8kt. VoRtti THEREIN:
t`tIR'riit tt-ti:tRi:C1'tNr, 'i'iti tlyY MtN/\c;1,R 't'o. 11RoC1 It t�1t1
'i HE NECE.8SA►2Y s'r1;1>> �1'ri Rt'f'I 11t,-CI1APTEf1S"O•nS -IT
.PERTAIN-S• TO I)c)c'1;A ;i ' RATi. ;• 4t tt) A;REt Mr NT -TO
bECOME 1 1 FF ( VIVE• tlhnN '1'tt1: Rt;t't Al. O1' rtios8 t;EC TION5
of= ('..tinh'ER 0 or THE dLt' COD1 .WHICH-LS1,\RLt I111)
DOCKAGE RATES,
WHEREAS, the City currently owns and operates the
property and facility commonly known as the "Miamarina"; and
WHHEREAS, the City Commission desires to have private
initiative and enterprise reconstruct and redevelop the
Miamarina site into a first-class operating marina; and
WHEREAS, the City has advertised for public properties
for the lease and the operation of•the Miamarina facilities;
and
WHEREAS, New. World Marinas, Inc., along with several
other proposers, made public proposals in accordance with
bid documents; and
WHEREAS, New World Marinas, Inc. offered to renovate
design a new marina facility with private capital; and.
WHEREAS, the City has rejected all proposals for a
long-term lease and operation of Miamarinav and
WHEREAS, the City Commission directed the City Manager
to negotiatea short-term management contract with New World.
Marinas, Inc;
NO,J, THEREFORE, BE' IT RESOLVED BY TILE COMMISSION
OF TIIE
CITY OF MIAMt, FLORIDA:
Section 1, The City Manager is thereby authorized to
execute the attached agreement wi th New World Marinas, Inc.
for the operation and management of Miamarina for ,.a' period
four years, in accordance w
get (chili therel la )i17C t'J
Sec�tir5ti 2 the city il,itiagot is heteby directed Eo t
+ssstep for the repeat t those sections at
with the necessary y
{ Code which established dockage rates►
Chats to � 50 o f the City
Yeeiiiiant between the City and New World Ptat'ihas,
Ind,
and the A
upon the date of Cpecit of said seetiOPS
will become effective .iil"
PASSED Alit) AUOt'TED this -day or
ATTEST:
KALPII GONGI.Ii, C1..7TY CLCItK
PREPARED AND APPROVED BY
1fJ i .A':"'YN.FOCI.!AL- - — - — T -airer
s.ovbon0043N1 httu
Iq� r
LI, III1,1, III III
ithitheti i 'i;itiiiilir
tviUAMARINA
btPAfttMi ti? OP VACiAt betid
Cifq Or MIAMI
'f-
**rillA :•46 i.►• .. ti.
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FR �� t •PY
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} f vxIsd_/?? aPI7r<'*. 494/4he?'
-R
AbbV'rIONALLY
Utility room number two (2) as identified on exhibit A..1 of the
lease agreemeht
of May
Restaurant Associates
a part of NEW WORLU'S
5, 1970, between the ct'rY of Miami and
Industries, /nee, shall hereby be considered
premises under this Management Agreement..
MtAttAfINA Ann ON WATSON ISLAND
Legal Description
A strip of upland on the westerly coast of Watson Island
'lying 15 feet easterly and a strip of submerged land in
Biscayne Day lying 60 feet westerly of the following
line:
described
Beginning at the intersection of the southerly R/i line
of State Road A-1-A with the Dade County bulkhead line as per
"METROPOLITAN DADE COUNTY, FLORIDA BULKHEAD LINE", according
to the Plat thereof as recorded in Plat Book 741,'Page 4, Sheet
of the Public Records of Dade County, Florida; said bulkhead
linebeing also the face of an existing concrete seawall; thence
along said seawall southerly 940 feet more or less to its inter-
section with the northerly line of the parcel of land leased by
and there
the City of Miami to "PHHILLIPS PETROLEUM COMPANY"
terminating.
t.
RtO titibN Nb,
A REsoLUT1:Ot4 AUttlOktttN t t i iENTt tITt#ANAGtR•tb
E1t1iCUTt; ork. ATTAC1tE NEW Wbtt%b
MARI1$AS, INCH "'OR 'I1tE OttRAfibN ANb MANAGEMEN ' of
. MIAMARtNA -i OE A Pthibb O%, VOUtt. YEAS, tN ACCdRbAN-et
WI r14 'i't1E TERMS ANb CONbtPIONS SET EOETU ' ttt REIN t
FUiitt#E1i bilitet Nc TI#E CITY MANAGE t TO Pk:6EEb WPM'
THE NECESSARY STt PS TO ktPEAL t14At?TEit• SO AS I
15EttTAINS TO bOC1CAGE RATES t SAI6 .AGREEMENT TO
Rt.60 EFFECTIVE UPON ,TRE REPEAL Ot, THOSE SECTIONS
OF CHAPTER 5O bt rH CITY CODE Witten ES 'AELIS1ttb
bOCRA6t3 -RATES
WHEREAS, the City currently owns and operates the
ptopercy end facility commonly known as the "Miamarina"; and
':::1c.RLAS, the city commission desires to have private
initiative and enterprise reconstruct and redevelop the
M am.rir.a site into a first-class operating marina; and
WHEREAS, the City has advertised for public properties
for lease and the •operation of the Miamarina facilities;.
and
New World Marinas, Inc. , along with several
ocher rrrposers, made public proposals in accordance with
bid o _ uments and
YHREAS, New World Marinas, Inc. offered to renovate
and d_t:ign a new marina facility•with private capital; and
WHEREAS, the City has rejected all proposals for a
long-term lease and operation of Miamarina; and
WHEREAS, the City Commission directed the City Manager
to negotiate a short-term management contract with New World
Marinas, Inc.;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA;
Section 1, The-CityManger is hereby authorized to
e,iecut.e the attached agreement with, New World Marinas, Inc.
for the operation and management of Miamarina for a period
of four years, in accordance With the terms and conditions
set forth' 'therein,
Section 2 The City Mateget it heteby directed to proceed
with the necessary steps for the repeal of those sections of
Chapter 50 of the City Code tohich established dockage tatea,
and the Agteetneht betWeett the City and New World Marinas, Inc,
will become effective upon the date of repeal of said sections•
PASSRD ANI ADOPTED this day of 1970,
MAURICE A'. FERRE', lit A Y
ONGIE, CITY CLERK
PREPARED AND APPROVED BY:
APPRO\7E1-.AS TO FORM AND CORRECTNESS:
GEO GE F KhOX . JR., CITY ATT►RNEY
t15E
st i•9I4ARY of
MtAMARtNA MANA(I MtNT Atttl,EM iNT
POUR YEAft (4) Pt;RtOb WITH stt t ANNUAL VATftJd OP MANAOCM N'D
OPERATIONS ANb MAINTENANCE,
IP RATINGS ARE SATtSPACTORY TO THE: CITY THEN HEW WORM I1A8
PREI I RPNTIAL RIC HT ANb OPTION TO REND Pok TWO (2) Wilt YEARS,
SMALL BOAT PORT, MARINA, ANh RECREATION t'ACILITY SERVICES MAY
INCLUbt
DOCKAGE ANb MOORINGS
• RECREATIONAL WALKWAYS, FISHING AREAS, MARINt EXIIIBITS
SECURITY TV SYSTEM AND SERVICES
• $OAT RENTALS
. SHOWER AND RESTROOM I'ACILITIES
CONCESSIONS SUCH AS ICE, BAIT, AND TACKLE, FUEL-, MINOR REPAIRS
AND SERVICING OF BOATS, NAUTICAL GIFTS, MARINE ACCESSORtES, AND
OTHER RELATED SERVICES WITH APPROVAL.
CONSIDERATION
MINIMUM ANNUAL GUARANTEE TO CITY $ 40,500.00
OR
10 5% OI•' ALL ANNUAL GROSS "DOCKAGE RECEIPTS" UP; TO $450,000.00 DOLLARS
AND
17% OF ANNUAL GROSS "DOCKAGE RECEIPTS" BETWEEN $450,000.00 AND.
550, 000.00 DOLLARS
AND
22% OF ALL ANNUAL GROSS "DOCKAGE RECEIPTS" OVER $550,000.00 DOLLARS.
lift CM sttALL RI;Gt;tVt WITHER NII OgRCENTACS or' 1II ANNUAL 'GROSS
bockAct ANb TM ANNUAL l;Ro85 NON boC[t1 t± RtCt;,tVT5 OR TM MINIMUM
ANNtIAL WAHANttg WiitCH VCR IS GtiLAtt' tz.
Tug CITY SHALL RsCt 1VC 25% of all +CoNC> SS1ON MCtrt1 S" Meg Vt t7
BY NEW Wont) PROM CoNCEssioNtahEg WHICH ARP, NOT OWNi b, OPEPAM'tb
oR PINANCtjb BY NEW WoRLO.
ANb
Tt1E CITY stiALt, MCEIVE 10% Ot' ALL "t`toN DOCKAGE RECEIPTS" RCCEIVtrb
BY NEW Wont) FROM NON DOCKAGE REVENUES IN OPERATIONS, OR FINANCED
BY NEW WORLD,
ALSO
THE CITY SIIALL RECEIVE Oi4J.. CENT ($0.01) PER GALLON ON FUEL SOLD ON
THE PREMISES.
DOCKAGE RATES
TO 3E ASSESSED BY NEW WORLD AGAINST MARINA TENANTS AND USERS SUBJECT
TO APPROVAL BY THE CITY MANAGER AND SIIALL BE CONSISTENT WITH OTHER
MARINAS OF COMPARABLE QUALITY IN DADE COUNTY.
NEW WORLD SIIALL BE PERMITTED TO REQUIRE TENANTS TO PAY FOR UTILITY
SERVICES.
NEW WORLD SIIALL HAVE• 30 DAYS FROM WRITTEN NOTICE TO CURE OR PROCEED
DELIGENTLY TO CURE ANY SUCH DEFAULT.
TAkt
1 t' CONCt ASrON ht 0.141- Dt h M t 190(Et1, Ct'iY Oct NEW Wt ttLti MY btcl"i Wb
AT CONCESSIONAIRES PIREN5E.
IP FACILITY Is TAXtb4 NEW WORLD ANb CITY SHALL bEt'U4h
IP FACILITY IS t'INALLY ,10b0Eb To. SE TAXABLE t`otz REASONS OTHER
THAN THE MANAGEMENT AGht rML•m, THEN TARES :ARE SRtiEAb To TENANTS.,
IP FACILITY is FINALLY JUGGED TO RE TAXAELt DECAUSi OP THE
MANAGCMrwT AGREEMENT THEN TAXES ARE SPREAD TO THE TENANTS TO THE
EXTENT RATES DO NOT EXCEEb THE AVERAGE IN OTHER MARINAS OF SIMILAR
QUALITY IN DADE COUNTY.
IP TAXES CAUSE RATES TO rXcLED AVERAGE THEN NEW W1oRLb PAYS EXCESS OR
AGREEMENT IS TERMINATED AND CITY REIMt3URSED NEW. WORLD LEGAL EXPENSES
AND COURT COST INCURRED 13Y TIIIS ACTION.
10.
t�RW 4 Lb MA INAB) INC:
MA'1Mif4T._, AFRti;N
P ktANItLE
L� bEsCRIPTION OP PREMISES TO RE MANAGEb
s TERM
3► USE
4. CONStbERATtdN SCHEDULE
S. PERMITS AND LICENSE
6. CUSTobtAL SERVICES
7. CONFORMITY TO THE LAW
8. CITY'S RIGHT TO EXAMINE PREMISES
DOCKAGE RATES
PAYMENT OF UTILITIES
11. MAINTENANCE
12. HURRICANE AND EMERGENCY
13. WATER TAXI AND TRAM STATION
14. INVENTORY
15. MANAGEMENT SERVICES
16. PERFORMANCE BOND
17. OWNERSHIP OF IMPROVEMENTS
18. DAMAGE OR LOSS TO NEW WORLD'S PROPERTY
19. DESTRUCTION
20. INDEMNIFICATION OF THE CITY BY NEW WORLD
21. ADVERTISING
22. DEFAULT
23, RULES AND REGULATIONS
24. TAXES
25, LAWSUITS - RENT STRIKES
26. PARKING
27, CONSTRUCTION
28, NOTICES
29, CONFLICT QF INTEREST
30, INSURANCE
31. WATGON MARb MAMA MANAGI MEt
32, TIME Off' EGSEOE
33, ATTokNEits' EEtS AND OO5T8
34. RiGNT TO AUDIT f2ECO2D8
35, OAPTIOt4
36, ENTIR.E AG 2EEMENT
MM AdtMENI WEEMENT
THIS MANAGEMENT AGHttnNt entered ihtb this, _:_ dsy of
_.r 1979, by and betWeen the CITY OF MIAMI, a municipal
Corporation of the Stateof F1.orlda, hereinafter referred to as CITY, and
NEW fi4ORib MARINAS, INC., a corporation organized and existing under the
iaWs of the State of Florida, hereinafter referred to as NEW WORLD,
WITNESSETNt
WHEREAS, the CITY OF MIAMI constructed MIAMARINA in 1970 for the
public purpose of providing a small boat port and marina facility and a
recreation area for the public; and
WHEREAS, --the CITY has operated MIAMARINA for the public purpose
of providing a facility for marine transportation and public recreation; and
WHEREAS, the CITY recognizes that MIAMARINA is now and shall
continue to be operated for the public purpose of providing a recreational
facility and port and marina transportation facility:for the public, all of
which are:proper services for the allocation of public funds; and
WHEREAS, the CITY is desirous of continuing to have MIAMARINA
operated for these public purposes, and is desirous of enhancing the public
use of these facilities, and is desirous of developing the existing facilities
into a full service marina and port facility for the benefit of public marine
transportation and the public in general, and is desirous of beautifying
MIAMARINA'S existing facilities; and
WHEREAS, the CITY Commission, after requesting the public for
proposals to accomplish these goals and reviewing the proposals submitted,
adopted Motion M-78-535 on July.28, 1978, authorizing and directing the CITY
Manager to negotiate a management contract with NEW WORLD MARINAS, INC., for
the operation of MIAMARINA,
THEREFORE, in consideration of the mutual covenants hereinafter
contained, the parties herein covenant and agree as follows;
beget p'rlb f 0 MItEg ' i...$ mgotp
Clay hereby agrees that NEW WAR= ahali manage said real property
and iffproVeitehts thereon, hereinafter referred to as the premises, described
ih Exhibit A and EXhibit t attaohed hereto and made a part hereof,
TERM
The term of this agreement shall be for a folic year period
commencing oh the 1st day of Febrhary, 1919► and ending oft the 3lst day of
3ahiary 1983. litt4 WOR,b shall have a preferential right and option to renew
this agreement upon the same terms and conditions at the end of the 'initial
term for two year period.
The CITY shall rate NEW WO)tLb on its management operation at least
two (2)`times per year at intervals no greater than six (6) months. Continuation
of this management agreement shall be based on satisfactory ratings. The
rating shall be based upon the non-structural condition of the docks and piles,
and the maintenance and cleanliness of the grounds and facilities, the quality
of service provided to the tenants, users, and boating public at large; and the
financial ability of NEW WORLD to meet its financial obligations; as well as
full compliance with all of the terms and conditions of this agreement.
NEW WORLD shall be entitled to a copy of such rating and shall have
an opportunity to request a re -rating within thirty (30) days of receipt o
an unsatisfactory rating, which re -rating shall be made if requested.
NEW WORLD shall be entitled to its preferential right and option to renew if
its ratings have been satisfactory during the term of this agreement.
NEW WORLD shall give theCITY notice of its intent to exercise their option
renew this management agreement at least one hundred twenty (120) days prior
to the expiration of the management agreement..
NEW WORLD, as management agent for theCITY, shall operate and
Manage the facility during the tern of this agreement, NEW WORLD shall
manage the premises for the purpose of operating a small boat port, marina,
and recreation facility, offering dockage and other marina related services
fpr the use of and by the general public, Theseinclude;
services may
A, bt ekage and f►osri § of bats.
b. Operation of the reereatiohal walkways to Which the public Lust be allowed
full and free acoess, tReept Where boats are docked] and operation of
designated fishing areas, Marine eXhibits# and Marine oriented attractions.
ci tale of bait, tackle and ices
d. photographic services incidental to the boating public's heeds.
e. General Minbr repairs and servicing of boats while docked or moored in the
Water only. No boats or craft shall be removed from the Water at the
facility for repairs or maintenance.
f. Sale of new and used boats and motors, The display of which shall be
limited to not more than five per cent of the slips, but may, be increased
With the approval of the City Manager.
Sale of nautical gifts, marine accessories, hardware and sundries.
h. Closed circuit TV master antenna system for the docks and moorings and a
security service.
Boat rentals other than sport fishing chartering.
Facilities for a marine shuttle and taxi service to serve Watson Island,
downtown Miami and Dade County.
k. Information Center and telephone, mail and messages services.
1. Sale of fuel.
m. Shower and restroom facilities for the use of persons docking and mooring
boats.
n. Launch service for moored boats subject to City Manager's approval..
All other related services and the concessionaires for the
(i), and (1) shall be -subject to the approval of the City Manager
not be unreasonably withheld, and shall be deemed granted unless rejected
within thirty (30) days of submission.
The CITY and NEW WORLD agree that NEW WORLD shall have the exclusive
right to provide the above services on the managed Premises..
CONSIDERATION SCHEDULE
As consideration for the right to manage the said premises throughout
the periods of this Agreement, NFW WORLD does hereby covenant and agree tO Pay
to the CITY from gross receipts a minimum annual guarantee of $40,500,00 dollars,
or the percentages Specified below in Sections A, $, and C, whichever maybe
greater.
10, 5% of the ahht ei "§foss dockage receipte"3 herei taftei defined
At all ihdote collected by NEW WORLb from dookage acid ftooting$
• the managed pfeiiisesi up.'to t4tO1000,00.
•12k of the•''6ross dockage-receipts"•betWeen $45O,O6640l-and
$55b,00O.00.
22% of all annual "gross dockage receipts" over:$550,OOO.O1
received by NEW WORLb from its management of the docks and moorings
oh the said premises.
In addition, NEW WORLD shall pay to the CITY, the following:
A. Ohe cent ($0,01) per gallon of fuel sold by NEW WORLD or' its
concessionaires from the premises.
B. 10% of all annual "gross non -dockage receipts" received by NEW
WORLD from its own operations at the managed premises, which shall
be defined as income other than income from dockage or moorings+
income from the sale of fuel, or income from concessionaires which
are not owned, operated or financed by NEW WORLD:
But however, should NEW WORLD not contract with a concession for the sale
of boats and motors from the said premises and instead make direct sales of
boats and motors itself, any amount received by NEW WORLD from such sales
shall be included in "gross non -dockage receipts" only to the extent of any
net profit received by NEW WORLD from such sales..
C. Not less than 25% of all annual:"gross concessionaire
at.
hereinafter defined as income collected by NEW WORLD from concession
agreements with concessionaires not owned, operated or financed by.
NEW WORLD for concessions on the premises run by concessionaires
independent of NEW WORLD and shall not in any way be construed to
mean that income included in the terms "gross dockage receipts" or
" gross non -dockage receipts".
Finally, the following items shall be deducted from "gross dockage receipts",
"gross non -dockage receipts" and "gross concessionaire receipts"; all taxes,
except taxes,on fuel,and/or utility charges imposed by law or by a utility,
which shall include charges for gas, water, electricity, telephone, sewage and
waste
or a utility authority, which are the responsibii.ity of NEW WORLD to
collect or pay and are payable in the same amounts to a taxing authority or a
utility, as herein above defined, or a utility authority by NFW WORLD and any
amount received from the eoile'Y}ion thereof.
The dohsiceraton shall be paid as follows: NEW WOttLb sha11 deliver oh
or before the 1Sth day of eadh Month) bet}i hiht With the Seeohd month of this
Agreement, continuing duf`ihg the effective period thereof, and each and evaty
Month thereafter, at the office of the bepartMent of Vihande of the CITY, of
at such other place as may be designated thereafter, by the CITY, one twelfth
(1/12) of the minimum guarantee along With any aMOUnt due froth the sale of
gasoline and the amount of consideration attributable to the "gross concession=
afire receipts" and 'gross non -dockage receipts" derived by NEW WORtb front the
Along management of the premises during the month immediately preceding, g with
Said payment, NEW WORLD shall provide a statement, in certificate form signed
by a duly authorized officer of NEW WORLD, setting forth the amounts of the
"gross dockage receipts", "gross non -dockage receipts", "gross concessionaire
receipts", the quality of fuel sales, and any additional detail as the Director
of Finance of the CITY may prescribe. Within thirty (30) days of each annual
twelve (12) month period, ending in January, during the effective term of this
agreement NEW WORLD shall pay to the CITY such additional stuns, if any, as may
be necessary to provide the CITY with the balance of the consideration
provided for under this Agreement.
5. PERMITS AND LICENSES
NEW WORLD shall obtain all permits and licenses necessary for the
development and proposed operation and management of MIAMARINA and CITY shall
join in and use its best efforts to assist herein.
CUSTODIAL SERVICES
NEW WORLD shall furnish all maintenance supplies for housekeeping
and shall provide all custodial and janitorial services required to maintain
the managed premises in a clean, sanitary and presentable condition during
the time which NEW WORLD, by virtue of this Agreement, manages the said
premises.
7, CONFORMITY TO LAW
NEW WORLD covenants to comply with all laws, ordinances, regulations
and orders of Federal, State, County, and Municipal authorities pertaining
to the managed premises and operations thereon,
3W6 $ f .ttthef daVefiaftts of d ac reda that it Will Emit diso iffiitate
As to tacky do1"i f, treed, tek or hatiahal Otigih ih the Use of the manacled
premises of ih the emp1oymeht of its pefsof heir
NtW WD%LD shan fake aVailable tot inspection by the City Mahager
or his designee all &teas of the property tinder its dohtrol, at any tittle, for
any purpose the City Mahaget deehlt necessary, br incidental to or connected
With the performance of the CITVE duties and obligations hereunder. An
employee of NEW WORLD shalljoin in all inspections of the premises.
9
and
boCiZAGE' f2ATE5
Dockage rates to be assessed by NM WORLD against Marina Tenants
users shall be subject to approval by the CITY Manager or his designated
representatives, said approval not to be unreasonably withheld, but shall b
increased and to the same extent as any assessmentof any new or additional
sales, use, property, tourism or other' tax which in any way affects the
obligations of NEW WORLD or marine patrons. Additionally, NEW WORLD shall be
permitted to require marina tenants to pay for utility facilities and services,
to meet the cost of the utility bills, provided such additional charges are
approved by the CITY Manager, which approval shall not be unreasonably withheld.
Dockage rates shall be consistent with the average of those charged at other
marinas of comparable quality in Dade County.
10 PAYMENT OF UTILITIES
NEW WORLD shall be responsible for the payment of utilities
controlled and utilized by it on the managed premises, with the exception
of utilities used by theCITY or parties contracting with the CITY.
will not provide telephone service for the managed premises.
11. MAINTENANCE -
During the term hereof, NEW WORLD shall, to the satisfaction of the
CITY Manager of the CITY of MIAMI, operate the premises in good condition. The
standard to be used shall be consistent with the operation of a first class
Marina and this Agreement. NEW WORLD shall provide normal and routine maintenance
of the facility, designed to keep the managed premises in a good .State of repair,
free from hazardous conditions and deterioration, NEW WORLD agrees .to spend
$15,000,07: dollars, in eaoh twelve month period of this Agreement to provide
routine maintenance to the managed premises.
The CITY
The 'MTV t is if z uri g a `e er ehdy such at hufi=ia^ahe) florid, fire
er any type of ditatter, cooperate with NEW WO f for the siedutity of the
managed premises. the CHI shall use its best efforts ddri;g ah emergehay to
safeguard the said premises:
In the event the CITY decides to provide or graht a franchise to
provide a Tram or People mover System for the MIAMM1NA ate the patties agree
to establish a station and roadWay for access for said system oh the premises, to
long as the same` does not unreasonably interfere With the operation of NEW WoPLb
under this Agreement. Any cost in adjusting, utilizing and insuring the site used
to accomodate said system shall be borne by the CITY or its franchisee, as the
case may be.
In the event the CITY decides to provide or grant a franchise for Water-
borne transportation to and from the MIAMARINA area to other locations in the CITY,
NEW WORLD agrees to provide free embarking and disembarking facilities for said
water -borne transportation. Any cost adjusting, utilizing and insuring the site
used to accommodate said system shall be borne by the CITY or, its franchisee, as
the case may b
Location of said facilities as described above are to be mutually agreed
upon by the parties. No other free use of the managed premises shall be permitted
unless approved by the CITY Manager in writing, as it relates to WatertaXi and Tram
service.
14. INVENTORY
All fixtures, furnishings, furniture, and equipment, if any, in or
the managed premises will be inventoried before occupancy by NEW WORLD,
inventory will be attached hereto and made a part hereof within fourteen (14) days
of the execution of this Agreement. NEW WORLD agrees that the fixtures, furnishings,
in the condition as stated in the inventory; that NEW WORLD has personally
and said
inspected and assisted in the taking of said inventory; that NEW WORLD will maintain
the fixtures, furnishings, furniture, and equipment, if any, during the term of this
Agreement at its sole cost and expense; and that said property shall be deemed in
its sole custody and care. That in the event any of the aforementioned items are
lost, stolen or damaged, they shall be replaced or repaired at the cost and expense.
of NEW WORLD, ordinary wear and tear excepted, during the terms of this Agreement.
Upon the expiration of this Agreement, NEW WORLD shall quietly end
redeliver said inventory to the Clly,
peaceably
This MahageMeht Ai feefheht establisher NEW WOLO As the MAhaget Mid
ipefatof of the managed premises) and subjeot to this 4creeMeht f any person dealing
with NEW WO§lob shall have the right to rely fully 6h its power and authority to
bihd the premises with regard to the use and occupandy thereof) excepting) however).
NEW WOi shall hbt have the authority to ehcuihber teal of personal property a tcept
as provided ih this Aclreeteht► the patties hereto ihtehd that MN WORLD shall be
an ihdepehdeht cohtractot, and the employees and agents of NEW WORLD shall attaih
ho tights or benefits under the Civil Service of Pehtioh Otdihandes of the cif,/
nor any rights generally afforded classified or uhclassified employees of the CITY,
hor shall NEW WORLD or its employees be entitled to Florida Worktneh+s Compensatioh
benefits as employees of the CITY.
NEW WORLD shall have the sole control of the manner and means of
performing this Agreement subject to NEW WORLD complying with the terms of this
Agreement. NEW WORLD shall have full power and authority to take all actions to
bring about an efficient, operation of the marina and to maintain it as a first class
marina, except for actions specifically prohibited in this Agreement, and those
prohibited by general law. NEW WORLD shall have the exclusive authority to hire
and discharge all of its employees necessary for the operation of a marina facility
and to fix their compensation and privileges.
16. PERFORMANCE BOND
NEW WORLD shall furnish an adequate performance bond or an irrevocable
letter of credit conditioned upon the terms of this agreement in an amount of not`
less than forty thousand five hundred dollars ($40,500.00) guaranteeing the
performance'of this Agreement. This bond or the irrevocable letter of credit shall
remain in effect for the duration of this Agreement.
17. OWNERSHIP OF IMPROVEMENTS
All improvements, fixtures and equipment constructed or installed at the
facility or purchased with CITY funds which may include revenue bonds shall be
owned by the CITY. NEW WORLD shall have title to all personal property purchased
with NEW WORLD'S funds. Upon the expiration or termination of this Agreement,
title to the property, all permanent improvements, fixtures and equipment purchased
with CITY funds shall be peacefully surrendered and delivered to the CITY. Title
to and the right to move personal property shall remain vested with NEW WORLD,.
except such property and fixtures as may be attached to or on the marina facility
which shall become the property of the CITY.
1
NtW WOW) assiffiiet all risk of damage or loss to its property tot arty
daute whatsoever) which shall ihdiude► but hot be restricted to, ahy damage of
.,
-
loss that may oddiir to its fierehandise, goods dt equipmeht, covered under this
AgreeTieht) if lost) damaged or destroyed by fire, theft, tit wator or leaking
of ahy pipes or Waste Water in or about §aid tiiahacjed premises) or from hUYricahe
-r ahy act of God, Ot ahy act of hegligehce of any user of the facilities,
occupants of the Managed premises, or any person Whomsoever,
ig . DESTgucTION
In the event the managed premises shall be destroyed or so damaged
or injured by fire, hurricane, decay or any other casualty, during the life of
this Agreement, whereby the managed premises shall be rendered untenable, then
the CITY shall render said premises tenable by repairs within ninety (90) days.
During any period of reconstruction any consideration made by NEW WORLD to the
CITY shall be reduced proportionately to the time required to render the repairs.
In the event the said premises are substantially destroyed or so damaged or
injured by fire, hurricane, decay, or any other casualty that the said premises,
cannot' be rendered tenable or the CITY elects not to repair or replace within
ninety (90) day period of time so set forth, or such additional period of time
as agreed to by NEW WORLD, then this Agreement shall be terminated at the option
of NEW WORLD and the consideration paid by NEW WORLD to the CITY shall be payable
only to the date that said premises were rendered untenable and then only to the
extent specified herein above, and any insurance proceeds paid to either party
a consequence of the destruction of the property shall be shared by the CITY
and NEW WORLD as their interest may appear.
20. INDEMNIFICATION OF THE CITY BY NEW WORLD
NEW WORLD covenants and agrees that
shall indemnify and save
harmless the CITY from and against any and all claims, suits, actions, damages
or causes of action arising during the term of this Agreement for any personal
injury, loss of life, or damage to property sustained in or on the managed
Premises. by reason of or as a result of the NEW WORLD'S management thereof,
,
and from andagainst any orders, judgments or decrees which may be entered..
thereon, and from and against all costs, attorney's-fees-expenses and liabilities
incurred in and about the defense of any such claim and the investigation thereof,
pi oVic ed #
f4ORLb
ate about
howeVerl that before MtV4 WORbb shall bedotie liable 'tot sail
shall be giveh heit de. ih writing by the oity Mahaget, that
to be incurred and shall have the option itself to lake th
Cost)
the sate
necessary
ihVeStigatibh and employ couhsel of NEW WORLD'R own selectioh for the heeessaty
defehse of any claims. The CITY may, at tis Option, tetaih its own counsel at
its sole cost and expense, ih additioh to the proVisiohS as hereihaboVe set forth►
21 s ? DVR`f 1StNG.
NEW WORLD agrees to undertake an aggressive advertising progr'atl to
ihfotrn the public of the availability and services of the i'narihae and CITY agrees
to use its best efforts, through its Publicity bepartineht and other departments►
to assist NEW WORLD in promotingthe public use and enhahcemeht of the marina.
Further, NEW WORLD shall undertake, with the City Parks and Recreation Department,
to erect appropriate signs designed to assist and direct the:public to the marina
and its services.
NEW WORLD agrees to work with area merchants and businesses to develop
an integrated program of auxiliary services, such as, hotel accomodations, car
rentals, restaurant and laundry services for marine users.
22. DEFAULT
If NEW WORLD shall neglect or fail to perform of observe any of the
terms, provisions, conditions and covenants herein contained, for a period of .
thirty (30) days after the receipt by NEW WORLD or written notice from the
City Manager of such neglect of failure, NEW WORLD shall be considered to be in
default. At the CITY'S option, and without further notice or
WORLD, may enter into possession for the managed premises
demand to NEW
and all improvements
and property theron. In the event of default, NEW WORLD shall forfeit its
performance bond as provided for in paragraph number 16-.
23. RULES AND REGULATIONS
NEW WORLD agrees to provide rules and regulations subject to the
approval of the City Manager for the conduct Of -vessel ' owners and others
using the managed property. Such rules shall be furnished to each and every
lessee and shall be prominently displayed in the Pock Master's office.
ApproVal of such ties ehd reluiatiohs §hail be obtaihed froth the City Manager
or his desigftee which approval shell riot be uhreasohebly withheld.
The parties agree that the management and operat oh of the MAhAged
Premises and those operatohs cohVeheht or necessary therefore are public
ptirPoses and, therefore, PO ad valorem taxes should be assessed by the bade
County Tax Appraiser, if, however, taxes are assessed by said property
appraiser, the parties agree:
A. Assessment upon or against concession properties In the
event that the property tax appraiser assesses taxes upon or against such.
portion or portions of the lands subject to this management Agreemeht as
are in control of concessionaires, or upon which concessionaires are situated,
in the performance of any concession agreement hereunder, the parties agree
that at the request of and at the expense of any such concessionaires, the
parties may defend against such assessment on behalf of such concessionaires.
The extent of such defense by the parties shall be as reasonably reques%ed by
such concessionaires, provided further, however, that at all times the parties
have first determined that the said concessionaires requesting such defense
or requesting the joiner of such defense will fully and completely pay the
costs and expenses of such defense as may be incurred by the parties or either
of them, including court costs and reasonable attorney's fees incurred by the
parties or either of them in such defense and provided further that the said
concessionaires requesting such a contest of assessment fully and completely
indemnify and save the parties jointly and separately harmless from any and
all claims, charges or andebtednesses resulting from the conduct
defense and contest in the event the same is not successful.
agreements entered into between NEW WORLD and its concessionaires shall
through appropriate language incorporate the termsand conditions of this
covenant.
.' Assessments against the marina property, In the event taxes
are assessed against the Premises upon which docks, piers, moorings, and any
other properties devoted to marina use and upon which the marina is located
as well as all improvements thereto, both real. Pr personal, as well as
properties upon which the marina administrative facilities are located, the
parties hereby agree asfollows;
i x both partiee agree to cooperate tail With each Other td
dofiteet and defend againtt said assessMentr Laid oohtest And defete shah,
at the option of NEW WO = or the drill be dohdUdted at the adMinittratiVe
eVel, i.e:, before the tag appraiser, the tax apptaisement adjustment board,
or any sticdessor orc ahi2ation, and before the Courts tO such extent and to
Stich leVel as NEW WO1 Lb or the CIT/ shall determine
. The costs and expenses including reasonable attorneys fees
which are incurred by the patties, as well as such taxes which have been
assessed or paid during the course of the litigation contesting said taxes,
shall be included as ah increase in the dockage rates, as tore fully referred
to in paragraph 9 of this Agreement.
3. If final adjudicatory action, i.e., the final order of the
highest tribunal before which the property assessment issue has been submitted
for determination, administrative or judicial results in a determination that
such assessment is lawful and that the taxes are due and such determination
is based upon reasons other than the existence of this Management Agreement,
then, it is agreed that all real property taxes, county, school board, and.
municipal, shall be included as an increase in the dockage rates as set forth
in paragraph 9.
. In the event the final adjudicatory action declares the
assessment lawful and the taxes to be due and payable solely due to the
existence of this Management Agreement, then it is agreed that the amount
of said taxes shall be included as an increase in the makeup of the dockage
rates, as set forth in paragraph 9, provided, however, that the effect of
such inclusion does not cause dockage rates to exceed the average rates
charged for dockage and moorings of all other marinas of similar quality
situated in Dade County. In the event the effect of such taxes is to increase
the rates beyond such limitation, then, the CITY may terminate this Management
Agreement on ninety (90) days written notice to NEW WORLD by reimbursing NEW
WORLD'S legal expenses and court costs incurred in this section, or NEW WORLD,
at its option, may absorb the tax liability over the average dock rate,
5, The eonomic effect of such property taxes shall be computed
annually and made a part of the dockage` rate with such adjustment as may be
required to conform to the terms of this Agreement,
1
tt end ih the event a lawsuit is bfought by arty patty against
the N Woktb and/or the till, Which ih substance afises bUt of the sighing
of this Agf.`eeMei t, then the patties agree to mutually defend said lawsuit.
ff said lawsuit results ih a temporary delay of MN WORLD'S Mahatjetehtp
this Agreethent shall be extended by the amount of tithe caused by the delay.
If and in the event that there is a tenant strike or a similar
strike or refusal to pay rent of lawsuit of any type or nature ih which
rental a _ .
p ymeitts ate placed in any escrow account or in any Court fund, New
WORLD shall be relieved of its obligation to pay the percentage requirement
and minimum annual guaranty in Section 4 hereof until such sums are released
to and/or obtained by NEW WORLD. This provision shall not permit a redUction
in the amount of consideration required to be paid, but only a temporary delay
of the required payment.
26.. PARKING
The CITY agrees to provide as a minimum 44 spaces of exclusive
parking for NEW WORLD'S utilization, as set out in Exhibit C attached hereto
and trade a part hereof .
27. CONSTRUCTION
NEW WORLD shall make no addition, alteration, or adjustment to
the managed premises, or shall not apply for construction permits of any
kind without first having obtained the written consent of the City Manager
of the CITY` which' shall not be unreasonably withheld. All requests shall
in
writing and shall include plans and specifications pertaining thereto.
All permits must be received from the appropriate governmental agencies
to undertaking any repairs, alterations, additions or improvements. All
permanent alterations, improvements or repairs made or installed by NEW WORLD
shall become the property of the CITY upon the expiration of this management
agreement,
Additional piles or moorings may be added or installed only after
approval is obtained from the City Manager, which shall not be unreasonably
withheld
as outlined above, NEW WORLD shall' abide by competitive bidding
concepts as well as the State Statute governing design professionals .(P,$,:287)
if any improvements are made by NEW WORLD to the managed premises,
Ali hotides and paymehts shal'i be sent to the paint es at the
ftil wing addresses
TIM CITY MANAGER
City of Miami, Florida
P. 0, Box 33O O8
MiaMi, Florida 33133
NEW WORLD
New Wo 1d Marinas, Inc.
c/o Thomas R. Post, General Counsel
1021 City National Bank Bldg.
25 West Flagler Street
Miami, Florida 33130
The CITY or the NEW WORLD may change such mailing addresses
any time upon giving the other party written notice.
All notices under this Agreement must be in writing and shall be
deemed to be served when delivered to the address of the addressee and a
receipt therefore obtained.
29. CONFLICT OF INTEREST
No stockholders, directors, employees of NEW WORLD, or members of
their families, shall have any interest in any business which supplies NEW WORLD
with goods or services in connection with dockage without advice to and consent
of the City Manager, but said individuals may have an interest in marine
exhibits located at the managed premises. It is understood and agreed that
NEW WORLD'S attorney, THOMAS R. POST,i Esquire, is also a stockholder of NEW
WORLD and that he, or his firm, may, in addition to receiving any'profitsor
dividends declared, be compensated at his regular rate as an operating expense,
deducted from dockage revenues, in connection with any of NEW WORLD'S needs
or rights and obligations arising out of or in connection with the provisions
of this Agreement,
30, INSURANCE
NN.W WORLD shall maintain in full force and effect during the term
of this Agreement the following insurance:
A. Public Liability Insurance in the amounts of not less than.
$1,000,000,00 per occurrence for death or bodily injury or not
leee than $3.00,00Q.00 per occurrence for property damage.
ttitotobile Liability thaUtance eotefi ig ail bWhed,hoii=btai ed,
hited licensed vehicles in- the aft ountS of ' hot less thah
$100,000.'00 pet accident and OO,OOO.00 pet bccUrtence for
-.bodily injury and $10,OOo.00 ptopetty damage.
C. The 'CITY shall be hated as an additional insured under.the-
policies of insutance required undei this Agreenent.-
-The CITY -shah be given at least thirty (30):days advance.
•written.hotice of cancellation of said policies or any material
modifications thereof.
1. Certificates of insurance shall -be -filed with the•Finance
Department, Risk Management Division of the CITY of Miami.
F. The insurance coverage required shall include those
classifications as listed in standard liability insurance
manuals, which most nearly reflect the operations of NEW WORLD.
G. All insurance policies shallbe issued by companies authorized
to do business under the laws of the State of Florida and must
be rated at least "A" as to management and Class "10" as to
financial strength, all in accordance to A.M. BEST'S KEY
RATING GUIDE, latest edition.
H. The CITY and NEW WORLD reserve the right to amend the
insurance requirements as circumstances dictate in order to
protect the interest of the CITY in this Agreement.
I. NEW WORLD shall furnish certificates of insurance to the CITY
prior to the commencement of operations, which certificates
shall clearly indicate NEW WORLD has obtained insurance in
the type, amount, and classifications as required for strict
compliance with this covenant..
31, WATSON ISLAND MARINA INTERIM MANAGEMENT
NEW WORLD shall manage and operate the CITY's Watson Island Marina
docking facilities set forth in Exhibit "B", as part of this. Management Agreement,.
on an interim basis pending the development of. Watson Island. No further capital
inVest ieht should be jade at this facility in accomplithing said Maiaejeteht
e, the prefises: if the facility is found to be uninsurable by NW We t Lb,
thth the facility shell be closed by NtW WOW).
Tithe for the occurrence or peffortance of each and every eVeht
h2 ein shall be of the essence Unless otherwise indicated‘
► AFI''ORiLS.EES
In the event that it is deemed necessary f0-r either patty to file
a lawsuit in the appropriate court of law in order to enforce any'. of the termt.
provisions of this Agreementb then the prevailing party shall be entitled
4-o reasoi?kAp attorneys' fees and costs, including those incurred in appeals,
34. tqlHT TOAUDIT RECORDS
NEW WORLD shall maintain books and records in sufficient detail
to net acceptable accounting practices. Said books and records shall be
a:c.,:=-sihio to the CITY at reasonable times, on three (3) days notice to NEW
NW WORLD grants to the CITY the right and authority to audit all
documents, and books pertaining to the management operation at the
The captions contained in this Agreement are inserted only as.
a matter of convenience and for reference and in no way define, limit or
rn- c'- be the scope of this Agreement or the intent of any provision thereof.
ENTIRE AGREEMENT
The provisions of this Agreement constitute the entire contract
between the parties and no prior agreements or representations
binding upon any of the parties unless incorporated in this Agreement.
modification, release, discharge, or waiver of any of the provisions hereof.
shall be of force and effect unless in writing and signed by both parties.
16
IN WITFitS8 WiltP2OE ► the parties heteih have e teeuted thit
A§redhetit the day and Year first above Wf ittefi,
ATTEST:
CITY CLERK
APPROVED AS TO FORM AND CORRECTNESS:
GEORGE F. KNOX, JR., CITY ATTORNEY
etTY OF MIAMI i FLORIbA,
a 111uhicipai Cotp6tatibh
13Y
CITY MANAGER
NEW WORLD MARINAS,INC.,
a Florida corporation.
BY:
PRESIDENT
(SEAL)
•
thllt�l� i:t� Pittrt4tBE§
AT M/AMARINA
CdMftletiCe at the intereection eE the aoutherly right=of"way
t$ :. yright-of-way d e
�.ine o� N. �. � STREET"with the wei�ter�. line
"BISCAYNE bOUtEVAttb". Said intersection being also the northeast
corner of Block 61 N of A. L. kNOti)rOr1'S HAP OF M ANI" as recorded.
in Plat Book "li" at Page 41 of the Public Records of Dade County,
Florida; thence along the easterly extension of the southerly right-
ofway line of said N.E. 6 Street N 88° 06' 18" E 962.6 feet to its
intersection with the northerly extension of the westerly face of
the basewall of a mezzanine walkway. Said intersection being 373.5
feet westerly from the intersection of the last described course
with the "DADE COUNTY BUL1QmAD LINE" as recorded in Plat book 74
at page 18 of the Public Records of Dade County, Florida; thence
along said northerly extension S 1° 43' 02" E 100.0 feet. to the
point of intersection with the southerly right-of-way line of
"PORT BOULEVARD", as recorded in-O.R. 6811 Page 240 Easement
of Miami to Dade County, said point of intersection being
the point of beginning of the hereinafter described leased Area.
.Thence along said northerly extension and along the
basewall which is parallel with ` and 16.7 feetwesterly
of the existing westerly bulkhead of Miamarina
631.0 feet
to the beginning of a curve concave to the northeast
having a radius of 156.63 feet; thence along said curve Southerly
and Southeasterly 180.4 feet through a central angle of 65° 59' 40"
o the end of said curve; thence conLlnue along the race or slid
hasewa3.i S 67° 4+'' 42" E 388.7 feet; thence $ 87° 43' 32" E 34
feet to its intersection with a line parnlle]. with and 110 feet; •
sonthe, s ter1y or the face of the existing fontheils terly concrete
bulkhead or Miamarina basin' thence mono laid parallel
N n4a SW 30" E 46 4 teat to an angle point in the bottom or the
obtps or the Miamarina pettaurnntl thence continuo alone the bottom
of paid ntept which are quasi -parallel with and l$ feet foriheant-
erly from the Fade or the southeeeterly concrete bulkhead of
Miamarina basin N 26 54, 48" E 73,3 feet) thence continue along
said bottom oestepo, civati-'parallel with and 1$ feet noutheaatet1y
along said bottom of steps and along its easterlyextension Mimi -
parallel with and 15 i'eet southerly S 67° o5' 02" E 61.0 Peet to
its intersection with, the face of the baisewa11 of the dumpster and
maintenance building of said "MIAt4AntNA tlEsTAURANT", Thence along
the..face of said basewall which is quasi -parallel with and .111 test
from the face of the existing southeasterly concrete bulkhead or
Miamarina Basin N 25° 231 48" g 69.3 feet to the most northerly
corner of said building; thence along the northeasterly face or
said building S 64° 36' 12" E 36.0 feet to its intersection with a
line 50.0 feet parallel with and southeasterly of the face of the
existing southeasterly bulkhead of Miamarina Basin; thence along
said parallel line N 25° 23' 48" E 439.2 feet to its intersection
with the southeasterly face of the most northeasterly planting bed
said Miamarina; thence along said southeasterly face
87° 06' 12" E 33.4 feet to its intersection with
erly face of the mostnortheasterly wall of said Miamarina. Said
wall being also 5 feet southwesterly of and parallel with the most
northeasterly face' of concrete bulkhead of Miamarina, thence along,
said face of wall S 42° 06' 12" E 91.0 feet to•an angle point of
maid wall; thence continue along said wall 5 feet northwesterly of
parallel with the most southeasterly face of concrete bulkhead
41' Miamarina racing Biscayne Day, S 25° 23' 40" W 713.0 feet to its
intersection with the most southerly face or concrete bulkhead or
�: �P1
Miamarina facing Biscayne Day; said/BaYklieacUt Bn.A g also 65 foot:
northwesterly of and parallel with the paid "Dade County pul,head
Linen; thence Tong aaict southerly bulkhead S 079 06' 12" M 32.5. reet
to itit intersection with a line 25 feet aoutheast rly or and.
parallel with said ost southeauteriy twee or eoheretbulkhead
thence along said parallel line 14 256 231 484 1 731.14 feeb to its
intersection with a line 35 feet northeasterly of and parallel
with said rest northeatterly bulkhead, thence along said parallel
line N 42°,66' 124 W 17862 Pest to its intersection with
100 feet northeasterly of rid perllel with the center line of
the most northeasterly pier, (Pier A or 1); thence along wild
parallel line N 646 34, 22" W`580.6 feet more or less to ite
intersection with the easterly extension of the right-of-way line
,of said, "PORT BOULEVARD"; thence along said extension and along
'said right-of-way line which is quasi -parallel with and 3.0 feet
southerly of the race of the existing northerly bulkhead of,
Miamarina Basin S 88° 06' 18" W 390+7 feet to the point of
beginning.
a
=_-
I
MI
71'
f!r rLortiOA
Joseph R, Grassie d'anuary 18, 1919
City Manager
Humberto d. Cortina
Assistant City Manager
Miatnarif a Management Agreeh ent
"New World Marinas, Inc,"
The minor points of disagreement between the City and New World Marinas, Inc.
have been resolved, Attached please find copy of the Resolution and updated
copy of the proposed Management Agreement between New World Marinas, Inc.
and the City of Miami, In addition a summarydetailing term, use, consideration,
dockage rates, default, taxes and general information is also attached.
After comprehensive negotiations between the staff and New World Marinas, Inc's
representatives, two major points of disagreement remain as follows:
1. TERM as related to granting a two (2) year option versus four. (4) years.
The City's position is that the total term of eight (8) years does not
constitute a short term management agreement.
2. CONSIDERATION, SCHEDULE AND DEFINITION of gross receipts and their relation-
ship to the minimum guarantee to be paid to the City. The major point in
disagreement on consideration between New World and the City's _position is
that the $40,500.00 minimum annual guarantee should come solely from gross
dockage receipts and that the receipts derived from gross non -dockage and
gross concessionaire receipts should not be used to make up that minimum.
The City's position in relation to the minimum guarantee is that the
operation of the marina is a prime consideration in the best interest of the
City.
The staff recommends this Management Agreement as written. I concur and there-
fore approve the staff recommendations as of this date.
NOTICE or PUBLIC HEARING
All interestedpersons please take notice that a pubic hearing will be held
in the City Commission Meeting Room, City of Miami City Hall, 3500 Pan American
Drive, Miami,Florida on January 18, 1979 at 6t00 o'clock P.M►to consider management
contracts for Dinner Key Marina and Miamarina. Please be advised that copies of
the proposed Management Contracts on both Dinner Key Marina and Miamarina will
be available from the City Clerk's Office.
RALPH G. ONGIE
CITY CLERK
CITY OF MIAMI, FLORIDA
p.n-'wsw.A
80KownaI
Co. Slip 98, i o=, 01
e)b Dock Maaterie Office
Deer Rey Marina
Miami, Florida
net Dinner l ey Mari is
Boat Service 'copse
Conoetning the transfer, from City Maintenance to private intereat and the firth that
wi11 a.ssune responsibility.
Greetings,
The Master Plan, as we all know, for this area eonsiste of a "Perspective"The
1t is our belief that all 'renovation and innovation should
present status is :obvious. i . _ ,: .0
be in e.ccorclanee with the City beparttnent of Planning and Zoning. With respect
and consideration for all aspects past, present acid future. Everyone knows what
can and should be done. However, no mention is made of the faults and facts. The
is sufficient area and then
first and foremost which we 'believe. is barking. There
some, providing it is properly appraised, without destroying "park" area.
Existing Clubs (Charter or otherwise), Deed Clauses and situations, Conditions and
understa
ndings s with various people and companies, some of which go back to when
the area was primitive.
Public Boat Service here at Dinner itey is known and appreciated city-wide and then
some. Is it to be changed for something else; are we going to change the name of
Miami next week to Restaurant City?'
Commercial fishing boats have been docking arid mooring here for decades. Are
they to be put out without even a place to go?
Dockage should be neither high or low, but fair.
The thing to be determined is what is desired and the conditions thereof.
is incidental.
All else
The Commercial Boats Co-op Authority is neither a private club or urionistic
organization. Anyone is eligible for membership. Providing that someone qualifies,
it is very easy to determine whether someone really is a Commercial Boat
Operator or Owner.
The Commercial Boats Co-op Authority has and
is opted for this lease.
Tendered; a minimum guarantee; which for now could be what is presently being
realized; with fifty percent of dividend. Renovation and innovation to be financed.
with bond and stock, private or city. The potential exists for it to be whatever
way is best.
Let us keep the notion of the Miami area as a place of coconut trees and sunshine.
Industry, of course, is always appreciated. However, Florida is Miami;
Michigan is Detroit.
Boating here, to a tremendous extent, consists of pleasure craft and supplies and
needs thereof,' Let's not make a mess of things for the sake of a couple of fast
dollars,
There is no way to keep frown acknowledging that Miami Dinner Key
Grove area is no Longer Sleepy Hollow, It has gone "13igTime",
Looking forward to the l8th of 3anuary, We all desire this to be a proud area,
Your support is appreciated
MINION
IIIIIJiii!LII l ;
rd.
�� 0J D C „ems
S S 3.z�/S�ia/a Drive)
ve
(4 con lemf'aiey . e z760 a•
ni
i
•
Dinner Key is a rough diamond with Beauty
Let its cause it to shine.
It is our belief that Dinner Itey could and should function with
(by) sanction of the Authority (C b. C. O. A.) There is no other
practical or legal potential.
The name could be changed to Island Key Marina, The Annex
could be considered a public dock favoring commercial boats.
Keeping the status quo; appraised from varied aspects; it would
be renovated and developed.
Dinner Key, with the existing name, would always remain as
an area. Let us draw a lease, establish an office, put every-
thing on "GO".
..
Joseph iT. Schap, Esq.
.II 11111
11111111 IIII IIIII uIIIIIII
nllIII 11l11 11II 1 II
E•
:ossnh L.ekap.
Call S1ip 980 ieh`e)e)
e/b Dock Ivlasteris Office
Dinner Hey Marina
Miami, Florida.
Dinner Rey Marina
Boat Service Complex
Concerning the transfer fro n City Maintenance to private interest and the firth that
will assume responsibility.
ibility.
Greetings,
The Master 15lan, as we all know, for this area consists of a °°Perspective+'. The
present status is obvious, It is our belief that all renovation and innovation should
be in accordance with the City bepartiient of Planning and Zoning. With respect
and consideration for all aspects past, present and future. Everyone knows what
can and should be done, However, do mention is made of the faults and facts. The
first and foremost which we believe is harking.
There is sufficient area and then
some, providing it is properly appraised, without destroying ''park" area.
Existing Clubs (Charter or otherwise), Deed Clauses and situations, conditions and
understandings with various people and companies, some of which go back to when
the area was primitive.
Public Boat Service here at Dinner 1<ey is known and appreciatcity-wide
ty m and then
some. Is it to be changed for something else; are we going to changethename of
Miami next week to Restaurant City?
Commercial fishing boats have been docking and mooring here for decades. Are
they to be put out without even a place to go?
Dockage should be neither high or low, but fair.
The thing to be determined is what is desired and the conditions thereof. All else
is incidental.
The Commercial Boats Co-op Authority is neither a private club or unionistic
organization. Anyone is eligible for membership. Providing that someone qualifies,
it is very easy to determine whether someone really is a Commercial Boat
Operator or Owner.
The Commercial Boats Co-op Authority has and is opted for this lease.
Tendered; a minimum guarantee; which for now could be what is presently being .
realized; with fifty percent of dividend. Renovation and innovation to be financed
with bond and stock, private or city. The potential exists for it to be whatever
way is best.
Let us keep the notion of the Miami area as a place of coconut trees and sunshine.
Industry, of course, is always appreciated. However, Florida is Miami; and
Michigan is Detroit.
Boating here, to a tremendous extent, consists of pleasure craft and supplies and
needs thereof. Let's not make a mess of things for the sake of a couple of fast
dollars.
There is no way to keep from acknowledging that Miami Dinner Key Coconut
Grove area is no longer Sleepy Hollow, It has gone i"Big
Looking forward to the lgth of Yanuary, We all desire this to be a proud area.
Your support is appreciated.
Sincerely and respectfully,
7
Joseph 'T .Scha
Capful)
.4 �■IIIIIIIIIIIIIIIIiiIIIIIIIIII IIII II I I
PR POSIT
bINNER KEY MARINA
Dinner Key is a rough dianiond with Beauty Utility = Worth
Let us cause it to shine.
It is our belief that Dinner Key could and should function with
(by) sanction of the Authority (C. / C. O. A.). There is no other
practical or legal potential.
The name could be changedto Island Key Marina. The Annex
could be considered a public dock favoring commercial boats.
Keeping the status quo; appraised from varied aspects; it would
be renovated and developed.
Dinner Key, with the existing name, would always remain as
an area. Let us draw a lease
thing on "GO".
establish an office, put every-
IL
I I I II III 111111 11.1 I
qx. L,
414
Dinner Key Marina
Boat Service Couple
Concerning the transfer from City Mainie Canoe to
will assutnc respOntibility.
Greetings,
The Master Plan, as we all know, for this area consists of a l'PerspeetiVe". The
present status is. obvious. _ It is our belief that all renovation and Atnovation should
be inaccordatce with the City Delartrnent of planning and Zoning. With respect
and consideration for all aspects past, present and future. tt'veryone knows what
can and should be done. however, to mention is made of the faults and facts • The
first and foremost which we believe is Parking.
There is sufficient area and then
some, providing it is properly appraised, without destroying "park" area.
DeeClauses and situation, conditions' and
existing Cltt gs (Charter or otherwise), d s
pwise�, � g
understandings with various people and companies, , some of which o back to when
the area was primitive.
Public Boat Service here at Dinner lteyis known and appreciated city-wide and then
some. Is it to be changed for something else; are we going to change the name of
Miami next week to Restaurant City?
Commercial fishing boats have been docking and mooring here for decades. Are
they to be put out without even a place to go?
Dockage should be neither high or low, but fair.
The thing to be determined is what is desired and the conditions thereof. All else
is incidental.
,os n T. Schap
* Slip' i Sttoltt
e jti bock Master's Office
Diner ley 'Marina
Miami) Florida
The Commercial. Boats Co-op Authority is neither a private club or unionistic
organization. Anyone is eligible for membership. Providing that someone qualifies,
it is very easy to determine whether someone really is a Commercial Boat
Operator or Owner.
The Commercial Boats Co-op Authority has and is opted for this lease.
Tendered; a minimum guarantee; which for now could be what is presently being .
realized; with fifty percent of dividend. Renovation and innovation to be financed
- potential bond and stock,private or city.The exists for it to be whatever
way is best.
Let us keep the notion of the Miami area as a place of coconut trees
Industry, of course, is always appreciated. However
Michigan is Detroit.
Boating here, to a tremendous extent, consists of pleasure craft and supplies and
needs thereof. Let's not :hake a mess of things for the sake of a couple of fast
dollars,
There is no way to keep from acknowledging that Miami. Dinner Key Coconut
Grove area is no longer Sleepy Hollow, It has gone "fig Tirne".
Looking forward to the kith of January. We all desire this to be a proud area.
Your support is appreciated,
Sincerely and respectfully,
Joseph T. Schap
Captain
t Gad
r�
DAD Co3 ( con tQmP i 1
ay -f Le z13.2p740 50. ere Divi,e)
�
P SITION
Y
Di BIER KEY MA`/NA
Dinner Key is a rough dianiotid with Beauty . `[Utility - Worth
Let us cause it to shines
It is our belief that Diviner Key could and should function with
(by) sanction of the Authority (C. B. C. O. A.). There is no other
practical or legal potential.
The name could be changed to Island Key Marina. The Annex
could be considered a public dock favoring commercial boats.
Keeping the status quo; appraised from varied aspects; it would
be renovated and developed.
Dinner Key, with the existing name, would always remain as
an area. Let us draw a lease, establish an office, put every.
n on
II•III II IIII II I
k
qt.'s 'r
13
het Sinner Hey Marina
Boat Service Complex
Concerning the tra.nafer from City Maintenance tb private interest and this firth that
will attune responsibility.
`e§ash a q r
ea = g1ip -980 o4)4�;��0� L�, s ► 40
e/b Deck Master's 5ffiee
Dinner Hey Marina
Pierda
Creetings,
The Master Nan, as we all know, for thisarea tottaists of a "Perspective". The
present status is obvious, It is our belief that all renovation and inner atipn should
be in aecotdattte with the City Department of planning and Zoning. With respect
and consideration for all aspects past, present and futures tveryone knows what
can and should be done. However, no mention is made of the faults and facts. The
firstand foremost which we believe is Parking, There it sufficierit area and then
some, providing it is properly appraised, without destroying "park" area.
Existing Clubs (Charter or otherwise), heed Clauses and situations, conditions and
understandings with various people and companies, some of which go back to when
the area was primitive.
Public Boat Service here at Dinner Key is known and appreciated citywide and then
some. Is it to be changed for something else; are we, going to change the name of
Miarni next week to Restaurant City?
Commercial fishing boats have been docking and mooring here for decades. Are
they to be put out without even a place to go?
Dockage should be neither high or low, but fair.
The thing to be determined is what is desired and the conditions thereof. All else
is incidental.
The Commercial Boats Co-op Authority is neither a private club or unionistic
organization. .Anyone is eligible for membership. Providing that someone qualifies,
it is very easy to determine whether someone really is a Commercial Boat
Operator or Owner.
The Commercial Boats Co-op Authority has and is opted for this lease.
Tendered; a minimum guarantee; which for now could be what is presently being
realized; with fifty percent of dividend. Renovation and innovation to be financed
with bond and stock, private or city. The potential exists for it to be whatever
way is best.
Let us keep the notion of the a Miami area as a place of coconut trees and sunshine.
Industry, of course, is always appreciated. However, Florida is Miarni; and
Michigan is Detroit.
Boating here, to a tremendous extent, consists of pleasure craft and supplies and
needs thereof. Let's not make a mess of things for the sake of a couple of fast
dollars;
Where is no way to keep from acknowledging that Miami - Dinner Key Coconut
Grove area is no Longer Sleepy Hollow. It has gone 1113ig Time'".
Looking forward to the 18th of January.
Your support is appreciated,
We all desire this to be a proud area,
•
l ;de Z760 f 48.2 Sl rPQ Drthe )
I�111��/I I I1I IIII IIIII III. 1111 1 I I11111111 1 IIII111110 .,.
Pf OPo ITION
DINNER KEY MARINA
Dinner Key is a rough diamond with Beauty = Utility Worth
Let us cause it to shinte.
It is our belief that Dinner Key could and should function with
(by) sanotioti of the Authority (C. D. C. O. A.). There is no other
practical or legal potential.
The name could be changed to Island Key Marina. The Annex
could be considered a public dock favoring commercial boats.
Keeping the status quo; appraised from varied aspects; it would
be renovated and developed.
Dinner Key, with the existing
an area. Let us draw a lease
name, would always.
establish an office,
remain as
put every-
•
1
;1�---all:t
I.
Cela
•
�0�rd Q p;r+ 4t'r$
48§eph gekap
Blip g O 'fts.90t
e b oeit Masteris Office
1inner Hey Mariira
Miami, Ploritla
Concerning the transfer from City Maintenance to private interest and the firm that
will assume responsibility.
Greeting-
- The Master .elan, as we all knew, for this area consist§LL of a Verspective''. The
present i status is obvious It is our belief that all renovation and innovation should
be in accordance with the City Department of Planning and Zoning. With respect
and consideration for all aspects past, present and future. Everyone knojs what
can and should be done. However, no attention is trade of the faults end facts. The
first and foremost which We believe is Parking
There is sufficient area and then
some, providing it is properly appraised, without destroying lipark" area.
Existing Clubs (Charter or otherwise), Deed Clauses and situations, conditions and
understandings with various people and companies, some of which go back to when
the area was primitive.
Public Boat Service here at Dinner Key is known and appreciated city-wide and then
some. Is it to be changed for something else; are we going to change the name of
Miami next week to Restaurant City?
Commercial fishing boats have been docking and mooring here for decades. Are
they to be put out without even a place to go?
Dockage should be neither high or low, but fair.
The thing to be determined is what is desired and the conditions thereof.
is incidental.
The Commercial Boats
organization. Anyone i
it is very easy to deter
Operator or Owner.
The Commercial Boats Co-op Authority has and is opted for this lease.
Tendered; a minimum guarantee; which for now could be what is presently being
realized; with fifty percent of dividend. Renovation and innovation to be financed
with bond and stock, private or city. The potential exists for it to be whatever
way is best.
Let us keep the notion of the Miami area as a place of coconut trees and sunshine.
Industry, of course, is always appreciated. However, Florida is Miami; and
Michigan is Detroit.
Boating here, to a tremendous extent, consists of pleasure craft and supplies and
needs thereof. Let's not make a mess of things for the sake of a couple of fast
dollars.
Co-op Authority is neither a private club or unionistic
s eligible for membership. Providing that someone qualifies,
mine whether someone really is a Commercial Boat
There is no way to keep from acknowledging that Miami - Dinner Key Coconut
Grove area is no longer Sleepy Hollow. It has gone 'Big Tune".
Looking forward to the 18th of J'anuary.
Your support is appreciated.
We all desire this to be
proud area.
1
NI 1 II■I 111111
Dinner Key is a rough diamond with Beauty _ Utility - Worth
Let tta cause it to shine.
It is our belief that Dinner Key could and should function with
(by) sanction of the Authority (C. h. C 0. A.). There is no other
practical or legal potential.
The name could be changed to IslandKey Marina. The Annex
could be considered a public dock favoring commercial boats.
Keeping the status quo; appraised from varied aspects; it would
be renovated and developed.
Dinner Key
m ni iimmm l l I II II II Il11 I I 1
49i? S, b`I. i `" 1 ,
fin; ..• Dinner Rey. Marina-
1 Oat uervice Cbrilpitk
Cbnecrning the transfer from• City Maintenance ttf private interest a.tid the firm- that
e.ssuthie respons bil ty.
t 1 rehab
ape, m 811p 98 th 4
tit) bock Masters ttfice
i inner key M:atiiia
7l attii, r1btitla
Greetings,
The Master Plan, as we all know, for this area consists of a iiFers p ectiven. The
present status is obvious, It is our belief that all renovation and innov, atio1 should
be in accordance with the City Department of Manning and Zoning. With respect
and consideration for all aspects past, present and future.
Everyone knows what
can and should be done. However, no mention is made of the faults and facts.
The
first and foremost which we believe is Parking. There is sufficient area and then
some, providing it is properly appraised, without destroying "park" area.
Existing Clubs (Charter or otherwise), Deed Clauses and situations, conditions and
understandings with various people and companies, some of which go back to when
the area was primitive.
►
Public Boat Service here at Dinner Key is known and appreciated city-wide and then.
some. Is it to be changed for something else; are we going to change the name of
Miami next week to Restaurant City?
Commercial fishing boats have been docking and mooring here for decades. Are.
they to be put out without even a place to go?
Dockage should be neither high or low, but fair.
The thing to be determined is what is desired and the conditions thereof. All else
is incidental.
The Commercial. Boats Co-op Authority is neither a private club or unionistic
organization. Anyone is eligible for membership. Providing that someone qualifies,
it is very easy to determine whether someone really is a Commercial Boat
Operator or Owner.
The Commercial Boats Co-op Authority has and is opted for this lease.
Tendered; a minimum guarantee; which for now could be what is presently being
realized; with fifty percent of dividend. Renovation and innovation to be financed
with bond and stock, private or city. The potential exists for it to be whatever
way is best.
Let us keep the notion of the Miami. area as
Industry, of course, is always appreciated.
Michigan is Detroit,
Boating here, to a tremendous extent, consists of pleasure craft and supplies and
needs thereof. Let's not make a mess of things for the sake of a couple of fast
dollars,
There is no way to keep from acknowledging that Miami Dinner fey . Coconut
Qrpve area is no longer Sleepy Hollow. It has gone 1"13ig Time.
Looking forward to the lath of January, We all desire this to be a proud area,
Your support is appreciated,
a place of coconut trees and sunshine.
However, Florida is Miami; and
Sincerely and respectfully,
psph T. Schap
Captain
III II III I I
•
$1i Ntlt KEY MARINA
Dinner Key is a rough diamond with Beauty 'tiiity Worth
Let tit cause it to shine.
It is our belief that Dinner Key could and should function with
(by) sanction of the Authority (C, B. C. O. A.). There is no other
practical or legal potential.
The name could be changed to Island Key Marina, The Annex
could be considered a public dock favoring commercial boats.
Keeping the status quo; appraised from varied aspects; it would
be renovated and developed.
yam_ /rl1,`"
.p % �•
���,� r-
M•ti. �i
r ---.....� jfilms' Ite.ie Y OZ.,
1/1/0 thtu:S/.10/31
114565' A itt -000)
20 x $7s pei• mo.
15 x,5100 per mo.
172400 ott, y "a
100 k $40 pet eio.
(568t,642)
( 18.000
18,000
72.030
48,000
N.A.
S837,642
S 30,606
13,500
15.000
$ 59,100
$896.742
5514,432
382.310
-0-
362,310
$170,625
-0-
$170,625
$ 52,434
5,243
4.1100
etfiV.0 _Mikti....OtNNE
A550i0tt0N5
tiveaboards
NdnrLiveabatds
Sailboats
toe etcial_Boatt
T an5ieht obatt
MboringS
Other
REVENUE ON CASH
FLOW BASIS
Liveaboards.
NonzLiveabeardS
Sailboats
taxi eetiai ,Boats
transient Boats
Moorings
Other (Gas fee.
Spate total, etc,)
Total Dotk Revenue
1NVESIVENT INCOME
Reserve Fund
Renewal & Replacei;ient
Special Resetve bh Hand
:ES...R 0N5TRUt thN,P00CRN1
1/1/_74..the0..6/36/80
10165' x tit PFPb
4200' k 6t PEpb
20 x $11 peP to.
15x 160 peP to,
550,000 peP year
Beg: 1/1/60 @ $40 pee•mo,
$615,681
136,080
11,150
16,200
75.000
24,000
.N.A,„
$310,121
$ 15,100
64750
,22,250
Total interest $ 44,300
TOTAL GROSS REVENUES S922.421
b1S3URSEMENTS
0 & ti Expense plus ordi-
nary Expense(1)
Net Revenues
Debt Service not other-
wise provided (2)
Net Income available for
other contractual pay'ts.
CONTPACTUA1 PAYMENTS
TO CITY
50; of Debt Service
1/35 of Bond issue for extra
ordinary repair b replacement..
(Ordinary RIR is included in
annual operating budget) (3)
Total to City
TO MANAGER.
C PFPO Hented Dockage
1/10% PFPD Rentals exc. 12t
10% Mooring Rental
Total to Manager
SURPLUS FUNDS
(50% ea. City & Manager)
FUND BALANCES, END OF PERIOD
onstrucfion Fund(4)
Debt Service Reserve
R & R Reserve (Eiepre.)
Interest Account
Special R II R
1670./12
251.709
.0_
251,709
$ 85,312
-0-
$ 85,312
$ 78,651
N.A.
$ 2.400
$ 01,051
$ 85,346
($ 42,673)
13,500,000.
408,030
-0-
341,250
200,000
//1/8i _Eliru 6/30/82
� 21/01' A 13t)
2q x 580 peP MO,
15 x $120 per Mo.
1110,000 peP year
200 x 550 peP MO.
t$1.0is,607)
( 19.200:
21,600
110i000
120,000
N.A.
S1,286,407.
S 30,600
13,500
15,000
$ 59,100
51,345,507
5 572,770
772,737
235,625
537,112
$ 203,125
50,000
$ 253,125
$ 78,124
7.812
12,000
$ 97,936
$ 186,051
(93,025)
1/t/62.:thiu6/30/:85.
121,01' A 141
20 x te6 00 Mai
15*5120pet to.
S110,000_pee yeaP
200 x S50 p eP
($1,093,730)
( )
19,200
21,600
110,000
120,000
N.A.,,
51,364,530.
$ 30,600
13,500
,. 15,000
$ 59.100
$1,423,630
$ 604.2/2
819.358
406.375
411,983
$ 203. 187
100,000
'S 303.187
78,124
15,624
12.000
$ 105,748
$ 3.048
(1.524)
f/.1/83..thPti 6/30/84
2i761 x 151
20 k 580 peP Mo.
15 x 5120 peP no.
S1i0,000`peP yeaP.
200 a 550 per mo,
(S1,i7i,854}
t( 10,260.
21,600
110,006
120,000
51,442,654
5 30,600
13,500
15.000
$ 59.100
$1.501.754
$ 637,507`
864.247
406.125
458,122
$: 203.062
100,000
$ 303.062
78,124
23,437
12.000
$ 113.561
41,499
$ (20,749)-
82
(1) 0MM Expense it provided by Biscayne, Int. , except for 1 i8fl andb1g03,
which we increased the e*pehses by a factor of 5.6%
allowance.
(2) interest through construction period /1/80 thConstruction 1/1/82und it3p500,000
vided by the investment of the uns
and the use and investment of thr spent Capitali2ed interest Eund
of $341,250, (See Exhibit Ar-` ? Sinking rued)
(3) Begins after construction is completed (1/35 of Bond issue)
rr
(4) Construction Fund of $3,500,000 made its first payment on -6-130/80
of $875,000.
(5) Six months principal.
(6) $377,424 is made up of $3,799 deficit in Exhibit A, plus $35,000
remaining principal provision due 1/1/83 in the amount of S70,000
plus $338,625 due in period.
1
THE CONSTRUCTION FUND
Assuming $4,550,000,71/2% Bonds are issued January 1, 1980,
and $3,500,000 will be deposited in the Construction Fund
and spent over the period of January 1, 1980 through Dec-
ember 31, 1981. Assuming this will be spent equally each
six months, interest on the investments of these funds
will be used to pay interest on the bond issue, along
with the one years' interest capitalized of $341,250 at
71/2% interest. Bond funds will be received on January 1,
1980 for this example,
Beginning Balance
Capitalized Interest Received
Interest Earned at 71%
Construction Fund
Interest Earned at 71/2%
Interest Earned :on Balance
Funds beforeDisbursements
itess Debt Service
&Jess iCOonstructiron Payments
paid tend of period)
Total Disbursements
Reman:ng Funds
Period
1/1/80 to
6/30/80
-0
$ 341,250
12,797
3,500,000
131,250
$3,985,297
$ 170,625
875,000
$1,045,625
$2,939,672
Period
7/1/80 to
12/31/80
$2,939,672
110,238
$3,049,910
$ 170,625
875,000
Period
1/1/81 to
6/30/81
$2,004,285
75,161
Period
7/1/81 to
12/31/81
$1,033,821
38,768
$2,079,446 $1,072,589
$ 170,625 $ 170,625
875,000 875,000
$1,045 ,625 $1,045,625 $1,045,625
$2 ,004 ,285
$1,033,821 $ 26,964 Balance to
Construction.
Fund
This is subject to .revision depending on the payout
schedule. Mill be :revised when we have and engineer's
report.
■