HomeMy WebLinkAboutCover MemoTO: The Honorable Mayor and DATE: March 11, 2004
Members of the City Commission
SUBJECT: Resolution —
Accepting the compromise,
settlement and release
agreement by and between
Raceworks, LLC to the
Bayfront Park Management
Trust for the arrearage caused
by the 2003 Grand Prix of the
Americas.
FROM: Timothy F. Schmand
Executive Director
RECOMMENDATION
It is respectfully recommended that the City Commission accept the attached Compromise,
Settlement and Release Agreement by and between Raceworks, LLC and the Bayfront Park
Management Trust to satisfy monies owed to the Trust for the 2003 Raceworks event.
BACKGROUND
The Bayfront Park Management Trust (Trust) at its February 23, 2004 meeting approved the
Compromise, Settlement and Release (Agreement) by and between Raceworks, LLC (Raceworks)
and the Trust. The terms in the Agreement accepts Raceworks offer to settle the outstanding debt of
$62,811.56 at a rate of $.40 to the dollar or $25,125.00. The outstanding debt is a result of the 2003
Raceworks event at Bayfront Park.
TFS/jrg