HomeMy WebLinkAboutR-04-0214City of Miami
Legislation
Resolution: R-04-0214
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 04-00275 Final Action Date: 4/8/2004
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE EXECUTIVE DIRECTOR OF THE BAYFRONT PARK
MANAGEMENT TRUST ("TRUST"), TO EXECUTE A COMPROMISE, SETTLEMENT
AND RELEASE AGREEMENT ("SETTLEMENT AGREEMENT"), IN
SUBSTANTIALLY THE ATTACHED FORM, WITH RACEWORKS, LLC
("LICENSEE"), FOR OUTSTANDING FINANCIAL OBLIGATIONS ASSOCIATED
WITH GRAND PRIX AMERICAS ("2003 RACE EVENT"), HELD ON SEPTEMBER
26-28, 2003; AUTHORIZING AN AMENDMENT TO THE AGREEMENT DELETING
THE TRUST AS A PARTY TO THE REVOCABLE LICENSE AGREEMENT
EXECUTED BETWEEN THE CITY OF MIAMI ("CITY"), THE TRUST AND THE
LICENSEE ON MAY 22, 2002.
WHEREAS, the City of Miami ("City"), the Bayfront Park Management Trust ("Trust"), and
Raceworks, LLC ("Licensee"), executed a Revocable License Agreement ("Agreement") on May 22,
2002, as amended, for Licensee to conduct motor vehicle racing events in downtown Miami; and
WHEREAS, the Licensee was granted a permit, in accordance with Section 549.08, Florida
Statutes ("Motor Sports Act"), to conduct a racing event in downtown Miami on September 26-28,
2003 called Grand Prix Americas ("2003 Race Event"); and
WHEREAS, pursuant to the Agreement, the Licensee is required to remit to the Trust payment for
a use fee, ticket fee, and other obligations incurred as a result of the 2003 Race Event; and
WHEREAS, the Trust has found the Licensee to be in default of the Agreement due to its failure
to satisfy its outstanding financial obligations; and
WHEREAS, the Trust and the Licensee wish to settle all outstanding obligations associated with
the 2003 Race Event; and
WHEREAS, as a result of the 2003 Race Event, Licensee owed the Trust $62,811.56 as payment
for its use fee and other obligations, however such amount does not include the amount owed to the
Trust for its ticket fee; and
WHEREAS, the Licensee has proposed to settle the outstanding debt, with the exception of the
Trust's ticket fee, in the amount of $25,125 in exchange for the Trust executing a Compromise,
Settlement and Release Agreement ("Settlement Agreement"), which would release the Licensee and
the Trust of any liability and cancel all prior agreements between the Trust and the Licensee; and
WHEREAS, at its February 23, 2004, meeting, the Trust approved the Settlement Agreement to
settle the outstanding debt to the Trust as a result of the 2003 Race Event, with the exception of the
Trust's ticket fee, subject to City Commission approval;
City of Miami
Page 1 of 2 File Id: 04-00275 (Version: 11 Printed On: 9/7/2016
File Number: 04-00275 Enactment Number: R-04-0214
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by
reference and incorporated as if fully set forth in this Section.
Section 2. The Trust's Executive Director is authorized{1 } to execute the Settlement Agreement, in
substantially the attached form, with the Licensee, for the settlement of all financial obligations
associated with the Grand Prix Americas, held in downtown Miami on September 26-28, 2003.
Section 3. The City Manager and the Trust's Executive Director are authorized{1} to execute an
amendment to the Agreement, in substantially the attached form, with the Licensee, to delete the
Trust as a party to the Agreement.
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{2}
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be
imposed by the City Attorney, including but not limited to those prescribed by applicable City
Charter and Code provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall
become effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 File Id: 04-00275 (Version: 11 Printed On: 9/7/2016