HomeMy WebLinkAboutR-04-0465City of Miami
Legislation
Resolution: R-04-0465
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 04-00756 Final Action Date: 7/8/2004
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO EXECUTE A COMPROMISE,
SETTLEMENT AND RELEASE AGREEMENT, IN SUBSTANTIALLY THE ATTACHED
FORM, WITH RACEWORKS, LLC, FOR OUTSTANDING FINANCIAL OBLIGATIONS
ASSOCIATED WITH GRAND PRIX AMERICAS, HELD ON SEPTEMBER 26-28,
2003.
WHEREAS, the City of Miami ("City"), Bayfront Park Management Trust ("Trust"), and Raceworks,
LLC ("Licensee") executed a Revocable License Agreement ("Agreement") on May 22, 2002, as
amended, for Raceworks 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 the "Grand Prix Americas 2003 racing event in Downtown
Miami on September 26-28, 2003; and
WHEREAS, pursuant to the Agreement, the Licensee is required to remit to the City, payment for
the Use Fee, Ticket Fee, and any other obligations incurred as a result of the event; and
WHEREAS, the City has found the Licensee to be in default of the Agreement due to its failure to
satisfy its outstanding financial obligations; and
WHEREAS, the City and the Licensee wish to settle all outstanding financial obligations
associated with the 2003 Race Event; and
WHEREAS, as a result of the 2003 Race Event, Licensee owed the City $104,401.05 as payment
for its use fee, ticket fees and other financial obligations; and
WHEREAS, Licensee has agreed to forfeit its claim to payment by the City in the amount of
$19,473.00, which was retained by the City as payment of police and fire surcharges, thereby
reducing the amount owed to the City to $84,928.05; and
WHEREAS, the Licensee has proposed to settle the outstanding debt for the amount of
$33,971.22 in exchange for the City executing a Compromise, Settlement and Release Agreement
("Settlement Agreement"), which would release the Licensee from its financial obligations as a result
of the 2003 Race Event.
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.
City of Miami
Page 1 of 2 File Id: 04-00756 (Version: 2) Printed On: 9/20/2016
File Number: 04-00756 Enactment Number: R-04-0465
Section 2. The City Manager is authorized{1} to execute a Settlement Agreement, in substantially
the attached form, with the Licensee, for settlement of all financial obligations associated with the
Grand Prix Americas event, held in Downtown Miami on September 26-28, 2003.
Section 3. 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: 04-00756 (Version: 2) Printed On: 9/20/2016