HomeMy WebLinkAboutcover memoTO: The Honorable Mayor and DATE: December 10, 2004
Members of the City Commission
SUBJECT: Resolution —
Ratifying the Compromise,
and Settlement Agreement by
and between Raceworks,
LLC and the Bayfront Park
Management Trust for the
arrearage resulting from the
2003 Grand Prix of the
Americas park ticket fee.
FROM: imothy F. Schmand
Executive Director
RECOMMENDATION
It is respectfully recommended that the City Commission accept the attached Compromise and
Settlement Agreement by and between Raceworks, LLC and the Bayfront Park Management Trust to
satisfy monies owed to the Trust for the 2003 Raceworks event park ticket fee.
BACKGROUND
On May 15, 2002, the City of Miami, the Bayfront Park Management Trust (Trust) and Raceworks
LLC, entered into a Revocable License Agreement (Agreement) wherein Raceworks would produce
a grand prix event in the City of Miami. Pursuant to section 12 of the Agreement, Raceworks is
required to pay a park ticket fee for any and all tickets sold. The park ticket fee for the 2003
Raceworks event at Bayfront Park was determined to be $15,348. The Trust at its September 29,
2004, meeting ratified the Compromise and Settlement Agreement (Agreement) by and between
Raceworks, LLC (Raceworks) and the Trust by resolution no. 04-048. The terms in the Agreement
accepts Raceworks offer to settle the outstanding park ticket fee of $15,348 at a rate of $.40 to the
dollar or $6,139.20.
TFS/jrg