HomeMy WebLinkAboutR-05-0037City of Miami
Legislation
Resolution: R-05-0037
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 04-01426 Final Action Date: 1/13/2005
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING AND RATIFYING THE BAYFRONT PARK MANAGEMENT TRUST
EXECUTIVE DIRECTOR'S EXECUTION OF A COMPROMISE, SETTLEMENT AND
RELEASE AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, WITH
RACEWORKS, LLC, FOR THE SETTLEMENT OF ALL OUTSTANDING FINANCIAL
OBLIGATIONS ASSOCIATED WITH THE TICKETS SOLD AT THE GRAND PRIX
AMERICAS HELD IN DOWNTOWN MIAMI, SEPTEMBER 26-28, 2003.
WHEREAS, the Bayfront Park Management Trust ("Trust") was created by the Miami City
Commission to direct, operate, manage and maintain all aspects of Bayfront Park and Bicentennial
Park; and
WHEREAS, the City of Miami ("City"), the 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, to conduct a racing event in downtown Miami on September 26-28, 2003 called the Grand
Prix Americas ("2003 Race Event"); and
WHEREAS, in accordance with Section 12 of the Agreement, the Licensee is required to pay a
"park ticket fee" for any and all tickets sold by the Licensee; and
WHEREAS, pursuant to the terms of the Agreement, the park ticket fee for the 2003 Race Event
at Bayfront Park was determined to be $15,348; and
WHEREAS, the Licensee has been found to be in default of the Agreement due to its failure to
satisfy its outstanding financial obligations; and
WHEREAS, at its April 8, 2004, meeting, the City Commission approved a partial settlement
agreement with the Licensee to settle the outstanding debt to the Trust as a result of the 2003 Race
Event however, at the time the parties had not resolved the issue regarding the amount of tickets
sold; and
WHEREAS, the Trust at its September 29, 2004, meeting approved the Compromise and
Settlement Agreement ("Ticket Settlement Agreement") to settle some of the Licensee's remaining
outstanding balance as a result of the tickets sold at the 2003 Race Event; and
WHEREAS, pursuant to the Ticket Settlement Agreement, the Licensee has agreed to pay $.40
per each dollar owed, or $6,139.20, to settle the $15,348 arrearage; and
City of Miami
Page 1 of 2 File Id: 04-01426 (Version: 1) Printed On: 10/21/2016
File Number: 04-01426 Enactment Number: R-05-0037
WHEREAS, the Trust and the Licensee wished to settle the outstanding obligations associated
with the tickets sold at the 2003 Race Event and the Trust had growing concerns about the
Licensee's solvency and its future ability to repay the Trust for the debt it owed; and
WHEREAS, the Trust and the Executive Director of the Trust respectfully recommend the
ratification and acceptance of the Ticket Settlement Agreement;
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's execution{1} of the Ticket Settlement Agreement, in
substantially the attached form, with the Licensee, for the settlement of all financial obligations
associated with the tickets sold at the 2003 Race Event held in downtown Miami, September 26-28,
2003, is authorized and ratified.
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: 04-01426 (Version: 1) Printed On: 10/21/2016