Loading...
HomeMy WebLinkAboutresolutionCity of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.ci.miami.fl.us File Number: 04-01426 Final Action Date: 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 I of 2 Printed On: 12/22/2004 File Number: 04-01426 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} APPROVED AS TO FORM AND CORRECTNESS?/ JORcE L. FERNANDEZ CITY ATT r RNEY 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 riot 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 Primed On: 12/22/2004