Loading...
HomeMy WebLinkAboutExhibit 6Greenberg Traurig Simon Ferro Tel. (305) 574.0044 Fax(304) 470.0717 Ierrosll)gUaw,com August 31, 2006 Mr. Pedro A. Hernandez Manager City of Miami, City Hall 3500 Pan American Drive Miami , FL 33133-5595 Re: Request for Approval of Assignment of Contract between The City of Miami and Sarmlento Advertising Group LLC Dear Mr. Manager: Our office represents Sarmiento Advertising Group, LLC (Sarmiento). On April 18, 2002, Sarmiento executed an agreement with the City of Miami (City) for the provision of bus benches for use by the general public within the City (Agreement). Subsequent amendments to the Agreement were executed by the City and Sarmiento on September 18, 2002, February 27, 2003, August 18, 2003 and July 20th, 2004 (Amendments). In addition to the Agreement and the Amendments, the City and Sarmiento executed a Professional Services Agreement (PSA) on July 28th, 2004 for the maintenance of City bus shelters. In accordance with Article IX, Section 9,3 and Article X, Section 10.8 of the Agreement, Sarmlento respectfully requests approval of a proposed assignment of the Agreement, as revised by the Amendments, to Fuel Miami, LLC, a .Delaware limited liability corporation (FUEL). When read together, the above two sections of the Agreement require the prior approval and consent of the City Commission before the assignment, sale or transfer of the Agreement. A sale or transfer of a majority of Sarmiento's stock or partnership shares is considered an assignment of the Agreement. it is Sarmiento's intent, if approved by the City Commission, to sell and transfer 100% of its stock to FUEL. Likewise, Sarmiento requests acknowledgment by the City that the proposed assignment of the Agreement to FUEL will not affect Sarmiento's rights under the PSA . C,rrrnhergTrauma, F.n. I Attorneys at law 1 In linrkeil nvenun I Mr.rtri, rt :41111 I Tot 31r5 C7C) 01110 rxx 305,ti79,C1/ 1 / I w gtlalwc�arn t 2Fi'd `WM Mr. Pedro A. Hernandez August 31, 2006 Page 2 FUEL is a traditional Out -Of -Home Media Company, based in New York City, with a nationwide presence and anextensive asset base of display panels, similar to Sarmiento's, in Boston, New York, Philadelphia, Washington . D.C., Chicago, San Francisco, and Los Angeles. FUEL is active in 7 of the 15 largest DMA's in the U.S. and has a deep and experienced management team. Fuel has the requisite management expertise, and, as a portfolio. company of Och-Ziff Capital Management, a global institutional asset management firm with over $18 billion of capital under management, the financial backing to undertake the ownership of Sarmiento and otherwise perform under all aspects of Sarmiento's Agreement with the City. Most importantly, since FUEL is acquiring Sarmiento itself, the same management team that has so ably performed on behalf of the City will remain in charge of the concession. Enclosed for your review is additional background information on FUEL. We understand that your office may require additional information on FUEL as a potential assignee under the rights of the Agreement. Please feel free to contact my office at your earliest convenience so we can facilitate all such information. Please be informed that Sarmiento is currently in good standing under the terms of the Agreement and the request for approval of assignment of the Agreement is not the result of insolvency, bankruptcy proceedings or any other condition affecting Sarrniento's ability to perform thereunder. We respectfully request an expeditious review and disposition of Sarmiento's request for approval assignment of its rights under the Agreement to Fuel. Sarmiento firmly believes that FUEL will provide the same level of excellent service to the City that Sarmiento has traditionally delivered under the Agreement. Should you have any questions or comments, please contact my office at your earliest convenience. Sincerely, mon Ferro SF Enclosures t;dontm, P.A.