HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: d(,-ttl 1%
Date: 10/23/2006
Requesting Department: Public Works
Commission Meeting Date: 11/9/2006 District Impacted: All
Type: ® Resolution 0 Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Resolution to consider a request from Sarmiento Advertising Group, LLC, (Sarmiento) for the
sale and transfer of 100 percent of Sarmiento stock to Fuel Miami, LLC (FUEL), with conditions and in
form and substance with guarantee ofperformance from FUEL'S parent company satisfactory to the City.
Purpose of Item:
SEE ATTACHED SUPPLEMENTAL PAGE.
Background Information:
On April 18, 2002, Sarmiento executed an agreement with the City of Miami for the provision of bus
benches for use by the general public within the City ("Agreement") including bus bench design,
installation, and maintenance. Subsequent amendments to the Agreement were executed by the City
and Sarmiento on September 18, 2002, February 27, 2003, August 18, 2003, and July 20, 2004
(collectively "Amendments"). In addition to the Agreement and Amendments regarding bus benches,
the City and Sarmiento executed a Professional Services Agreement ("PSA") on July 28, 2004, for the
maintenance of City bus shelters.
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
If using or,receiving capitat.funds
Grants
Final Approvals
(SIGN AND DATE)
Budget
Purchasing
Chief 17 1I/I
Risk Management
Dept. Director
City Manager
ti
T3orria 1 of 1
SUPPLEMENTAL PAGE
A resolution to consider a request from Sarmiento Advertising Group LLC.,
("Sarmiento"), dated August 31, 2006, to the City Manager requesting prior approval and
consent of the City Commission to approve sale and transfer of 100 percent of
Sarmiento's stock to Fuel Miami, LLC, a Delaware limited liability corporation
("FUEL"), pursuant to Section 9.3 and Section 10.8 of the Agreement dated April 18,
2002 between the City of Miami and Sarmiento for bus bench design, installation and
maintenance. The sale and transfer will be conditioned upon (A) a guarantee for
performance from FUEL'S parent company in form and substance satisfactory to the
City; and (B) FUEL entering into a satisfactory transfer, assignment and assumption
agreement with the City which shall include but not be limited to the following
conditions: 1) FUEL shall retain for a minimum of three (3) years with a six (6) month
transition phase thereafter, the current Sarmiento Chief Executive Officer (CEO) and
Corporate Business Director to continue working on the City's account; and 2) Provide a
continuing payment bond or letter of credit in the amount of $250,000 and continuing
insurance as required by the City's Risk Management Department; 3) Assume the current
Sarmiento bus shelter maintenance agreement on a month to month basis; 4) The
Assignment and Assumption shall not be further assigned without the express written
consent of the City and FUEL; and 5) Such other terms and conditions as satisfactory to
the City Commission.