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HomeMy WebLinkAboutAgreement Grantfollows; AGREEMENT CCVRNING GRANT FOR CONSTRLC'1'ION OFPLAY SCJLPTURES IN 8AYFRe;,^IT PARK This Agreement dated as of the day of ��`�•;;,,��. 1965, between Air. & Mrs. Lee 1!ills ("Benefactors") ,-r::;i the City of Miami ("City") WITNESSETN: WHEREAS, the City is committed to the redevelopment of the Bayfront Park in accordance with the design plans which were prepared. by Isamu Noguchi, ar,d adopted.and approved by the City; and WHEREAS, it is contemplated that the redevelopment improvements described in the Plans will be constructed in four phases, (1) 6aywalk and Pepper Fountain; (2) Amphitheatre, Backstage Building, Amphiwallt, Tower of Light, Rock Carden, and general park improvements north of the Promenade; (3) Promenade, Chopin Plaza Court, and general park improvements west of Baywalk, and (4) Play Sculptures, and the completion of these phases depends upon funding availability; and WHEREAS, the funding of a substantial part of the budget for the redevelopment; improvements has been accomplished by the City, and construction of certain improvements is under way; and WHEREAS, the City is seelti ny a donor for the construction of seven Play Sculptures which are described in the site plan attached hereto as Exhibit 1 (the "Plans") and in construction drawings ("Drawings") attached hereto as Exhibit 2 and a preliminary construction cost estimate ("Budget") prepared by Shoji Sadao (the "Architect") attached hereto as Exhibit 3; and WHEREAS, the Benefactors have indicated an interest in making a grant of funds to the City of Miami to be utilized for payment oZ the cost of constructing the seven Play Sculptures, subject to the terms and conditions prescribed herein. NOW THEREFORE, the parties hereto covenant and agree as 1• The Benefactors confirm their commitment to make a grant in the total sum of $110,000.00 to the City of Miami for This estirn;te may be mode i -3 by rnu Cua i agreement of the City and the ;1rchi ct, 7. In order for the n greemen` to be binding upon both parties, the City roust have executed this Agreement prior to December 27, 1985, and the Benefactors must have made full payment by December 31, 1985. 8. It is a condition of this grant that the City shall have completed the construction of the seven Play Sculptures prior to January 31, 1989. 9. The Benefactors will contribute $110,000 to a bank escrow account established by the City and the City agrees to keep such grant plus interest earned on such amount in the escrow account until the conditions contained in this Agreement are satisfied, The City, upon satisfaction of these conditions, • shall present a sworn affidavit to the escrow agent stating that such conditions have been met and shall send a copy of the same to -the Benefactors. The City shall then use the grant plus interest for the construction, installation and maintenance of the seven Play Sculptures, 10, If the City does not satisfy any material condition of this Agreement, including not having completed the construction of the Play Sculptures prior to January 31, 1989, the escrow agent shall forthwith transfer the Benefactors' contribution ($110,000.00) plus any accrued interest to the Dada Foundation to be held and used by the Dade Foundationthrough its Lee and Tina Hills Fund. IN WITNESS WHEREOF, the Bene>actors and the City have caused this Agreement to be duly executed as of the date first above written. MATT �!I[tAI, City Clerk 5902K BENEFACTORS Lee Hi? s ti ((2, Tina hills C[TY OF By: [fir (.. ? z :lv-t-c i/lanage r the purpose of funding the construct -ion of the seven a P-' Sculptures in accordance 7 with the Plans, Drawings, and Budget fe such project. 2. The City shall install 'a bronze plague or plaque of similar gt ality at or on each of the seven Play Sculptures. Each Plaque shall have the inscription, described on Exhibit 4 attached hereto. Each plaque shall be installed immediately following the completion of construction of each Play Sculpture, 3. The Benefactors shall be held harmless from any and all physical injuries and/or liabilities that may arise fr-,m the Play Sculptures, including their construction, installation or use. 4. The .City agrees that should there be any cost overruns for whatever reason in the construction and installation of the seven Flay Sculptures above the amount donated by the Benefactors ($110,000.00), the City shall be responsible for identifying and securing such additional funds in order to complete the seven Play Sculptures in a timely fashion and according to the Plans and Drawings, 5. The City agrees to appropriately display the Play Sculptures in Bayfront Park as set forth in the Plans for as long as practicable and to maintain as long as practicable the original integrity of the Play Sculptures including the provision of appropriate lighting, reasonable repair end maintenance, parts 1eplacement and painting. The City shall construct the aeven Play Sculptures in accordance with the Drawings (including such modifications as are mutually agreeable by the City and Architect) and shall use safe and durable materials in the construction of the seven Play Sculptures as set forth in the Drawings. 6. The Benefactors contribution to construct the i.. seven Play Sculptures shall only be expended for this purpose after the earlier of: (1) each of the first three separate phases of the park reconstruction has been substantially completed, or (ii) the City has sectored all of the funds necessary to complete each of the first two phases and fifty (50) percent of the funds necessary to complete the third phase. The present cost estimate for the construction of the third phase is $3,523,468, Exhibit 5 attached.