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Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www,miamigov.cam
File Number: 06-02287
Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
CONFIRMING, AND APPROVING THE TERM AND CONDITION CHANGE
REQUESTED BY SARMIENTO ADVERTISING GROUP, LLC, FUEL MIAMI, LLC
("FUEL"), AND FUEL'S PARENT COMPANY, FUEL OUTDOOR HOLDINGS, LLC,
TO AMEND THE ASSIGNMENT AND ASSUMPTION AGREEMENT
("AGREEMENT'), IN SUBSTANTIALLY THE ATTACHED FORM, PREVIOUSLY
APPROVED BY THE CITY COMMISSION ON NOVEMBER 9, 2006, PURSUANT
TO RESOLUTION NO. 06-0665, TO ACCEPT AN IRREVOCABLE LETTER OF
CREDIT 1N THE AMOUNT OF $250,000, IN LIEU OF A $250,000, CONTINUING
PAYMENT BOND.
WHEREAS, on November 9, 2006, the City Commission adopted Resolution No. 06-0665, which
authorized, approved, and consented to a written request from Sarmiento Advertising Group, LLC,
("Sarmiento"), to the City Manager requesting the required prior approval and consent of the City
Commission of the sale and transfer of one hundred percent (100%) of Sarmiento's stock to FUEL
Miami, LLC, a Delaware limited liability corporation ("FUEL"); and
WHEREAS, Resolution No. 06-0665, also authorized the City Manager to negotiate an Assignment
and Assumption Agreement ("Agreement") with Sarmiento, FUEL, and FUEL's parent company, FUEL
Outdoor Holdings, LLC ("FUEL Outdoor") on the terms and conditions set forth therein which required
a $250,000 continuing payment bond; and
WHEREAS, Sarmiento, FUEL, and FUEL Outdoor have requested to offer a $250,000 irrevocable
letter of credit in lieu of the continuing payment bond; and
WHEREAS, the City Manager has reviewed their request and has found it acceptable and in the
City's best interests to proceed with execution of the Agreement with said irrevocable letter of credit,
subject to the the City Commission's consent and approval of such amendment of that term and
condition of the 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 term and condition change requested by Sarmiento, Fuel, and Fuel Outdoor is
consented to and approved to amend the Agreement, in substantially the attached form, previously
approved by the City Commission on November 9, 2006, pursuant to Resolution No. 06-0665 to
accept an irrevocable letter of credit in the amount of $250,000, in lieu of a $250,000 continuing
payment bond.
City of Miami
Page 1 of 2 Printed On: 12/29/2006
File Number. 06-02287
Section 3. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor{1}.
APPROV ! A TO FORM AAA -CORRECTNESS:
JOR L 'ERNANDEZ
CITY' TT RNEY
Footnotes:
{1} 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 Printed On: 12/29/2006