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HomeMy WebLinkAboutPre-Summary FormChief 1� Final Approvals IS1GN AND DATE) Budget AGENDA ITEM SUMMARY FORM FILE ID:; 6 6- e d1 Date: 10/23/2006 Requesting Department: Public Works Commission Meeting Date: 1 11/9/2006 District Impacted: All Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item ❑ Other Subject: Resolution to consider a re nest from Sarmiento Advertis'n Grou LLC Sarmiento fo le sale and transfer of 100 ercent of Sarmiento stock to Fu 1 Miami LLC FU L with coedit' ns and in form and subs ante with 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") an July 28, 2004, for the maintenance of City bus shelters. Budget Itnvact 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�lf using ar tec rvili� capital funds Grants Ris1c Management Purchasing_ Dept. Director City Manager 15nn..l..fl 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 ("FULL" corporation ), 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 Bus►u.ess 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.