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City of Miami Commission Meeting — 14JUN 2007
RE: Item RE.16 — Request for $2 Million
MOTION TO APPROVE, the already allocated and voter approved, $2 Million
dollars to the Museum of Art subject to the following conditions:
1. AGREEMENT AND EXECUTION OF...
a. Master Term Sheet with County, City and Museum
b. Memorandum of Understanding
2. Raise $40 Million of the $108 Million by written unqualified pledges with
20% in CASH prior to releasing the $2 Million dollars.
3. Parking: 500 Underground Spaces paid for by Museum. The spaces will
be available to the public at all reasonable hours.
4. Soft costs not to Exceed 17% (per County requirements)
5. Immediate formation of a Committee to raise $12 Million from private
donors for the construction of the Park with an eventual minimum goal of
$20 Million, also raised from private donors.
6. An immediate Public Meeting to hear all comments held at a suitable
venue.
7. Oversight Committee: Cost -certain, project -certain, cost overruns borne by
the Museum.
8. Local Artists to be collected and displayed. Museum agrees to name a Hall
after Purvis Young.
9. Museum agrees take an active and defined role to maintain the entire Park
including the Bay Walk.
10. Community Benefits. Museum agrees to provide jobs and meeting space
for neighborhood residents. Museums will provide activities that are
culturally sensitive to the surrounding neighborhoods.
Commissioner Marc D. Sarnoff
City of Miami — District 2
MDS:pm
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TYPO Correction to #4 (was "cuts" in error)... Revised 16JUN 2007 — 2:20PM
City of M mi Commission Meeting — 14JUN 2007
RE: Item .16 — Request for $2 Million
MOTION TO APPfOVE the already allocated and voter approved $2 Million
dollars to the Muse m of Art subject to the following conditions:
1. AGREEMENT A D EXECUTION OF...
a. Master Term sheet h County, City and Museum
b. Memorandum of Unde tanding
2. Raise $40 Million of the $
8 Million by written unqualified pledges with
20% in CASH prior to releas
g the $2 Million dollars.
3. Parking: 500 Underground Spa
s paid for by Museum...utilized by Public.
4. Soft cuts not to Exceed 17% (per C • my requirements)
5. Immediate formation of a Committee to ise $12 Million for the
construction of the Park with an eventual inimum goal of $20 Million.
6. An immediate Public Meeting to hear all com ents held at a suitable
venue.
7. Oversight Committee: Cost -certain, project -certain cost overruns borne by
the Museum.
8. Local
9. Museunj to Maintain Park
10. Community Benefits
Commissioner Marc D. Sarnoff
City of Miami — District 2
(wASJ 4M).
SUBMITTED I 0 THE
PUBLIC RECORb FOR
ITEM RE. it, i /
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