HomeMy WebLinkAboutSummary FormOCT-03-2004 0G:11 From:CITY MANAGER
AGENDA ITEM SUMMARY FORM
FILE 11):
RE.15
Date: 6/11 /0!i Requesting Department: Cap Imvts & Transportation
Commission Meeting Date: District impacted: All (2)
Type: Eg Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item [ Other
Subject: Oraptpf $2.000.000 to Miami Art Museum for development of a fine art museum faLility in
B►icententual ParkL'Museum Park"
Purpose of Item:
TR authorize the City Manager to negotiate and execute a project cooperation agreement of $2,000,000 to the Miami Art
Museum ("MAM") to support the development of t new fine art museum facility in the City -owned Museum Park as
authorized by a referendum of the voters in November 2001 as a specified project in the Homeland Defense Neighborhood
Improvement Bond Program, and allocating funds from L-78503, the Capit#1 improvement Project entitled "Miami Art
Museum - Development in Bicentennial Park".
Background Information:
The development of a fine art museum in Bicentennial Park has been the intent of the City since the late 1990',s. A total of
S3,50O,000 was allocated for the project from the bond to be dispersed over several funding cycles. $700,000 was utilized
by the museum to support development activities related to the project, including hiring consultants speciaiiring in
museum planning, financial feasibility and project management Another $700,000 was utilized by the City to hire
Cooper, Robertson and Partners to prepare a muter site plan and design development documents fur the park. MAM has
now expended the initial finding allocation anl is reeucsting $2,000,000 of thetxxrnab cr to further the Prnjeet. Pursuant
to R-07-0347 and R-08-0290, the City Commission authorized an agreement contingent upon Directivess ofConditions to
he fulfilled by MAM in connection with its Museum Park Project. Pursuant to the Directives, MAM has obtained both
pledges in excess of forty (40) million, and eight (8) million dollars in cash receipts. Further, project responsibilities will
be governed by a number of definitive documents, such as but not limited to the Lease, the Subleases, the Master
Development Agreement and a Master Management Agreement. In consideration that the financial conditions unposed
upon the Museum }rave been satisfied, authorization is currently being sought for the City Manager to negotiate and
execute a Project Cooperative Agreement in which MAM will agree to fulfill the remainder of the Directives us conditions
within the sublease, the other definitive documents, or as a covenant in the agreement, or any combination thereof; as
appropriate. The definitive documents will be brought back to the City Commission for approval.
Budjiet impact Analysis
NO Is this item related to revenue?
YES Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account' 14rv: _
(IP Project No: &7S503
YES Is this item funded by Homeland Defense/Ncighhorhood improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact: S2,000,000
C
If use
Gra
Purchasin
Chief
Final Approvals
(SIGN ANOSATE
11%4 jce
Budget Lu.M �f +�^► —E
Risk Management
Dept. Direct — Y
City Manag
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Ptohial Manama John Dc Pares
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