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HomeMy WebLinkAboutSubmittal-Jaqueline Lorenzo-Inter-Office Memore Submitted into the pu lic 1.4 on _ reco--rd� fpr it e (s . on '-L 1 City Clerk CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM I-0: Honorable Mayor and Members DATE: July 25, 2019 of the City Commission SUBJECT: Ultra Fee Settlement FROM: Emilio T. City M A settlement has been worked out with Ultra on the final disputed amount due of $475,000.00 from the event that took place in March of this year. Ultra will pay the City $308,000.00; this will be paid over four years. If the item is approved today, the first payment of $77,000.00 will be paid within 10 days. The remaining payments will be due by June 1 of each year thereafter. There will be no mediation on any remaining amounts. This does not mean that Ultra is getting the 4 year license agreement that is being considered today. If that license agreement is not extended for any reason, the City would waive any remaining amount that may be due and not yet paid. As always, if you have any questions, please feel free to contact me. L00619" - SaDrn; 'La - Li012-12A2,0 RiZAtO