HomeMy WebLinkAboutR-17-0424City of Miami
Legislation
Resolution: R-17-0424
File Number: 2928
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 9/19/2017
A RESOLUTION DIRECTING THE INDEPENDENT AUDITOR GENERAL TO
WORK IN CONJUNCTION WITH THE MIAMI-DADE COUNTY ADMINISTRATION
TO ASCERTAIN THE APPROPRIATE PERCENTAGE OF THE PROCEEDS DUE
TO THE CITY OF MIAMI FROM THE SALE OF THE MIAMI MARLINS, L.P.
SPONSOR(S): Commissioner Frank Carollo
WHEREAS, the City of Miami ("City") contracted with Miami -Dade County ("County") and
the Florida Marlins (`Marlins") for the construction and operation of Marlins Park and the related
parking facilities; and
WHEREAS, the Marlins organization is currently engaged in procedures surrounding the
sale of the team; and
WHEREAS, the County and the City have a financial interest in the potential sale of the
Marlins; and
WHEREAS, per section 6, entitled Payment Upon Sale of Team of the Non -relocation
Agreement, the City and the County are entitled to payments upon a sale to the third party of a
"control interest" (defined as the sale of more than 50% of the voting, actual or beneficial
interest in the Marlins franchise, occurring within the period commencing with the approval of
the Stadium Agreements by the City Commission and the Board of County Commissioners and
ending ten (10) years thereafter (not to exceed 72 months following Substantial Completion),
whether through a sale of equity shares or partnership interests, a sale of substantially all of the
Marlins' assets or a merger, consolidation, joint venture or similar change of control transaction,
to the extent proceeds are paid to the holders of equity securities of the Marlins and not
contributed in the ordinary course of business to Marlins Affiliates involved in baseball related
business); and
WHEREAS, the Marlins shall or shall cause the seller to pay to the County and the City,
to be split on a pro -rata basis (including the value of the City's contribution of the Baseball
Stadium Site, the amount of the City's and the County's expenditures as required by the
Construction Agreement, and the value of the City and the County's respective expenditures
associated with the Public Infrastructure) determined by each respective parties' contribution to
the Baseball Stadium, an amount equal to the following percentage of the Net Proceeds of the
sale that are attributable to any increase in value of the franchise (pro -rated in the case of a sale
of the control interest) (the "County/City Equity Payment"); and
WHEREAS, the City is directing the Independent Auditor General to work in conjunction
with the County Administration to determine the appropriate pro -rata amount, if any, due to the
City, upon the sale of the Marlins;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
City of Miami Page 1 of 2 File ID: 2928 (Revision:) Printed On: 8/28/2018
File ID: 2928
Enactment Number: R-17-0424
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 Independent Auditor is directed to work in conjunction with the Miami -
Dade County Administration to ascertain the appropriate percentage of the proceeds due to the
City from the sale of the Miami Marlins, L.P.
Section 3. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.'
APPROVED AS TO FORM AND CORRECTNESS:
1
i ria i �-ndez, City Httor ey 9/5/2017
If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) 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 File ID: 2928 (Revision:) Printed on: 8/28/2018