Agreement 9/28/1995
~
AGREEMENT
TIllS AGREEMENT is made and entered into as of the :2 <( day of September, 1995,
by and between the City of Miami Beach (the "City"), and Greater Miami Convention and Visitors
Bureau, Inc., a Florida not-for-profit corporation (the "Bureau").
WITNESSETH:
WHEREAS, the Bureau currently received revenue ("Bureau Revenue") from the City ("City
Revenue") pursuant to that certain Interlocal Agreement dated September 30, 1993, by and among
the City, the Bureau, Dade County, the City of Miami, and the village ofBal Harbour (the "Interlocal
Agreement"); and
WHEREAS, the parties have agreed to certain matters in connection with City Revenue
payable under the lnterlocal Agreement as herein set forth.
NOW, THEREFORE, in consideration of the sum of ten dollars ($10) and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, as well as in
consideration of the mutual covenants and agreements contained herein, the parties, intending to be
legally bound, hereby acknowledge and agree as follows:
1. Beginning October 1, 1995, the $125,000 revenue collection costs referred to in
Section 2.01(b) of the Interloca1 Agreement shall be changed to be an amount equal
to four percent (4%) of the gross revenues collected which shall be deducted prior
to distribution of such Revenue.
2. The Bureau's Nominating Committee and leadership will continue its efforts to have
representative membership from Miami Beach on Bureau Boards and Committees.
3. Upon the delivery to the Bureau of an office to be provided by the City in the Miami
Beach Convention Center, the Bureau will staff such office during normal working
hours with one (1) full-time person to provide, primarily, convention sales.
4. Bureau Revenue for purposes of the Interlocal Agreement shall not include the
Bureau's share of the 1% additional bed tax approved by referendum that will go into
effect upon the execution by the City of the Developer's Contract for the Loews Hotel
project (the "Developer's Contract"), but Bureau Revenue shall include the 2% city
wide resort tax revenue, whether generated by the Loews Hotel project, or otherwise,
and any agreements or letters to the contrary are hereby cancelled.
5. To support the Loews Hotel project, in the event the City issues bonds for the Loews
Hotel project ("Bonds"), the Bureau will make three (3) annual contributions of
$900,000 each towards payment of City's required payments on the Bonds. Said
payments shall be due and payable one (1) week prior to the dates on which the City
is required to make its annual payments on the Bonds, the first of which is anticipated
1
. . (
to occur some time early in the calendar year 1996, The City shall provide a
resolution and whatever other documentation is reasonably necessary to assist the
Bureau in obtaining financing for said payments, including, without limitation, a
certification that the City shaIl not terminate the Interlocal Agreement during the term
of this Agreement. The obligation to make such payments shaIl not be effective unless
and until the Developer's Contract is entered into, and such payments shall not be
effective unless and until the Developer's Contract is entered into, and such payment
obligation, and this Agreement in its entirety, shall cease and expire three (3) years
after the date hereof,
6. The Bureau shall give strong consideration to properties made available by the City
in deciding where to move the Bureau's offices in the future.
IN WITNESS WHEREOF, the parties hereto have hereunto set their respective hands and
seals as of the day and year first above written,
Attest:
BEACH
Mayor
FORM APPROVED BY
LEGAL DEPARTMENT:
a:!!f:::; ~
GREATER MIAMI CONVENTION AND
VISITQ BUREAU, INC., a
Florid 'n t-f1 profit corporation
Merrett R. Stierheim
President and Chief
Executive Officer
JGP:RJN:jh
f\cmJr\$all:tomm-mem.9S\gmevb.1Il
2