2002-25016 Reso
RESOLUTION NO. 2002-25016
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA FORGIVING THE PRINCIPAL PAYMENTS
ON A LOAN FROM THE CITY OF MIAMI BEACH TO THE SANFORD L.
ZIFF JEWISH MUSEUM IN THE AMOUNT OF $46,087 DUE DURING
FISCAL YEAR 2002/2003.
WHEREAS, the Sanford L. Ziff Jewish Museum ("Museum") is an important cultural
institution of the City of Miami Beach ("City") which, during its short existence, has provided
substantial, continuing benefits to our citizens and visitors and has enriched the cultural life
of our community; and
WHEREAS, on March 16, 1994, the Mayor and City Commission approved a Loan
Agreement with the Museum in the amount of $500,000 to facilitate renovations for
Congregational Beth Jacob which is the permanent home for the Mosaic collection; and
WHEREAS, on February 17, 1999, the Mayor and City Commission approved
changes to the terms of the Loan Agreement with the Museum as follows: (1) applied
interest payments totaling $93,913 to reduce the outstanding principal from $380,000 as
of December 31, 1998 to $286,087; (2) forgave principal payments for Fiscal Year 1998-
1999, in the amount of $60,000 and reduced the outstanding balance by the amount of
such principal requirements from $286,087 to $226,087; (3) waived all future interest
payments; and (4) agreed that there would be eight semi-annual payments of principal
only, seven in the amount of $30,000 and the final payment of $16,087; and
WHEREAS, on October 20, 1999, the Mayor and City Commission forgave the
principal payments due during FY 99/00, in the amount of $60,000 and thereby reduced
the outstanding balance on the loan from $226,087 to $166,087; and
WHEREAS, on October 18, 2000, the Mayor and City Commission forgave the
principal payment due during FY 00/01 in the amount of $60,000 and thereby reduced the
outstanding principal balance on the loan from $166,087 to $106,087; and
WHEREAS, additionally, on September 21, 2001, the Mayor and City Commission
forgave the principal payments during FY 01/02 in the amount of $60,000 and thereby
reduced the outstanding principal balance on the loan from $106,087 to $46,087; and
WHEREAS, the current principal amount outstanding on the loan from the City to
the Museum is $46,087 and the Museum has been timely with all the payments that have
been required to date; and
WHEREAS, the City has provided assistance to the Museum in the form of grants
of $115,000 in FY 95/96; $150,000 in FY 96/97; $150,000 in FY 97/98; $65,000 in FY
99/00; $65,000 in FY 00/01; and $60,000 in FY 01/02; and
WHEREAS, a grant of $60,000 is included in proposed FY 2002/2003 Resort Tax
Fund Budget, which was adopted by the Mayor and City Commission on September 26,
2002; and
WHEREAS, the Museum requested that the City provide additional financial
assistance by forgiving the principal payments due during FY 02/03, in the amount of
$46,087 which represent the final payments on this loan, in addition to providing a grant
of $60,000 for FY 02/03; and
WHEREAS, this funding will assist in developing unique exhibits for the Museum,
as well as provide for the continued maintenance and improvements of its facilities.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH that the principal payments, totaling
$46,087, which are due from the Museum to the City in FY 2002/2003 are hereby waived
and forgiven.
This Resolution shall become effective immediately upon its adoption.
PASSED and ADOPTED this 26 th d Y f
ATTEST:
c~~lOAlk
APPROVED M 10
FORM aLANGUAGI
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CITY OF MIAMI BEACH
COMMISSION ITEM SUMMARY
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Condensed Title:
A Resolution Of The Mayor And City Commission Of The City Of Miami Beach Forgiving Principal
Payments On The Loan From The City Of Miami Beach To The Sanford L. Ziff Jewish Museum, In The
Amount Of $46,087 Due During Fiscal Year 2002/2003.
Issue:
Shall the Mayor and Commission of the City of Miami Beach forgive the final principal payments on the
loan from the City of Miami Beach to the Sanford L. Ziff Jewish Museum, in the amount of $46,087.
Item SummarY/Recommendation:
On February 17, 1999 the Mayor and City Commission approved changes to the terms of the loan
agreement. 1) Applied interest payments totaling $93,913 to reduce the outstanding principal from
$380,000 as of December 31,1998 to $286,087; 2) forgave principal payments for FY 98/99 in the amount
of $60,000 and reduced the outstanding principal balance from $286,087 to $226,087; 3) waived all future
interest payments; and 4) agreed that there would be eight semi-annual payments of principal only, seven
in the amount of $30,000 and the final payment of $16,087.
On October 20,1999, the Mayor and City Commission forgave the principal payments due during FY 99/00
in the amount of $60,000 and reduced the outstanding principal balance from $226,087 to $166,087. On
October 18, 2000, the Mayor and City Commission forgave the principal payments due during FY 00/01 in
the amount of $60,000 and reduced the outstanding principal balance from $166,087 to $106,087.
Additionally, on September 21 , 2001, the Mayor and Commission forgave the principal payments due during
FY 01/02 in the amount of $60,000 and reduced the outstanding principal balance from $106,087 to $46,087.
The administration is recommending forgiving the principal payments due during FY 02/03 in the amount
of $46,087, which represents the final payments due on this loan.
Advisory Board Recommendation:
I
Financial Information:
Source of
Funds:
D
Finance Dept.
City Clerk's Office Legislative Tracking:
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AGENDA ITEM
DATE
R7M
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CITY OF MIAMI BEACH
1700 CONVENTION CENTER DRIVE, MIAMI BEACH FL 33139-1824
http:\\ci.miami-beach.f1.us
COMMISSION MEMORANDUM
SUBJECT:
Mayor David Dermer and
Members of the City Commission
Jorge M. Gonzalez 't-~
City Manager 0 v d
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH FORGIVING PRINCIPAL PAYMENTS ON THE LOAN
FROM THE CITY OF MIAMI BEACH TO THE SANFORD L. ZIFF JEWISH
MUSEUM, IN THE AMOUNT OF $46,087 DUE DURING FISCAL YEAR
2002/2003.
DATE: September 26,2002
TO:
FROM:
RECOMMENDATION
Adopt the Resolution.
BACKGROUND
The Sanford L. Ziff Jewish Museum (the Jewish Museum) is an important cultural institution
of the City of Miami Beach, which, during its short existence, has provided substantial,
continuing benefits to our citizens and visitors and has enriched the cultural life of our
community.
On March 16, 1994 the Mayor and City Commission approved a loan in the amount of
$500,000 from Resort Tax Funds to the Jewish Museum (MOSAIC, Inc.), to facilitate
renovations for Congregation Beth Jacob located at 301 Washington Avenue within the city
limits. This facility is the permanent home for the MOSAIC collection.
On February 17, 1999 the Mayor and City Commission approved changes to the terms of
the loan agreement as follows: 1) applied interest payments totaling $93,913 to reduce the
outstanding principal from $380,000 as of December 31, 1998 to $286,087; 2) forgave
principal payments for FY 98/99 in the amount of $60,000 and reduced the outstanding
principal balance from $286,087 to $226,087; 3) waived all future interest payments; and
4) agreed that there would be eight semi-annual payments of principal only, seven in the
amount of $30,000 and the final payment of $16,087.
On October 20, 1999, the Mayor and City Commission forgave the principal payments due
during FY 99/00 in the amount of $60,000 and reduced the outstanding principal balance
from $226,087 to $166,087. On October 18,2000, the Mayor and City Commission forgave
the principal payments due during FY 00/01 in the amount of $60,000 and reduced the
outstanding principal balance from $166,087 to $106,087. Additionally, on September 21,
2001, the Mayor and Commission forgave the principal payments due during FY 01/02 in
the amount of $60,000 and reduced the outstanding principal balance from $106,087 to
$46,087.
Further, the City has provided assistance to the Jewish Museum in the form of grants of
$115,000 in FY 95/96, $150,000 in FY 96/97, $150,000 in FY 97/98, and $65,000 in FY
99/00, and $65,000 in FY 00/01, and $60,000 in FY 01/02. A grant of $60,000 is included
in the proposed FY 02/03 Resort Tax Fund.
ANALYSIS
The Jewish Museum requested that the City provide additional financial assistance by
forgiving the principal payments due during FY 02/03 in the amount of $46,087 which
represents the final payments due on this loan, in addition to providing a grant of $60,000
for FY 02/03. This funding will assist in developing unique exhibits for the Jewish Museum
as well as provide for the continued maintenance and improvement of their facilities.
CONCLUSION
Adopt the Resolution.
JMG:PDW:rvd
F:\FINA\$DIR\Commission Memos\Jewish Museum Memo02.doc
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CITY OF MIAMI BEACH, FLORIDA
RESORT TAX FUND LOAN TO MOSAIC MUSEUM
LOAN REPAYMENT SCHEDULE
Payment Date
Due Payment Payment Payments/ Payments Receivable
Date Amount Received Adjustments Waived Balance
$500,000.00
06/30/95 06/29/95 $6,487.45 $493,512.55
12/31/95 12/27/95 $10,000.00 $483,512.55
06/30/96 06/28/96 $27,500.00 $456,012.55
12/31/96 12/30/96 $27,125.00 $428,887.55
06/30/97 06/27/97 $48,800.00 $380,087.55
12/31/97 12/30/97 $47,600.00 $332,487.55
06/30/98 07/06/98 $46,400.00 $286,087.55
12/31/98 $30,000.00 $256,087.55
06/30/99 $30,000.00 $226,087.55
12/31/99 $30,000.00 $196,087.55
06/30/00 $30,000.00 $166,087.55
12/31/00 $30,000.00 $136,087.55
06/30/01 $30,000.00 $106,087.55
12/31/01 $30,000.00 $76,087.55
06/30/02 $30,000.00 $46,087.55
12/31/02 $30,000.00 $16,087.55
06/30/03 $16,087.55 $0.00
$0.00 $213,912.45 $286,087.55
Revised: September 23, 2002
F:\DENISE\FINANCE\MISC\MOSIAC