2001-24633 RESO
RESOLUTION NO, 2001-24633
A RESOLUTION OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH FORGIVING PRINCIPAL
PAYMENTS ON A LOAN FROM THE CITY OF MIAMI BEACH
TO THE SANFORD L. ZIFF JEWISH MUSEUM, IN THE
AMOUNT OF $60,000, DUE DURING FISCAL YEAR 2001-2002;
PROVIDED THAT TillS RESOLUTION SHALL NOT BE
CONSTRUED TO WAIVE ANY PAYMENTS DUE IN ANY
FISCAL YEAR OTHER THAN FISCAL YEAR 2001-2002, AND
SHALL NOT BE CONSTRUED TO WAIVE ANY OTHER
PROVISIONS OF THE CITY'S LOAN TO THE MUSEUM.
WHEREAS, the Sanford L. Ziff Jewish Museum (the 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; and
WHEREAS, the current principal amount outstanding IS $106,087 and the
Museum has been timely with all payments; and
WHEREAS, on February 17, 1999 the Mayor and City Commission approved
changes to the terms of the loan agreement as follows: I) 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; and
WHEREAS, on October 20, 1999, the Mayor and City Commission forgave the
principal payment due during FY 99-00 in the amount of $60,000 and reduced the
outstanding principal balance from $226,087 to $166,087.
WHEREAS, additionally, 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
reduced the outstanding principal balance from $166,087 to $106,087.
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 and $65,000 in FY 00-01; and
WHEREAS, a grant of $75,000 is included in the proposed FY 2001-2002
Resort Tax Fund Budget which was adopted by the Mayor and City Commission on
September 21, 200 I, and
WHEREAS, the Museum requested that the City provide additional financial
assistance by forgiving the principal payments due during FY 01-02 in the amount of
$60,000, in addition to providing a grant of $75,000 for FY 01-02. 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.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH that the principal payments,
totaling $60,000, which are due from the Museum in Fiscal Year 2001-2002 are waived
and forgiven provided that this Resolution shall not be construed to waive any payments
due in any Fiscal Year other than Fiscal Year 2001-2002, and shall not be construed to
waive any other provisions of the City's loan to the Museum.
This Resolution shall become effective immediately upon its adoption.
PASSED and ADOPTED this 17" day of 0
MAYOR
, 2001.
ATTEST:
~~ rQJv~
CITY CLERK
APPROJEDMlO
FORM &LANGUAGa
. FOR EXECUTION
j~,~ r~C:
City Attorney
Date
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
WWW.ci.miami-beach.fl.us
COMMISSION MEMORANDUM
To:
Mayor Neisen O. Kasdin and
Members of the City Commission
Date: October 17, 2001
From:
Jorge M. Gonzalez ~ . ~
City Manager 0 f" . 0
Subject:
A RESOLUTION OF THE MAYOR AND THE 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 $60,000 DUE DURING FISCAL YEAR 2001-2002.
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: I) 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 payment due during FY 99-00
in the amount of $60,000 and reduced the outstanding principal balance from $226,087 to $166,087.
Additionally, 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 reduced the outstanding principal balance from $166,087 to $106,087.
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, $65,000 in FY 99-00 and $65,000 in FY 00-01. A grant of
$75,000 is included in the proposed FY 01-02 Resort Tax Fund Budget which was adopted by the Mayor and
City Commission on September 21, 2001.
AGENDA ITEM C. 7 I(
DATE (()-I7-of
ANALYSIS
The Jewish Museum requested that the City provide additional financial assistance by forgiving the principal
payments due during FY 01-02 in the amount of $60,000, in addition to providing a grant of $75,000 for FY
01-02. 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.
~.