252-96 RDARESOLUTION NO. 252-96
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY CRDA'') PROVIDING THAT RDP
ROYAL PALM HOTEL LIMITED COMPANY CRDP'') SHALL HAVE
UNTIL NOVEMBER 20, 1996 WITHIN WHICH TO PROVIDE THE RDA
WITH EVIDENCE OF ITS FINANCIAL ADEQUACY WITH REGARD TO
ITS PROPOSAL CONCERNING THE ROYAL PALM AND SHORECREST
HOTEL DEVELOPMENTS.
WHEREAS, RDP Royal Palm Hotel Limited Company CRDP'') submitted a bid in response
to Request for Proposals No. 45 95/96 (the "RFP") relating to an African-American owned hotel
project; and
WHEREAS, the Miami Beach Redevelopment Agency (the "RDA") ranked RDP first in the
bidding process conceming the RFP; and
WHEREAS, since the RDA ranking, RDP has had discussions with Arthur Courshon,
Chairman of the Hotel Negotiating Committee, and Tishman Hotel Corporation CTishman")
conceming various financial, design and other issues; and
WHEREAS, both Mr. Courshon and Tishman stated to the RDA at its September 25, 1996
meeting that, among other things, there are financial issues still unresolved concerning the Royal
Palm and Shorecrest Hotel developments, including, but not limited to, insufficient equity and/or
debt funding; and
WHEREAS, members of the RDA have indicated to RDP and the public their desire to
have an expedited negotiation and development process relating to the Royal Palm and Shorecrest
Hotel developments; and
WHEREAS, the RDA has determined that it is necessary for RDP to resolve all financial
issues by November 20, 1996.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY that:
1. RDP shall have until November 20, 1996 within which to provide the RDA with
evidence of its financial adequacy with regard to its proposal concerning the Royal Palm and
Shorecrest Hotel developments.
PASSED and ADOPTED this 251h day
This Resolution shall take effect immediately upon s adoption.
of September
6LA-CLuL ' FORM'A" P' OVED
SECRETARY
AITMcw(f:\atto\tacaNresos~dpext. rda)
,, REDEVELOPMENI AGENCY
GENERAL COUNSEL
Date /