93-20971 Reso RESOLUTION NUMBER 93-20971
A RESOLUTION OF THE MAYOR AND CITY COMMISSION AUTHORIZING
THE ADMINISTRATION TO PROCEED WITH THE MOSAIC MUSEUM'S
REQUEST FOR A LOAN IN THE AMOUNT OF $500, 000 FROM RESORT
TAX FUNDS TO ASSIST IN THE RENOVATION OF CONGREGATION
BETH JACOB AS A PERMANENT HOME FOR THE MOSAIC COLLECTION.
WHEREAS, the City of Miami Beach is supportive of the efforts
by Mosaic, Inc . to renovate the facility known as Congregation Beth
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Jacob located at 301 Washington Avenue to become a permanent home
of the Mosaic collection; and
WHEREAS, Mosaic, Inc . has requested a loan in the amount of
$500, 000 to facilitate renovations in a timely manner; and
WHEREAS, said funds are available and may be accessed from
Resort Tax funds and will be fully repaid within ten years in
accordance with the terms described in the attached memorandum.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that :
1 . The Mayor and City Commission hereby authorize the
Administration to proceed with the Mosaic Museum' s request for a
loan from Resort Tax Funds in the amount of $500, 000, based on
terms expressed in the memorandum attached hereto as "Exhibit A" .
2 . Any loan agreement between t - ity and Mosa ' c, Inc . shall
be reviewed and approved by the Mayo and City Commssion.
PASSED AND ADOPTED this 17A day of No e;be, 1993 .
Ad\ 4
MAYOR
ATTEST:
FORM APPROVED
LA / EPT.
CITY CLERK EG` �� �9O
By d �!
RMC/MD: svh Date 7/ / /6^ / _.3
` . CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
OFFICE OF THE CITY MANAGER TELEPHONE: (305) 673-7010
• - FAX: (305) 673-7782
COMMISSION MEMORANDUM NO. - ,.3
TO: Mayor Seymour Gelber and DATE: November 17 , 1993
Members of the City Commission
FROM: Roger M.
City Manage
SUBJECT: AUTHORIZATION TO PROCEED WITH THE MOSAIC MUSEUM'S
REQUEST FOR A $500, 000 LOAN FROM THE CITY OF MIAMI
BEACH TO FURTHER ASSIST IN RENOVATION OF THE
CONGREGATION BETH JACOB AS A PERMANENT HOME FOR THE
MOSAIC COLLECTION.
ADMINISTRATION RECOMMENDATION:
The Administration recommends authorization to proceed with the
Mosaic Museum' s request for a $500, 000 loan -from the City of Miami
Beach to complete renovation of the Congregation Beth Jacob as a
permanent home for the Mosaic collection.
BACKGROUND:
In Commission Memorandum No. 531-93 , dated September 22, 1993 , a
copy of which is attached, the request for a loan in the amount of
$500, 000 was discussed and referred to the Finance Committee for
review. At the October 12, 1993. meeting, the Finance Committee
authorized the Administration to proceed to discuss this matter •
with representatives of Mosaic, Inc .. and present a conceptual plan
to the Commission on the terms and conditions of this loan.
On November 3 , 1993, the Administration met with representatives of
Mosaic, Inc. to discuss the terms of this loan. The conceptual
plan consists of a loan in the amount of $500, 000 from Resort Tax
Funds . Mosaic, Inc . will obtain pledges and a Letter of Credit as
guarantees to the City insuring repayment of the loan. A ten year
loan with an adjustable rate of interest was proposed with 4%
interest only payment the first year, 5% interest plus $25, 000
principle payment the second year, and the payment for the
remaining eight years to consist of interest at prime not to exceed
8% with a principle amount at $59, 375 per year.
Pending Commission approval-of this concept, the City will initiate
preparation of loan documents . These documents will be submitted
to the Commission for approval at the December 15, 1993 meeting.
CONCLUS I ON:
This loan will enable the museum to be completed no later than
December 1994 . It is an appropriate use of Resort Tax Funds to
develop tourism-related facilities such as the Mosaic Museum and,
in this case, those funds will be repaid with interest .
RMC/MD/sh
Attachments g7
AGENDA
ITEM 1 l lllJ/J��VJJ
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DATE HIr793