117-92 RDA
RESOLUTION NO.
117-92
A RESOLUTION OF THE MIAMI BEACH REDEVELOPMENT AGENCY
PROVIDING AUTHORITY FOR PAYMENT OF $33,333 PER MONTH
TO THE CITY OF MIAMI BEACH FOR MANAGEMENT FEES OF
PRIOR AND FUTURE PERIODS UNTIL THE OBLIGATION IS
BROUGHT TO A CURRENT STATUS.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE BOARD OF DIRECTORS
OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that the Board hereby approves
the payment of $33,333 per month to the City of Miami Beach until the
obligation to the City is brought to a current status.
PASSED and ADOPTED this 20th day
, 1992.
ATTEST:
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FORM APPROVED
lE~ DEPT.
By~~
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Date , /
Miami Beach
Redevelopment Agency
1700 Convention Center Drive
Miami Beach, Florida 33139
REDEVELOPMENT AGENCY MEMORANDUM NO. 92-17
FROM:
Chairman Seymour Gelber and
Members of the Board of Directors
Roger M. Carlton P AA J /J
Executive DirectotJ~ ~\Ai/;v&::::-
DATE: May 20, 1992
TO:
SUBJECT: AUTHORIZATION TO ESTABLISH A PAYMENT PLAN
TO REPAY THE CITY OF MIAMI BEACH FOR
MANAGEMENT FEES AT A REPAYMENT RATE OF
$33,333 PER MONTH UNTIL THE ACCOUNT
BECOMES CURRENT
ADMINISTRATION RECOMMENDATION:
The Administration recommends that the Board of Directors
approve this repayment plan allowing the Agency to become
current with the City of Miami Beach in approximately 29
months.
BACKGROUND:
Management Agreements between the Agency and the City of
Miami Beach for fiscal years 1990, 1991 and 1992 were
executed in the amounts of $186,558.83, $170,000.00,
$200,000.00, respectively. Prior year management fees
have been paid in full. It is anticipated that the fiscal
1993 management fee will be $200,000.00. In order to pay
the City of Miami Beach within an acceptable time frame
until the account becomes current, it is proposed that the
Agency pay $33,333 per month beginning with May 1992 to
bring the account current by August 1994. At that time a
new monthly payment will be established based on the
prevailing management fee at that time to keep repayment
on a current basis.
ANALYSIS:
Repayment of this obligation at a rate of $33,333 per
month would take 28.8 months to bring the obligation
current, assuming management fee for fiscal 1993 and 1994
remain at the current level of $200,000.00 per year.
CONCLUSION:
The proposed amount of repayment will satisfy the need to
repay the City of Miami Beach in a planned manner while
not inhibiting the Agency from meeting its other financial
obligations.
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