99-23357 RESO
RESOLUTION NO. 99-23357
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 1999-2000
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, on March 16, 1994 the Mayor and City Commission approved a loan in the
amount of $500,000 from Resort Tax Funds to the Museum to facilitate renovations for
Congregation Beth Jacob located at 301 Washington Avenue within the city limits, which facility
is the permanent home for the MOSAIC collection; and
WHEREAS, the current principal amount outstanding is $226,087 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 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, the City has provided assistance to the Museum in the form of grants of
$115,000 in Fiscal Year 1995-1996; $150,000 in Fiscal Year 1996-1997, and $150,000 in Fiscal
Year 1997-1998; and a grant to the Museum of$65,000 was included in the Fiscal Year 1999-2000
Resort Tax Fund Budget as approved by the Mayor and City Commission on September 22,1999;
and
WHEREAS, the Museum requested that the City provide additional financial assistance by
forgiving the principal payments due during Fiscal Year 1999-2000 in the amount of $60,000; and
this funding will assist in developing unique exhibits for the 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 totalling
$60,000 which are due from the Museum in Fiscal Year 1999-2000 is waived and forgiven provided
that this Resolution shall not be construed to waive any payments due in any Fiscal Year other than
Fiscal Year 1999-2000, 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 this20thday of
October
1999.
ATTEST:
cf~t fcu~
C Y CLERK
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
At(~
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Date
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2
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
http \\ci miami-beach.fl us
COMMISSION MEMORANDUM NO. I ~~-~~
TO:
Mayor Neisen Kasdin and
Members of the City
DATE: October 20,1999
FROM:
Sergio Rodriguez
City Manager
SUBJECT:
A RESOLUTI N F 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 1999-2000.
RECOMMENDA TION
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. The current principal amount outstanding is
$226,087 and the Jewish Museum has been timely with all payments.
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 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.
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, and $150,000 in FY 97-98. A grant to the Jewish Museum of
$65,000 was included in the FY 99-00 Resort Tax Fund Budget as approved by the Mayor and City
Commission on September 22,1999.
AGENDA ITEM C I 8-
DATE~b"'2D~~
ANALYSIS
The Jewish Museum requested that the City provide additional financial assistance by forgiving
the principal payments due during FY 99-00 in the amount of $60,000. 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.
~dP
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