Letter from Raul Aguila
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OFFICE OF THE CITY ATTORNEY
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MURRAY H. DUBBIN
City Attorney
Telephone:
TeJecopy:
(305) 673-7470
(305) 673-7002
May 29, 2001
Burton Harrison
109 4th Terrace
Rivo Alto Isle
Miami Beach, Florida 33139
Via Facsimile (305) 672-5133
Re: Bass Museum Pledge Agreement / Assignment of Pledges
Schedule of Pledges and Grants Requested, dated February 13,2001
Dear Burt:
As you know, pursuant to Paragraph 6 of the above-referenced Agreement, the Friends of
the Bass Museum, Inc. (Friends) are to provide the City's Finance Director with a certified audit,
representing the total amount of the Pledges and a reconciliation of all payments received against
such Pledges, through the date of delivery. We are in receipt of the Schedule of Pledges and Grants,
dated February 13,2001, and prepared by Celia Suarez, Certified Public Accountant, on behalf of
the Friends.
Pursuant to my meeting with Finance Director Patricia Walker today, regarding Ms. Suarez's
February 13,2001 document, we would respectfully request you or your designee's responses to
the following pending questions:
1. Pursuant to Paragraph 3 of the Agreement, the Friends committed to raising
$2,294,678.00 as its contribution towards the Bass Museum Restoration/Expansion
Project; this amount would be remitted to the City via a contribution of Pledge
Agreements to be assigned to the City, and through payment of cash on-hand, upon
execution of the Agreement, in the amount of $459,092.001. The balance due on the
Pledges, as reflected in Ms. Suarez's February 13, 2001 Schedule, totals
$604,891.00. Therefore, based on the Pledges at issue in the Agreement and
referenced in Ms. Suarez's document, as well as the anticipated cash on-hand, the
1 This amount represents a credit, in the amount of $98,908.00 for the purchase of
furniture, fixtures, and equipment and signage, from the original number of $558,000.00.
1700 Convention Center Drive -- Fourth Floor -- Miami Beach, Florida 33139
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Friends are only providing a total of $1,162,891.00 to the City, toward their
obligation. In reviewing the above with Ms. Walker, we show an outstanding
balance due of$I,132,603.00, with regard to the Friends outstanding commitment
(i.e. $2,294,678) pursuant to the Agreement.
How will the remaining balance of the Friends' commitment, as set forth above,
be satisfied?
2. Notwithstanding the above, we are aware that the Lesieur Foundation Pledge
stipulates that the Friends is to receive a one-sixth interest in the net income of the
Foundation, which is estimated to be in excess of $50,000 per year, in perpetuity.
Using the income from this Trust, however, the outstanding balance of$I,132,603.00
would be satisfied in 22.6 years.
What other sources do the Friends anticipate using to satisfy the outstanding
sum within a more reas<fnable (i.e. shorter) timeframe?
Should you have any questions or comments regarding the above, please refer your questions
directly to Ms. Walker. Additionally, please be advised that Assistant City Manager Mayra Diaz
Buttacavoli has placed the matter of the audit on the Finance and Citywide Project Committee
meeting on May 30, 2001, at 3:00 p.m., in the City Manager's Small Conference Room.
On a personal note, my best regards to you and Lydia.
~trulY yours,
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Raul J. ~~i~
First Assistant City Attorney
cc: Commissioner Nancy Liebman
yMayra Diaz Buttacavoli, Assistant City Manager
Patricia Walker, Finance Director
Diane Camber, Director of Bass Museum of Art
Peter McElwain, Asst. Director of Bass Museum of Art
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OFFICE OF THE CITY ATTORNEY - 1700 CONVENTION CENTER DRIVE - MIAMI BEACH, FLORIDA 33139