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98-22852 RESO RESOLUTION NO. 98-22852 A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, APPROVING A REPAYMENT PLAN BETWEEN THE CITY OF MIAMI BEACH AND FLORIDA INTERNATIONAL UNIVERSITY, ON BEHALF OF THE WOLFSONIAN FOUNDA TION, INC., IN SETTLEMENT OF THE $500,000 LOAN, AS EVIDENCED IN THAT CERTAIN REAL ESTATE PROMISSORY NOTE, DATED AUGUST 30, 1996, CURRENTLY HELD BY THE CITY, AS LENDER, AGAINST THE WOLFSONIAN FOUNDATION, INC., AS BORROWER; SAID LOAN TO BE REPAID IN TWO (2) PARTS, WITH THE FIRST PAYMENT OF $250,000 DUE ON SEPTEMBER 30, 1998, AND WITH THE REMAINING PAYMENT OF $250,000, TO BE PAID BY SEPTEMBER 30,1999; APPROVING SAID REPAYMENT PLAN AS A REPAYMENT OF THE PRINCIPAL DUE UNDER THE NOTE, AND WAIVING ANY ACCRUED DEFAULT INTEREST THEREIN; AUTHORIZING THE CITY ATTORNEY'S OFFICE TO PREPARE ANY AND ALL NECESSARY DOCUMENTS TO EFFECTUA TE SAID REPAYMENT; AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAID DOCUMENTS ON BEHALF OF THE MAYOR AND CITY COMMISSION. WHEREAS, on July 1, 1996, the City provided a loan, in the amount of $500,000, to the Wolfsonian Foundation, Inc. (Wolfsonian), a Florida not-for-profit corporation, having its address at 101 Washington Avenue, Miami Beach, Florida, as evidenced by the Real Estate Promissory Note (Note) attached and incorporated herein as Exhibit A; and WHEREAS, as collateral to secure the Note, the City took back a mortgage on that certain property owned by the Wolfsonian, known as the Miami Beach Women's Club Property, located at 24th Street and Pine Tree Drive (Property); and WHEREAS, the Wolfsonian is in the continuous process of making arrangements with Florida International University (FlU) to secure the future of the Wolfsonian on Miami Beach; and WHEREAS, both the W olfsonian and FlU have an interest in eliminating the Wolfsonian's financial obligation to the City, as evidenced by the Note and mortgage, because FlU is a state public institution, and cannot assume liability for any debts of the W olfsonian; and WHEREAS, pursuant to the Note, the entire principal, in the amount of $500,000, was due and payable on March 1, 1997; and WHEREAS, this amount remains outstanding and the issue of repayment, in the form of either repayment of the $500,000 loan amount or pursuant to the City's recapture of the Property subject to the terms of the Note and mortgage, has been discussed by the Administration and members of the Mayor and City Commission, on various occasions including, but not limited to: the Capital ImprovementslFinance Committee meeting of October 23, 1996; that Committee's Capital Improvements/Finance Committee mccting of October 23, 1996; that Committee's meeting again on February 25, 1997; a written report via Commission Memorandum No. 148-97 submitted to the Mayor and City Commission on March 5, 1997; a Resolution attached to Commission Memorandum No. 203-97, submitted to the Mayor and City Commission at their regular meeting of March 19, 1997; and the Finance/City Wide Projects Committee meeting on May 28, 1998; and WHEREAS, no action has been taken to date, but, as evidenced by a letter, dated June 26, 1998, by Paul Gallagher, Executive Director for the FlU Foundation, Inc., and attached and incorporated herein as Exhibit B, FlU and the Wolfsonian have been meeting with the Administration and propose therein to repay the principal amount due under the Note, in the amount of $500,000, with a first payment of $250,000 to be made by September 30, 1998, and with the remaining $250,000 to be made by September 30, 1999; and WHEREAS, the above repayment schedule only provides for a payment of the principal amount due under the Note, and does not contemplate repayment of any accrued default interest that would be due the City under the terms of the Note, as of the maturity date of the Note on March 1, 1997. NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City Commission herein approve a repayment plan between the City of Miami Beach and Florida International University, on behalf ofthe Wolfsonian Foundation, Inc., in settlement of the $500,000 loan, as evidenced in that certain Real Estate Promissory Note, dated August 30, 1996, currently held by the City, as lender, against the Wolfsonian Foundation, Inc., as borrower; said loan to be repaid in two (2) parts, with the first payment of $250,000 due on September 30, 1998, and with the remaining payment of $250,000, to be paid by September 30, 1999; approve said repayment plan as a repayment of the principal due under the Note, and waive any accrued default interest therein; authorize the City Attorney's Office to prepare any and all necessary documents to effectuate said repayment; and authorize the City Manager to execute said documents on behalf of the Mayor and City Commission. PASSED and ADOPTED this 15th day of July , 1998. ATTEST: ~!4 MAYOR ! ~~ CITY CLERK F:IATTOIAGURIRESOSIWOLFSON.RPV APPROVED AS TO FORM & lANGUAGE & FOR EXECUTION 2 ~~ ity Attorney (;~~dIJR ate Florida International University Office of the Vice President June 26, 1998 Mr. Sergio Rodriguez Miami Beach City Manager City Hall 1700 Convention Center Drive Miami Beach, Florida 33139 Dear Sergio: Thank you for meeting with Cathy Leffand me regarding the City's loan to the Wolfsonian. As discussed, with your agreement, it is our intent to repay the loan in two parts. The first payment of $250,000 will be made by September 30, 1998 with the remaining $250,000 paid by September 30, 1999. Again, thank you for your assistance in this matter. We continue to work to make the W olfsonian- FIU one of Miami Beach's prized assets. C: President Modesto Maidique Patricia Frost Cathy Leff University Advancement University Park, Miami, Florida 33199 . (305) 348-2448 Equ.u Opportunity/Equal Access Employer and Insurutlon REAL ESTATE PROMISSORY NOTE $500,000.00 August 30 , [996 Miami, Florida Lender: THE CITY OF tvfIAlvU BEACH, a political subdivision incorporated under the laws of the St~te of Florida, (hereinafter termed "Lender"), having an address c/o City Manager, 1700 Convention Center Drive, Miami Beach, Florida 33139. Borrower(s): THE WOLFSONIAl'l' FOUNDATION, INC., a Florida not for profit corporation, having an address of 100 1 Washington A venue, Miami Beach, Florida 33139. FOR VALUE RECEIVED: to wit, money loaned, the above-named, the undersigned Borrower, jointly and severally (if more than one Borrower), promisees) to pay to the order of Lender at its office in the above city, or wherever else Lender may specify, the principal sum of Five Hundred Thousand and No/lOa Dollars ($500,000.00), or so much of the aggregate unpaid principal amount thereof as is advanced by Lender and shall then be outstanding, in la'NtUI money of the United States of America on the Maturity Date (as hereinafter defined). RATE OF INTEREST. So long as an Event of Default (as hereinafter defmed) does not exist, the outstanding principal balance of this Note shall not bear interest. Notwithstanding the foregoing, upon the occurrence of an Event of Default, at Lender's option, the outstanding principal balance of this Note, together with all other sums due and owing to the Lender pursuant to the terms of this Note, and the Mortgage securing this Note, shall bear interest at the rate of City Bank's Prime Rate as that rate may change from time to time with changes to occur on the date the City Bank's Prime Rate changes (the "Default Rate"). TERlvIS OF PAYMENT. No monthly payments of principal shall be required hereunder, The entire principal owing under this Note shall become due and payable on the first day of March, 1997, (the "Maturity Date"); provided, however, upon the occurrence ofan Event of Default, the outstanding principal, together with accrued but unpaid Default Rate Interest, shall be due and payable immediately upon demand. PREP A YlVIENT. The Borrower shall have the right, at any time or from time to tiffie, to prepay in whole or in part, the loan evidenced by this Note. Partial prepayments shall be applied first against any amounts owed to Lender for expenses incurred by Lender pursuant to the terms of this Note and the mortgage securing this Note, and then to the outstanding principal balance of this Note. -4 ADDITIONAL PROVISIONS Borrower hereby further warrants, covenants, and a~rees, as follows: If the Default Rate exceeds the highest rate al!owed bv the law of the state of Lender's - , office as set forth herein, then the Default Rate shall be the highest rate allowed by law, commencing with and continuing for so long as an Event of Default has occurred and is continuing. Failure by Lender to exercise its option to charge interest at the Default Rate upon an Event of Default, shall not constitute a waiver of the right to exercise the same at any other time. Further, upon the occurrence of an Event of Default and where Lender deems it necessary or proper to employ an anorney to enforce collection of any unpaid balance or to otherwise protect its interests hereunder, then Borrower agrees to pay lender's reasonable anorneys' fees (including appellate costs, if any) and collection costs. Liability for reasonable anorneys' fees and costs shall exist whether or not any suit or proceeding is commenced. Default Interest shall be computed on the basis of a 360-day year for the actual nwnber of days aft~r the Event of Default and through the date of payment in full of the outstanding balance hereunder (or, in the event the cure of the Event of Default is accepted by Lender, in its sole discre.tion, then through the date the Event of Default is cured) Payment of this Note and all obligations of the undersigned Borrower hereunder to Lender, its successors and assigns (the "Obligations"), are secured, inter alia, by a mortgage from Borrower to Lender dated of even date herewith (the "Mortgage"), which encumbers certain real property more particularly described in such Mortgage (the "Property"). The terms of the Mortgage are by this reference incorporated herein. The Property and all of the personal property situated therein secure the Obligations of the Borrower under this Note and under the Mortgage, and are collectively referred to herein as "Collateral", The remedies of Lender as provided herein, and in the Mortgage shall be cumulative and concurrent, and may be pursued singly, successively or together, at the sole discretion of Lender and may be exetcised as often as occasion therefor shall arise. No act of omission or commission of Lender, including specifically any failure to exercise any right, remedy or recourse, shall be effective as a waiver thereof unless it is set forth in a wrinen document executed by Lender and then only to the extent specifically recited therein. A waiver or release with reference to one event shall not be construed as continuing, as a bar to, or as a waiver or release of, any subsequent right, remedy or recourse as to any subsequent event. Borrower and any endorsers, sureties, guarantors, and all others who are, or may become liable for the payment hereof jointly and severally: (a) waive demand, presentment for payment, notice of nonpayment, protest, notice of protest and/or of dishonor, notice of acceleration of maturity upon the occurrence of an Event of Default, and all other notice (unless specifically provided in this Note or in any of the other documents executed in connection herewith or as security herefor), filing of suit and diligence in collecting this Note, in enforcing any of the security rights or in proceeding against the Property; (b) agree to any substitution, exchange, 102415-1 -2- -.... -- addition or release of any of the Property or the addition of re!e:lse of any party or person primarily' or secondarily liable hereon; (c) agree that Lender shall not be required first to institute any suit, or to exhaust his, their or its remedies against Borrower or any other person or party to become liable hereunder or against the Property in order to enforce payment of this Note; (d) consent to any modification, extension, rearrangement, renewal or postponement of time of payment of this Note and to any release, compromise and other indulgence with respect hereto or any security herefor without notice (except for notice to and consent of Borrower for a moditication of this Note not otherwise already agreed to herein); and (e) agree that u.~ey shall be and remain jointly and severally, directly and primarily, liable for all sums due under this Note, the Mortgage, and any other loan document. Default [nterest shall be calculated on the basis of the actual number of davs elaosed - . di vided by 360. At Lender's option, any repayments or this Note, other than by U.S. currency, will not be credited to the outstanding loan balance until Lender receives collected funds. Upon any transfer of this Note, the Lender may deliver the documents securing the Note, and any Collateral or any part thereof in possession of Lender, to the transferee, as well as any subsequent holder hereof who shall thereupon become vested with all the powers and rights herein given to the Lender in respect to the property so transferred and delivered; and the Lender shall thereafter be forever relieved and fully discharged from any liability or responsibility with respect to such property so transferred but with respect to any property not so transferred, the Lender shall retain all rights and powers hereby given. EVENTS OF DEFAULT Borrower shall be in default under this Note upon the happening of any of the following events, circumstances or conditions (herein referred to as an "Event of Default"), namely: (1) Failure of Borrower to pay in full all sums due and payable on the Maturity Date or to fully perform any other monetary obligation set forth in this Note or in the Mo~gage within the time period provided for in the Mortgage; or (2) Default in the payment or performance of any of the Obligations of Borrower to Lender or any a:ffi!iate of Lender, as such Obligations are set forth in the Mortgage, or any other document executed by Borrower, or such affiliate, endorser, guarantor or surety in conjunction herewith, which default continues beyond any notice and/or cure periods, if applicable; or (3) Any warranty, representation or statement made or furnished to Lender by or on behalf of Borrower or any guarantor, endorser, or surety for Borrower in connection with the Note or to induce Lender to make a loan to Borrower which was false in any material respect when made or furnished or has become materially false, if such warranty of Borrower or guarantor, endorser or surety for Borrower was ongoing in narure; or 102415-1 -3- (4) Dissolution, termination of existence, insolvency, business failure, appOlntment of a receiver, custodian, or trustee for any part of the property of, assignment for the be:1.eftt of creditors by, or the commenceme:1.t of any proceeding under any bankruptcy or insolvency laws by or against Borrower, unless with respect to any involuntary proceeding, such proceeding is dismissed within the time period provided for in the Mortgage; or (5) Failure of a corporate Borrower or e:1.dorser, guarantor or surety for said Borrower to maintain its corporate existence in good standing, unless the good standing of Borrower is reinstated \vithin thirty (30) days of the ~ate its corporate existence was terminated; or (6) Upon the entry of any monetary judgment in excess of 5200,000.00, unless the judgment is either satisfied or released within thirty (30) days of the date entered or the Borrower's insurance company has recognized the claim and agreed to payor satisfy the judgment; or the assessment and/or filing of any ta'( lien against Borrower or upon the issuance of any writ of garnishment, judicial seizure of, or attachment against any property of, debts due or rights of Borrower to specifically include commencement of any action or proceeding to seize monies 9f Borrower on deposit in any bank account with Lender; or (7)" Default (beyond any applicable notice andlor cure periods) under the Mortgage or any other agreement executed by Borrower in favor of Lender in connection with or as security for the loan from Lender to Borrower evidenced hereby. REiVIEDIES ON DEFAULT Upon the occurrence of any of the foregoing Events of Default, all of the Obligations evidenced herein and secured hereby shall, at the option of the Lender, immediately be due and payable without notice. Further, Lender shall then have all the rights and remedies of a Secured Party under the Uniform Commercial Code, as adopted by the State of Florida. Without limitation thereto, Lender shall have the following specific rights and remedies: (1) To the extent permitted by law, to take imIDediate possession of the Collateral without notice or resort to legal process; and for such purpose, to enter upon any premises on which the Collateral or any part thereof may be situated and remove the same therefrom; or at its option, to render the Collateral unusable. Further, to the extent permitted by law also at its option, to dispose of said C<:llateral on Borrower's premises. . (2) To require Borrower to assemble the Collateral and make it available to Lender at a place to then be designated by said Lender, which is reasonably convenient to both parties. (3) To dispose of Collateral as allowed by the Uniform Commercial Code, as adopted by the State of Florida, in any county or place selected by Lender, at either private or public sale (at which public sale Lender may be the purchaser) with or without having the Collateral physically present at said site. 102415-1 -4- (4) To make or have made any repairs that Lender deems re:l.sonably necessary or desirable"at time of repossession, possession or sale, the cost of which is to be charged against Borrower. (5) To apply the proceeds realized from disposition of the Collateral to satisfy the following tenns, in the order detennined by Lender, in its sole discretion: (a) The cost of reimbursing any person whose interest in the premises is physically damaged by the entry and removal of the Collateral, upon Borrower's failure to do so; (b) the expense of taking, removing, holding for sale, repairing or othervtise preparing for sale and selling of said Collateral specifically including the Lender's reasonable attorneys' fees (including appellate costs, if any) and both legal and collection expenses; (c) the expense of liquidating any liens, security interests, attachments or encumbrances superior to the security interests herein created; and (d) the expense of advancing monies to cure any default or protect Lender's security as. more specifically provided in the Mortgage; (e) the unpaid principal and all accumulated interest hereunder and to any other debt owed to Lender by any signer hereof. Any surplus, after the satisfaction of the foregoing items (a) through (e) shall be paid to Borrower or to any other party lawfully entitled thereto and known to chis Lender. Further, if proceeds realized from disposition of the Collateral shall fail to satisfy any of the foregoing items (a) through (e), Borrower shall forthwith pay any deficiency balance to Lender. No waivers, amendments of modifications of chis Note shall be valid unless in writing. This Note shall be governed by and construed under the laws of the State of Florida. All terms and expressions contained herein which are defined in Articles 1,3 or 9 of the Uniform Commercial Code as adopted by the State of Florida shall have the same meaning herein as in ; said Articles. No waiver by Lender of any default(s) shall operate as a waiver of any other default or the same default on a future occasion. All rights of Lender hereunder shall inure to the benefit of its successors and assigns, and all obligations of Borrower shall bind its heirs, executors, administrators, successors and/or assigns. If more than one person has signed this instrument, such parties are jointly and severally obligated hereunder. Further, use of the masculine pronoun herein shaH include the feminine and neuter and also the plural. If any provision of this instrument shall be prohibited or invalid u.rlder applicable law, such provision shall be ineffective but only to the extent of such prohibition or invalidity, \Vithout invalidating the remainder of such provision or the remaining provisions of the Agreement. "Agreement" refers to the entire Promissory Note herein. In the case of conflict between the terms of this Agreement and the Mortgage, and/or any docwnent executed in l02415~1 -5- connection therewith, the priority of controlling terms shall be first this Agreement, then the Mortgage, then any other loan document, if any. As used herein, the words, "Borrower" and "Lender" shall be deemed to include Borrower and Lender as defined herein and their respective heirs, personal representatives, successors and assigns. This Note is executed and delivered in Dade County, Florida and shall be construed and enforced in accordance with the laws of the State of Florida. WAIVER OF JURY TRIAL. BY THE EXECUTION HEREOF, BORRO\VER AND LENDER HEREBY KNO'WINGL Y, VOL UNT ARlL Y AJ.'ffi Il"fTENTIONALL Y AGREE, THAT: (Al NEITHER THE BORRO'NER, LENDER NOR AL'fY ASSIGNEE, SUCCESSOR, HEIR, OR LEGAL REPRESENTATIVE OF AL'fY OF THE SAl't1E SaUL SEEK A JURY TRI.U IN ANY LA WSUIT, PROCEEDING, COUNTERCLAIlVI, OR Al'fY OTHER LITIGATION PROCEDURE ARlSING FROM OR BASED UPON TillS PROMISSORY NOTE, THE MORTGAGE OR ANY LOAl'/' DOCUMENT EVIDENCmG, SECURING OR RELATING TO THE OBLIGATIONS OR TO THE DEALINGS OR RELATIONSHIP BETWEEN OR AMONG THE PARTIES HERETO; (B) NEITHER THE BORRO'NER NOR LENDER 'WILL SEEK TO CONSOLIDATE AL'fY SUCH ACTION, IN \VHICH A JURY TRIAL HAS BEEN \VA1VED, 'WITH AL'fY OTHER ACTION IN 'WHICH A JURY TRIAL H.4..S NOT BEEN OR CANNOT BE WAIVED; (C) THE PROVISIONS OF TIDS PARAGRAPH HAVE BEEN FULLY NEGOTIATED BY THE PARTIES HERETO, AJ.'lD THESE PROVISIONS SHALL BE SUBJECT TO NO EXCEPTIONS; (D) NEITHER THE BORRO'NER NOR LENDER HAS IN AL'fY WAY AGREED \V1TH OR REPRESENTED TO AL'fY OTHER PARTY THAT THE PROvlSIONS OF TillS PARAGRAPH \VILL NOT BE FULLY ENFORCED IN ALL INST ANCES; AL'ID 102415.1 -6- , (E) THIS PROVISION IS A MA TERlAL INDUCEMENT FOR LENDER TO ENTER INTO THIS TR,,-NSACTION. rN WITNESS WHEREOF, the Borrower, on the day and ye3.f first WTitten above, has caused this Note to be executed under seal by its duly authorized officer(s) or, (ii) ifby individuals, hereunto setting their hands and seals. THE PROPER FLORIDA DOCm-fENTARY STAJ.vIP TAX DUE Hf\S BEEN PAID ON THIS NOTE AJ.'\ij) EVIDENCE OF SUCH PAYMENT APPEARS ON THE MORTGAGE SECURING THIS NOTE. 102415-1 .7- CITY OF 'MIAMI BEACH ;ITY HALL 1700 CONVENTION CENTER DRiVE MIAMI BEACH, FLORIDA 33139 1ttp: \ \c;. miami-beach. fl.lJS TO: FROM: SUBJECT: COMMISSION MEMORANDUM No.5 11-9 8" Mayor Neisen o. Kasdin and Members of the City Co mission DATE: July 15, 1998 Sergio Rodriguez City Manager A RESOL TION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, APPROVING A REPAYMENT PLAN BETWEEN THE CITY OF MIAMI BEACH AND FLORIDA INTERNATIONAL UNIVERSITY, ON BEHALF OF THE WOLFSONIAN FOUNDA TION, INC., IN SETTLEMENT OF THE $500,000 LOAN, AS EVIDENCED IN THAT CERTAIN REAL ESTATE PROMISSORY NOTE, DATED AUGUST 30, 1996, CURRENTLY HELD BY THE CITY, AS LENDER, AGAINST THE WOLFSONIAN FOUNDATION, INC., AS BORROWER; SAID LOAN TO BE REPAID IN TWO (2) PARTS, WITH THE FIRST PAYMENT OF $250,000 DUE ON SEPTEMBER 30, 1998, AND WITH THE REJ\'lAINING PAYMENT OF $250,000, TO BE PAID BY SEPTEMBER 30,1999; APPROVING SAID REPAYMENT PLAN AS A REPAYMENT OF THE PRINCIPAL DUE UNDER THE NOTE, AND WAIVING ANY ACCRUED DEFAULT INTEREST THEREIN; AUTHORIZING THE CITY ATTORNEY'S OFFICE TO PREPARE ANY AND ALL NECESSARY DOCUMENTS TO EFFECTUATE SAID REPAYMENT; AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAID DOCUMENTS ON BEHALF OF THE MAYOR AND CITY COMMISSION. ADMINISTRA TION RECOMMENDATION: Adopt the Resolution. BACKGROUND: On July 1, 1996, the City of Miami Beach provided a $500,000 loan to the Wolfsonian, utilizing the Women's Club Property at 24th Street and Pine Tree Drive as collateral. (Attachment 1). The Wolfsonian made arrangements with Florida International University to secure the future of the Wolfsonian on Miami Beach. The Wolfsonian is desirous of eliminating its obligation with the City of Miami Beach because the State public institution, Florida International University, can not assume liability for any debts on the Wolfsonian. AGENDA ITEM t2- Jr::- DATE l-J 5-9 ~ Repayment of the loan was referred to the Capital ImprovementslFinance Committee on October 23, 1996, and discussed by that Committee on February 25,1997. On March 5,1997, a written report via Commission Memorandum No. 148-97 was submitted. On March 19, 1997, a Resolution was attached to Commission Memorandum No. 203-97, approving the purchase of the Women's Club property and accepting clear title. This item was again discussed at the May 28, 1998 Finance and Citywide Projects Committee Meeting. The Committee discussed how Florida International University (now responsible for the Wolfsonian Foundation, Inc.) could repay the loan. Commissioner Cruz indicated that Cathy Leff, Director of the Wolfsonian Foundation, was attempting to secure a grant from the State for $250,000 that could be used to reimburse a portion of this debt. Further discussion considered potential strategies for the use of the Women's Club building should the City receive title to this building in lieu of repayment of the outstanding loan. The Committee agreed to defer action on this item for 45 days to allow further discussion on the potential grant and other repayment methods with FlU. Commissioner Susan Gottlieb made a motion that the item be referred to the full Commission in July for a discussion of options and potential litigation. Commissioner Jose Smith seconded the motion. ANALYSIS: In 1995, the property was appraised at $800,000. If the City of Miami Beach acquires the property, the purchase would be financially advantageous to the City and would permit an important cultural institution to survive and thrive in our city. However, the Wolfsonian Foundation and Florida International University are eager to repay the $500,000 loan to the City. As per the attached letter from Florida International University, a proposed repayment schedule is being offered. The first $250,000 would be paid by Florida International University before September 30, 1998. The remaining balance of$250,000 would be paid before September 30, 1999. CONCLUSION: The City Administration recommends for the Mayor and City Commission to approve the repayment schedule negotiated with Florida International University. SR:.:lcd Attachments F:\CMGR\$ALL\COMMEMO.98\WOM$$FIU.MEM 2