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2000-24112 RESO RESOLUTION NO. 2000-24112 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; PROVIDED THAT THIS RESOLUTION SHALL NOT BE CONSTRUED TO WAIVE ANY PAYMENTS DUE IN ANY FISCAL YEAR OTHER THAN FISCAL YEAR 2000-2001, AND SHALL NOT BE CONSTRUED TO WAIVE ANY OTHER PROVISIONS OF THE CITY'S LOAN TO THE MUSEUM. 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 $166,087 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, additionally, on October 20,1999, the Mayor and City Commission forgave the principal payments due during FY 99/00, in the amount of $60,000, and reduced the outstanding balance by the amount of such principal requirements, from $226,087 to $166,087. 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, $150,000 in Fiscal Year 1997-1998; and $65,000 in Fiscal Year 1999-2000; and WHEREAS, a grant to the Museum of $65,000 is included in proposed Fiscal Year 2000 - 2001 Resort Tax Fund Budget, which is recommended for approval by the Mayor and City Commission on October 18, 2000, and WHEREAS, the Museum requested that the City provide additional financial assistance by forgiving the principal payments due during Fiscal Year 2000 - 2001, in the amount of $60,000, in addition to providing a grant of$65,000 for FY 2000-2001; this funding will assist in developing unique exhibits for the Museum, as well as provide for the continued maintenance and improvements of their facilities. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH that the principal payments, totaling $60,000, which are due from the Museum in Fiscal Year 2000 - 2001 are waived and forgiven provided that this Resolution shall not be construed to waive any payments due in any Fiscal Year other than Fiscal Year 2000 - 2001, 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 this ll1h day of October .2000. 7A MAYOR ATTEST: rzawr p~ CITY CLERK. .1/)& ~I/t-!- ity :Attorney /0-/1--O'(j Date 2 CITY OF MIAMI BEACH 1700 CONVENTION CENTER DRIVE, MIAMI BEACH FL 33139-1824 http:\\ci.miami.beach.f1.us COMMISSION MEMORANDUM No.llo l-lfJ TO: Mayor Neisen Kasdin and Members of the City Commission DATE: October 18, 2000 FROM: Jorge M. Gonzalez City Manager ~< SUBJECT: A RESOLUTION OF THE MAYOR AND THE CITY COMMISSION OF THE CITY OF MIAMI BEACH FORGIVING PRINCIPAL PAYMENTS ON THE 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. RECOMMENDATION 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. On February 17, 1999 the Mayor and City Commission approved changes to the terms ofthe 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 principal balance 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. Additiona1\y, on October 20, 1999, the Mayor and City Commission forgave the principal payments due during FY 99/00 in the amount of$60,000 and reduced the outstanding principal balance from $226,087 to $166,087. AGENDA ITEM Cj (j- DATE 10-1 g-oo 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, $150,000 in FY 97-98, and $65,000 in FY 99-00. A grant of $65,000 is included in the proposed FY 00-01 Resort Tax Fund Budget which is recommended for approval by the Mayor and City Commission on October 18, 2000, ANALYSIS The Jewish Museum requested that the City provide additional financial assistance by forgiving the principal payments due during FY 00-01 in the amount of $60,000, in addition to providing a grant of $65,000 for FY 00-01. 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, CONCI,USION Adopt the Resolution.