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AT 4:54 PM THE CITY RELEASED A NEW TERM SHEET AND THE REDLINE VERSION OF THE RESOLUTION - THAT'S WHAT'S KNOWN AS TANSPARENCY MIAMI STYLE
NUMBER 68 - JUNE 17, 2018
Well, the Beckham Group found a way to ignore and evade most of of the expensive items that had been detailed in their first version of their Term Sheet, especially the items in the PARK INFRASTRUCTURE FUND.
While stylistically different, the intent remains pretty much the same as the terms listed in the first version of the Term Sheet with a couple interesting additions.
To insure that insure that everyone understands that the Beckham Group has no intentions of paying one red cent on anything not specifically itemized in this new document, it in very clear language that:
"For avoidance of doubt, the city will have no obligation to pay
for any portion of the development of the Soccer Stadium or
the Ancillary Development including any costs associated with
the environment remediation of the Leased Premises."
When it comes to the environmental remediation of the park, the document now sets the limit that the Beckham Group will pay to approximately $35 million.
While the language has been changed, the intent remains the same as it was described in the first Term Sheet.
The Beckham Group will pay for their part of the property and the park, and everything else including roads, water and sewer, electrical and telecommunications and everything else will be paid for by the City of Miami's taxpayers.
Which means that all the promises that the citizens will not have to spend a dime for this project to be just one giant pile of horseshit!'
It's Miami, Bitches!
HERE ARE THE TERM SHEET AND THE REDLINE RESOLUTION AND BALLOT LANGUAGE
Understand that this document has been crafted to remove all the items in the first version of the Term Sheet that were listed as part of the PARK INFRASTRUCTURE FUND.
This does not mean that these items will not longer be required to complete the project, but that while still required, they now become hidden costs that will be paid for by the taxpayers.
Among those items are the construction of a walkway from the MIA Intermodal Center, all off-site street road enhancements, storm water retention and sewage, electrical and telecommunications, and any and all other infrastructure improvements that are not specifically identified in this new Term Sheet as failling under the financial obligation of the Beckham Group.
The rent payment remains $3,577,000, and 1% "from any Capital Transaction. The phrase "Capital Transaction" means any transfer iof interests of MFP in the Lease which results in a change of control."
Although there was talk about finding a way to pacify Commissioner Russell's requirement for profit sharing, there does not seems to be any language in this document that addresses that issue, other than the 1% if they sell the lease to another company.
In an effort to both pacify the folks upset about the 1st Tee Program, and to eliminate what they see as a potential problem new language has been added about continuing the 1st Tee Program on the property and buying out the DeLucca Lease..