RESOLUTION NO.

252-96

A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI

BEACH REDEVELOPMENT AGENCY CRDA'') PROVIDING THAT RDP

ROYAL PALM HOTEL LIMITED COMPANY

CRDP'')

SHALL HAVE

UNTIL NOVEMBER 20, 1996 WITHIN WHICH TO PROVIDE THE RDA

WITH EVIDENCE OF ITS FINANCIAL ADEQUACY WITH REGARD TO
ITS PROPOSAL CONCERNING THE ROYAL PALM AND SHORECREST
HOTEL DEVELOPMENTS.

WHEREAS,RDP Royal Palm Hotel Limited Company CRDP'') submitted a bid in response
to Request for Proposals No. 45 95/96 (the "
RFP")
relating to an African-American owned hotel
project; and
ranked RDP first in the
" DA")
WHEREAS,the Miami Beach Redevelopment Agency (the R
bidding process conceming the RFP; and

WHEREAS, since the

RDA

ranking, RDP

has had discussions with Arthur

Chairman of the Hotel Negotiating Committee, and Tishman Hotel

conceming various financial, design and other issues; and

Courshon,
Corporation CTishman")

WHEREAS,both Mr.Courshon and Tishman stated to the RDA at its September 25, 1996
meeting that, among other things, there are financial issues still unresolved concerning the Royal
Palm and Shorecrest Hotel

debt

developments, including, but not

equity

and/or

funding; and
WHEREAS, members of the RDA have indicated

have

limited to,insufficient

expedited negotiation
developments; and

an

Hotel

and

to RDP and the

development process relating

to the

Royal

WHEREAS, the RDA has determined that it is necessary for RDP

issues by November 20, 1996.

NOW, THEREFORE,

public

their desire to

Palm and Shorecrest

to resolve all financial

BE IT DULY RESOLVED BY THE CHAIRMAN AND

MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY that:

1.

evidence of its financial

Shorecrest Hotel

adequacy
developments.

with

regard

This Resolution shall take effect

PASSED and ADOPTED this 251h

provide the RDA with

proposal concerning the Royal Palm and

20, 1996 within which

RDP shall have until November

to its

immediately

upon

to

adoption.

day of September

FORM'OVED
P'
A"

6LA-CLuL

'

REDEVELOPMENI AGENCY
GENERAL COUNSEL

SECRETARY
rda)
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