8/15/2019 463-2003 RDA Reso

1/10

RESOLUTION

NO.

4 6 3 -2003

E S O L U T I O NOF

HE

CHAIRMAN

A N D

M E M B E R S

OF

THE

MAM

EACH

R E D E V E L OP M E N T

A G E N C Y

  U T H O R I Z I N

T H E

C-

ARMAN

N D

SECRETARY

TO

EXECUTE

TH E

LETTER

O

NTENT

E G O T I A T E D B E T W E E N TH E

CITYOF

MIAMI BEACH,

THEMAM

EACH R E D E V E L O P M E N T

A G E N C Y

AND

RDP

ROYAL

PALM

HOTEL

L I M I T E D

P A R T N E R S H I P (

RDP)

AND

U R T H E R AUTHORIZING

TH E

P R E P A R A T I O NOF

THE

L O S I N G D O C U M E N T S

TO

REFLECT THE

E R M S O U T L I N E D

IN

H E LETTER

OFN TE N T.

W H E R E A S ,

over

the

past

yea

he

A d m i n i s t r a t i o n ,

and

heo m m i s s i o n

Iiaison(

 nitially

C o m m i s s i o n e r S i m o n

Cuz

and

r e s e n t l y C o m m i s s i o n e r Jose

Cuz),

as

p p o i n t e d

l i a i s o nby

he

Mam

Beach

R e d e v e l o p m e n t

A g e n c y (

RDA),the

ity

Attorney

and

u t s i d e

counsel,

Joel

M i n s k e r ,

have

met

wthon

P e e b l e s

and

is

r e p r e s e n t a t i v e s

to

address

theu t s t a n d i n g issues

in

o n n e c t i o n

with

the

Roya

Palm Crowne

Plaza Hote l (

RDP;

nd WHEREAS,

on N o v e m b e r

13002he

RDA

oard

discussed

the

progress

o f t h e

negot ia t ions ,

w a s

p r o v i d e d ummary

of

the

o u t s t a n d i n g i s s u e s a

that

t ime

and

onApl

30

0 0 3 , th e

RDA

B o a r d

c o n s i d e r e d a p p r o v a l

o

Letter

o

ntent (

LO )

u b j e c t

to

e r t a i n

a m e n d m e n t s

whchw e r e

no

c c e p t e d

by

Don

P e e b l e s ; andWHEREAS, on

June

11

2003heRDA

B o a r d

directed

the Manager,

wth

o m m i s s i o n e r

J o s e

Smith

as

l i a i s o n ,

too n t i n u e n e g o t i a t i o n s

subect

toer ta in

gudance;

and

W H E R E A S , the

LO addresses:

1ac k

Ren

n v i r o n m e n t a l D e l a y Caim/Saes

Taxes;

2uture

Rental,

and Repayment

of the

Retum,

Cond i t i ons

upon

Sale

othe

Hote

and

x t e n s i o n o

the

ixed E x p i r a t i o nDaend

Mandatory

P u r c h a s e ;

3

o n v e r s i o n otheh o r e c r e s t

H o t e l

to

c o n d o m i n i u m /

hotel/

t i m e s h a r e upon

p a ymen t

o

he Purchase Price

in

ull, (

Le0,

000,000

pus

he

annual return ; 4

m e n d i n g

the

C o n v e n t i o n

C e n t e r

A g r e e m e n t

to

reduce

theRoom Bock

requirement,

asdefined,

rom

5 0 rooms

to57

ooms

per

day,as

the

Roya

Pam

conans

257

ooms;

5)e f i n a n c i n g ;  6

F F E

R e s e r v e ;7

m e n d m e n t

to

e a s e

A g r e e m e n t

regard ing Towna rk as

Hotel

Manager;

 8

u t s t a n d i n g

Dsputes;

9

Restaurant

A g r e e m e n t ;

10 )

R e l e a s e

oal

Claims

by

RDP

D A

a n d

Cty

o

iami

Beach;

11

m e n d m e n t s

to

thearage

E a s e m e n t

A gr e e m e n t

to

el im inate

thea y m e n t

o

Use

Feerom

RD P

to

g e n c y andaacility

Usage Paymen

from

Agency

to

RDP

annualy

deetingthe

provision

that

requiresRDP

sp p r o v a l of the

garage

operator,

and

d e f i n i n gthee lf Park Rate;

12)

Beacho n c e s s i o n Agreement;

13)

Attorneys

Fees;4) Special I n d e m n i f i c a t i o n ; 15)

Terminat ion;

and

6)

providing

the

e c o g n i z e d M o r t g a g e

c o n s e n t

letter

to

be

provided

within

8/15/2019 463-2003 RDA Reso

2/10

WHEREAS,

based

upon

the resolution

ofall

outstanding

claims and issues,

pending

the settlementwith Cark Construction, and

the

agreement

to allowthe

conversion of

the

Shorecrest Hotel

to a

condominium/hotel/

timeshare,

only

upon

payment

in full of the

Purchase

Price, it is

recommendedtheChairman and

Members of the Board

adopt

this

Resolution.

NOW,

THEREFORE, BE

IT

DULY RESOLVED

BY

THE

CHAIRMAN AND

MEMBERS

OF THEMIAMI BEACH

REDEVELOPMENTAGENCY that

the Chairman and

Members

herein

approve

and authorizethe

Chairman and

Secretary

toexecute

the

Letter

of Intent

negotiated

between the

City

of

Miami

Beach, the

Miami

Beach

Redevelopment

Agency

and RDP

Royal

Palm Hotel Limited

Partnership,

and further

authorize

the

preparation

of

closing

documents to

reflect the

terms outlined

in

the Letter

of

Intent.

PASSED

and

ADOPTED

this

2 5 t h

day

f

2003

  T T E S T

t

P

cucIM

S E C R E T A R Y

JMG/

C M C /

ra r

T G E N D A I 2 0 0 3 \ n o v 2 5 0 3 \

rda

o y a I P a l m lO,DA ,

RE$,

doc

ftSTO

FORM &

l A N G U A G E

F OR

exe,

C U T l O N

II/

./ '

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ncy

Date

C o u n s e

f\

8/15/2019 463-2003 RDA Reso

3/10

MIAMI BEACH

REDEVELOPMENT

AGENCY

JlGENDA

ITEM

SUMMARY

m

Condensed

Title:

A

Resolution

authorizing

the Chairman

and

Secretary

toexecute the

Letterof

Intent

negotiated

between

the

City

of

Mami

Beach, the Miami Beach

Redevelopment Agency

and

RDP

Royal

Pam Hotel

Limited

Partnership (

RDP ) and further

authorizing

the

preparation

of the

closing

documents

to reflect theterms

outlined

in the Letter of

Intent.

Issue:

Shall

the

Redevelopment Agency

approve

the execution

of

the Letter

of

Intent and authorize

the

preparation

of

closing

documents

to

reflect the terms

outlined in

the Letter

of

Intent?

Item Summary/

Recommendation:

Based

upon

the resolution

of all

outstanding

claims and issues,

pending

the

settlement

with

Cark

Construction,

and the

agreement

to

alow the conversion

of the

Shorecrest

Hotel to

a

condominium/

hotel/

timeshare,

only

upon payment

in full

of

the Purchase

Price, it

is recommended

the

Chairman and

Members of the Board adoot

the attachedresolution.

Advisory

Board

Recommendation:

I N /

A

Financial Information:

Source of

Funds:

D

inance

Dept.

City

Cerk's

Office

Legislative Tracking:

I

Christina M. Cuervo

Si n.Offs:

T:\ AGENDA

0 0 3 \ 0 v 2 5 0 3 \ rda\

RoyaIPalm

lOI.

RDASUMdoc

AGENDAITEM

38

D A

8/15/2019 463-2003 RDA Reso

4/10

CITY

OF

MIAMI BEACH

CITY

HALL

1700

ONVENTION CENTER DRIVE MIAMI

BEACH,

FLORIDA 33139

w w w .

mambeachfl.

govEDEVELOPMENT

A G E N C Y

M E M O R A N D U M From:

Chairman

David

Dermer

and

Daeo v e m b e r25

003

Members

o

Miami

B e a c h

R e d e v e l o p m e n t

Agency

Joge

M .

G o n z a l e z ~ . ~

E x e c u t i v e

D i r e c t o r

U

r

DA

E S O L U T I O NOFHE

C H A I R M A N

AND

MEMBERS

O

HE

MAM

EACH REDEVELOPMENT

A G E N C Y AUTHORIZING TH E

CHAIRMAN

AND

SECRETARY

TO

EXECUTE

THE

LETTEROF

INTENT

N E G O T I A T E D B E T W E E N THE

CITY

OF

MIAMI

BEACH

HE

I A M I

BEACH

R E D E V E L O P M E N T

AGEN CY AND

RDP

ROYAL

PA L M

HOTEL LIMITED

PARTNERSHIP(

RDP )

ANDU R T H E R

A U T H O R I Z I N G

THEREPARATION

OF

THEL O S I N G

D O C U M E N T S

TO

E F L E C T THE TERMS O U T L I N E D

IN

THE

LETTER

OF

INTENT.

To:

S u b j e c t : A N A L Y S I S :

Over th e past

year

and

alf,

the

d m i n i s t r a t i o n ,

a nd

the

Commission

liaison(s (n i t i a l l y

C o m m i s s i o n e r

Smn

ruzand

p r e s e n t l y

C o m m i s s i o n e r

Jose

S m i t h ) ,

as

apponed

iaison

byhe

R e d e v e l o p m e n t

Agency (

D A ) ,the

Ctyt t o m e y

and

outs ide

c o u n s e l , Joel M i n s k e r ,

havemet wi th

Dn

e e b l e s and

is

representatives

to

d d r e s s

the

u t s t a n d i n g i s s u e s

in

o n n e c t i o n wth

the

oyal

Palm

C r o w n e

Paza

Hotel (

RDP).

On

ovember

13,

2002,

h e RD A

Board

i s c u s s e d

the

r o g r e s s

o

he n e g o t i a t i o n s ,

was

r o v i d e d a

u m m a r y

o

he

outstanding

issues

at

tha

im e

and

d i r e c t e d n e g o t i a t i o n stoontinue.

O

p r i l 30, 2003, he

RDA

Board

c o n s i d e r e d

a p p r o v a lo

a

etteron t e n t

ULOIU) u b j e c t

to

ertain

a m e n d m e n t s

which

w er e

no

accepted

by

on

Peebles.

OnJune1

003,

the RDA

o a r d directed the

M a n a g e r ,wth

o m m i s s i o n e r

J o s e

Smth

as

iaison,

o

e x e c u t e

theolling

A g r e e m e n t and

o

o n t i n u e

n e g o t i a t i o n s s u b j e c t

tohe

fol lowing

g u i d a n c e :

  1

xplore

e x t e n d i n g

the

term

o

the

o n t r a c t

f rom

25e a r s toome

o t h e r

period,

p e r h a p s

99

e a r s .

P e r i o d i c

payments

ofthe

R e t u r n

to

heD A / Cty

should

be

a d d r e s s e d

in

he

n e g o t i a t i o n s .

The

RDA

City mayan t

to

efine

periods

of

when theRDA/

C i t y

will

receve

he

8%

ccrued

n d

unpaid

i n t e r e s t .

2

R e l a t i v e

to

h e Rental,

there

is

no

e n t i m e n t

on

the

o m m i s s i o n

to

educe

the

rent,but

there

is

o m e

f l e x i b i l i t y

on

a m p i n g u p

and

m a k i n g

ituplong th e

way (

relatively short

per iod

o

time,m ay be

a

e a r

orwo.

T h e r e

n e e d s

to

be

d i s c u s s i o n

on

how the rentfohe

p e r i o do

im e b e t w e e n

May

15,

002

u n t i l

J une 10 0 3

will

be

aid.

3

The

430

O I will

serve

as

he

bass

forthee g o t i a t i o n s .

4

Theent (1

12

f

he

90,

0 0 0 )

wll

be

8/15/2019 463-2003 RDA Reso

5/10

November

25003

Redevelopment

Agency

M e m o r a n d u m

Royal P a l m -Letter

of

I n t e n t

Page

2

5

6

W h a t e v e r

r i g h t s the

ty

has t o d a y

wll

c o n t i n u e (

r i g h t s

as

o

odaywill

not

bed v e r s e l y

affected)and

ssuch

a

o l l i n g

A g r e e m e n t

w a s

e x e c u t e d

by

he

parties

inJune

003.7owance

for

urning th e S h o r e c r e s t

Hotel

into

c o n d o m i n i u m units whch

is inh e Apr

30LOI w i l l

cont i nue

to

be a

e l e v a n t

term.

This iswhere

a

lo

o

the

equy

ould

be

e x t r a c t e d

toa k e u p

the

v e r r u n .8

Commiss ioner

Smith willact

as

the

ia isonto

he

negot iat ions.S i n c e

that

date,he p a r t i e s

have

continued

to

d d r e s s

the

a l i e n t

issues

and

he

p r o p o s e d

n e g o t i a t e d

terms,

in

addton

to

hose

r e s e n t e d on

Apr

30, 2 0 0 3 (

see

ttached A p r i l

30

2 0 0 3

m e m o r a n d u m )

ae

u m m a r i z e d b e l o wande f l e c t e d

in

he

a t t a c h e d

Letter

o

ntentLO

1

he

Lease

wll

be

m e n d e d to

p r o v i d e

t h a t

the

Base

R e n t

andd d i t i o n a l

Ren

duero m

Hotel O p e n i n g

Dae

f

May

15

2002

to

ay

15

0 0 3

wll

be

d e f e r r e d anda y a b l e o v e r

a 0

year

period

c o m m e n c i n g

in

ease

Y e a r 5 t h r o u g h

Lease

Year

14.

e f e rtot t a c h e d

E x h i b i t )

2

he Lease

will

be

m e nd e d

to

provide

that

the

d d i t i o n a l Renand

Incent ive

Ren

due

in

e a s e

Yea

  2

3

and5ll

be

e f e r r e d an d

p a y a b l e

over

a

0yea

er iod

c o m m e n c i n g

in

ease

Year

6h r o u g h L e a s e Yea

5. (

Refer

tot t a c h e d

Exhibit)

3e g i n n i n g

in

e a s e Y ear

2

ase

Rentshabe

due

and p a y a b l e

inc c o r d a n c e

w i t h

the

Lease

terms.

4

he

e a s ewll

be

a m e n d e d torovide

that

the

outside

d a t e

for p a y m e n t

of

he P u r c h a s e

Price (

h i c h

i n c l u d e s the

8%

r e tu rn )

wllbe

e x t e n d e d

from

25

to

99

e a r s .5)

The

R e f i n a n c i n g

T i m e s

stated

ine c t i o n

11

3(

af

the

Lease

sha

bec h a n g e d

to

n

or

prior

o

the

b e g i n n i n g

o

he

ifth(

th) e ar

after

the

H o t e l

O p e n i n g

Dae(

irst

Refinancing );

on

r

prior

to

en(

0) e a r s

after t h e c l o s i n g

ohe

F i r s t

R e f i n a n c i n g

Second R e f i n a n c i n g )

and

then

very

t e n t h (

1 0 t h ) a n n i v e r s a r yof

the

S e co nd

R e f i n a n c i n g

t h e r e a f t e r p r o v i d e d

tha

the

aturitydae

ofany

efinancing

tha

x t e n d s beyond

the

n e x t r e q u i r e d

R e f i n a n c i n g will

no

haveo

be

e p a i d prior t o its

m a t u r i t y

prov ided

said

m a t u r i t y

date

s

no

ater

thanw e n t y (

20)

years

from

th e

last

refinancing;

r o v i d e d

f u r t h e r

h o w e v e r ,

tha

when

Tenan

r e f i n a n c e s the

B a l a n c e o

it s

D e b t ,

the

e t

R e f i n a n c i n g

P r o c e e d s , as

defined

in

S e c t i o n

11.

13(

b

thee a s e

shall

b e

applied to

th e extent

a v a i l a b l e

in

he

o l l o w i n g

order:A

o

O w n e r

to

pay t h e

defe r r ed

Rental described

in items

1

an d

2b o v e ;

B

0%

tow n e r to pay

the

%

r e t u r n

a p p l i c a b l e as

pat

o

the

u r c h a s e

Price

a c c r u e d and

8/15/2019 463-2003 RDA Reso

6/10

November

25

003

Redevelopment

Agency

M e m o r a n d u m

Royal P a l m -

Letter

of

I n t e n t

P a g e

3o

D

0%

to

w n e rto

ay

he Purchase

P r i c e (

which

i n c l u d e s

the%

e t u r n )

fo

w n e r '

sInterest

inthe

r e m i s e s ;

and

0%

o

Tenantfo

e n a n t

Cos

O v e r r u n s *

paid

by

e n a n t (

e s t i m a t e d

at $ 2

i l l i o n ) ;ETo

w n e rto

ay

he

ba l a n c e

o

theu r c h a s e Price (

h i c h

i n c l u d e sthe

8%

r e t u r n )fo

w n e r

s

nte rest

inhe

P r e m i s e s ;

F. To

T e n a n t

if

n y

f u n d s

r e m a i n

after

p a y i n g

inul the

m o u n t s in

6A

E

a b o v e .

Any

Cost

Oe

ns

will

be

calculated

ne

o (

1

ny

C l a r k

s e t t l e m e n t p r o c e e d s

pad

o

enant,

drectly

or

i n d i r e c t l y

bu (

a

et

o

t t o r n e y s

andt h e r p r o f e s s i o n a l ees

and

ourt costs

no

r e f l e c t e d

in

enant '

s

o s t o v e r r u n c a l c u l a t i o n and

o t

a d v a n c e d

by

ow n

P a r k

and(b

heClark

Cedt

to

the

exen

paidto

w n e r ,

and (

2ny

rior

o v e r r u no

equ i ty

r e p a y m e n t s

from

thet w o (

2

r i o r

f u t u r e

a d v a n c e s

pad

o

enant.

C o s t

O v e uns

will

be

subjectto

ful

a c c o u n t i n g an d

review

by

he

O w n e r ,

wth

th e exact

a m o u n t s in

58

and

50

oe

a g r e e d

upon

by

thea r t i e s .

6

n

e a s e Y ear 25

nd every

1 0

y e a r s

t h e r e a f t e r , T e n a n t

shallpay

w n e r any

accrued and

n p a i d portiono

the

8%eturn

as

f o l l o w s

A

Any

n dal

npaid

p o r t i o n s

o

the8%

return

accrued

in

L e a s e

Years

5

wll

be

a m o r t i z e d

and

a id over

10

years

in

e a s e

Y e a r s

26

5

B

ny

and

ll

u n p a i d

portions

o

he

8

eturn

accrued

ins u b s e q u e n t10

L e a s e

Year

increments (

Le.

e a s e

Y e a r s

26

5,

36- 45,

46

5

5 6 -

65

6-75

76-85

86-95nd95-

xpiration

will

be

amort ized and paid

over

10yeas

in

he r e s p e c t i v e succeeding

10

e a r

Lease

Term

p e r i o d s (Le

easeYears

3 6 -45,46- 55,

56

5,

66

5,76

5

86-5 ,

and

95

x p i r a t i o n , respectively) and

will

be

referred

to

s (the

A m o r t i z e d

R e t u r n ) .

C

Commencing

o n

Lease

Year

35

nd

fo

each Lease

Year

t h e r e a f t e r ,

tothextent

that

the

ase

Rent, A d d i t i o n a l

Ren

and

he

A m o r t i z e d R e t u r n ,

in

g g r e g a t e ,

payableinach

  e a s e

Year

is

ess

than$00, 0 0 0 ,

as

d j u s t e d

fo

nflation (the e n t a l Cap ),hen

in

uch

L e a s e

Year,

Tenant

shal

p a y th e

d i f fe rence

b e t w e e n

thee n t a l Cape s s the

aggregate

o

Base

Rent,

A d d i t i o n a l

Ren

and

the Amortized

Return fora id Lease

e a r ,

as

Mandat o ry

I n c e n t i v e Rent (

the

M a n d a t o r y

Incent ive Rent ).If

in

ny

such

Lease

e a r ,

on

o

f ter

L e a s e

Yea

35

n c e n t i v e Rent

is

ayab l e ,

such Incentive Rent shall be

due

and

a y a b l e

evenifuch p a y m e n t results

in

p a y m e n t thaYeainxcess

o

th e Rena

Cap.

ental Cap is

e f i n e das

he00,000 a m o u n t

w h i c h

shalbe

8/15/2019 463-2003 RDA Reso

7/10

November

25003

Redevelopment

Agency

M e m o r a n d u m

Royal

P a l m -

Letter

of

I n t e n t

Page

4

58

h e

Lease

will

b e

a m e n d e d

to

r o v i d e

that

inhe

even

o

any

Sale,

al

e f e r r e d and/

o

npaid

R e n t a l and

the

8

e t u r n

shall

be

due

n d

payable.

Any

ale

wll

ause

al Rental,

n c l u d i n g

any

deferrals

thereof,

as

t a t e d

in

he G r o u n d

Lease

A m e n d m e n t

to

rever t

to

he

r i g i n a l

Rental

w i t h o u t

any

deferrals

thereof,

as

provided

inhe

orgna

L e a s e .9

l

r e m a i n i n g

t e r m s a n d cond i t i ons

ofthe

Apri

30

0 0 3 LO,

no

in

onflict

with the

termr o v i d e d

fo

erein,

s h a l l

r e m a i n unchanged

a n d are

i n c o r p o r a t e d

by

r e f e r e n c e

herein.

10)As

te l a t e s

to

he

Town

P a r k

1%quity

nterest, h e

Lease

il l

be amended

as

o l l o w s :

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h e

a m e n d m e n t s p r o p o s e d by

Developer

in the a t t a c h e d A m e n d m e n t

to

A g r e e m e n t

  o

Lease

willbe

i n c l u d e d

inhe

O I and final

c l o s i n g

d o c u m e n t s

a n d wll

e r m i n a t e

upon

the

Sae

o

he

otel

or

earlier

o (

1

termination

o

the

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M a n a g e m e n t

Agreement

b e t w e e n

R D P

and

T o w n

P a r k Hotel

C o r p o r a t i o n

or (2)

15

e a r s f r o m

Hotel

O p e n i n g

Date .

B

e c t i o n

167(

e

f

the

L e a s e

will be de le ted

in

its

n t i r e t y

CAny

a y m e n t s

o

o s t sin

o n n e c t i o n

wth

t h eNte

and

o

oan ,as

e f i n e d in

he

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togreement

o

ease ,

will

no

be

o n s i d e r e d

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E x p e n s e s

as

e f i n e d

in

the

e a s e .

The

most

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h e

items

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Cty

o m m i s s i o non

pri l

30003

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o

99

ears and

elete

the

m a n d a t o r y

p u r c h a s e

in

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25

2)eferral

o  ao r t i o n

ofe n t a l an d

amortized

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a0

ear p e r i o d ,

primarily

durng

ease

years

5-

15

The

OI

p r o v i d e stha

pon its

e x e c u t i o n ,

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wll

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f f e c t i v e

i m m e d i a t e l y

r a t h e r

than when

the

cosng

documents

ae

i g n e d .

If

l o s i n g

d o c u m e n t s

ae

ot e x e c u t e d

w i th i n

sx(

)months,

any

a m o u n t s

deferred

and

u n p a i d

sha

be

aid no

a t e r

than

30

ays,

h e r e a f t e r .

3e r i o d i c

payments

o

c c r u e d

and

n p a i d R e t u r nwll

bea id

c o m m e n c i n g in

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nd

annuay

t h e r e a f t e r .

4

As

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e l e a s e

o

he Shorecrest

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o n d o m i n i u m /

hotel /

t imeshare ,

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o

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in

u,

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i l l i o n .

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elimination

o

the

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wll

r ep r esen t

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n n u a l

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RDA

5)

esolution

oe r t a i n o u t s t a n d i n g

tem

r e v i o u s l y

listed on xhibitB

ist

oisputed items.

Oneptember1, 0 03 a

tatus

r e p o r t

was

provided

and

he

RDA

Board r e q u e s t e d that

prior

to

ina approval

o

8/15/2019 463-2003 RDA Reso

8/10

November

25

003

Redevelopment

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M e m o r a n d u m Royal

P a l m -Letter

of

I n t e n t

Page

o

5

t tached ,

I

have

also provided

an

pdated

Ne

r e s e n t Value

calculation

reflecting

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new

e g o t i a t e d

t e r m s

in

o m p a r i s o n

tohe

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L e a s e

T e r m s

and

the

April

30

2003

O I T e r m s .

Based

upon

the

resolution

o

l outstanding

claims

and

issues,

e n d i n g the

settlement

w i t h Clark

C o n s t r u c t i o n ,and

he

a g r e e m e n t

to

llow

th e c o n v e r s i o n

o

heShorecrest

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to

a

o n d o m i n i u m / h o t e l / t i m e s h a r e

o n l y upon

a y m e n t

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o

he Purchase

Price,it

s

e c o m m e n d e d the

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and Members

o

the

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a d o p t

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r e s o l u t i o n J M G /

d t M e t r a r

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