Week of April 18, 2002    
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Swire joins Fortune International to develop $250 million bayside condo
Other promoters racing to stage Miami Grand Prix
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Other promoters racing to stage Miami Grand Prix

Other promoters racing to stage Miami Grand Prix

By Paola Iuspa
   Homestead-Miami Speedway officials hope to make an offer this week to host an auto race in downtown Miami even though the city's commissioners have already approved a new agreement with Raceworks for the event.
   Miami commissioners said last week they welcome unsolicited bids to host other races.
   Jorge Luis Lopez, with the law firm Steel Hector & Davis and representing the Homestead speedway, said Monday his client is putting together a proposal that is to include its qualifications and financial incentives.
   Speedway officials will propose holding a race in the fall, probably during a weekend when they also have a race in Homestead so the overall effect is to have a larger, countywide event. They plan to meet with the executive director of Miami Exhibition & Sports Authority, the city's arm in charge of sponsoring sports events, to find out about loans available to help stage it, Mr. Lopez said.
   But the city commission Thursday approved a newly drafted, revocable, 15-year license agreement with Raceworks. Headed by architect and developer Willy Bermello and attorney Peter Yanowitch, the group plans to host the Grand Prix of the Americas Oct. 4-6.
   The racetrack would cover part of Bayfront Park and Biscayne Boulevard. The three-day event was originally scheduled for early April. The date changed after Raceworks approached Championship Auto Racing Teams, or CART, and invited them to be part of the race. Mr. Bermello has said he hopes to reach an agreement with CART by August.
   The latest agreement between Miami and Raceworks was approved after a contract was voided last month by the 11th Circuit Court. In issuing that order, the judge said the city failed to follow competitive procedures when awarding a 25-year license to hold the event and to make the agreement revocable. Speedway officials sued the city last year for not giving them a chance to bid on hosting the event.
   Commissioners plan to discuss today (4/18) a letter of understanding from Raceworks that would free the city from liability in case the license is revoked and the race is not held.
   Elected officials last week agreed to accept "unsolicited" bids for other races.
   City Manager Carlos Gimenez said Miami would like two street races a year. If a second promoter proposes a good package, he said, the city would look into it.
   "The year has 51 weekends," Mr. Gimenez said. "If we have two races, I'd love it."
   But Mr. Lopez said the city, by taking bids for races that would be in addition to - rather than instead of - the Raceworks event is still is not following the court order. That order has been appealed by city commissioners and is pending.
   According to the 15-page court order, the judge ordered the city to give "Speedway a full and equal opportunity to submit a competing bid."
   "If we cannot hold a race Oct. 4-6," Mr. Lopez said, "we are not being given an equal opportunity to bid."
   The city still has one more lawsuit to fight.
   Mr. Lopez said his client and the city attorney will meet in court April 24 on allegations of an open government law violation filed because some early negotiations between Miami and Raceworks were behind closed doors.

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