R24-171 1 RESOLUTION NO. R24-171
2
3 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOYNTON
4 BEACH, FLORIDA,APPROVING THE INCREASE TO BUSINESS INTERRUPTION
5 COVERAGE UNDER THE CITY'S POLICY WITH PREFERRED GOVERNMENTAL
6 INSURANCE TRUST TO $4,000,000 AND FOR ALL OTHER PURPOSES.
7
8 WHEREAS,the City entered into a Facilities Lease Agreement between CFP Boynton Beach
9 Town Square, LLC and the City for the City of Boynton Beach Town Square Redevelopment Fire
10 Station Project dated August 1, 2018; and
11 WHEREAS,the City entered into a Facilities Lease Agreement between CFP Boynton Beach
12 Town Square, LLC and the City for the City of Boynton Beach Town Square Redevelopment Police
13 Station Project dated August 1, 2018; and
14 WHEREAS, the City entered into a Facilities Lease Agreement between CFP Boynton Beach
15 Town Square, LLC and the City for the City of Boynton Beach Town Square Redevelopment City
16 Hall Project dated August 1, 2018; and
17 WHEREAS, as specified in section 15.4 Property Insurance of each Facilities Lease
18 Agreement, the City is required to include (18) months of business interruption coverage for the
19 cost of Periodic Rent and Additional Rent; and
20 WHEREAS, the City's current policy limit for Business Interruption coverage limit is
21 $500,000. The City desires to increase coverage to $4,000,000 to comply with the City's current
22 lease agreements; and
23 WHEREAS, the City Commission, upon the recommendation of staff, has deemed it in the
24 best interests of the City's citizens and residents to approve the increase to $4,000,000 in Business
25 Interruption Coverage under the City's policy with Preferred Governmental Insurance Trust.
26
27 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOYNTON
28 BEACH, FLORIDA, THAT:
29 SECTION 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
30 being true and correct and are hereby made a specific part of this Resolution upon adoption.
31 SECTION 2. The City Commission of the City of Boynton Beach, Florida, does hereby
32 approve the increase to Business Interruption Coverage under the City's policy with Preferred
33 Governmental Insurance Trust to $4,000,000 to comply with the City's current lease agreements.
34 SECTION 3. The City Commission of the City of Boynton Beach, Florida, hereby
35 authorizes the Mayor to execute any ancillary documents required to accomplish the purpose of
36 this Resolution.
37 SECTION 4. This Resolution shall take effect in accordance with law.
38
39 PASSED AND ADOPTED this (9441 day of ii\Uy'u- 2024.
40 CITY OF BOYNTON BEACH, FLORIDA
41 YES NO
42 Mayor—Ty Penserga
43
44 Vice Mayor—Aimee Kelley
45
46 Commissioner—Angela Cruz
47
48 Commissioner—Woodrow L. Hay
49 ✓
50 Commissioner—Thomas Turkin
51
52 VOTE S'o
53 ATT•S
54 II
55 .1.
56 Maylee ue us, MPA, MC Ty 'e erga Y
57 City Cler ����� Ma •r
58 =OF BOY/v7-0%
59 ;•'GORPpR9�/L 1, APPROVED AS TO FORM:
I c� r •
60 (Corporate Seal) i 51 4
61 � : r 3-
l�1 0 TED:
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62 •.• 90 1 .
63 %%. F� Shawna G. Lamb
‘ uRIDA
64 ` City Attorney