Title
MOTION TO ADOPT PROPOSED RESOLUTION NO. 2013-R-23.
PROPOSED RESOLUTION NO. 2013-R-23 IS A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES, FLORIDA ACCEPTING THE ASSETS OF THE POLICE ATHLETIC LEAGUE OF PEMBROKE PINES, INC.; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
Summary Explanation and Background
1. It was determined by the PAL Board of Directors that it would be in its best interest to dissolve the PAL program.
2. On July 2, 2013, the PAL Board of Directors voted to dissolve the corporation, and adopted a Resolution approving the Articles of Dissolution and a Plan of Distribution of Assets.
3. The programs previously operated by PAL will be taken over by the City of Pembroke Pines Parks and Recreations Department.
4. The Plan of Distribution of Assets provides for all assets of the PAL program to be distributed to the City of Pembroke Pines.
5. The assets of the PAL program that will be distributed to the City consist of office supplies, recreational equipment and a 1998 Ford Club Wagon van. In addition to the foregoing items (estimated fair market value of $9,877- see attached Exhibit 1), cash in the amount of $41,000 will be transferred to the City.
6. In order to complete the transfer of assets from the PAL program to the City, it is necessary for the City to adopt a resolution accepting the assets of the PAL program.
Item has been reviewed by the Commission Auditor and approved for the Agenda.
Financial Impact
FINANCIAL IMPACT DETAIL:
Financial impact for the next 5 years (each year) is projected to be $79,309 in expenses and $88,900 in revenues with a $9,591 net profit.