Title
Insurance and Risk Management Advisory Board Meeting of November 15, 2021.
Body
OPENING:
Chair Juan C. Diaz-Padron opened the meeting. Meeting was called to order at 8:12am. Quorum was reached. Everyone introduced themselves for the record.
MINUTES APPROVAL: None
SECRETARY’S REPORT: None
BOARD MEMBERS REPORTS: None
NEW BUSINESS:
Voting for Chairperson and Vice Chairperson - Mr. Juan C. Diaz-Padron
Mr. Diaz-Padron addressed board regarding voting for Chairperson as well as Vice Chairperson.
Mr. Diaz-Padron as current Chairperson expressed his interest to continue to serve as such. Mr. Reshesky nominated and motioned for Mr. Diaz-Padron to continue being board Chairperson.
Motion by: Gary Reshesky / 2nd Matthew Weaver / All approved unanimously
Mr. Weaver nominated and motioned for Mr. Reshesky to serve as Vice Chairperson.
Motion by: Matthew Weaver / 2nd Juan C. Diaz-Padron / All approved unanimously
OLD BUSINESS:
Biltmore Hotel -Raquel Elejabarrieta & David Ruiz
Ms. Elejabarrieta addressed the board regarding the Biltmore Hotel lease regarding the insurance requirements. Ms. Elejabarrieta advised the current lease between the city and Biltmore is a 50-year lease which was entered into around 1986 and has been amended several times since then.
Ms. Elejabarrieta stated currently the lease requires the Biltmore to have property insurance for all risks, including windstorm, for the full actual replacement cost of the buildings. She advised last year (March 2019-March 2020), the Biltmore carried $173 million limits, which included 2 other properties: Sheraton Sand Key in Clear Water and a condo at the David William Hotel. She advised the amount of the $173 million was established by a 2018 appraisal report prepared that used an income-capitalization approach and not an actual replacement cost approach which provided an estimated value of approximately $90 million.
She stated in order to determine if the Biltmore was in complian...
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