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HomeMy WebLinkAboutAgenda Item Cover Pageop 4 AGENDA ITEM COVER PAGE File ID: #11138 1OS19 Resolution Sponsored by: Commissioner Joe Carollo A RESOLUTION OF THE MIAMI CITY COMMISSION, BY A FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE, AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE A PURCHASE AND SALE AGREEMENT ("AGREEMENT"), IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, BETWEEN THE CITY OF MIAMI ("CITY') AND 1142 SW 4 ST LLC, A FLORIDA LIMITED LIABILITY COMPANY ("SELLER"), FOR THE ACQUISITION OF REAL PROPERTY LOCATED AT 1510 SOUTHWEST 7 STREET, MIAMI, FLORIDA ("PROPERTY'), FOR A PURCHASE PRICE OF ONE MILLION DOLLARS ($1,000,000.00); FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ALL NECESSARY DOCUMENTS, INCLUDING AMENDMENTS AND MODIFICATIONS TO SAID AGREEMENT, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY, AS MAY BE NECESSARY TO EFFECTUATE SAID ACQUISITION; ALLOCATING FUNDS FROM A SOURCE TO BE DETERMINED, IN AN AMOUNT NOT TO EXCEED ONE MILLION SIXTY THOUSAND DOLLARS ($1,060,000.00), TO COVER THE COST OF SAID ACQUISITION, INCLUSIVE OF THE COST OF SURVEY, ENVIRONMENTAL REPORTS, TITLE INSURANCE, DEMOLITION, SECURING THE PROPERTY, PROJECT SIGNAGE AND RELATED CLOSING COSTS ASSOCIATED WITH SAID ACQUISITION, IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE AGREEMENT. �tzY,°v City of Miami City Hall 3500 Pan American Drive Legislation Miami, FL 33133 r O g % www.miamigov.com Resolution Enactment Number: R-21-0501 File Number: 11138 Final Action Date:12/9/2021 A RESOLUTION OF THE MIAMI CITY COMMISSION, BY A FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE, AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE A PURCHASE AND SALE AGREEMENT ("AGREEMENT"), IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, BETWEEN THE CITY OF MIAMI ("CITY') AND 1142 SW 4 ST LLC, A FLORIDA LIMITED LIABILITY COMPANY ("SELLER"), FOR THE ACQUISITION OF REAL PROPERTY LOCATED AT 1510 SOUTHWEST 7 STREET, MIAMI, FLORIDA ("PROPERTY'), FOR A PURCHASE PRICE OF ONE MILLION DOLLARS ($1,000,000.00); FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ALL NECESSARY DOCUMENTS, INCLUDING AMENDMENTS AND MODIFICATIONS TO SAID AGREEMENT, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY, AS MAY BE NECESSARY TO EFFECTUATE SAID ACQUISITION; ALLOCATING FUNDS FROM A SOURCE TO BE DETERMINED, IN AN AMOUNT NOT TO EXCEED ONE MILLION SIXTY THOUSAND DOLLARS ($1,060,000.00), TO COVER THE COST OF SAID ACQUISITION, INCLUSIVE OF THE COST OF SURVEY, ENVIRONMENTAL REPORTS, TITLE INSURANCE, DEMOLITION, SECURING THE PROPERTY, PROJECT SIGNAGE AND RELATED CLOSING COSTS ASSOCIATED WITH SAID ACQUISITION, IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE AGREEMENT. WHEREAS, the City of Miami ("City") wishes to acquire the real property located at 1510 Southwest 7 Street, Miami, Florida ("Property"); and WHEREAS, 1142 SW 4 ST LLC, a Florida Limited Liability Company ("Seller"), has agreed to enter into a Purchase and Sale Agreement ("Agreement") with the City to convey the Property to the City for a purchase price of One Million Dollars ($1,000,000.00) ("Purchase Price"); and WHEREAS, pursuant to Section 166.045(b), Florida Statutes, titled "Proposed Purchase of Real Property by Municipality; Confidentiality of Records; Procedure," for each purchase in an amount in excess of $500,000.00, the governing body shall obtain at least two (2) appraisals by appraisers approved pursuant to Section 253.025, Florida Statutes; and WHEREAS, the City obtained two (2) appraisal reports from licensed State of Florida certified appraisers with an average appraisal price of Eight Hundred Sixty -Two Thousand Five Hundred Dollars ($862,500.00); and WHEREAS, Section 166.045(b), Florida Statutes, further states that if the agreed purchase price exceeds the average price of the two (2) appraisals, the governing body is required to approve the purchase by an extraordinary vote, i.e. a four -fifths (4/5ths) vote of the City Commission; and WHEREAS, the Purchase Price exceeds the average appraised value; and WHEREAS, the City's total cost for the acquisition of the Property shall not exceed One Million Sixty Thousand Dollars ($1,060,000.00), which is inclusive of the Purchase Price as well as all closing costs and related costs pertaining to the acquisition; and WHEREAS, funds for the acquisition of the Property, including the Purchase Price and all closing costs and related costs, shall be allocated from a source of legally available funds to be determined, subject to applicable laws; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. The City Manager is authorized' to negotiate and execute the Agreement, in a form acceptable to the City Attorney, between the City and the Seller, for the acquisition of the Property, for the Purchase Price. Section 3. The City Manager is further authorized' to negotiate and execute all other necessary documents, including amendments and modifications to said Agreement, in a form acceptable to the City Attorney, as may be necessary to effectuate said acquisition. Section 4. The City Manager shall allocate, and appropriate necessary funds in an amount not to exceed One Million Sixty Thousand Dollars ($1,060,000.00) for the costs of acquisition, including without limitation, the Purchase Price, cost of survey, environmental reports, title insurance, demolition, securing the property, project signage, and all closing costs associated with said acquisition, with the allocation and appropriation by separate Resolution from legally available funding sources in accordance with applicable operating and/or capital plan budgets, including amendments of such applicable budget(s) as necessary. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: 1 4t6ria'1TndE�z,CifyAttoriey 11/30/2021 Pursuant to the resolution, this item became effective immediately upon adoption by the Commission. The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to those prescribed by applicable City Charter and City Code provisions.