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SEOPW/CRA ITEM 13
RESOLUTION NO.
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY
REDEVELOPMENT AGENCY ("CRA") APPROVING,
CONFIRMING AND RATIFYING THE AGREEMENT
EXECUTED BY THE EXECUTIVE DIRECTOR, IN A
FORM ACCEPTABLE TO THE CITY ATTORNEY, WITH
J.B. ALHALE & ASSOCIATES, INC. FOR UPDATING
AN APPRAISAL REPORT FOR REAL PROPERTY
LOCATED AT 915 NORTH WEST IT STREET ISSUED
INFEBRUARY 2001, FOR AN AMOUNT NOT TO
EXCEED $7,500 FOR PAYMENT UPON COMPLETION OF
SERVICES.
WHEREAS, the CRA is responsible for carrying out
redevelopment activities and projects in the CRA Redevelopment
Area established pursuant to the CRA Redevelopment Plan; and
WHEREAS, the City of Miami entered into a lease agreement
with Cruz Development & Associates, Ltd. on June 14, 1988, for
property located at 915 North West 1st Street; and
WHEREAS, the agreement was later transferred to the
Community Redevelopment Agency; and
SEOPW/CRA
133
E
WHEREAS, Park Place Associates, LLC has tendered an offer
to purchase the CRA's interest in the property; and
WHEREAS, the CRA and the City of Miami wish to consider the
issues of deferred rent, outstanding financial reports and other
issues relating to the offer.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Resolution are incorporated herein as if fully
set forth in this Section
Section 2. The CRA Board of Directors approves,
confirms and ratifies the agreement executed by the Executive
Director, in a form acceptable to the City Attorney, with J.B.
Alhale & Associates, Inc. for updating an appraisal report for
real property located at 915 North West 1st Street issued in
February 2001.
Section 3. The Board of Directors authorizes an amount
not to exceed $7,500 for payment upon completion of services.
SECPW/CRA
Page 2 of 3
Section 4. The Resolution shall be effective upon its
adoption.
PASSED AND ADOPTED on this 11th day of December, 2001.
ATTEST:
WALTER J. FOEMAN
ACTING CITY CLERK
ARTHUR E. TEELE, JR., CHAIRMAN
Page 3 of 3 SEOPW/CRA
- 133
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM ITEM 1B
December 11, 2001
)To: Chairman Teele and DATE: December 11, 2001 FILE:
Members of the CRA Board
SUBJECT: Engagement of J.B. Alhale and
Associates for the updating of
FROM: REFERENCES: appraisal report for 915 N.W.
1" Street
Annette E. Lewis
Acting Executive
RECOMMENDATION
ENCLOSURES:
Resolution
It is recommended that the Board of Directors of the Southeast Overtown/Park West Community
Redevelopment Agency approve the attached Resolution to engage the services of J.B. Alhale
and Associates, Inc. for the purpose of updating an appraisal report issued for, 915 NW lst Street
in February of 2001.
BACKGROUND
Park Place by the Bay has expressed an interest in purchasing the CRA's interest in the property
located at 915 NW 1 St -Street. In considering the offer the CRA has determined that it is in the
best interest to perform due diligence as it relates to the offer tendered.
m
Funding Source: SEOPW General Operating
Account Number: 689004.550011.6.270
SEOPW/CRA
01-- 133
SEOPW AND OMNI/CRA
CITY CLERK'S REPORT
MEETING DATE: December 11, 2001
Page No. 1
ITEM I A RES UTION OF THE BOARD OF DIRECTORS
SEOPW/CRA R-132
OF THE SOUTHEAST OVERTOWN/PARK WEST
MOVED: WINTON
COMM ITY REDEVELOPMENT AGENCY
SECONDED: SANCHEZ
("CRA"), TIFYING THE ACTIONS OF THE
UNANIMOUS
EXECUTIV DIRECTOR RELATED TO THE
ENGAGING OF THE CPA FIRM OF BERKOWITZ
DICK POLL CK & BRYANT TO REVIEW THE
BOOKS AND ECORDS OF PARK PLACE BY THE
BAY RELATE TO LEASED PROPERTY LOCATED
AT 915 N.W. 1 T STREET FOR AN AMOUNT NOT
TO EXCEED $6, 00.
ITEM I A RESOLUTION OF THE BOARD OF DIRECTORS
SEOPW/CRA R-01-133
OF THE SOUTHEAST OVERTOWN/PARK WEST
MOVED: WINTON
COMMUNITY REDEVELOPMENT AGENCY
SECONDED: REGALADO
("CRA") RATIFYING THE ACTIONS OF THE
UNANIMOUS
EXECUTIVE DIRECTOR RELATED TO THE
ENGAGEMENT OF THE FIRM OF J.B. ALHALE &
ASSOCIATES TO UPDATE THE APPRAISAL
REY,ORT ISSUED IN FEBRUARY OF 2001 FOR
LEASED PROPERTY LOCATED AT 915 N.W. 1ST
STREET IN AN AMOUNT NOT TO EXCEED $7,500.
SEOPW/CR.A
ot- 13
ITEM 111
December 11, 2001
RESOLUTION NO. SEOPW/CRA
' A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY
REDEVELOPMENT AGENCY ("CRA") RATIFYING THE
ACTIONS OF THE EXECUTIVE DIRECTOR RELATED TO
THE ENGAGEMENT OF THE FIRM OF J.B. ALHALE &
ASSOCIATES TO UPDATE THE APPRAISAL REPORT
ISSUED IN FEBRUARY OF 2001 FOR LEASED PROPERTY
LOCATED AT 915 N.W. 1ST STREET IN AN AMOUNT NOT
TO EXCEED $7,500.
WHEREAS, the CRA is responsible for carrying out redevelopment activities and
projects in the Southeast Overtown/Park West Community Redevelopment Area established
pursuant to the CRA Redevelopment Plan; and
WHEREAS, the City of Miami entered into a lease agreement with Cruz Development
and Associates Limited on June 14, 1988 for property located at 915 NW I" Street; and
WHEREAS, rights to said agreement was later transferred to the Community
Redevelopment Agency; and
WHEREAS, Park Place Associates, LLC has tendered an offer to purchase the CRA's
interests; and
WHEREAS, the CRA and the City of Miami wishes to exercise its due diligence by
securing an update of the appraisal report as it relates to the offer.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
SOUTHEAST OVERTOWN PARKWEST COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
incorporated herein as if fully set forth in this Section.
Section 2. At the CRA Board meeting of September 24t', 2001 the Executive
Director was authorized on an emergency basis to engage consultants necessary to expedite
auditing services and an update of the existing appraisal report, initial estimates for each service
were within the Executive Director's spending limits however final costs exceeds $4,500.
Section 3. This resolution shall be effective immediately upon its adoption.
PASSED AND ADOPTED this I Id' day of December, 2001.
Arthur E. Teele, Jr., Chairman
SEOPW / CRA
00
Walter J. Foeman
City Clerk
APPROVED AS TO FORM
AND CORRECTNESS:
Alejandro Vilarello
City Attorney
ITEM 1B
December 11, 2001
SF,OPW / CRA
2
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM ITEM 111
December 11, 2001
TO: Chairman Teele and DATE: December 11, 2001 FILE:
"ft' Members of the CRA Board
SUBJECT: Engagement of J.B. Alhale and
Associates for the updating of
FROM: REFERENCES: appraisal report for 915 N.W.
1 St Street
Annette E. Lewis ENCLOSURES:
Actin;? Executive D ctor) Resolution
RECOMMENDATION
It is recommended that the Board of Directors of the Southeast Overtown/Park West Community
Redevelopment Agency approve the attached Resolution to engage the services of J.B. Alhale
and Associates, Inc. for the purpose of updating an appraisal report issued for 915 NW 1" Street
in February of 2001.
BACKGROUND
Park Place by the Bay has expressed an interest in purchasing the CRA's interest in the property
located at 915 NW I" -Street. In considering the offer the CRA has determined that it is in the
best interest to perform due diligence as it relates to the offer tendered.
t.
Funding Source: SEOPW General Operating
Account Number: 689004.550011.6.270
SEOPW / CRA
0 1 - 1.�3
OCT-19-01 FRI 15:32--J. B. ALHALE & ASSOC, INC -^t,S 285 2020 P. 01
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1. B. ALHALE 8t ASSOCIATES, INC.
REAL ESTATE APPRAISERS AND CONSULTANTS
3121 COMMODORE PLAZA, SUITE 200
COCONUT GROVE, FLORIDA 33133-5846
JOZEF ALHALE, MAI
STATj CERTIFIED GENERAL APPRAISER
NO. Rz0001'557
October 19, 2001
Ms. Annette Lewis
Acting Executive Director
Community Redevelopment Agency
City of Miami
300 Biscayne Boulevard Way
Suite 430
Miami, Florida 33131
Re: 915 N.W. 1st Avenue, Miami, Plorida
Folio No: 01-0102-040-1020 Improvements
Polio No: 01-0102-040-1010 Land
Dear Ms. Lewis:
TEU (786) 552-0960
FAX: (786) 552-0970
E-M#: lbalhale@aol,com
SENT VIA
FACSIMILE
Pursuant to our meeting on October 17, 2001 and your request for an appraisal report of the
above referenced property, I am submitting a proposal for your review and approval. ,
Legal Description: Lots 1 trough. 24, Block 24, Miami North, as recorded in Plat Book
B, Page 41 of the Public Records of Miami -Dade County, Florida
The subject property is comprised of a 150,173 SF (3.46 acres) site which has been improved
with a 31-story high-rise rental apartment building. The existing improvements were completed
in 1990, and contain a total adjusted building area of 686,108 SF and an enclosed area of
528,573 SF, as per the Public records of Miami -Dade County, Florida. The rental apartment
building has 463 apartment units, as well as approximately 20,000 SF of ground floor
commercial space and off-street parking garage. The unit mix is comprised of one hundred fifty
four (154) 712 SF one bedroom -one bathroom units, twenty five (25) 831 SF two bedroom -one
bathroom units, two hundred fifty nine (259) 831 SF two bedroom -two bathroom units, sixteen
(16) 1,189 SF three bedroom -two bathroom two-story townhouse units; and nine (9) 1,164 SF
three bedroom -two bathroom units, with a total net living area of 375,152 SF or an average unit
size of 810 SF. The building is provided with a swimming pool/deck area, fitness center,
community room and coin -operated laundry rooms.
The subject site is encumbered by a 99-year land lease agreement dated June 14, 1988 which
commenced on October 1., 1990 (possession date) and will expire on. September 30, 2089,
between the City of Miami (Lessor) and Cruz Development and Associates Limited (Lessee).
SEOPW/CRA
- -�
OCT-19-01 FRI 15:3"„J.S. ALHALE & ASSOC, INC +y5 285 2020 P.02
*Woe
Ms- Annette Uwis
October 19, 2001
Page Two
The purpose of the appraisal assignment is to provide estimates of:
PHASE I:
the Market Value of the Leased Fee Interest in the subject property in its current "as is"
condition, subject to the 99-year land lease agreement in effect, assuming no rent
payments will be deferred;
the Market Value of the Leasehold Interest in the subject property in its current "as is"
condition, subject to the 99-year land lease agreement in effect, assuming no rent
payments will be deferred; AND
PHASE II:
the Market Value of the Fee Simple Interest in the subject property (land and
improvements) as a rental apartment building in its current "as is" condition and at
market rents, as if unencumbered by any rent restrictions and/or land lease agreement;
The fee for the two-phase narrative appraisal report will be allocated between Phase I ($4,000)
and Phase II ($3,500), or a total of Seven Thousand Five Hundred Dollars ($7,500), The fee
is for the preparation of the valuation analyses. The fee for Phase II is valid, only if we Are
retained to complete Phase I of the appraisal assignment. I will also be available to give expert
testimony at an additional hourly rate of $150. This is to inform you that I will be available to
prepare this appraisal assignment and the work will commence immediately upon receiving an
authorization from your office. The appraisal will be submitted within approximately four weeks
from the date of fornial authorization (if authorized to proceed immediately, it will be completed
prior to the scheduled meeting on November 19, 2001).
I thank you for considering us ib -provide real estate appraisal services to the Community
Redevelopment Agency of the City of Miami.
Sincerely
ozef Alhale, MAI
State Certified General Appraiser
License No. RZ 0001557
ACCEPTED BY:
Name and Signature Date
cc: Ms. Laura Billberry - Director
Office of Asset Management / City of Miami
SEOPW / CRA
J.B. ALHALE $z ASSOCIATES, INC. - I "El 3
REAL ESTATE APPRAISERS AND CONSULTANTS