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HomeMy WebLinkAboutSEOPW-CRA-R-01-0133i 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 1%A✓ `%✓4 cm 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