HomeMy WebLinkAboutSEOPW-CRA-R-02-0112June 13, 2002
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ITEM 8
RESOLUTION NO. SEOPW/CRA R-- 0 2— I� 2
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SOUTHEAST
OVERTOWN/PARK WEST (SEOPW) COMMUNITY REDEVELOPMENT AGENCY
(CRA) AUTHORIZING THE EXECUTIVE DIRECTOR TO ENTER INTO A
PURCHASE AGREEMENT AS DETAILED IN EXHIBIT "A", IN AN AMOUNT NOT
TO EXCEED $75 PER SQUARE FOOT TOTALING $2,950,000 PLUS RELATED
CLOSING COSTS, FOR THE ACQUISITION OF THE REAL PROPERTY AS
DESCRIBED IN EXHIBIT "B" AND FURTHER AUTHORIZING SPECIAL
COUNSEL TO PREPARE ANY NECESSARY NOTICES FOR THE EXECUTION OF
THE PURCHASE AGREEMENT, SUBJECT TO THE AVAILABILITY OF SEOPW
TIF FUNDS FROM ACCOUNT NUMBER 689001.550108.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
SEOPW 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 hereby authorizes the CRA Executive to enter into
a purchase agreement as detailed in Exhibit "A", in an amount not to exceed $75 per square foot
totaling $2,950,000, plus related closing cost, for the acquisition of the real property as described in
Exhibit `B" and further authorizing Special Counsel to prepare any necessary notices for the execution
of the purchase agreement, subject to the availability of SEOPW TIF funds from account number
689001.550108.
Section 3. This resolution shall be effective immediately upon its adoption.
PASSED AND ADOPTED this 13th day of June, 2002.
Priscilla Thompson
Clerk of the Board
APPROVED AS TO FORM
AND CORRECTNESS:
William Bloom
CRA Special Counsel
Arthur E. Teele, Jr., Chairman
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02-T 112
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Chairman Arthur E. Teele, Jr. and
TO.
Members of the CRA Board
Annette E. Lewis
FROM: Acting Executive Directo RA
June13,2002
CITY OF MIAM1, FLORIDA
INTER -OFFICE MEMORANDUM ITEM 8
June 13, 2002
DATE: FILE:
SUBJECT: Purchase Agreement with Fast
Park, LLC.
REFERENCES: Resolution, supporting documents
ENCLOSURES:
RECOMMENDATION
It is respectfully recommended that the CRA Board of Directors approve the attached resolution
authorizing the Executive Director to enter into a purchase agreement as detailed in Exhibit "A", in an
amount not to exceed $75 per square foot totaling $2,950,000 plus related closing cost, for the
acquisition of the real property as described in Exhibit `B" and further authorizing Special Counsel to
prepare any necessary notices for the execution of the purchase agreement, subject to the availability of
funds .
BACKGROUND
The CRA board adopted legislation engaging the planning services of Dover, Kohl & Partners for the
planning of the Grande Promenade into a creative unique space that will be a "Destination" spot for
tourist and visitors alike. The Grande Promenade is situated directly behind entertainment venues
fronting NW 11t' Street, and is currently in the planning stages for the implementation of a
sidewalk/cafe overlay, and other such entertainment amenities. There is a segment of the Grande
Promenade abutting Biscayne Boulevard that can either enhance or totally impede the effectiveness of
the Grande Promenade. The subject property is currently listed for $75 per square foot, which
represent a reduction from $125 per square foot. The total to be expended for the acquisition of this
property is $2,950,000 plus related closing costs. The CRA is looking for Board approval for the
acquisition of the referenced real properties for much needed infrastructure amenities for the successful
implementation of the Grande Promenade concept.
General Source: SEOPW TIF
Account Number: 689001.550108
SEOPW/CRA
02- 112
June 13, 2002
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EXHIBIT A
N
SEOPW/CRA
0 2 - 1.12
June 13, 2002
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EXHIBIT A
SEOPW/CRA
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J54 //'L 1244 ; May -30-02 12:01; Page 2/4
THOMAS F. GUSTAFSON
JOSBPH V. PRIORE
May 30, 2002
LAW OFFICES OF
GtJSTAF50N & PRIORE
ATTORNEYS AT LAW
Annette E. Lewis, Acting Executive Director
Miami Community Redevelopment Agency
300 Biscayne Blvd. Way, Suite 309
Miami, Florida 33131
SUITE 44o
4901 NORTH FEDERAL HIGHWAY
FORT LAUDERDALE, FLORIDA 33308
TELEPHONE (954) 492-0071
FACSIMILB (954) 492M74
Re: Recommendations relating to the proposed Grande Promenade improvements
Dear Ms. Lewis.
This will confirm that Chelsa A.rscott-Douglas has requested that I review the proposed: Grande
Promenade improvements to determine ifit would be advisable for the Southeast Overtown/Park West
Community Redevelopment Agency (CRA) to acquire property that relates to such impr-overi Tents. In
my discussions with the planning and design professionals at Dover, Kohl & Partners and other
consultants working on the Grande Promenade project for the CRA, the City and CRA sta.ffinvolved in
the Grande Promenade project and the business and club owners adjacent to the proposed: Grande
Promenade, it is apparent that that any improvements must create a safe, well lighted pedestrian -
oriented space which is designed as an extension of the entertainment activities that dominate the area
and which links the business entrances in the Entertainment District to 'nearby parking opportunities.
It was made clear at both the Grande Promenade workshop organized by Chairman Arthur E. Teele, Jr.
last April 17, 2002 and at the site visit scheduled with the CRA personnel, the City staff ;and the
adjacent club and. business owners last May 2, 2002, that the Grande Promenade improvements need to
be scheduled so that near term and long -terns mobility benefits are provided to the Grande Promenade
area customers who arrive by car in large numbers during the evening and morning hours of club
activities. Based upon the attached initial design proposals submitted by Dover, Kohl & Partners, it is
apparent that transportation and parking improvements need to also respond to the anticipated day time
traffic needs of the area as infill development increases daytime use of the public space created by the
Grande Promenade project. Further, because the Grande Promenade project is designed to eliminate
sluni and blight conditions that exist within the CRA boundaries, the proposed improvements and
related land acquisitions, as further described herein, would be consistent with the purposes, goals and
objectives of the CRA and in accordance with the Redevelopment Plan and other redevelopment and
revitalization planning documents.
With these issues in mind and upon review of the Grande Promenade depictions developed by:Dover,
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Additional property immediately south ofthe above referenced corridorproperty (property identified as
1000 Biscayne Boulevard) should be acquired by the CRA and would be an appropriate location for
another mixed -use pedestrian -oriented structure as described above. Such property acquisition and
development would fiu-ther strengthen the linkages between the Grande Promenade and Bicentennial
Park and provide significant transportation benefits to the properties within the CRA boundaries.
Finfilly, additional mixed -use parking opportunities should be identified that will support further
development of economically and socially beneficial pedestrian -oriented mixed mode transit corridors
and related uses and activities within the CRA boundaries designed so as to create a system, of
rnovemmt to and within every part of the CRA. Such efforts would be designed to minimize
automotive traffic congestion and increase the use of transportation alternatives by way of the
expansion of such pedestrian -oriented linkages to existing and proposed regional transit and all other
modes of transportation,
Ifyou have any questions regarding the above matters, please contract me at the above address orby e-
mail at tom@transitgreenwaylaw.com. Please let me know if you will need for me to attend the CRA.
meeting scheduled for tomorrow at 4:00 PM.
Sincerely yours,
GUSTAFSON & PRIORE
Thomas F. Gustafson
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02- 112
PURCHASE AGREEMENT
THIS AGREEMENT is made and entered into this _ day of May, 2002, by and
between FAST PARK, L.L.C., a Florida limited liability company (the "Seller") and
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT
AGENCY, a body corporate and politic of the State of Florida ("Purchaser").
WITNESSETH:
For and in consideration of the mutual covenants and agreements contained
herein and for other good and valuable consideration, the adequacy and receipt of which
are hereby acknowledged by the parties hereto, the parties agree, covenant and contract
as follows:
ARTICLE I
PROPERTY
1.1 The property to be sold, conveyed, assigned or otherwise transferred by
Seller to Purchaser at closing located at 1001 North Miami Avenue, 11 NE loth Street,
and 45 NE loth Street in the City of Miami, Florida, as more particularly shown on
Exhibit "A" attached hereto and made a part hereof (the "Land") and all appurtenances
belonging thereto, including any and all riparian rights, accretions, rights, privileges
and easements in any way pertaining thereto, all right, title and interest in and to any
adjoining sidewalk and in and to any adjoining street or alley and all of Seller's right,
title and interest in all personal property used in connection therewith (hereinafter
collectively the "Property").
ARTICLE II
1 DEPOSIT
2.1 Within ten (10) days of the execution of this Agreement, Purchaser shall
deliver to Holland & Knight LLP, as escrow agent (the "Escrow Agent"), the sum of
Fifty Thousand and No/100 ($50,000.00) (the "Deposit"). Upon receipt of Purchaser's
tax identification number, Escrow Agent shall invest the Deposit in an interest -bearing
account, certificate of deposit or repurchase agreement maintained with or issued by a
commercial bank or savings and loan association doing business in Miami -Dade County,
Florida. All interest accrued or earned thereon shall be paid or credited to Purchaser
except in the event of default of Purchaser, in which event the interest shall be
disbursed to Seller, together with the Deposit as liquidated damages.
ARTICLE III
PURCHASE PRICE
3.1 The purchase price ("Purchase Price") for the Property is Two Million Nine
Hundred Fifty Thousand and No/100 Dollars ($2,950,000.00), subject to adjustment and
prorations as hereinafter provided. The Purchase Price shall be paid to Seller as
follows:
$ 50,000.00 being the Deposit, which sum shall be paid to Seller at
Closing.
$2,900,000.00 approximately, in cash, subject to prorations and
adjustments, as hereinafter provided, to be paid by cashier's
check or by wire transfer of federal funds on the Closing Date,
1 as hereinafter defined.
2,95� TOTAL PURCHASE PRICE
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02- 112
ARTICLE IV
lk TITLE
4.1 Purchaser shall have twenty (20) days from the Effective Date, to obtain a
title insurance commitment (the "Commitment") issued by Chicago Title Insurance
Company, First American Title Insurance Company, or Lawyers Title Insurance
Corporation (the "Title Company") binding the Title Company to insure good,
marketable and insurable fee simple title to the Land in Purchaser by its ALTA Form B
owner's Title Insurance Policy, at then current standard rates with insurance in the
amount of the Purchase Price (the "Owner's Policy") upon the recording of the warranty
deed to be given by Seller. The Commitment shall show Seller to be vested with good
and marketable and insurable fee simple title to the Land, free and clear of all liens and
encumbrances, except the following:
(i) Ad valorem real estate taxes for 2002 and subsequent years.
(ii) All applicable zoning ordinances and regulations.
(iii) Matters set forth on Exhibit `B" attached hereto and made a
part hereof. (Items i, ii and iii are hereafter collectively referred to as the "Permitted
Exceptions").
4.2 Purchaser shall have twenty (20) days from the Effective Date to
specifically object in writing to any particular condition of title or exception revealed by
the Commitment, other than the Permitted Exceptions. If Purchaser fails to specifically
object in writing to any particular condition of title or exception set forth in the
Commitment within said twenty (20) day period, then same shall be deemed waived
and such condition of title or exception shall be deemed to constitute a Permitted
Exception. Seller shall utilize its best efforts to eliminate or cure any title defects
raised by Purchaser on or before the Closing Date. Seller shall remove by payment .or
bonding, or otherwise any judgment, mechanic's lien or lis pendens against the Property
capable of removal by the payment of money or bonding. In the event Seller is unable
to modify such unacceptable exceptions or to cure such title deficiencies prior to the
Closing Date, then Purchaser shall elect on the Closing Date to either cancel this
Agreement, in which event Escrow Agent shall return the Deposit, together with all
interest accrued thereon to Purchaser, and Purchaser and Seller shall be released from
any further obligations under this Agreement except those obligations arising under
Sections 5.1 and 5.2 of this Agreement, or Purchaser may waive the objection to the
condition of title and close hereunder without reduction of the Purchase Price.
4.3 Purchaser shall have twenty (20) days from the Effective Date of this
Agreement, to obtain an accurate survey (the "Survey") of the Property to be made at
Purchaser's sole cost and expense, by a surveyor licensed in the State of Florida. If the
Survey shows any encroachments, gaps, gores, easements, rights -of -way or any other
type of encumbrance or impediment not authorized by this Agreement, Purchaser shall
give written notice of such defect to Seller on or before the last day for raising objections
to title under Section 4.2 in which event said defect shall be governed in the same
manner and time as objections to title are dealt with in Section 4.2 and the parties shall
have the same rights, privileges and obligations as if the defect was an objection to title
as specified in Section 4.2 of this Agreement. The Survey shall be certified to the
Purchaser, Seller and the Title Company. The Survey must further be certified to
comply with the Minimum Technical Standards for Land Surveying in Florida set forth
by the Florida Board of Land Surveyors pursuant to Florida Statutes Section 472.027
and certify the number of square feet of the Land to the nearest hundredth of a square
foot. The Purchase Price shall be adjusted up or down based upon the actual number of
square feet of Land shown on the survey based upon a purchase price of Seventy -Five
and 00/100 Dollars ($75.00) per square foot of the Land.
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ARTICLE V
STATUS OF PROPERTY
5.1 Seller grants to Purchaser and its agents, as well as contractors employed
by or hired by Purchaser, during the Investigation Period, as hereinafter defined, the
right to enter the Property during normal business hours to do and perform such
reasonable acts and things as Purchaser deems necessary or appropriate, to make soil
tests, borings, engineering studies, environmental tests, surveys and like tests and
studies of the Property. Purchaser agrees to repair or restore promptly any damage to
the Property caused by Purchaser, its agents and contractors and restore same to its
original condition. Purchaser agrees to pay for all such work, labor and services that
shall be performed and to obtain waivers of lien or paid bills therefore and shall
indemnify and hold Seller harmless from any claims of any such persons.
5.2 Purchaser agrees to indemnify and hold Seller harmless from any and all
loss, claim, demand, action and liability which may arise against Seller or the Property
by virtue of any actions by Purchaser or its agents and contractors in connection with
conducting inspections of the Property. This indemnification and hold harmless shall
include reasonable attorneys' fees and court costs through all trial and appellate levels
which the Seller may incur in defending itself or the Property against any such claims,
losses, actions, demands and liabilities and in enforcing the terms of this
indemnification and hold harmless provision. This indemnification and hold harmless
provision shall survive the closing or termination of this Agreement, shall be continuing
and irrevocable and shall continue in force and effect until any and all such claims,
losses, actions, demands and liabilities against the Seller or the Property have been
satisfied in full.
5.3 Purchaser shall have fifteen (15) days from the Effective Date of this
Agreement (the "Investigation Period") to do such investigations and tests of the
Property as authorized in Section 5.1 of this Agreement and to investigate all other
matters pertaining to the Property including the zoning, and the environmental
condition of the Property to determine whether the Property is acceptable to Purchaser,
in Purchaser's sole discretion. In the event that Purchaser is not satisfied with the
condition of the Property, in Purchaser's sole discretion, on or prior to the expiration of
the Investigation Period, Purchaser shall have the option of either: (i) waiving the
condition and Closing in accordance with the terms of this Agreement without reduction
in the Purchase Price, or (ii) canceling this Agreement by written notice to Seller given
on or prior to the end of the Investigation Period, in which event the Escrow Agent shall
return the Deposit, together with the interest accrued thereon, to Purchaser,
whereupon the parties shall be released from any further obligations under this
Agreement except for those obligations contained in Section 5.1 and 5.2.
5.4 Upon the expiration of the Investigation Period, except as hereinafter
provided, Purchaser shall be deemed to have accepted the Property in its present
condition and shall be deemed to represent to Seller that it has concluded whatever
studies, tests and investigations Purchaser desires relating to the Property and the sale
shall proceed on an "all cash" basis in an "AS IS" condition, except as hereinafter
provided.
5.5 Within five (5) days after the Effective Date of this Agreement, Seller
shall make available to Purchaser for its review or provide Purchaser with copies of all
title insurance policies, surveys, soil tests, environmental reports, appraisals,
development orders, copies of the Permitted Exceptions, appraisals, site plans, and any
other tests studies, reports, and approvals which are in Seller's possession or control
concerning the Property with no representation as to their accuracy.
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ARTICLE VI
REPRESENTATIONS AND WARRANTIES OF SELLER
6.1 In order to induce Purchaser to purchase the Property, and to close
pursuant to this Agreement, Seller represents and warrants to Purchaser that:
6.1.1 Seller is a Florida limited liability company duly formed and in good
standing in the State of Florida.
6.1.2 All requisite action required under the Operating Agreement for
Seller has been taken to authorize the execution of the Agreement and the
consummation of the transaction contemplated by this Agreement and Seller has
full power and authority to enter into this Agreement and otherwise perform all
obligations of Seller under this Agreement in accordance with its terms.
6.1.3 This Agreement, when executed and delivered, will be a valid and
binding obligation of Seller, enforceable in accordance with its terms.
6.1.4 Seller is not the subject of any proceeding or lawsuit, actual or
threatened, at law or in equity, nor is Seller now the subject of pending,
threatened or contemplated bankruptcy proceeding which might affect its ability
to sell the Property according to the terms hereof.
6.1.5 Seller is in exclusive possession of the Property and Seller has not
entered into any leases, contracts, subcontracts, arrangements, licenses,
concessions, or other agreements, including, without limitation, service
arrangements, management agreements and employment agreements, either
recorded or unrecorded, written or oral, affecting the possession of the Property
or any portion thereof or the use, operation or maintenance thereof, which will
survive Closing.
6.1.6 All amounts owed for labor, materials supplied, services rendered
and/or any other bills or amounts incurred by Seller with respect to Seller's
ownership and/or operation of the Property have been paid and no party is
entitled to.a mechanic's or materialmen's lien with respect to the Property.
ARTICLE VII
REPRESENTATIONS AND WARRANTIES OF PURCHASER
7.1 In order to induce Seller to sell the Property, and to close pursuant to this
Agreement, Purchaser hereby represents and warrants to Seller, that:
7.1.1 Purchaser is a body corporate and politic of the State of Florida,
duly organized and in good standing under the laws of the State of Florida.
7.1.2 Purchaser is not the subject of any proceeding or lawsuit, actual or
threatened, at law or in equity, nor is Purchaser now the subject of pending,
threatened or contemplated bankruptcy proceeding which might affect its ability
to purchase the Property according to the terms hereof.
ARTICLE VIII
CONDITIONS PRECEDENT TO CLOSING
8.1 Unless waived by Purchaser in writing, the obligation of Purchaser to close
is conditional upon satisfaction of the following conditions by the Closing Date:
8.1.1 All representations and warranties of Seller shall remain true and
correct as of closing.
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02- 112
8.1.2 Seller shall have performed (or tendered performance of) all
material covenants, obligations, terms and provisions of this Agreement to be
performed by Seller.
8.1.3 Purchaser shall have obtained all board approvals required by
Section 11.1 of this Agreement.
8.2 In the event any of the foregoing conditions precedent to closing are not
satisfied by the Closing Date, then in such event Purchaser shall have the option of
(i) waiving the condition and closing in accordance with the other terms and provisions
of this Agreement without reduction to the Purchase Price or (ii) canceling this
Agreement in which event the Escrow Agent shall return the Deposit, together with
interest accrued thereon to Purchaser and the parties shall be released from any
further obligations under this Agreement except for the obligations under Sections 5.1
and 5.2 of this Agreement.
ARTICLE IX
ENVIRONMENTAL ISSUES
9.1 To the best of Seller's knowledge, the Property is in compliance in all
material respects with the following (herein collective called the "Environmental
Laws"): the Resource Conservation and Recovery Act of 1976 ("RCRA"), 41 U.S.C.
§ 6901, et sea., as amended, the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended by the Superfund Reauthorization
Act of 1986 ("CERCLA"), 42 U.S.C. § 9601 et sea., and any other federal, state or local
statute, law, ordinance, code, rule, regulation, order or decree regulating, relating to, or
imposing liability or standards of conduct concerning, any hazardous substance. Seller
has not received notice of any liens on the Property created, permitted or imposed by
any Environmental Laws. Seller has not received notice of or is aware of any actual,
asserted or threatened, liability or obligation of the Seller, related to the Property,
under any Environmental Laws. No toxic or hazardous substance, including without
limitation, asbestos and the group of organic compounds known as polychlorinated
biphenyls has been generated, treated, stored, or disposed of, or otherwise deposited in
or located on, or released on or to the Property, including, without limitation, the
surface and subsurface waters of the Property by Seller, or to the best of Seller's
knowledge, by any other party, which has not been removed in accordance within all
applicable laws. Neither Seller, nor, to the best of Seller's knowledge, any other party
has engaged in any activity on the Property which has caused (A) the Property to be a
hazardous waste treatment, storage or disposal facility within the meaning of or
otherwise bring such Property within the ambit of the RCRA, as amended, or any
similar state law or local ordinance or other Environmental Law, or (B) the discharge of
pollutants or effluents into any water source or system, or the discharge into the air of
any emissions, which require a permit under the Federal Water Pollution Act, 33 U.S.C.
§ 1251, et sea., or the Clean Air Act, 42 U.S.C. § 7401, et sea., or any similar state law
or local ordinance or any other Environmental Law, and (iii) to the best of Seller's
knowledge, no underground storage tank is located on or under the Property. As used in
this subpart (o), the terms "hazardous substance", and "release", shall have the
meanings specified in CERCLA and "solid waste" and "disposal" (or "disposed") shall
have the meanings specified in RCRA provided, in the event any Environmental Law is
amended during the term of this Agreement so as to broaden the meaning of any term
defined thereby, such broader meaning shall apply subsequent to the effective date of
such amendment, and provided further, to the extent that the laws of the State of
Florida establish a meaning for such terms which is broader than that specified in this
subsection, such broader meaning shall apply.
9.2 Purchaser shall have its environmental consultant confirm that there are
no underground storage tanks located on the Property, that tank closure reports have
been obtained from Miami -Dade County Department of Environmental Resource
Management ("DERM") with respect to any underground storage tanks previously
SEOPW / CRA
02" 112
removed from the Property by Seller and that the Property is free from hazardous
substances in concentrations in excess of those allowed under applicable laws. In the
�. event that Purchaser, during the Investigation Period, discovers any underground
storage tanks- are currently located on the Property or that closure letters have not been
obtained from DERM with respect to any storage tanks previously removed from the
Property by Seller or hazardous substances are found on the Property in concentrations
in excess of those allowed under applicable laws, then, in such event, Purchaser shall
take all required action to obtain the required closure letters from DERM and remove
all other underground storage tanks and hazardous substances located on the Property,
in accordance with all applicable laws, all at Seller's sole cost and expense.
9.3 At Closing One Hundred Thousand and 00/100 Dollars ($100,000.00) (the
"Escrow Funds") shall be escrowed from the Purchase Price which funds shall be
utilized to reimburse Purchaser for all costs and expenses incurred by Purchaser in
connection with the removal of any underground storage tanks discovered on the
Property in compliance with all applicable laws, to obtain the required closure letters
from DERM with respect to any storage tanks previously removed by Seller in the event
tank closure letters were not previously obtained, and the removal of any hazardous
substances located on the Property in concentrations in excess of those allowed under
applicable laws. At the request of Purchaser, Escrow Agent will release to Purchaser
portions of the Escrowed Funds upon receipt by Escrow Agent of paid receipts
evidencing work performed by and on behalf of Purchaser for any of the foregoing
matters. Any funds remaining in escrow at the end of six (6) months from the date of
closing shall be returned to the Seller.
ARTICLE X
CONFIDENTIALITY
10.1 Except as otherwise required bylaw or judicial subpoena, at all times prior
~` to the Closing or the termination of this Agreement, Seller shall retain any and all
information related to this Agreement, the transactions contemplated under this
Agreement and the fact that discussions or negotiations have taken place with respect
to the Property and any of the terms, conditions or other facts with respect to this
Agreement (collectively, the "Information") in confidence and not disclose the
Information to any party, including, without limitation, the owners of the Outparcels,
without prior written consent of Purchaser, except that Seller may disclose the
Information to Seller's employees and agents who need such information for the
purpose of proceeding with the transaction, provided that they agree to keep the
Information confidential and agree to be bound by this provision of the Agreement.
Seller agrees that Purchaser shall be entitled to equitable relief, including an
injunction, in the event of any breach of this provision of the Agreement. This provision
shall survive cancellation or termination of this Agreement.
ARTICLE XI
BOARD APPROVAL
11.1 This Agreement is subject to approval by the Board of Directors of the
Southeast Overtown/Park West Community Redevelopment Agency (the "Board"). In
the event that Board approval is not obtained on or before June 5, 2002, then in such
event, this Agreement shall terminate and be of no further force and effect, in which
event the Escrow Agent shall return the Deposit, together with all interest accrued
thereon to Purchaser and the parties shall be released from all further obligations
under this Agreement except for the obligations under Section 5.1 and 5.2 of this
Agreement.
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1
ARTICLE XII
CLOSING
12.1 The closing shall be at 10:00 A.M. Eastern Standard Time fifteen (15) days
after the expiration of the Investigation Period (the "Closing Date"), time being of the
essence, at the offices of Holland & Knight LLP, 701 Brickell Avenue, Suite 3000,
Miami, Florida 33131, or at such other place as the parties may mutually determine.
12.2 Seller, at Seller's expense, shall deliver to Purchaser at closing:
12.2.1 A warranty deed conveying the Property, in recordable form,
subject only to the Permitted Exceptions and such other exceptions waived by
Purchaser.
12.2.2 A bill of sale conveying the personal property located at the
Property.
12.2.3 A mechanic's lien, possession and gap affidavit.
12.2.4 An assignment of general intangibles with respect to the Property.
12.2.5 A certificate of non -foreign status, pursuant to Section 1455 of the
Internal Revenue Code.
12.2.6 Any additional documents required by the Title Company to
consummate this transaction.
12.3 Purchaser, at Purchaser's expense, shall deliver to Seller or cause to be
delivered to Seller at closing:
12.3.1 The amount due Seller on closing under Article III in cash, by
certified or cashier's bank check or by wire transfer of federal funds, subject to
adjustments and prorations required under this Agreement.
12.3.2 Any additional documents required by the Title Company to
consummate this transaction.
12.4 The following items shall be prorated and adjusted as of Midnight of the
day prior to the Closing Date or as otherwise provide herein:
12.4.1 General real estate taxes for the then current year relating to the
Property shall be prorated as of the Closing Date with due allowance for the
maximum discount allowed by law. If the Closing shall occur before the tax rate
is fixed for the then current year, the apportionment of taxes shall be upon the
basis of the tax rate for the immediately preceding year applied to the latest
assessed valuation of the Property. In such event, the parties agree to reprorate
the taxes within thirty (30) days of demand by either party.
12.4.2 Certified liens for governmental improvements as of the Effective
Date of this Agreement, if any, shall be paid in full by Seller and pending liens
for governmental improvements as of the Effective Date of this Agreement shall
be assumed by Purchaser. "Certified" for this purpose shall be deemed to mean
that the improvement has been substantially completed as of the Effective Date
of this Agreement.
12.4.3 Seller shall pay the State Documentary Stamps and Miami -Dade
County surtax which are required to be affixed to the Warranty Deed, and the
cost to record any corrective documents. Purchaser shall pay the cost of
recording the Warranty Deed, the cost to record the Mortgage, the cost for the
Commitment and the Owner's Policy and the cost for the Survey. Each party
shall bear the cost of the fees of their own respective attorneys and other
i s I j i (4 �.ti U.
7 02- 112
professionals and the cost of their own respective performance under this
Agreement.
12.4.4 All insurance policies with respect to the Property shall be
cancelled on the Closing Date and not prorated.
ARTICLE XIII
CONDEMNATION AND CASUALTY
13.1 Condemnation.
(a) Seller agrees to give Purchaser prompt notice of any actual or
threatened condemnation of all or part of the Property, or any appurtenance
thereto, or of any actual, proposed or threatened modification or termination of
the current access to or from the Property.
(b) If prior to the Closing there shall occur (i) the taking by condemnation
of all or such portion of the Property as would materially interfere with
Purchaser's use and enjoyment thereof in Purchaser's sole discretion; or (ii) the
material modification or termination of the current access to or from the Property
in Purchaser's sole discretion or of sewer or other utility service to or from the
Property in Purchaser's sole discretion, then, and in any such event, Purchaser
may terminate this Agreement by written notice given to Seller within seven (7)
days after Purchaser has received the notice referred to in Section 13.1(a) hereof,
or at the Closing, whichever is earlier. If Purchaser does not elect to terminate
this Agreement, then the Closing shall take place as herein provided without
abatement of the Purchase Price, and there shall be assigned to Purchaser at the
Closing all of Seller's interest in any condemnation awards which may be payable
to Seller on account of any such condemnation and Purchaser shall receive a
credit at Closing in an amount equal to any such condemnation awards paid to
Seller prior to Closing.
(c) If prior to the Closing there shall occur the taking by condemnation of a
portion of the premises which is not material to the use or enjoyment thereof,
then, and in either such event, Purchaser shall have no right to terminate this
Agreement, but there shall be assigned to Purchaser at the Closing all interest in
any condemnation awards which may be payable to Seller on account of any such
condemnation, and Purchaser shall receive a credit at Closing in an amount
equal to any such condemnation awards paid to Seller prior to Closing.
13.2 Casualty.
(a) All risk of loss to the Property occurring prior to the Closing shall be
borne and paid by Seller. Seller shall at all times prior to Closing maintain fire
and other casualty insurance in effect as of the Effective Date. If prior to Closing
there is a fire or other casualty of any part of the Property which is covered by
insurance, Purchaser shall not have the right to terminate this Agreement. In
such event, all insurance proceeds or other recoveries paid to Seller on account of
such casualty shall be paid to Purchaser at Closing, and the right to receive any
future proceeds or benefits, together with any causes of action against third
parties arising from and out of the casualty, shall be assigned by Seller to
Purchaser and the amount of any insurance deductible which Purchaser shall be
required to pay as a result of such casualty shall be credited against the Purchase
Price at Closing.
SE®PW / CRA
02- 112
ARTICLE XIV
DUTIES OF ESCROW AGENT
The Deposit shall be held by the Escrow Agent, in trust, on the terms hereinafter
set forth:
14.1 If the Closing takes place under this Agreement, the Escrow Agent shall
deliver the Deposit thereon to Seller.
14.2 Subject to the provisions of Section 14.4 below, if the Agreement is
terminated in accordance with the terms hereof or if the Closing does not take place
under this Agreement by reason of the failure of either party to comply with its
obligations hereunder, the Escrow Agent shall deliver the Deposit to the party entitled
thereto in accordance with the provisions of this Agreement.
14.3 It is agreed that the duties of the Escrow Agent are only as herein
specifically provided and purely ministerial in nature, and the Escrow Agent shall incur
no liability whatever except for willful misconduct or gross negligence, as long as the
Escrow Agent has acted in good faith. The Seller and Purchaser each release the
Escrow Agent from any act done or omitted to be done by the Escrow Agent in good
faith in the performance of its duties hereunder.
14.4 The Escrow Agent is acting as stakeholder only with respect to the Deposit
and the cash to close. If there is any valid dispute as to whether the Escrow Agent is
obligated to deliver the Deposit or the cash to close or as to whom the Deposit or cash to
close is to be delivered, the Escrow Agent shall not make any delivery, but in such
event, the Escrow Agent shall hold same until receipt by it of an authorization in
writing, signed by all parties having interest in such dispute, directing the disposition
of same; or in the absence of such authorization, the Escrow Agent shall -hold the
Deposit and/or the cash to close until final determination of the rights of the parties in
the appropriate proceedings. If such written authorization is not given or proceedings
for such determination are not begun within thirty (30) days of the Closing Date and
diligently continued, the Escrow Agent shall bring an appropriate action or proceeding
to interplead the Deposit. The Escrow Agent shall be reimbursed for all costs and
expenses of such action or proceeding, including, without limitation, reasonable
attorneys' fees and disbursements, by the party determined not to be entitled to the
Deposit and/or the cash to close. Upon making delivery of the Deposit and/or the cash
to close, the Escrow Agent shall have no further liability. Seller acknowledges that the
Escrow Agent is counsel to Purchaser and can represent Purchaser hereunder in the
event of any dispute hereunder, concerning the Deposit and/or the cash to close or
otherwise, and Seller waives any right to object to same.
ARTICLE XV
DEFAULT
15.1 If Purchaser, in breach of provisions of this Agreement, fails to conclude
the transaction described herein, or otherwise fails to comply with any of the
requirements on the part of the Purchaser to be performed hereunder, and Seller is
capable of performing hereunder, Seller may retain the Deposit, together with all
accrued interest, as agreed upon and as liquidated damages as the result of such breach
by the Purchaser, whereupon the parties shall be released and relieved of all other and
further obligations or liabilities hereunder except for the liabilities under Sections 5.1
and 5.2. It is agreed by the parties that such amount being paid to Seller is a fair and
reasonable measure of the damages which will be suffered by Seller in the event of such
default, the parties recognizing that Seller will, in such event, have relinquished
potential offers from other parties to purchase the property, the parties recognizing that
such occurrences cannot be subject to the ascertainment of any exact amount of
damages. Said liquidated and agreed upon damages are, however, bona fide provisions
for such and are not a penalty.
SEOPW/CRA
0Z 1112
15.2 If Seller defaults in the performance of its obligations under this
Agreement, Purchaser may elect to receive the return of the Deposit, together with
interest accrued thereon, or, in the alternative, pursue any remedies available at law or
in equity, including, without limitation specific performance of this Agreement.
Purchaser, at Purchaser's option and in Purchaser's sole discretion, may waive any
default by Seller and close pursuant to this Agreement.
ARTICLE XVI
MISCELLANEOUS
16.1 Notices. All notices, consents, approvals, waivers and elections which any
party shall be required or shall desire to make or give under this Agreement shall be in
writing and shall be sufficiently made or given only when hand delivered, telecopied, or
mailed by certified mail, return receipt requested, with proper postage affixed,
addressed:
As to Seller: Fast Park, L.L.C.
c/o Stewart Mirmelli, Esq.
Nationsbank Tower
100 SE 2nd Street, Suite 2600
Miami, Florida 33131
Fax: (305) 379-6423
As to Purchaser: Southeast Overtown/Park West
Community Redevelopment Agency
300 South Biscayne Boulevard Way
Suite 430
Miami, Florida 33132
Attn: Annette E. Lewis
Fax: 305-372-4646
with copy to: Holland & Knight LLP
701 Brickell Avenue
Miami, Florida 33131
Attn: William R. Bloom, Esq.
Fax: (305) 789-7799
As to Escrow Agent:
Holland & Knight LLP
701 Brickell Avenue
Miami, Florida 33131
Attn: William R. Bloom, Esq.
Fax: (305) 789-7799
or to such other address as any party hereto shall designate by like notice given to the
other parties hereto. Notices, consents, approvals, waivers and elections given or made
as aforesaid shall be deemed to have been given and received when hand delivered,
upon receipt of the telecopy or on the date of receipt or date delivery is refused if mailed
by certified mail, return receipt requested.
16.2 The validity of this Agreement and all of its terms or provisions, as well as
the rights and duties of the parties hereunder, shall be interpreted and construed to
and in accordance with the laws of the State of Florida. Proper venue for any litigation
involving this Agreement shall be in Miami -Dade County, Florida.
16.3 Time is of the essence with respect to all matters contained herein.
16.4 Except as expressly stated in this Agreement to the contrary, any and all
covenants, warranties and representations made in this Agreement and all of the terms
SECPW / CRA
10 02- 112
kkl
and provisions contained in this Agreement shall survive the Closing and delivery and
recording of the warranty deed hereunder.
16.5 The parties hereto agree to execute any and all further instruments and
documents and take all such action as may be reasonably required by either party to
effectuate the terms and provisions of this Agreement and the transactions
contemplated herein.
16.6 If any party shall institute legal proceedings against any other party based
upon a cause of action arising out of this Agreement, the non -prevailing party in such
proceedings shall pay the costs and expenses incurred by the prevailing party in such
proceedings, including reasonable attorneys' fees and including any and all costs and
fees incurred on appeal of any lower court decision.
16.7 This Agreement constitutes the entire agreement of the parties and the
same may not be amended or modified orally. All understandings and agreements
heretofore had between the parties are merged in this Agreement which alone fully and
completely expresses their understanding.
16.8 Wherever used, the singular number shall include the plural and the
plural the singular and the use of any gender shall include the others.
16.9 Failure to insist upon strict compliance with any of the terms, covenants,
or conditions hereof shall not be deemed a waiver of such terms, covenants or conditions
nor shall any waiver or relinquishment of any right or power hereunder at any one or
more times be deemed a waiver or relinquishment of such right or power at any other
time or times.
16.10 In the event that any term or provision of this Agreement is determined by
appropriate judicial authority to be illegal or otherwise invalid, said provision shall- be
given its nearest legal meaning or be construed as deleted as such authority
determines, and the remainder of this Agreement shall be construed to be in full force
and effect.
16.11 This Agreement may be executed in counterparts by the parties hereto and
each shall be considered an original insofar as the parties are concerned but together
said counterparts shall comprise only one Agreement.
16.12 If this Agreement is not executed by Purchaser and Seller on or before
5:00 p.m. on June 1, 2002, then the offer contained herein shall lapse and be null and
void. The "Effective Date" of this Agreement shall be the date this Agreement is last
executed by Seller or Purchaser.
16.13 All terms, covenants and conditions contained herein are and shall be
binding upon in and or to the benefit of the respective parties hereto and those
successors and assigns.
16.14 Purchaser and Seller each represent and warrant to the other that no real
estate broker, salesman or finder was involved in this transaction. If a claim for
brokerage in connection with this transaction is made by any broker, salesman or finder
claiming to have dealt through or on behalf of one of the parties hereto (the said party
being called the "Indemnitor"), said Indemnitor shall indemnify, defend and hold the
other party hereunder and such other party's officers, directors, agents and
representatives (collectively the "Indemnities") harmless from any liabilities, damages,
claims, costs, fees and expenses whatsoever (including reasonable attorneys' fees and
court costs) with respect to said claim for brokerage. This provision shall survive the
termination of this Agreement.
IN 16.15 Purchaser may assign this Agreement without the express consent of
Seller.
11
SE®PW / CRA
02- 112
16.16 Notwithstanding anything to the contrary contained in this Agreement,
the obligations of Purchaser under any indemnification provisions contained in this
Agreement shall be subject to the limitations of liability contained in as provided under
Florida law.
16.17 PURCHASER AND SELLER HEREBY KNOWINGLY, VOLUNTARILY
AND INTENTIONALLY WAIVE THE RIGHTS THAT THEY MAY HAVE TO TRIAL
BY JURY IN RESPECT OF ANY LITIGATION BROUGHT BY ANY PARTY BASED
UPON, OR ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT AND
ANY DOCUMENTS EXECUTED IN CONJUNCTION THEREWITH, OR ANY
COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL
OR WRITTEN) OR ACTIONS OF PURCHASER OR SELLER ARISING IN
CONNECTION WITH THIS AGREEMENT. THIS PROVISION IS A MATERIAL
INDUCEMENT FOR SELLER ENTERING INTO THIS AGREEMENT.
(SIGNATURE PAGE FOLLOWS)
SF
OpW / CRA
12 02- 11_2
IN WITNESS WHEREOF, the parties have set their hands and respective
seals to be attached hereto on the day and year first above written.
Signed, sealed and delivered in the SELLER
presence of
FAST PARK, L.L.C., a Florida limited
liability company
By: Downtown Miami Management
Group, Inc., a Florida corporation,
Manager
By:
GREGORY MIRMELLI, President
Date Executed:
PURCHASER
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT
AGENCY, a body corporate and politic
of the State of Florida
By:
Name:
Title
Date Executed:
SEOPW/CRA
13
EXHIBIT "A"
LEGAL DESCRIPTION
Lots 11, 12 and 14, less the North 25 feet thereof, Lots 13 and 15, less the North 12.5
feet thereof, and the South 125 feet of Lot 16, all in Block 18 of NORTH, CITY OF
MIAMI, according to the Plat thereof, as recorded in Plat Book B, at Page 41 of the
Public Records of Miami -Dade County, Florida.
14
SECPW / CRA
02- 112
MIA1 #1135316 v6
EXHIBIT `S"
NONE
15
SEOPW / CRA
02- 112
0 SELECTED PAGES
APPRAISAL OF
A VACANT PARCEL OF LAND ; E
, A
LOCATED AT
THE NORTHEAST QUADRANT OF
N.E. 10 Street AND NORTH MIAMI AVENUE
MIAMI, FLORIDA
PREPARED FOR
CITY OF MIAMI
COMMUNIITY REDEVELOPMENT AGENCY
MIAMI, FLORIDA
DATE OF VALUE
May 9, 2002
PREPARED BY
INVESTORS RESEARCH ASSOCIATES, INC.
5730 S.W. 74 Street, Suite 100
South Miami, Florida 33143
investors research associates, inc, real estate consultants/appraisers
02— 112
0 1
D
E
E
0
investors research associr , inc.
5730 s.w. 74 street,"iffite 100
south miarni, florlda 33143-5381
telephone
305-665-3407
fax
305-665-4921
May 16, 2002
real estate consultants
and appraisers
licensed real estate broker
Annette Lewis
Acting Executive Director
Community Redevelopment Agency
300 Biscayne Boulevard Way, Suite 309
Miami, Florida 33131
Re: A 38,750-square foot parcel of vacant land located at the northeast quadrant of N.E. 10
Street and North Miami Avenue
IDear Ms. Lewis:
G
The attached complete appraisal prepared in summary report format is being submitted according
to your request. This report contains a result of investigations and analyses made in order to
furnish an estimate of the market value of the property described herein.
This appraisal is intended to comply with the following: the Uniform Standards of Professional
Practice (USPAP), as adopted by the Appraisal Standards Board of the Appraisal Foundation;
requirements of the Real Estate Appraisal Board of the Florida Department of Professional
Regulation; and the Code of Professional Ethics and the Standards of Professional Appraisal
Practice of the Appraisal Institute.
A Summary of Facts and Conclusions is provided in the front of the report, and a Certificate of
Value appears in the final section. As presented herein, the conclusion of market value of the
referenced property, as of May 9, 2002 is $2,900,000.
Respectfully submitted,
�,� Xl- ?a�
Edward N. Parker, MAI
State Certified General Real Estate Appraiser # 0000144
2
02-1580
02- 112
SEOPW / CRA
SEOPW/CRA
02- 112
SUMMARY OF FACTS AND CONCLUSIONS
The Assignment: To estimate the market value of the fee simple interest of
the property described herein.
Property Location: Northeast quadrant of N.E. 10 Street and North Miami
Avenue, Miami Florida.
Property Description: An essentially rectangular shaped parking lot measuring
approximately 125' x 300' and containing 38,750 square
feet. The site improvements include old asphalt paving
and a chainlink fence.
Ownership: Fast Park, L.L.C.
2001 Assessment
and Taxes:
2001 Assessment 2002 Taxes
$1,601,167 $44,097
Zoning: C-1, Restricted Commercial
Highest & Best Use: Nightclub
Market Value Conclusion: $2,900,000
Effective Date of Valuation: May 9, 2002
Appraiser: Edward N. Parker, MAI
4
SEOPW IMA
02- 112
►A
Q
I. THE ASSIGNMENT
Identification of the Property
The appraised property consists of a vacant parking lot fronting along the north side of
N.E. 10 Street and the east side of North Miami Avenue in the City of Miami. The site
fronts 125 feet along North Miami Avenue and 300 feet along N.E. 10 Street, and
contains approximately 38,750 square feet.
According to the Miami -Dade County Property Appraiser's records, the property is
legally described as follows:
The south 125 feet of Lots 11, 12, 14, and 16 and the south 137.5 feet
of Lots 13 and 15, , Block 18, City of Miami North, Plat Book B,
Page 41, as recorded in the Public Records of Miami -Dade County,
Florida
Purpose and Scope of the Assignment
The purpose of this appraisal is to estimate the current market value of the fee simple
interest of the property described herein.
The function of this appraisal is to provide the client with an estimate of value that may
be used in conjunction with the potential acquisition of the property.
Per the client's request, the appraiser has prepared a narrative appraisal report presenting
the data, reasoning and analyses used to develop the opinion of value. Additional
supporting documentation concerning the data, reasoning, and analyses is retained in the
appraiser's files.
The scope of the assignment encompassed the following steps performed within the
framework of commonly affected appraisal procedures:
• Interviewed the subject property owner regarding his property and other
properties in the immediate area.
• Inspected the property being appraised and the surrounding neighborhood and
marketplace.
• Gathered and confirmed comparable market data to the extent possible.
Importantly, per the client's request, the appraiser did not divulge the nature of
the assignment or the property being appraised. This hindered the verification
process to some extent.
5
02-1580
SEoPW / CRA
n9- 1 1 2
• Formulated reasonable Opinions
44�,
factors, as well as physical and functional considerations ment based on supply and demand considerations relative to the hi
and best use of the property and its market value. ghest
• Analyzed these data in order to formulate sound valuation judgment within the
framework and application of the appropriate approach to value.
C. Definition of Value
Market value is defined in Uniform Standards of Professional Practice (USPAP), as
adopted by the Appraisal Standards Board of the Appraisal Foundation, as:
"The most probable price which a property should bring in a competitive and o
market under all conditions requisite to a fair sale, the buyer and seller each acting
prudently, knowledgeably, and assuming the price is not affected by undue stimulus.
Implicit in this definition is the consummation of a sale as of a specified date and passing
Of title from seller to buyer under conditions whereby:
Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and each acting_in what he
considers his own best interest;
I A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto; and
5. The price represents the normal consideration for the Property
special or creative finncing or sales concessions granted by anyone unaffected
ssociated
with the sale."
A Property Rights Appraised
This valuation of the appraised property is based on all the rights that may lawfully be
held by the owner under a fee simple estate.
E. Effective Date of Appraisal
The property was inspected on May 9, 2002. This is the effective date of value.
F• Appraiser
Edward N. Parker, MAI
ral
,ECPW/CRA
02-- 112
02-1580
14�6�
Continued new apartment construction is occurring in Miami -Dade County. However,
Wolff reports recent new apartment inventory represents less than nine months of supply
and anticipates vacancy rates will remain at acceptable levels for the near term. Overall
average apartment rent in Miami -Dade County was $921 in late 2001, up 5.1 percent
from $876 in late 2000.
Conclusion
The local economy and real estate market have fully recovered from the multiple shocks
of the national recession, a credit crunch, over -building in the late 1980s and Hurricane
Andrew in 1992. But the economy's rate of growth has slowed and some sectors have
stalled. The population in Miami -Dade County is increasing at a significantly slower
pace than in the past decade and the source of the growth is not especially conducive to
economic growth, at least for the short term. Miami -Dade County has a higher than
average birth rate and a large, low-income immigrant population.
Based on historic patterns, the long-term prognosis is more positive. In the past,
immigrants to Miami -Dade have proven to be energetic entrepreneurs and most job
creation comes from small businesses. The single most significant growth industry in
Miami -Dade is international trade, which generates demand for warehouse and
distribution space, transportation services, as well as legal and banking services such as
letters of credit. The strength of this industry is attributable to Miami's largely bilingual
population in addition to the area's proximity to Latin America.
B. The Neighborhood
The appraised property is located in a neighborhood situated immediately north of
Downtown Miami known as Park West. Neighborhood boundaries are generally
delineated as S.R. 836/I-395 to the north, Biscayne Boulevard (US-1) to the east,
N.W./N.E. 5 Street to the south, and the FEC Railroad/Metrorail line at about N.W. 1
Avenue to the west.
Park West was one of the first industrial districts to be developed in Miami with some of
the remaining structures dating back to the early 1900s. However, the neighborhood has
experienced substantial new development during the last 10 years. Examples include the
following:
• The Miami Arena along the south side of N.W. 8 Street between N.W. 1 Avenue
and North Miami Avenue.
The Arena View Towers and Biscayne View Apartments, two high-rise
apartment structures occupying the twe ' ' -'-s immediately north of the Miami
Arena.
• The NAP Telecom facility occupying the entire block bounded by North Miami
Avenue, N.E. 8 Street, N.E. 1 Avenue, and N.E. 9 Street.
02-1580
SEC3PWICPS
fig— 1 1 9
City of Miarni
Park West District
, Za
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SF,OPW/CRA
Although each of these developments has upgraded the Park West neighborhood, the
4�4,
greatest impact on the area has been the Performing Arts Theatre which is now under
construction just north of the northeast corner of Parkwest between Biscayne Boulevard
and N.E. 2 Avenue and between N.E. 13 and N.E. 14 Streets. The Performing Arts
Theatre has been planned and anticipated for many years. When it became clear the
project would become a reality, land speculation in the Park West area, as well as the
neighborhood to the north of S.R. 836/I-395 intensified. By far the most prominent
purchaser of properties in the neighborhood has been Hank Sopher, a developer of
parking garages from New York. This land speculation has pushed land prices of about
$20-$30 per square foot several years ago up to $75 per square foot or more at this time.
Very well located parcels near Biscayne Boulevard are priced well above $100 per square
foot.
While the Performing Arts Theatre has caused land values in the general Park West area
to escalate, the factor that has had the greatest impact on property prices/values in the
immediate subject area is the Park West Entertainment District. The ordinance that
established this district and several others in the City of Miami was adopted in April
2000. The intent of the ordinance was to eliminate the distance requirements between
nightclubs and to actually encourage establishment of clubs in close proximity to one
another. It also provides for 24-hour liquor licenses within the district. The Park West
Entertainment District is bounded by S.R. 836/I-395 to the north, Biscayne Boulevard to
the east, N.E. 7 Street to the south, and North Miami Avenue to the west.
Motivated by the liberal provisions of the Park West Entertainment District, in
conjunction with greater restrictions being placed on nightclub operators on South Beach,
club owners have recently acquired a number of older industrial buildings and vacant
sites in the area.— primarily along N.E. 11 and N.E. 10 Streets. The older buildings have
been totally renovated and opened as nightclubs, reportedly with tremendous success.
Although no new buildings have been built on vacant sites, several are reportedly
planned. The prices being paid for these older buildings and vacant properties have
escalated tremendously over the last two years. Buildings that are 60 to 80 years old that
sold at prices of about $30 per square foot of land area several years ago now sell for
more than $100 per square foot of land area with one current contract reported to be in
the $250 to $300 per square foot range. These are buildings that are generally in very
poor physical condition that only provide a usable shell.
Importantly, the subject parcel fronts along the north side of N.E. 10 Street along the
south side of the block that has experienced the most sale activity along N.E. I 1 Street.
This would appear to place the property at a very good location for future club
development.
1[o7
02-1580
02- 112
5
I
VIEWS OF THE SUBJECT PROPERTY
Looking northeast across the intersection of N.E. 10 Street (at right) and North
Marni
Avenue (at left) at the appraised property which is the vacant, fenced parkingI ot.
Looking northwest across N.E. 10 Street at the property. The oak trees at the right are the far east end of the site on Lot 16. g at
CRA
02- 1.12
VIEWS OF THE SUBJECT PROPERTY 4��
Looking east from the west end of the property just east of North Miami -Avenue.
Looking west across the middle of the parcel.
The trucks in the background are on North Miami Avenue.
SEOPW/CRA
02- 112
I
IV. ANALYSIS OF DATA AND CONCLUSIONS
A. Highest and Best Use
Highest and best use is a fundamental promise of real estate valuation. According to
Page 275 of The Appraisal Of Real Estate, Twelfth Edition (2001), published by the
Appraisal Institute, highest and best use is defined as:
"The reasonably probable legal use of vacant land or an improved
Property that is physically possible, appropriately supported, financially
feasible, and that results in the highest value."
The appraised property is located north of the Miami Central Business District in a
neighborhood known as Park West. This was an older industrial neighborhood prior to
revitalization during the last 10 years. As previously addressed herein, a number of
factors have acted to improve Park West and to escalate property prices/values.
By far, the most significant influence on the immediate subject vicinity has been the
establishment of the Park West Entertainment District. The City of Miami created this
24-hour entertainment district in April 2000 to promote the grouping of nightclubs
between Biscayne Boulevard and North Miami Avenue. Although the district boundaries
extend south from S.R. 836/1-395 to N.W. 7 Street, the primary focus has been along
N.E. I I and N.E. 10 Streets. A number of clubs have opened in completed renovated
warehouses and others are planned for vacant sites in the area. Reportedly, the clubs that
have opened have been extremely successful.
A nightclub use of the subject site is legal and physically possible. Although a financial
feasibility analysis was not within the scope of this assignment, it would appear that a
nightclub use would be financially feasible. Therefore, the conclusion of highest and best
use is for a nightclub.
B. Valuation
1• Methodeloey
Usual appraisal procedure involves an estimate of value by three separate
approaches: the cost approach, the sales comparison approach, and the income
capitalization approach. In this instance, vacant land is being appraised so only
the sales comparison approach is prepared.
2• Market data
A search was conducted for recent sales of commercially zoned sites in the
subject's Park West neighborhood. The search revealed sales of both vacant sites
and sales of old industrial buildings which were in poor physical condition at the
14
SECPW / CRA
02-- 112
02-1580
time of sale. The
older buildings are generally either razed or totally renovated
441*6.
for nightclub use. Although the building shells of the improved properties may
have contributed some minor increment of value, the location of these properties
and their underlying land value were the primary considerations in their
prices/values.
Seven sales of vacant and improved properties in Park West are detailed on the
following pages along with photographs and plats. A location map, summary
table, and analysis follow the sale write ups.
15
SEOPW/CRA
02- 112
02-158o
f'sanr ,��_ -�•-moo tea.
Sale
Improvement
Price/S.F.
LIB
Location
Sale Date
Site Siz,
Size -LS.F,1
LARd
1
West side of N.E. 1 Avenue
Dec-00
30,000
---
$40.00
from N.E. 10 Street to N.E. 9
Street
2
South side of N.E. 7 Street
Aug-00
47,985
26,505
$75.00
from N.E. 1 Avenue to N.E.
2 Avenue
3
North side of N.E. 10 Street,
Jun-01
12,500
---
$160.00
150 feet east of N.E. 1
Avenue
4
143 N.E. 8 Street
Jan-02
21,700
5,818
$51.61
5
60 N.E. 11 Street
Oct-00
6,250
6,225
$40.00
6
50 N.E. 11 Street
Dec-00
6,226
11,257
$128.49
7 34 N.E. 1 I Street Nov-01 12,525 20,675 $144.91
t±'
1 �
rice/S.F. of
Building
Comments
---
Older sale east and south of the
subject.
$135.79
Older sale of a property to the
south.
---
One block east of the subject.
Older building has been razed.
$192.51
Two streets south of the
subject. Improved with office
building.
$40.16
2000 sale of a 64-year old
warehouse that has been
renovated as a nightclub.
$71.07
2000 sale of a 75-year old
warehouse in poor condition.
Reportedly under contract :o
resell for $2414305 square
foot of land area. Not
renovated yet.
$87.79
Late 2001 sale of an 85-year
old warehouse in poor
condition. To be renovated as a
nightclub.
J. Analysis
The seven sales presented above and summarized on the facing page reflect a
wide price range for Park West properties. The overall price range is $40 to $ 160
per square foot of land area. The sales occurred between August 2000 and
January 2002.
Sales I and 5, both of which transacted at prices of $40 per square foot of land
area, set the lower end of the range. Importantly, both of these sales occurred in
2000, or shortly after the Park West Entertainment District was established. The
prices of Park West properties within the entertainment district boundaries,
particularly along N.E. 1 I and N.E. 10 Streets, has escalated tremendously since
2000.
The upper end of the price range is set by Sale No. 3 ($160/S.F.) which involved
an improved property located one block east of the subject. After this purchase
in June 2001, the buyer razed an older industrial building on the site. It was not
possible to verify this sale so it was not given heavy weight in the final value
analysis. Nevertheless, it appears to have sold at an above market price.
Sale Property 2 is improved with a one-story industrial type building that was
previously used as a newspaper publishing plant. This site is located closer to
Biscayne Boulevard, which is a positive feature, but it is south of the Park West
Entertainment District. The price was equivalent to $75 per square foot of land
area. Overall, this is considered to be a reasonable indication of subject value.
' Sale 4 was an early 2002 transaction involving an office building located one
block south and one block east of the subject site. While the location close to
N.E. 2 Avenue is good, it is one to two blocks south of the main focus of the
entertainment district. The $52 per square foot land price would appear to reflect
this property's lack of appeal to nightclub operators. It also may have been a
below market price.
ISale Properties 6 ($128/S.F.) and 7 ($145/S.F.) are both located across the alley
directly north of the subject site. They both involved very old (75 years and 85
years, respectively) industrial buildings that were in very poor physical condition
at the time of sale. Number 6 was acquired for renovation as a nightclub but has
been put up for sale instead. The property is reportedly under contract within a
reported range of about $241 to $305 per square foot of land area. Number 7 is
reported planned for renovation as a club. Importantly, both of these buildings
are in very poor physical condition with only the building shells of any value to a
club operator. Nevertheless, the location of these properties on N.E. 11 Street is
considered superior to the subject's N.E. 10 Street location although the subject
is a corner site and these sale properties are not.
SEoP W / CRA
M
02- t12
02-1580
I
CI
I
0
1
D
[I
i
4• Value Conclusion
The sale prices range widely but would appear to focus on about $75 per square
foot. The subject owner's $125 per square foot asking price is not considered
reasonable. The conclusion of value is $75 per square foot, or $2,900,000.
38,750 S.F. x $75/S.F. = $2,906,250
Rounded $2,900,000
"70PWXRA
27 O � -- 1 2
oz-1sso
ICON
Southeast ertown/Park West and Omni
ft. evelopment Districts
The Bdard of Directors Meeting
The "aani Are" VIP Room
01 Arena Boulevard
Miami, Florida
i
28 October 1996
1 7;00 PM
AGENDA
1. Pledge of Alliance.
2. Approval of minutes fr�m June 18,1996 and June 24,.1996 nmeetings.
I '
3. The CRA Budget for Fi.fal Year 1996-1997.
1
4. The Black Archives' request for easement of the CRA property for . the
renovation and expansion of the Lyric Theater. '
5. Economic Development Initiative Grant Application for the Overtown
Homeownerslup Zone.,
i
6. Developer Selection fc r the `Blocks 25 & 36 Residential Development
Project".
7. Disposition of a CRA owned vacant land located. between the Biscayne
Boulevard and NE 2nd Avenue and NE 10th and 11th Streets.
8. Discussion "Divositio of CRA owned land leased to Arena 'lowers and
Biscayne View Apartnnrnts".
9. A request from Mr. ornon Yuken to address the CRA Board with
respect to the Arena Sq�are Apartments.
300
Biscayne
BmAward
My
suite
f 4W
i
Miami
Florida
33131
Tel.
(305)
579.3324
Fex
f3o5)
371-9710
SEOPW/CRA
U2-- li2
1
I
I�
i
I
10. Upcoming CRA Board Meetings:
(i) Monday, Norember;2S,1996, The Grand Condominium Doubk Free Motet,
1717 South re Drive. Mimi, Florida.
(ii) Monday, Tlecernber; 16, 1996 The .Miami Arena. 701 Aret� 8auletaicl, !
Miami, Florida..
11. Other.
i
i
I
-
5EOPW/CRA
cTY oF #AAMI, FLORIDAJ
F 7TEZ le M JJJ)U
_E M
ff4TE"FFICE MEMORIANDU
octobks-
lHorlorable Cludnmnand Members UAIE.
v Board
omw=Aty Redevelopment Agency
Properf
Ilerbest J. Bailey
-;T r
r acve jlaAgwe'tcy
10
21,1996
of CRA Owned
FVJF'-
Lh acawdanm with the CRA Board instructimm Of Jun 18,1996, the CRA-issued
? sale of a CRA wDed PrOPOtty (Prope")P
a Reque:4 for farbpose% (RM for the thi! Hdsmym
AppTWimabely 6X0 square feet► iocated between BoulevaW and
tifi 2rtd Aver uk-and. Norffi of NE 9th Street.
I
Ow August 4 11996, the (:IRA adveTtised RFP for Ibel
,denn"ving mponsibaities of the interested PIOPOF4
development, ftnmicW wquireuwntI;, and posoUe
dean -up. In order to avoid the powWRY Of selling C
the RVF requived the pro9pective buyer to develop
OoxAevard the parhase-
. Kan- September Z 1996, the CRA rued a PWPOsa.
in the amount of -$310,0W for the puq"r-.e of e;
pp�rVfion lomfed at 10WSiscaYne B0uICv8rd.
Mr. At ma pWP0--r-d is determkied to be reVenst
iMow"6% requkmumt5-
Mgoff uf $31_()AW is consistent with the ant-
iie has aL bank letter to qualify for a mortgage
He is willing to develop the she within 18 MD
He ackw-PAedges the sale Of the PrOPcr'h,
responsibility of any envimnawntal toxic wa
to, the CM
,;TIjmW=v, we Would I&e to rwGmuwmd the
le of he Property to Mr. At=*
prooi�6d with flee $a
-:,Eadcvsures
i of the subject Pjr6perty,
with respect to the site
viroamental toxic N"4e
Pr.P� rty to a qpecwator�
Le she with 18 month of
'
W Abrabom AtznW4
Ih-& Ifis currerit retag
to the-RFW by meeting the
as W, and, assuines the
dean up effait at no C00,'t
4 all
SEOPWICRA
02- 1.12
V.
November 6,1996
Mr. Abraham Atzmon
3900 Galt Ocean Drive, Apt 906
Ft. Lauderdale, FL 33308
COMMUNITY
REDEVELOPMENT
A G E N C Y
300
Biscayne
Boulevara
Way
Suite
400
Miami
Rondo
Reference: CRA Owned Pro erty Located between Biscayne Boulevard,
33131
NW 2nd Avenue, NW loth Street, and NW 11th Street
Dear Mr. Atzmon:
Tel
1305J
We are pleased to notify you that the Community Redevelopment Agency Board
of Directors on October 28, 1996, approved your proposal to acquire the above 579-332,
referenced CRA owned property for the purpose of developing a "Super Gas
Station" and expanding your current operation at 1000 Biscayne Boulevard
location. Fax
Our Legal Counsel is in the process of drafting a Property Disposition (305)
Agreement. We will forward the agreement for your review and execution as 371-971C
soon as it is ready. Please feel free to reach us at 579-3324 for any questions.
Sincerely,
Herbert Bailey
A-1
Executive Director
SEOPW / CRA
02- 112
PUBLIC NOTICE
REQUEST FOR PROPOSALS
The Southeast Overtown/Park West Community Redevelopment Agency of the City of
Miami (the "CRA") hereby solicits proposals for the purchase and development of the real
property described below (the "Property"):
r
Location:
Legal Description:
Approximate Area:
Improvements:
Zoning:
West side of Biscayne Boulevard between N.E. 1 Oth
Street and N.E. 1 lth Street, Miami, Florida
The South 25 feet of Lots 1, 4 and 5, and the
North 3 feet of the West 50 feet of Lot 10,
Block 20, City of Miami North, as recorded
in Plat Book B, Page 41, of the Public
Records of Dade County, Florida
6,150 Square Feet
None
C-1, Restricted Commercial District
The CRA makes no representations or warranties whatsoever as to the Property and the
Property shall be sold in its As -Is condition. Any party interested in responding to this Request
for Proposals shall be offered a reasonable opportunity to perform appropriate inspections of the
Property, with the approval of the CRA.
The CRA will require that the successful respondent enter into a development agreement at
closing in which such respondent, as buyer, shall irrevocably commit to the development of the
Property for commercial purposes consistent with the Southeast Overtown/Park West
Redevelopment Plan dated 1982� and agree to commencement of such development within
eighteen (18) months following the closing of the sale of the subject property.
Accordingly, all responses to this Request for Proposals shall be evaluated on the basis of
the proposed development, financial capability and viable financial strategy of each proposal, as
well as proposed purchased price. All proposals must offer a purchase price of not less than the
appraised value of $310,000.00.
Each respondent who wishes its proposal to be considered must submit its proposal within
thirty (30) days following the date of publication of this Notice and be prepared to close Lot later
SEOPW / CRA
02- 1.12
than sixty (60) days following the date of approval by the Board of Directors of the CRA of such
proposal.
Interested parties may contact the Community Redevelopment Agency (Attention: Erdal
D6nmez), 300 Biscayne Boulevard Way, Suite 400, Miami, Florida 33131, telephone number
(305) 579-3324, for further information.
N
Herbert J. Bailey
Executive Director
SE®PW/CRA
02- 1.12
BROAD AND CASSEL
ATTORNEYS AT LAW
MU' - D. SHEAR. ?.A -
MI U- P.A.
IRP,.- A DBVICH, P.A.
PATRICIA LEBOW. P.A.
C. KEN BISHOP, P.A.
ROBERT D. OATTON, P.A
RICHARD B. M-PAAIAND, P.A.
C. DAVID BROWN, I, P.A.
P. VERNON SENNETT
MARTIN S. CASSEL P.A.
CLIPPORD I. HERTZ, P.A.
ARVIN J. JAPM ?.A-
M. STEPHEN TURNER, P.A.
RALPH C. DATTLIJO. P.A.
DOUGLAS L MANNHEIMBR. P.A.
MARTIN R PRESS, P.A.
MICHAEL A DRIBIN, P.A.
ANTHONY W. PALMA. P.A.
ANDREW D. RAPKIN
CHART" S SJRATTON. P.A.
JAMBS E SLATPR. PA.
WILLLIM C. PMUJFM, PA.
ALAN K LEDERMAN. P.A.
OABJUBL L IMPERATO, P.A.
DAVID K. MILLER ►.A
ROBERT T. ROSEN. PA.
0
ANDREW COT-nN, P.A.
KBLLY OVERSTREET JOHNSON, P.A.
L"DAL M. ALIJOWD, P.A.
IAMBS 1. WHEELER. P.A.
JEFFREY P. GORDON
ANDREW B. THOMAS, P.A.
MARK D. TUCKER
THEODORE C. TAUB, P.A-
PETER M. CARDTLLO, P.A.
JACK R. XL JOTI, P.A.
VIRGINIA EASLEY JOHNSON, P.A.
JOSS I. ROIAS, P.A.
103E A SAXIW, 11L, P.A-
MHA S. GORDON, P.A.
S EVEN ELLISON
AMY S 97FO-O 3®t, P.A
DEBORAH IL JOHNSON, P.A.
RONALD M. OACH9, P.A-
RICHARD N. MILIAN, P.A.
LENORE SMOLLER. P.A-
ANNE NOVICK BRANAN, PA -
A. JEPMY ROBINSON, P.A.
DALE R BEROMAN, PA.
MARSHAL. S HARRIS, P.A.
R019URT B. JOHNSON, P.A.
DAWN BOWUNO. P.A
Robert H. Smith, Esquire
Holland & Knight, LLP
701 Brickell Avenue
Miami, Florida 33131
KATHLEEN L DEUTSCJJ. P.A.
MICHAEL P. SENNETT, P.A.
THOMAS 1. PALAOPRI, P.A.
OARY W. JOHNSON, P.A.
CHRISTOPHER D. ROLLE. P.A-
MAY-LAN W. SCRLOW, P.A.
JAY ADAMS
JOYCE L EMEN
DONALD P. DUFRESNE
THPPREY 1. MER
BARBARA dd CASTILLO
MICHAEL R. KERCHER
ROY S KOBERT
1. BRIAN BAIRD
MICHAEL P. NIDO, IR.
C. CHRISTOPHER KITER
RICHARD M. BENRUBI
DOUGLAS B STARCHER
OARY E. LEJQAAN
DAVID 1. POWERS
JONATHAN 1. M AIS
GENE B. CRICK, M
KATHERINE CASTOR
DAVID L KARIAN
JANE B. PALMER
ROBERT ALPERT, IL
ROBERT P. MALL6IT
KEITH P. WHITE
EDO" A. BENES
TAMARA CARMICHAEL
ELISABETH E Q. SCHOLES
ROSE PARISH-RAMON
PETER M. BERNHARDT
LMOH ANN MURVTN
LINDA C. PRA27ER
STEVE WASERS RIN
RODOER HOCHMAN
KEVIN H. SVTTON
14CHAEL MANTHE
HE
LIMIER 1. PBRIJNO
DAVID A ROBERTS
DAVID P. LBON
DEBRA B. POTTER
JANA M. YAW
CARL S. ROSEN
HOWARD M. ROBINSON
ANDREA 1. FOWLER
CAROLINE MONTANUS
LUANN M. DOMINGUEZ
TYRONE L LUPMAN
MANUEL R_ VALCARCEL, TV
ALBERTO d. CARDBNAS
May 23, 1997
7777 GLADES ROAD
SUITE 300
BOCA RATON, FL 33434
(561) 483-7000
FAX (561) 483-7321
OF COUNSEL
SHEPARD BROAD
ALVIN CASSEL
NORMAN BROAD, P.A.
I. BURTON SPRAKER
WILLIAM M. ROW --XD, JR., P A
WANDA L BROWN
ALAN W GERLACH
KENNERI EDEIMAN
WILIJAM P. BURNS
JON B LAURENCE
JEANNE K. DAMIROIAN
Re: Abraham Atzmon/1000 Biscayne, Inc.
Southeast Overtown/Park West Community Redevelopment Agency
Dear Bob:
I enclose the revised draft Settlement Statement for this
transaction correcting the Purchase Price from $323,000.00 to
$323,500.00, as you pointed out. By copy of this letter, I am
forwarding a copy of the draft to Mr. Atzmon for his review.
Sincerely,
BRO AND CASSEL
Arvin J. Jaffe, P.A.
AJJ/ma
Enclosure /
cc: Mr. Abraham Atzmon (w/ enclosure)
RWA R VINVMITH I .LTR
OTHER OFFICES: FT. LAUDERDALE - MUMI.ORLANDO • TALLAHASSEE 'TAMPA' WEST PALM BEACH
SEOPW/CRA
14 �) � I A Q
pN'
Funds Transfer Consolidated Advice
1 2090, 0339 9725
I11'�III�IIIIIIII�t11I11'IIII'II
1000 B I SCAYNE INC Posting Date: 05/29/97
3900 GALT OCEAN DR #906 Account No: 2090000750339
FORT LAUDERDALE FL wZ Inquiries regarding this statement may be
33308 phoned to (800) 222-3862
(Standard Fees as stated in the Schedule of Fees may apply to these transfers.)
Transfer
Reference
USD Debit
Amount
USD Credit
Amount
Transaction Description
970529-004280
333,976.50
TIME STAMP: 10:11:31 LOC: MTRANS CNTL: 205160
FED REF: 004280/CDT: A/067013153/FIRST UNITED BANK/80CA
RATON, FL/SBK: GALT OCEAN FT SETTLEMENT/ATTN: WIRE SER
VICES/FORT LAUDERDALE, FL FL-6240/970529205160/BNP: /1
042063/13ROAD & CASSELL FUNDING ACCOUNT/OBI: FOR 1000 BI
SCAYNE/
k ;ode Descriptions described in following section
r0 FIRST UNION NATIONAL BANK OF FLORIDA page 1 of 2
001032 O - 112
6
SEOPW / CRA
1 uIIUJ
F �N Transfer P-grer's Signature
Request
Callback
Requiraa Initiator's Signature
(Yes 0369 12
NO Customer Accepting Call Back/Phone Number
is Signature
Account Status
Sufficient (Audio Checked)
Not Sufficient (NSF)
SUFFICIENT
Funds Transfer
FIRST UNION NATIONAL BANK OF FLORIDA
Domestic or International Non -Repetitive or Repetitive Line Number
DOMESTIC NON -REPETITIVE 00000
Caller
ABE ATZMON
Description 2 (GL) Execution Date
05/29/97
Type Currency Value Date
Contract Number / Provided By
U.S. Dollar Amount
1-1horized Signature
Only
NSF Source of Funds
Credit Approver Name (Please Print)
Date Time of Call
Current Date Control Number
05/29/97 205160
Amt Verify Cd Verify I.D. Type (Fed, Book, Other)
N FED
Branch or Department Request Type (Fax,Phone,Walk-in)
0000240 WALK-IN
Domestic Transfer Amount
$ 333,976.50
Foreign Amount Exchange Rate
Int'I Transfer Amount
Name Ong Account Number
1000 BISCAYNE INC 3 2000000750339
0 Address
*1
Ca
3900 GALT OCEAN DR #906
City State Zip Country
O FORT LAUDERDALE FL 33308
Name R%r Number
Y
C: FIRST UNITED BANK 067013153
m Address
= 980 N FEDERAL HWY
City State Zip Country
a�
BOCA RATON FL 33308
OC Advice NONE
(No Phone Advice Required, Credit and Phone Advice, Notify and Pay, Pay upon Proper I.D.)
Name
BROAD & CASSELL FUNDING ACCOUNT
C Address
d
j, City
to
a
COther Payment Information
FOR 1000 BISCAYNE
c o
Iv »-
m5
State
Ong Account Number
1042063
Zip Country
Ff 'ethod I
Customer Contract
(W6. . e/Charge) i All of the above information is complete, correct and provided to First Union for the purpose of instructing First Union to transmit a
funds transfer. First Union's acceptance and execution of the funds transfer is subject to the terms and conditions on the reverse
CHARGE side of this for y signa ure below 'ndic es hat I have received a completed copy of this Funds Transfer Request.
538053 (25/pkg) Customer Sig1 _ Date
, �- - .-;a ram,^•try
REC. I 7659PC25 ! 6
EXHIBIT "A"
VACANT PROPERTY
Parcel 1:
The South 25 feet of Lots 1, 4 and 5 and the North 3 feet of the
West 50 feet of Lot 10 in Block 20, of the City of Miami North,
according to the Plat thereof, as recorded in Plat Book B, Page 41,
of the Public Records of Dade County, Florida.
Parcel 2:
The North 3 feet of Lot 7 and the North 3 feet of the East 40 feet
of Lot 6, Block 20, of the City of Miami North, according to the
Plat thereof, as recorded in Plat Book B, Page 41, of the Public
Records of Dade County, Florida.
0
SEOPW/CRA
02- 112
%"°" REC-. 17659Pc25 !
EXHIBIT "B"
IMPROVEMENT PLANS
e
RECORDED IN OFFICIAL RECORDS g
OF DARE COUNiY, FLORID' 0QK
RECORD VERIFIED
HARVEY RUVIN
CLERk CiRCU/T COURT
Preliminary Site Plan prepared by William K. Duffey,
P.E., dated February 5, 1997, Job No. 96-1935.
7
SEOPW / CRA
02- 112