HomeMy WebLinkAboutR-00-0609J-00-600
7/12/00
RESOLUTION NO. 06= 6 0
A RESOLUTION OF THE MIAMI CITY COMMISSION,
WITH ATTACHMENT(S), DECLARING A PARCEL OF
CITY -OWNED REAL PROPERTY LOCATED AT 27
SOUTHWEST NORTH RIVER DRIVE, MIAMI, FLORIDA,
(THE "PROPERTY"), LEGALLY DESCRIBED IN
EXHIBIT "A", ATTACHED HERETO AND MADE PART
HEREOF, AS SURPLUS AND AUTHORIZING THE SALE
OF THE PROPERTY IN AN AMOUNT NOT TO EXCEED
$65,000, TO ICARE BAY POINT SCHOOLS, INC., A
FLORIDA NOT FOR PROFIT CORPORATION ("ICARE");
AUTHORIZING THE CITY MANAGER TO EXECUTE A
PURCHASE AND SALE AGREEMENT (THE
"AGREEMENT"), IN SUBSTANTIALLY THE ATTACHED
FORM, IN ACCORDANCE WITH THE TERMS AND
CONDITIONS SET .FORTH IN THE AGREEMENT, WHICH
TERMS MAY BE AMENDED BY THE CITY MANAGER AS
MAY BE NECESSARY TO EFFECTUATE THE SALE IN AN
EXPEDITIOUS MANNER.
WHEREAS, the Office of Asset Management desires to have the
vacant City -owned parcel of land located at 27 Southwest North
River Drive declared as surplus property and approve for sale the
aforesaid parcel; and
WHEREAS, on December 21, 1999, ICARE Bay Point Schools,
Inc., a Florida not for profit corporation ("ICARE"), proposed
the purchase of the vacant City of Miami owned parcel located at
27 Southwest North River Drive, Miami, Florida, in the amount of
$65,000; and
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WHEREAS, this proposed purchase was presented to the
Property and Asset Review Board which concurred that a sale of
the property at $65,000 is reasonable, given its size and limited
use; and
WHEREAS, ICARE provides a program for troubled youth from
very low income families with histories of delinquency, school
failure and treatment in drug and alcohol abuse programs; and
WHEREAS, ICARE owns the adjacent property located at 305
Southwest 1St Street, Miami, Florida, which contains 12 units,
100% of which are occupied by low-income students who earn less
than 50% of the median income of Miami -Dade and ICARE wishes to
use the Property as a parking lot for the students; and
WHEREAS, the Property contains only 4,609 square feet, which
includes an undedicated right-of-way easement for a bridge
(598 square feet) on its south side and an undedicated
right-of-way (211 square feet) on the west side; and
WHEREAS, the Property is too small to be developed for
another use; and
WHEREAS, the sale of the Property to a third party will
require the dedication of access easements to the adjacent
property, thus impacting the use of the Property, and the
Property and Asset Review Board has determined it would be in the,
best interest of the City to declare this parcel as surplus
property and approve the sale of the Property; and
WHEREAS, Section 29-B of the City Charter allows for the
conveyance or disposition of City -owned property in connection
with the implementation of City -assisted housing program or
Page 2 of 4 U b,
projects which are intended to benefit persons or households of
very low, low and/or moderate -income without being subject to
competitive bidding requirements and fair market value return to
the City;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Resolution are hereby adopted by reference
thereto and incorporated herein as if fully set forth in this
Section.
Section 2. The City -owned real property located at
27 Southwest North River Drive, Miami, Florida (the "Property")
legally described in Exhibit "A" attached hereto and made a part
hereof, is hereby classified as surplus property and sale of the
Property, in the amount of $65,000 to ICARE Bay Point Schools,
Inc., is hereby authorized.
3. The City Manager is hereby authorized/ to execute a
Purchase and Sale Agreement, in substantially the attached form,
with ICARE Bay Point Schools, Inc., in accordance with the terms
and conditions set forth in the Agreement, which terms .may be
amended by the City Manager as may be necessary to effectuate the
sale in an expeditious manner.
�i The herein authorization is further subject to compliance with all
requirements that may be imposed by'the City Attorney, including but not
'limited to those prescribed by applicable City Charter and Code
provisions.
Page 3 of 4 6 0— n 0
Section 4. This Resolution shall become effective
immediately upon its adoption and signature of the Mayor.
PASSED AND ADOPTED this 20th day of July 2000.
JOE CAROLLO, MAYOR
In e0wrdance with Miami Code Sea. 2-36, sings the Mayor did not lydlos-,4� �f
eft legislation by signing it in the designated ae provided, said legislation noi�j
becomes effective with the elapse of ten (10) d , from the date of or�misslen action
n9arding same, writhout the Ma c rrxerdii a wtn
WALTER J. FOEMAN
CITY CLERK
AP OVEP T�FORM AND CORRECTNESS
6M
TY ATTORNEY
W4520:LB:BSSI i
;LLO
If the Mayor does not sign this Resolution, it shall become effective at
the end of ten calendar days from the date it was passed and adopted.
If the Mayor vetoes this Resolution, it shall become effective
immediately upon override of the veto by the City Commission.
Page 4 of 4 " U
EXHIBIT "A"
SCALE: 1 w - 40'
LEGAL DESCRIPTION
LOTS 9 AND 10, LESS THE NORTH 25 FEET THEREOF,
"CORRECTED PLAT OF RESUBDIVISION OF LOTS 14, 15,
16, 17 AND 18, BLOCK 138Nw, ACCORDING TO THE PLAT
THEREOF, AS RECORDED IN PLAT BOOK 4, AT PAGE 68
OF THE PUBLIC RECORDS OF MIAMI—DADE COUNTY, FLORIDA,
LESS THE SOUTH 5 FEET THEREOF FOR ROAD PURPOSES.
CONTAINING 4,609 SQUARE FEET, MORE OR LESS.
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SCALE: 1 w - 40'
LEGAL DESCRIPTION
LOTS 9 AND 10, LESS THE NORTH 25 FEET THEREOF,
"CORRECTED PLAT OF RESUBDIVISION OF LOTS 14, 15,
16, 17 AND 18, BLOCK 138Nw, ACCORDING TO THE PLAT
THEREOF, AS RECORDED IN PLAT BOOK 4, AT PAGE 68
OF THE PUBLIC RECORDS OF MIAMI—DADE COUNTY, FLORIDA,
LESS THE SOUTH 5 FEET THEREOF FOR ROAD PURPOSES.
CONTAINING 4,609 SQUARE FEET, MORE OR LESS.
MARGARITA WEIDENER PLS NO. 2953
SUBOMErs NOW:
BOUNDARY SURVEY FOR ICARE BAY POINT SCHOOL, INC.
1. BASIS FOR BEARING IS THE CITY MONUMENT LINE ALONG
SW N. RIVER DRIVE WTH AN ASSUMED BEARING OF N294425"N
2. THE UNDERSIGNED SURVEYOR HAS NOT BEEN PROVIDED A
CURRENT TITLE OPINION OR ABSTRACT OF MATTERS AFFECTING
TITLE OR BOUNDARY TO THE SUBJECT PROPERTY. IT IS POSSIBLE
THERE ARE DEEDS OF RECORDS, UNRECORDED DEEDS, EASEMENTS
OR OTHER INSTRUMENTS WHICH COULD AFFECT THE BOUNDARIES.
3. NOT VALID WITHOUT THE SIGNATURE AND ORIGINAL RAISED SEAL
OF A FLORIDA LICENCED SURVEYOR AND MAPPER.
RIDENER SURVEYING AND MAPPING PA
Jacksonville - Hiami - Orlando - Tampa - Pensacola
10418 N.W. 31st Terrace
Miami, Florida 33172
)6f*4207 (306) 599-6381
REVISED: 5/.19/00 (UPDATE SURVEY)
DATE: 6/21/88 PROJECT NO. 674A
BOUNDARY SURVEY
FOR
ICARE HAY SHORE SCHOOL, INC.
HIAHI—DARE, FLORIDA
CADD FILE: BOUN_1612.DWG
PROJECT No.,1612 n d)
LEGEND
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PROFESSIONAL LAND SURVEYOR I.P
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MARGARITA WEIDENER PLS NO. 2953
SUBOMErs NOW:
BOUNDARY SURVEY FOR ICARE BAY POINT SCHOOL, INC.
1. BASIS FOR BEARING IS THE CITY MONUMENT LINE ALONG
SW N. RIVER DRIVE WTH AN ASSUMED BEARING OF N294425"N
2. THE UNDERSIGNED SURVEYOR HAS NOT BEEN PROVIDED A
CURRENT TITLE OPINION OR ABSTRACT OF MATTERS AFFECTING
TITLE OR BOUNDARY TO THE SUBJECT PROPERTY. IT IS POSSIBLE
THERE ARE DEEDS OF RECORDS, UNRECORDED DEEDS, EASEMENTS
OR OTHER INSTRUMENTS WHICH COULD AFFECT THE BOUNDARIES.
3. NOT VALID WITHOUT THE SIGNATURE AND ORIGINAL RAISED SEAL
OF A FLORIDA LICENCED SURVEYOR AND MAPPER.
RIDENER SURVEYING AND MAPPING PA
Jacksonville - Hiami - Orlando - Tampa - Pensacola
10418 N.W. 31st Terrace
Miami, Florida 33172
)6f*4207 (306) 599-6381
REVISED: 5/.19/00 (UPDATE SURVEY)
DATE: 6/21/88 PROJECT NO. 674A
BOUNDARY SURVEY
FOR
ICARE HAY SHORE SCHOOL, INC.
HIAHI—DARE, FLORIDA
CADD FILE: BOUN_1612.DWG
PROJECT No.,1612 n d)
PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT, (the "Agreement") is made and
entered into this day of , 2000, by and between the City of Miami,
a municipal corporation of the State of Florida, with offices at 444 SW 2 Avenue, Miami,
Florida 33130 (the "Seller"), and ICARE Bay Point Schools, Inc., a Florida not for profit
corporation, with offices at 22025 SW 87 Avenue, Miami, Florida 33190, (the "Purchaser").
The Parties hereby agree that Seller shall sell and Purchaser shall buy the following property
upon the following terms and conditions:
1. DESCRIPTION OF PROPERTY
a) Legal Description:
Lots 9 & 10 less the North 25 feet thereof, "CORRECTED PLAT OF
RE -SUBDIVISION OF LOTS 14, 15, 16, 17 and 18, BLOCK 138N",
according to the Plat thereof, as recorded in Plat Book 4, at Page 68 of
the Public Records of Miami -Dade County, Florida, less the South 5
feet thereof for road purposes.
Containing 4,609 square feet, more or less.
b) Street Address:
27 SW North River Drive
Miami, Florida
2. PURCHASE PRICE AND PAYMENT
The Purchaser agrees to pay and the Seller agrees to accept for the Property the sum of
Sixty Five Thousand Dollars ($65,000.00) (the "Purchase Price"). The Purchase Price
shall be payable as follows:
A. Deposit (the "Deposit").
_..._ (1) Within five (5) days of the Effective Date as defined heiein, the
Purchaser shall pay to (the "Escrow Agent") Six Thousand
Five Hundred Dollars ($6,500.00).
(2) The Deposit shall be held in an interest bearing account with
interest accruing to Purchaser, unless the Deposit is disbursed
to the Seller upon Purchaser's default, as set forth in Section 13
hereof.
(3) At Closing (as hereinafter defined) the Deposit, and all interest earned
on the Deposit shall be delivered by the Escrow Agent to the Seller and credited against
the Purchase Price. The Deposit is non-refundable except in the event Purchaser
terminates this Agreement as provided in paragraphs 3E or 4 herein.
B. Closing Payment. ,
At Closing, the Deposit plus the balance of the Purchase Price, Fifty Eight
Thousand Five Hundred Dollars ($58,500.00) (increased or decreased by adjustments,
credits, prorations, and expenses as set forth in Section 10 or any other provision of
this Agreement) shall be paid by the Purchaser to the Seller in the form of cashier's
check, certified check, official bank check or wire transfer.
3. ENVIRONMENTAL MATTERS
A. Defmitions.
For purposes of this Agreement:
The term "Hazardous Materials" shall mean and include without limitation, any
substance, which is or contains (A) any "hazardous substance" • as now or hereafter
defined in the Comprehensive Environmental Response, Compensation, and Liability
Act of 1980, as amended (42 U.S.C., Section 9601 et seq.) ("CERCLA") or any
regulations promulgated under or pursuant to CERCLA; (B) any "hazardous waste" as
now or hereafter defined in the Resource Conservation and Recovery Act (42 U.S.C.,
Section 6901 et seq.); (C) any substance regulated by the Toxic Substances Control Act
(15 U.S.C., Section 2601 et. Seq.); (D) gasoline, diesel fuel, or other petroleum
hydrocarbons; (E) asbestos and asbestos containing materials, in any form, whether
friable or non -friable; (F) polychlorinated biphenyls; and (G) any additional substances
or material which: (i) is now or hereafter classified or considered to be hazardous or
toxic under Environmental Requirements as hereinafter defined; (ii) causes or threatens
to cause a nuisance on the Property or adjacent property or poses or threatens to pose a
hazard to the health or safety of persons on the Property or adjacent property; or (iii)
would constitute a trespass if it emanated or migrated from the Property.
The term "Environmental Requirements" shall mean all laws, ordinances, statutes,
codes, rules, regulations, agreements, judgments, orders and decrees, now or hereafter
enacted, promulgated, or amended of the United States, the State of Florida, Miami -
Dade, County, the City of Miami, or any other political subdivision, agency or
instrumentality exercising jurisdiction over the Seller or the Purchaser, the Property, or
the use of the Property, relating to pollution,. the proteciion or regulation of human
health, natural resources, or the environment, or the emission, discharge, release or
threatened release of pollutants, contaminants, chemicals, or industrial, toxic or
hazardous substances or waste or Hazardous Materials into the environment (including,
without limitation, ambient air, surface water, groundwater, land or soil).
B. Disclaimer As To Environmental Matters.
Purchaser acknowledges and agrees that Seller has not made, does not make and
specifically negates and disclaims any representations, warranties (other than the
limited warranty of title as set out in the Special Warranty Deed), promises, covenants,
agreements or guaranties of any kind or character whatsoever, whether express or
implied, oral or written, (past, present, or future) of, as to, concerning or with respect
to environmental matters with reference to the Property, including, but not limited to:
(a) the value, nature, quality or condition of the Property, including, without limitation,
the water, soil and geology, (b) the compliance of or by the Property, or --its operation
2 0 0 W 4 U
with any Environmental Requirements, (c) any representations regarding compliance
with any environmental protection, pollution or land use, zoning or development of
regional impact laws, rules, regulations, orders or requirements, including the
existence in or on the Property of Hazardous Materials.
Purchaser further acknowledges and agrees that it is being given the opportunity to
inspect the Property, and all relevant documents and records of the Seller as they relate
to the Property, and other documents that may exist in the public records of the state,
county and/or city relating to the environmental condition of the Property as part of this
Agreement and that Purchaser is not relying solely upon any documents or
representations made by or on behalf of Seller, but that Purchaser is responsible to
conduct its own investigation of the Property.
Purchaser further acknowledges and agrees that any information provided or to be
provided with respect to the Property was. obtained from a variety of sources and that
Seller has not made any independent investigation or verification of such information
and makes no representations as to the accuracy or completeness of such information
but Seller agrees that it will not intentionally withhold information and Seller will not
knowingly provide any false or misleading information. Seller is not liable or bound in
any matter by any oral or written statements, representations or information pertaining
to the Property, or the operation thereof, furnished by any agent, employee, servant or
other person.
C. Inspection Period.
Purchaser, its employees, agents, consultants and contractors shall have a period of
twenty-five (25) days from the Effective Date (the "Investigation Period") in which to
undertake at Purchaser's expense, such physical inspections and other investigations of
and concerning the Property including surveys, soil borings, percolation, engineering
studies, environmental tests and studies and other tests as Purchaser considers
necessary for Purchaser and his consultants to review and evaluate the physical
characteristics of the Property and to perform certain work or inspections in connection
with such evaluation (the "Environmental Inspection") after giving the Seller
reasonable notice of twenty-four (24) hours prior to each test performed. The City, at
its sole option, may extend the Investigation Period for an additional twenty-five (25)
days if based upon the results of the testing, additional testing is warranted. For the
purpose of conducting the Environmental Inspection, Seller hereby grants to Purchaser
and its consultants and agents or assigns, full right of entry upon the Property during
the Inspection Period through the closing date. The right of access herein granted shall
be exercised and used by . Purchaser, its employees, agents, representatives and
contractors in such a manner as not to cause any material damage or destruction of any
nature whatsoever to, or interruption of the use of the Property by the Seller, its
employees, officers, agents and tenants.
D. Inspection Indemnity, Insurance and Releases.
Notwithstanding anything contained in this Agreement to the contrary, as consideration
for the Seller granting a continuing right of entry, the Purchaser hereby specifically
agrees to: (i) immediately pay or cause to be removed any liens filed against the
3
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Property as a result of any actions taken by or on behalf of Purchaser in connection
with the inspection of the Property; (ii) immediately repair and restore the Property to
its condition existing immediately prior to the Inspection Period; and (iii) indemnify,
defend and hold harmless Seller, its employees, officers and agents, from and against
all claims, damages or losses incurred to the Property, or anyone on the Property as a
result of the actions taken by the Purchaser, any of its employees, agents,
representatives or contractors, or anyone directly or indirectly employed by any of
them or anyone for whose acts they may be liable, with respect to the inspection of the
Property, regardless of whether or not such claim, demand, cause of action, damage,
liability, loss or expense is caused in part by Seller, its employees, officers and agents,
provided, however, Purchaser shall not be liable for the gross negligence or intentional
misconduct of Seller, its employees, officers and agents. Nothing herein shall be
deemed to abridge the rights, if any, of the Seller to seek contribution where
appropriate.
The provisions of this indemnity shall survive the Closing or the termination of this
Agreement.
Prior to Purchaser entering upon the Property for purposes of commencement of the
Environmental Inspection, Purchaser shall furnish to Seller the policy or policies of
insurance or certificates of insurance in form and such reasonable amounts approved by
the City of Miami's Risk Manager protecting the City, during the course of such
testing, against all claims for personal injury and property damage arising out of or
related to the activities undertaken by the Purchaser, its agents, employees, consultants
and contractors, or anyone directly or indirectly employed by any of them or anyone
for whose acts they may be liable, upon the Property or in connection with the
Environmental Inspection.
Purchaser hereby waives any and all claims against the Seller for personal injury or
property damage sustained by the Purchaser, its employees, agents, contractors, or
consultants arising out of or related to the activities undertaken by the Purchaser, its
agents, employees, consultants and contractors upon the Property or in connection with
the Environmental Inspection and releases the Seller from any claims in connection
therewith.
E. Remedies/Right of Termination.
If Purchaser discovers, during the Investigation Period, the presence of Hazardous
Materials on the Property in levels or concentrations which exceed the standards set
forth by DERM, the State , or the Federal Government, prior to the end of the
Inspection Period, Purchaser shall notify Seller in writing and deliver, to Seller copies
of all written reports concerning such Hazardous Materials (the "Environmental
Notice"). The Purchaser and Seller shall have seven (7) business days from the date
the Seller receives the Environmental Notice to negotiate a mutually agreeable
remediation protocol. In the event the Purchaser and Seller are unable to reach
agreement with respect thereto within the seven (7) business day period provided
herein, the parties shall have the option within two (2) calendar days of the expiration
of the seven (7) business day period to cancel this Agreement by written notice to the
other party whereupon (i) all property data and all studies, analysis, reports and plans
4 00-
609
09
respecting the Property delivered by Seller to Purchaser or prepared by or on behalf of
the Purchaser shall be delivered by Purchaser to the Seller; and then (ii) except as
otherwise hereafter provided in this Section, the parties shall thereupon be relieved of
any and all further responsibility hereunder and neither party shall have any further
obligation on behalf of the other; and (iii) Purchaser shall be refunded the Deposit and
all interest earned.
F. Waiver and Release.
In the event that Purchaser does not elect to cancel this Agreement, Purchaser
acknowledges and agrees that to the maximum extent permitted by law, the sale of the
Property as provided for herein is made on an "AS IS" condition and basis with all
faults. Purchaser on behalf of itself and its successors and assigns thereafter waives,
releases, acquits, and forever discharges Seller, its heirs, and the successors and
assigns of any of the preceding, of and from any and all claims, actions, causes of
action, demands, rights, damages, costs, expenses or compensation whatsoever, direct
or indirect, known or unknown, foreseen or unforeseen, which Purchaser or any of its
successors or assigns now has or which may arise in the future on account or in any
way related to or in connection with any past, present, or future physical characteristic
or condition of the Property including, without limitation, any Hazardous Materials in,
at, on, under or related to the Property, or any violation or potential violation or any
Environmental Requirement applicable thereto. In addition, Purchaser thereafter
specifically waives all current and fixture claims and causes of action against Seller
arising under CERCLA, RCRA, Chapters 376 and 402, Florida Statutes, and any other
federal or state law or county regulation relating to Hazardous Materials in, on, or
under the Property. Notwithstanding anything to the contrary set forth herein, this
release shall survive the Closing or termination of this Agreement.
4. TITLE EVIDENCE
Purchaser, at its sole cost and expense, shall be responsible for obtaining all title
documents that Purchaser requires in order to ascertain the status of title. Purchaser
agrees to forward a copy of the aforementioned title documents to Seller immediately
upon Purchaser's receipt. thereof.
In the event the Purchaser's examination of title, which examination shall be completed
within twenty-five (25) days of the Effective Date, reflects any condition which renders
the title unmarketable in accordance with the standards of the Florida Bar (the "Title
Defect"), the Purchaser shall allow the Seller sixty (60) calendar days within which to
use reasonable diligence to cure the Title Defect. Seller shall use good faith efforts to
cure any Title Defect, provided however, Seller shall not be required to bring any
action or to incur any expense to cure any Title Defect or objection.
If Seller shall be unable to convey title to the Property according to provisions of this
Agreement, Purchaser may: (i) elect to accept such title that Seller may be able to
convey, with no reduction in Purchase Price; or (ii) terminate this Agreement, in which
case the Deposit and all interest earned thereon shall be returned by Escrow Agent to
Purchaser. Upon such refund, this Agreement shall be null and void and the parties
hereto shall be relieved of all further obligation and liability, and neither party shall
5 00- 00.9
have any further claims against the other, except as to Purchaser's liability, if any,
arising out the Inspection Indemnity pursuant to Section 3(D) hereof. In addition to
the documents set forth in Section 3(E), in the event of cancellation, copies of all
abstracts of title respecting the Property delivered by Seller to Purchaser or prepared
by or on behalf of Purchaser shall be delivered by Purchaser to Seller.
5. DISCLAIMER OF WARRANTIES AS TO PROPERTY; "AS IS"
CONVEYANCE.
A. Except as otherwise previously provided in Sections 3 and 4 of this
Agreement, Purchaser is purchasing the Property in an "AS IS" condition and
specifically and expressly without any warranties, representations or guaranties, either
express or implied, of any kind, nature or type whatsoever from or on behalf of Seller.
Without in any way limiting the generality of the immediately preceding, and in
addition to the specific disclaimers set forth in Section 3 of this Agreement with respect
to Environmental Matters, Purchaser and Seller further acknowledge and agree that in
entering into this Agreement and purchasing the Property:
(1) Purchaser hereby acknowledges that Seller has not made, will not and
does not make any warranties or representations, whether express or implied, with
respect to the Property, its condition, the value, profitability, or marketability thereof;
(2) Purchaser acknowledges that with respect to the Property, Seller has
not and will not make any warranties, whether express or implied, of merchantability,
habitability or fitness for a particular use or suitability of the Property for any and all
activities and uses which Purchaser may conduct thereon;
(3) Purchaser acknowledges that Seller has not made, will not and does not
make any representations, whether express or implied, with respect to compliance with
any land use, zoning or development of regional impact laws, rules, regulations, orders
or requirements;
(4) Purchaser acknowledges that Purchaser has made and/or shall be given
an adequate opportunity to make such legal, factual and other inquiries and
investigations as Purchaser deems necessary, desirable or appropriate with respect to
the Property, the value or marketability thereof and of the appurtenances thereto. Such
inquiries and investigations of Purchaser shall be deemed to include, but shall not be
limited to, the condition of all portions of the Property and such state of facts as an
accurate abstract of title would show;
(5) Purchaser acknowledges that Purchaser has not relied, and is not
relying, upon any information, document, projection, proforma, statement,
representation, guaranty or warranty (whether express or implied, or oral or written or
material or immaterial) that may have been given by or made by or on behalf of Seller.
B. The provisions of this Section shall survive the closing.
6 U�- 009
6. RESTRICTIONS, EASEMENTS AND LIMITATIONS
The Purchaser further agrees it shall take title subject to: zoning, restrictions,
prohibitions, and other requirements imposed by governmental authority; restrictions
and matters appearing on the public records, including but not limited to deed
restrictions and reversionary interest and all recorded and unrecorded public utility
easements and any matters that would be disclosed on a survey of the property.
7. CLOSING DATE
Closing shall take place within forty-five (45) days after the Effective Date, at a
mutually agreeable time (the "Closing") at the City of Miami, Office of Asset
Management located at 444 SW 2 Avenue, Suite 325, Miami, Florida. The parties
may, subject to mutual agreement, establish an earlier date for Closing.
8. DEED RESTRICTIONS
The City shall convey title to the Property by Special Warranty Deed subject to certain
deed restrictions pertaining to the use of the Property, in substantially the form attached
hereto as Exhibit "A".
9. AFFORDABLE HOUSING EXEMPTION
Purchaser represents and warrants to the Seller that, for a period of at least fifteen (15)
years, the Property will be used exclusively for the purpose of providing parking for
the apartment building located at 305 S.W. 151 Street, Miami, Florida. (the "Building"),
which Building is used to provide affordable housing for individuals and/or families
within the economic affordability range of very low, low and/or moderate income
families and/or individuals, based on criteria established by federal and/or state law or
by the City Commission of the City of Miami. Seller has relied on Purchaser's
representations in entering into this Agreement pursuant to the provision of Section 29B
of the City of Miami Charter which exempts from the competitive bidding requirements
established therein a "conveyance or disposition of city -owned property implementing
city -assisted housing programs. or...projects which are intended to benefit persons or
households with low and/or moderate income by providing housing for such persons or
households, such as, but not limited to, those funded programs or projects undertaken,
pursuant to the Federal Housing Act of 1937 and the Florida Housing Act of 1972, as
those statutes may be amended or revised from time to time, implementing city -assisted
housing programs as may be authorized by federal or state law, implementing projects
authorized under the Florida Community Redevelopment Act of 1969, and
implementing projects of any governmental agency or instrumentality" (the "Affordable
Housing" exemption).
In order to ensure that the Property will be used for the purposes herein stated, the
Purchaser shall execute, at closing, a Unity of Title and Covenant of Use, acceptable to
the City in form and substance.
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10. COVENANT TO PAY FOR MUNICIPAL SERVICES
The Purchaser agrees that concurrently with the conveyance of the Property, at
Closing, the Purchaser shall furnish a covenant which will run with the land and shall
be binding on the Purchaser, its successors, heirs and assignees, in favor of the Seller
and enforceable by Seller, to be recorded in the public records of Miami -Dade County.
This covenant shall provide that if the Property, or any portion thereof, is purchased by
an "immune" or "exempt" entity or is utilized for exempt purposes, that so long as the
City of Miami provides municipal services to the Property the owner of the property
shall pay to the City of Miami an annual payment, which shall never be less than the
amount of taxes that the City of Miami would be entitled to receive from the Property
based on the fair market value of the Property.
11. CLOSING DOCUMENTS
A) At Closing, Seller shall execute and/or deliver to Purchaser the following:
(1) Special Warranty Deed;
(2) A Closing Statement;
(3) A Seller's Affidavit and a Non -Foreign Affidavit;
(4) Such documents as are necessary to fully authorize the sale of the
Property by Seller and the execution of all closing documents; and
(5) Any other documents reasonably necessary or advisable to consummate
the transaction contemplated hereby.
B) Purchaser's Closing Documents: At Closing, Purchaser shall execute and/or
deliver to Seller the following:
(1) Unity of Title and Covenants (or acknowledgement of Deed
Restrictions);.
(2) Closing Statement;
(3) Such documents as are necessary to fully authorize the purchase of the
Property by Purchaser and the execution of all closing documents;
(4) Any other documents reasonably necessary or advisable to consummate
the transaction contemplated hereby; and
(5) Purchaser shall pay to Seller the balance of the Purchase Price as
provided for in Section 2 hereof.
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12. CLOSING COSTS AND ADJUSTMENTS
At Closing, the following items shall be borne, adjusted, prorated or assumed by or
between Seller and Purchaser as follows:
A. Adjustments and Prorations
1) Certified/Pending Liens: Certified, confirmed and ratified
governmental liens as of the Closing Date shall be paid by Seller.
Pending liens as of the Closing Date shall be assumed by Purchaser.
2) Other Taxes Expenses, Interest, Etc: Taxes, assessments, water and
sewer charges, waste fee and fire protection charges, if applicable,
shall be prorated.
3) Usual and Customary: Such other items that are usually and
customarily pro -rated between purchasers and sellers of properties in
the area where the Property is located. All pro -rations shall utilize the
365 -day method.
B. Closing Costs
(I) Each.party shall be responsible for its own attorney's fees incurred in
connection with the Closing.
(2) Purchaser shall pay all other closing and recording costs incurred in
connection with the sale and purchase of the Property described in this
Agreement, including, but not limited to:
(i) all recording charges, filing fees payable in connection with the transfer
of the Property hereunder;
13. DEFAULT
A) If this transaction does not close as a result of default by Seller, Purchaser as
and for its sole and exclusive remedies shall be entitled to: (i) elect to terminate
this Agreement and receive the return of the Deposit and all interest thereon; or
(ii) elect to waive any such conditions or defaults and to consummate the
transactions contemplated by this Agreement in the same manner as if there had
been no conditions or, defaults and without any reduction in the Purchase Price
and without any further claim against Seller.
However, notwithstanding anything contained herein to the contrary, in no
event shall Seller be liable to Purchaser for any actual, punitive, incidental,
speculative or consequential damages, costs or fees of any nature whatsoever.
The limitation on Seller's liability set forth herein shall survive Closing.
B) If this transaction does not close as a result of default by Purchaser, Seller, as
and for its sole and exclusive remedy, shall retain the Deposit and all interest
9 �U b0U
14.
15.
16.
0 . 9
earned thereon, as liquidated damages and not as a penalty for forfeiture, actual
damages being difficult or impossible to measure.
C) Neither party shall be entitled to exercise any remedy for a default by the other
party, except failure to timely close, until (i) such party has delivered to the
other notice of the default and (ii) a period of ten calendar (10) days from and
after delivery of such notice has expired with the other party having failed to
cure the default or diligently pursued remedy of the default.
RISK OF LOSS
The Purchaser assumes all risk of loss or damage to the Property by fire or other
casualty, or acts of God, as of the Effective Date.
RELEASE AND INDEMNIFICATION
Purchaser and anyone claiming by, through or under Purchaser hereby fully and
irrevocably release Seller, its employees, officers, directors, representatives, agents,
successors and assigns (collectively the Seller) from any and all claims that it may now
have or hereafter acquire against the Seller for any cost, loss, liability, damage,
expense, demand, action or cause of action arising from or related to any defects,
errors, omissions or other conditions, including, but not limited to, environmental
matters, affecting the Property, or any portion thereof. The foregoing, however, is not
intended to release Seller from its obligations under this Agreement.
DESIGNATION OF REPRESENTATIVES
Purchaser and Seller acknowledge that proper communication between Purchaser and
Seller is important. Accordingly, to facilitate such communication, the Purchaser and
Seller have appointed the following persons on their respective behalves to be their
representatives, to wit:
On behalf of Seller.
Laura Billberry
City of Miami
Office of Asset Management
444 SW 2 Avenue, 3`d Floor
Miami, FL 33130
Telephone (305) 416-1450
Fax (305) 416-2156
17. NOTICES
On behalf of Purchaser.
Mary Louise Cole, Ph.D.
ICARE Bay Point Schools, Inc.
22025 SW 87 Avenue
Miami, Florida 33190
Telephone (305) 251-3112
Fax (305) 251-3829
All notices or other communications which may be given pursuant to this Agreement
shall be in writing and shall be deemed properly served if delivered by personal service
or by certified mail addressed to Seller and Purchaser at the address indicated herein.
Such notice shall be deemed given on the day on which personally served; or if by
10
certified mail, on the fifth day after being posted or the date of actual receipt,
whichever is earlier:
Seller.
Carlos A. Gimenez, City Manager
City of Miami
444 SW 2 Avenue, 10`h Floor
Miami, FL 33130
Copies To:
Laura Billberry
City of Miami
Office of Asset Management
444 SW 2 Avenue, 3' Floor
Miami, FL 33130
Alejandro Vilarello
City Attorney
444 SW 2 Avenue, Suite 945
Miami, FL 33130
18. CAPTIONS AND HEADINGS
Purchaser.
Mary Louise Cole, Ph.D.
ICARE Bay Point Schools, Inc.
4095 SW 67 Avenue
Miami, Florida 33190
The Section headings or captions appearing in this Agreement are for convenience
only, are not part of this Agreement, and are not to be considered in interpreting this
Agreement.
19. BINDING EFFECT
This Agreement shall bind and inure to the benefit of the parties hereto and their
successors in interest. Purchaser may assign or pledge this Agreement only with the
prior written consent of the City Manager which consent may be withheld for any or no
reason whatsoever.
20. GOVERNING LAW
This Agreement shall be governed according to the laws of the State of Florida and
venue shall be in Dade County, Florida.
21. COUNTERPARTS
This Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original but all of which shall constitute one and the same Agreement.
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22. ATTORNEY'S COSTS
If it shall be necessary for either party to this Agreement to bring suit to enforce any
provisions hereof or for damages on account of any breach of this Agreement, the
prevailing party on any issue in any such litigation and any appeals therefrom shall be
entitled to recover from the other party, in addition to any damages or other relief
granted as a result of such litigation, all costs and expenses of such litigation and a
reasonable attorneys' fee as fixed by the court.
23. WAIVERS
No waiver by either party of any failure or refusal to comply with its obligations shall
be deemed a waiver of any other or subsequent failure or refusal to comply. All
remedies, rights, undertaking, obligations and agreement contained herein shall be
cumulative and not mutually exclusive.
24. SURVIVAL OF REPRESENTATIONS/WARRANTIES
Paragraphs 3, 5, 8, 9, 10, 14, 19, 21, 22, 23, and 25 of this Agreement shall survive
the Closing and be enforceable by the respective parties until such time as extinguished
by law.
25. PARTIAL INVALIDITY
In the event that any provision of this Agreement shall be unenforceable in whole or in
part, such provision shall be limited to the extent necessary to render same valid, or
shall be excised from this Agreement, as circumstances require, and this Agreement
shall be construed as if said provision had been incorporated herein as so limited, or as
if said provision had not been included herein, as the case may be.
26. WAIVER OF TRIAL BY JURY
The parties hereby knowingly, voluntarily and intentionally waive any right they may
have to a trial by jury in respect to any litigation. arising out. of, under or in connection
with this Agreement, or any course of conduct, course of dealing, statements (whether
verbal or written) or actions of any party hereto. This provision is a material
inducement for Purchaser and Seller entering into this Agreement.
27. ENTIRE AGREEMENT
This Agreement contains the entire agreement between the parties. There are no
promises, agreements, undertakings, warranties or representations, oral or written,
express or implied, between the parties other than as herein set forth. No amendment
or modification of this Agreement shall be valid unless the same is in writing and
signed by the City Manager on behalf of the Seller and the Purchaser.
12 " O 0
28. TIME OF THE ESSENCE
Time is of the essence of this Agreement and in the performance of all conditions and
covenants to be performed or satisfied by either party hereto. Whenever a date
specified herein shall fall on a Saturday, Sunday or legal holiday, the date shall be
extended to the next succeeding business day.
29. EFFECTIVE DATE/TIME OF ACCEPTANCE
The Effective Date of this Agreement shall be the date on which the last party to this
Agreement executes said Agreement, the Agreement has been approved by the
Emergency Financial Oversight Board and Purchaser has been notified in writing of the
approval.
30. AUTHORITY OF CITY MANAGER
The Resolution of the City Commission of the Seller shall, in addition to approving the
purchase contemplated under this Agreement, empower the City Manager of the Seller
to modify this Agreement in the event a modification to this Agreement becomes
necessary or desirable.
31. APPROVAL BY THE OVERSIGHT BOARD
The State of Florida has appointed an Emergency Financial Oversight Board (the
"Oversight Board"), which is empowered to review and approve all pending City of
Miami contracts. As a result, contracts shall not be binding on the Seller until such
time as the Oversight Board has approved them. Attestation of this Agreement by the
City of Miami Clerk shall constitute evidence of approval by the Oversight Board.
IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement, as of
the day and year first above written.
Signed, sealed and delivered in the presence of:
ATTEST:
Walter J. Foeman
City Clerk
"SELLER"
Executed by CITY OF MIAMI, a municipal
corporation of the State of Florida
on:
Carlos A. Gimenez, City Manager
13
APPROVED AS TO FORM AND
CORRECTNESS:
Alejandro Vilarello
City Attorney
ATTEST:
Witness
Print Name
Witness
Print Name
(Rev. 07/11 /00)
LB: mv: anr: B aypo int/Purchase& S aleAgreement. doc
•
"PURCHASER"
Executed by ICARE Bay Point, Inc.
on:
Mary Louise Cole, Ph.D., President and CEO
14
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0 0
Exhibit "A"
THIS INSTRUMENT PREPARED BY
CITY OF MIAMI CITY ATTORNEY'S OFFICE
MIAMI RIVERSIDE CENTER SUITE 945
444 S.W. 2ND AVENUE
MIAMI, FLORIDA 33130-1910
Tax Folio # 01-4137-036-0060
Space Above This Line For Recording Data.
SPECIAL WARRANTY DEED
THIS SPECIAL WARRANTY DEED made this day of
between the CITY OF MIAMI, a municipal corporation of the State of Florida, of 444 S.W.
2nd Avenue, Miami, Florida 33130, called (the "Grantor"), and ICARE Bay Point Schools, a not for
profit Corporation with offices at 22025 SW 87 Avenue, Miami, Florida 33190, hereinafter called (the
"Grantee").
WITNESSETH:
Grantor, for and in consideration of the sum of Ten Dollars ($10.00) and other valuable
consideration, receipt of which is hereby acknowledged, by these presents does hereby grant, bargain,
sell, alienate, remise, release, convey and confirm unto Grantee, and its assigns forever, all that certain
land situate in Dade County, Florida, being more particularly described as follows:
Lots 9 & 10 less the North 25 feet thereof, "CORRECTED PLAT OF RE-
SUBDIVISION OF LOTS 14, 15, 16, 17 and 18, BLOCK 138N",
according to the Plat thereof, as recorded in Plat Book 4, at Page 68 of the
Public Records of Miami -Dade County, Florida, less the South 5 feet
thereof for road purposes.
Containing 4,609 square feet, more or less.
Also known as 27 SW North River Drive, Miami, Florida.
TOGETHER with all tenements, hereditaments, and appurtenances thereto belonging or
otherwise appertaining.
TO HAVE AND TO HOLD, the same in fee simple forever.
Further, Grantor conveys all right, title and interest of the Grantor, in and to any ways, strips or
gores abutting or adjoining the land.
HIMITIMM"',
Grantor does hereby warrant the title to said land, and will defend the same against the lawful
claims of all persons claiming by, through or under Grantor, but against none other.
This Special Warranty Deed is made and executed upon, and is subject to, the following
conditions, restrictions and covenants, which are part of the consideration for the Property conveyed and
are taken and construed as running with the land:
1. The Grantee agrees for itself and any successor in interest, that the Property shall only be
used only to provide parking for the apartment building located at 305 SW lst Street, Miami, Fl. (the
"Building"), for a period of fifteen (15) years to provide housing for individuals and/or families within
the economic affordability range of very low, low and/or moderate income families and/or individuals,
based on criteria established by federal and/or state law or by the City Commission of the City of Miami.
In the event that the Property is not used for the purposes herein stated, or the Building ceases to be used
to provide housing for individuals and/or families within the economic affordability range herein
required, then title to the Property shall automatically revert to the City.
2. Grantee shall commence promptly the offstreet parking design, construction, and
maintenance of all required and/or provided parking stalls, access aisles, driveway, paving, curbing,
wheel stops, drainage, and marking to provide safe convenient vehicle parking and pedestrian movement
to and from parked vehicles (the "Improvements'). Further, be in accordance with the City of Miami,
Department of Public Works, and Engineering Standards for Design and Construction and shall continue
diligently with the construction of the Improvements to completion, which must be completed within six
(6) months.
3. The Grantee and Grantee's beneficiaries agree, for themselves and any successor in
interest, to pay the real estate taxes or assessments on the Property or any part thereof when due. In the
event that the Property is ever declared to be "immune" or "exempt" from the payment of ad -valorem
taxes, the Grantee and Grantee's beneficiaries agree, for themselves and any successor in interest, to pay
to the Grantor an annual payment which shall be in an amount equal to the amount the Grantor would
have received as ad valorem taxes based on the valuation method employed by the county property
appraiser pursuant to Chapter 193 Florida Statutes, (1997), as may be amended from time to time.
4. Grantee shall not suffer any levy or attachment to be made, or any material or mechanic's
lien, or any unauthorized encumbrance or lien to attach to the Property, except:
a) Any mortgage(s) in favor of any institutional lender for the
purpose of financing any hard costs or soft costs relating to the construction of the Improvements in an
amount(s) not to exceed the value of the Improvements as determined by an appraiser;
b) Any mortgage(s) in favor of any institutional lender refinancing
any mortgage of the character described in clause (a) hereof, in an amount(s) not to exceed the value of
the Improvements as determined by an appraiser.
The recordation, together with any mortgage purporting to meet the requirements of clauses (a)
or (b) above, of a statement of value by a certified real estate appraiser, stating the value of the
Improvements is equal to or greater than the amounts of such mortgage(s), shall constitute conclusive
evidence that such mortgage meets such requirements. For purposes of this paragraph, an "institutional
2 00- 609
lender" shall mean any bank, savings and loan association, insurance company, foundation or other
charitable entity, real estate or mortgage investment trust, pension funds, the Federal National Mortgage
Association, agency of the United States Government or other governmental agency. In any event, the
term "Institutional Lender" shall be deemed to include ICARE Bay Point Schools, a not for profit
corporation, the Grantor and their respective successors and assigns.
5. Grantee shall not transfer the Property or any part thereof without consent of the City
Manager, and shall not change the ownership or distribution of the stock of the Grantee or with respect to
the identity of the parties in control of the Grantee or the degree thereof. Notwithstanding this provision,
the Grantor acknowledges and consents to the Grantee's intent to lease the improved property to very low,
low and/or moderate income households.
The restrictions, conditions and covenants set forth in Sections I through 5of this Special
Warranty Deed shall be binding to the fullest extent permitted by law and equity, for the benefit and in
favor of, and enforceable by the Grantor. The Grantor shall have the right in the event of any breach of
any such restriction, condition or covenant, to exercise all the rights and remedies; and to maintain any
actions or suits at law or in equity or other proper proceedings to enforce the curing of such breach.
In the event the Grantee shall violate or otherwise fail to comply with any ofthe restrictions,
conditions and covenants set forth in this Special Warranty Deed, the Grantee shall correct or cure the
default/violation within thirty (30) days of notification of the default by the Grantor. If Grantee fails to
remedy the default within thirty (30) days, the Grantor shall have the right to reenter and take possession
of the Property and to terminate (and revert to the Grantor) the estate conveyed by this Special Warranty
Deed. It is the intent that the conveyance of the Property to the Grantee is made upon a condition
subsequent to the effect that in the event of any default, failure, violation, or other action or inaction by
the Grantee, or its assigns or successors with respect to the conditions, restrictions and covenants set forth
in this Special Warranty Deed, the City Commission at its option may pass and adopt a resolution
declaring a termination in favor of the Grantor of the title, and of all the rights and interest, in the
Property and that such title, and all rights and interest of the Grantee, and any assigns or successors in
interest in the Property shall revert to the Grantor. Provided however, that any such right of reentry shall
always be subject to and limited by, and shall not defeat, render invalid, or limit in any way the lien of
any valid mortgage permitted by this Special Warranty Deed.
IN WITNESS WHEREOF, the Grantor has caused this Special Warranty Deed to be executed
the day and year first above written.
ATTEST: CITY OF MIAMI, A MUNICIPAL CORPORATION
OF THE STATE OF FLORIDA
WALTER J. FOEMAN, CARLOS A. GIMENEZ
CITY CLERK CITY MANAGER
APPROVED AS TO FORM AND CORRECTNESS:
ALEJANDRO VILARELLO,
CITY ATTORNEY
STATE OF FLORIDA)
) SS
COUNTY OF DADE )
The foregoing instrument was acknowledged before me this day of ,
by Carlos A. Gimenez as City Manager of CITY OF MIAMI, a municipal corporation of the
State of Florida, who is personally known to me or who has produced as
identification and who did/did not take an oath.
Printed Name:
Notary Public
My Commission Expires:
The foregoing conveyance was approved pursuant to Resolution No. 00 --
of the City of ?Miami, Miami -Dade County, Florida, passed and adopted on
of Resolution No. is attached hereto as Exhibit "A".
SWDEED/Baypoint.doc
4
of the City Commission
. A copy
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM 13
TO: The Honorable Mayor and Members
of the City Commission
nager
City Ma
RECOMMENDATION:
DATE: JUN 3 0 20,00 FILE:
SUBJECT: Sale of 27 SW North River Drive,
Miami, Florida
REFERENCES: Resolution, Purchase and
Sale Agreement
ENCLOSURES:
The administration recommends that the City Commission adopt the attached Resolution declaring
surplus and further approving the sale of a City -owned real property located at 27 SW North River
Drive, Miami, Florida (the "Property"), to ICARE Bay Point. Schools, Inc., a not for profit
Corporation ("ICARE"), at a sale price of Sixty Five Thousand dollars ($65,000.00). The Resolution
authorizes the City Manager to execute a Purchase and Sale Agreement ("Agreement"), and to
consummate such transaction in accordance with the terms and conditions of the Agreement, which
terms may be amended by ,the City Manager as may be necessary in order to effect such sale in an
expeditious manner.
BACKGROUND:
On December 21, 1999 the ICARE Bay Point Schools, Inc., a Florida not for profit corporation
("ICARE"), proposed to purchase a vacant City -owned parcel located at 27 SW North River Drive and
to pay the sum of Sixty Five Thousand Dollars ($65,000.00) ($14.10/sq. ft.). The vacant property
located at 121 North River Drive containing approximately 5,350 sq. ft. sold for $14.00/sq. ft. in April
2000. This proposed sale was presented to the Property and Asset Review Board and they concurred
that a sale of this property at this price was reasonable given the size of the site and limited use of the
property.
ICARE, owner of the adjacent property located at 305 SW , ls` Street, Miami, Florida ("Adjacent
Property") seeks to use this Property as a parking lot for residents leasing the units. ICARE has 12
units, 100% of which are occupied by low-income students who earn less than 50% of the median
income of Miami -Dade County. The ICARE Program regulations require that eligible candidates be
troubled youths who have histories of failed schools, treatment programs, delinquency, and are of very
low income.
The Property contains only 4,609 sq. ft. which includes an undedicated right-of-way easement for the
bridge (598 sq. ft.) on the south side and an undedicated right-of-way (211 sq. ft.) on the west side.
The property is too small to be developed for its own use. Additionally, the sale of the Property to a
third party would likely require the dedication of access easements to the Adjacent Property thus
further impacting the use of the Property. Based on the foregoing, we recommend the site be sold to
ICARE based upon their need for parking and we believe it's in the best interest of the City to
consolidate the Property with the Adjacent Property.
Section 29-B of the City Charter allows for the conveyance or disposition of City -owned property in
connection with the implementation of City -assisted housing program or projects which are intended to
benefit persons or households of very low, low and/or moderate -income without being subject to
competitive bidding requirements and fair market value return to the City. ®—
Page -2- -
Re: Sale. of 27 SW North River Drive, Miami, Florida
ICARE agrees to execute a Unity of Title that will require the , Property to be developed and remain a
part of the Adjacent Property.
The deed of conveyance will contain the following restrictions:
1. The Grantee agrees for itself and any successor in interest, that the Property shall only be
used only to provide parking for the .apartment building located at 305 SW 15C Street,
Miami, Fl. (the "Building"), for a period of fifteen (15) years to provide housing for
individuals, and/or families within the economic affordability range of very low, low and/or
moderate income families and/or individuals, based on criteria established by federal and/or
state law or by the City Commission of the City of. Miami. In the event that the Property is
not used for the purposes herein stated, or the Building ceases to be used to provide
housing for individuals and/of families within the economic' affordability range herein
required, then title to the Property shall automatically revert to the City.
2. In the event the Property is declared to be ;" immune" or "exempt" from the. payment of
ad -valorem, taxes, ICARE,, or any successor in interest shall pay to the City an annual
payment which shall be in an amount equal to the amount .the City would have received in
ad valorem taxes.
CAG:GI-anrMemoBaypoint. doe
40- 009