HomeMy WebLinkAboutR-95-0097J-95-64
1/31/95
RESOLUTION NO. 9 5 97
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
NEGOTIATE A PROPOSED AGREEMENT OF SALE AND
PURCHASE SETTING FORTH SPECIFIC TERMS AND
CONDITIONS AS MAY BE DEEMED APPROPRIATE BY
THE CITY MANAGER AND IN A FORM ACCEPTABLE TO
THE CITY ATTORNEY, WITH FLORIDA POWER AND
LIGHT COMPANY FOR THE PURCHASE OF REAL
PROPERTY CONSISTING OF APPROXIMATELY 2.09
ACRES AND ALL IMPROVEMENTS LOCATED ON THE
LAND GENERALLY DESCRIBED AS A TEN -STORY
OFFICE BUILDING AND A SEVEN -LEVEL PARKING
GARAGE, KNOWN AS THE MIAMI RIVERSIDE CENTER,
LOCATED AT 400 SOUTHWEST 2ND AVENUE, MIAMI,
FLORIDA, AND ALANDCO, INC. FOR THE PURCHASE
OF TWO ADJACENT TRACTS OF IMPROVED VACANT
LAND SOUTH AND NORTH OF THE OFFICE BUILDING
CONSISTING OF APPROXIMATELY 1.4027 AND 1.6117
ACRES, FOR THE SUM OF $18,500,000.00; SAID
PROPOSED AGREEMENT SHALL BE SUBJECT TO THE
APPROVAL OF THE CITY COMMISSION AT A PUBLIC
HEARING IN ACCORDANCE WITH THE REQUIREMENTS
OF SECTION 166.045 FLORIDA STATUTES (1993);
FURTHER AUTHORIZING THE CITY MANAGER TO
OBTAIN PROFESSIONAL SERVICES FOR ALL REQUIRED
ENVIRONMENTAL TESTING AND/OR ASSESSMENTS AT
THE PROPERTIES, AT A COST NOT TO EXCEED
$25,000.00.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The City Manager is hereby authorized to
negotiate a proposed Agreement of Sale and Purchase setting forth
therein specific terms and conditions as may be deemed
appropriate and in a form acceptable to the City Attorney, with
Florida Power and Light Company ("FPL") and Alandco, Inc.
CITY COMMISSION
MEETING OF
FEES 0 °" `1 1
Resolution No.
95- 97
("ALANDCO") for the purchase of: (1) land consisting of
approximately 2.09 acres and all improvements for the land known
as the Miami Riverside Center (the FPL Property), which may
generally be described as a ten -story, approximately 200,000
square foot office building, and a seven -level, five hundred
(500) space parking garage, located at 400 Southwest 2nd Avenue,
Miami, Florida, more legally described as:
Tract 2 of RIVERSIDE PLAZA, according to the
Plat thereof, as recorded in Plat Book 139 at
Page 43 of the Public Records of Dade County,
Florida;
and (2) adjacent improved tracts of vacant land consisting of:
(i) a tract of land consisting of approximately 1.4027 acres and
all improvements thereon which is located to the south of the FPL
Property (Tract 2); and (ii) a tract of land consisting of
approximately 1.6117 acres and all improvements thereon which is
located to the north of the FPL Property (Tract 3) (collectively
referred to as the Alandoo Property), more legally described as:
Tract 1 and 3 of RIVERSIDE PLAZA, according
to the Plat thereof, recorded in Plat Book
139, at Page 43 of the Public Records of Dade
County, Florida.
Section 2. The aggregate purchase price for the FPL
Property and the Alandoo Property shall be $18,500,000.00.
Section 3. The negotiated proposed Agreement of Sale and
Purchase is hereby subject to the approval of the City Commission
at a public meeting after thirty (30) days' public notice in
accordance with the provisions of Section 166.045, Florida
Statutes (1993).
95- 97
-2-
Seotion 4. The City Manager is hereby authorized to obtain
professional servioes for all required environmental testing
and/or assessments at the properties, with funds therefor hereby
allooated from Speoial Programs and A000unts in an amount not to
exoeed $25,000.00.
Seotion 5. This Resolution shall become effeotive
immediately upon its adoption.
PASSED AND ADOPTED this 9th day of February 1995.
ST PHEN P. CLA , MAYOR
ATTES .
HIRAI, CITY CLERK
PREPARE ND APPROVED BY:
JULIE 0. BRO'—
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM
AND CORRECTNESS:
A! N S, TII`
CITY TT EY
JOB/kd/bss/M4836
-3-
95- 97
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO ' Honorable ayor and Members
of the Commission
FROM : Cesar H. Odio
City Manager
37
DATE : JAN 3 1 1995 FILE :
SUBJECT :
REFERENCES:
ENCLOSURES:
Purchase and Sale Agreement
It is respectfully recommended that the City Commission authorize the City Manager to
negotiate a proposed agreement setting forth the specific terms and conditions as may be deemed
appropriate by the City Manager and in a form acceptable to the City Attorney with Florida
Power and Light Company for the purchase of real property consisting of approximately 2.09
acres and all improvements located on the land generally described as a ten story office building
and seven level parking garage known as the Miami Riverside Center located at 400 SW 2nd
Avenue, and Alandco, Inc., for the purchase of two adjacent tracts of improved vacant land
lying south and north of the office building consisting of approximately 1.4027 acres and 1.6117
acres respectively for a total sum of $18,500,000. ;
Florida Power and Light Company (FPL) and its wholly owned subsidiary, Alandco, Inc., are
desirous of selling a ten story office building and seven level parking garage and adjacent 3.01
acres of land located at 400 SW 2nd Avenue to the City of Miami. The building contains
approximately 200,000 square feet of gross building area and was completed in 1992. The
building is suitable to consolidate all of the City's primary administrative ,ffices presently
located at the Ac iinistration Building located at 275 NW 2nd Street and under lease at the
Dupont Plaza Office Building located at 300 Biscayne Boulevard Way.
The purchase price of $18,500,000 is broken down as follows; $17,000,000 for the office
building and parking garage or $85/s.f., and $1,500,000 for the 3.01 acres of adjacent land, or
$11.44/s.f.
This resolution authorizes the City Manager to negotiate an Agreement, said proposed agreement
shall be subject to the al roval of the City Commission at a public her Ong in accordance with
the requirements of Section 166.045 Florida Statutes. Furthermore, this aolution authorizes the
City Manager to obtain professional services in connection with environmental testing and or
assessments required to be undertaken at the site during the initial 60 day due diligence period
before the public hearing. Two appraisals of the subject real property will also be procured
during this initial 60 day period in accordance with the City Charter.
95- 97
_ 3 2-i