HomeMy WebLinkAboutR-95-0527i
95- 52'7
RESOLUTION NO.
A RESOLUTION, WITH ATTACHMENT (S), APPROVING
THE PURCHASE, OF REAL PROPERTY CONSISTING OF
APPROXIMATELY 2.09 ACRES INCLUDING A TEN
STORY OFFICE BUILDING, AND A SEVEN LEVEL
PARKING GARAGE CONTAINING FIVE HUNDRED (500)
SPACES, COMMONLY KNOWN AS THE MIAMI RIVERSIDE
CENTER, OWNED BY FLORIDA POWER AND LIGHT
COMPANY, LOCATED AT 400 SOUTHWEST 2ND AVENUE,
MIAMI FLORIDA, LEGALLY DESCRIBED AS TRACT 2
OF THE "RIVERSIDE PLAZA", ACCORDING TO THE
PLAT THEREOF, RECORDED IN PLAT BOOK 139, AT
PAGE 43 OF THE PUBLIC RECORDS OF DADE COUNTY,
FLORIDA. AND ADJACENT REAL PROPERTY
CONSISTING OF TWO TRACTS OF APPROXIMATELY
1.4027 ACRES AND 1.6117 ACRES, OWNED BY
ALANDCO, INC., WHICH ARE VACANT EXCEPT FOR
LANDSCAPING AND TWO BOAT DOCKING AREAS,
LEGALLY DESCRIBED AS TRACTS 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, AT A PURCHASE PRICE OF FIFTEEN
MILLION SIX HUNDRED THOUSAND ($15,600,000.00)
DOLLARS; AUTHORIZING THE MANAGER TO EXECUTE A
PURCHASE AND SALE AGREEMENT, IN SUBSTANTIALLY
THE ATTACHED FORM; ALLOCATING FUNDS THEREFOR
FROM CITY OF MIAMI SPECIAL OBLIGATION BONDS,
SERIES 1995; AUTHORIZING THE CITY MANAGER TO
OBTAIN PROFESSIONAL SERVICES IN CONNECTION
WITH THE PERFORMANCE OF DUE DILIGENCE, AT A
COST NOT TO EXCEED ONE HUNDRED THOUSAND
($100,000.00) DOLLARS.
WHEREAS, On February 9, 1995, the City Commission adopted
Resolution No. 95-97 thereby authorizing the City Manager to
negotiateanagreement with Florida Power & Light Company (FPL)
for the purchase of certain real property on the Miami River,
auE}�con TA ii' is ,
MY COMMISSION
MEETING OF
J U L 1 3 1999
Revolution No,
195- 527
1
located at 400 Southwest 2nd Avenue, Miami, Florida, consisting
of approximately 2.09 acres which have been improved by the
construction of a ten story office building and a seven level
parking garage containing 500 spaces, commonly known as the Miami
Riverside Center, legally described as Tract 2 of the "Riverside
Plaza", according to the Plat thereof, recorded in Plat Book 139,
at page 43 of the Public Records of Dade County, Florida, and
with Alandco, Inc. (ALANDCO) for the purchase of adjacent real
property consisting of two tracts of approximately 1.4027 acres
and 1.6117 acres, respectively, which are vacant except for
landscaping and two boat docking areas, legally described as
Tracts 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, all three tracts hereinafter
referred to collectively as the "Property". ; and
WHEREAS, in accordance with Section 166.045 of the Florida
Statutes (1993), the City obtained two appraisals of the
Property, with Final estimates of value for the Property
established at fifteen million ten thousand ($15,010,000.00)
dollars and twelve million eight hundred fifty thousand
($12,850,000.00) dollars;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
2-
95- 52"7
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 purchase of the Property is hereby
approved at a purchase price of fifteen million six hundred
thousand ($15,600,000.00) dollars.
Section 3. The City Manager is hereby authorized to
execute a Purchase and Sale Agreement (the "Agreement") , in
substantially the attached form, with FPL and ALANDCO for the
purchase of the Property, and to consummate such transaction in
accordance with the terms and conditions of the Agreement
Section 4. The City Manager is hereby authorized to
obtain professional services for all required investigation,
testing, and/or assessments at the Property in connection with
the performance of due diligence at a cost not to exceed one
hundred thousand ($100,000.00) dollars.
Section 5. Funds for the purchase of the Property and
all costs associated with such acquisition are hereby allocated
from the City of Miami Special Obligation Bonds Series 1995.
Section 6. This Resolution shall become effective
immediately upon its adoption.
-I-
95- 527
PASSED AND ADOPTED this 13th day of July 1995.
STEPHEN P. CLA K, MAYOR
ATTEST:
4WTER •O
CITY CLERK
PREPARED AND APPROVED BY:
VULZR c
0. BRU
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
-4-
95- 527
PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT (hereinafter the "Agreement")
is made and entered into as of this 13th day of July, 1995 (the
"Effective Date") , by and between FLORIDA POWER AND LIGHT COMPANY,
a Florida corporation ("FPL"), having an office address at 9250
West Flagler Street, Miami, Florida 33174, Attention: Mr. James E.
Hertz, vice President, ALANDCO, INC., a Florida corporation
("Alandco"), having anofficeaddress of 11770 U.S. Highway #1,
P.O. Box 088801, North Palm Beach, Florida 33405-8801, Attention:
Mr. James E. Hertz, President (FPL and Alandco are sometimes
hereinafter collectively referred to as "Seller"), and The City of
Miami ("Buyer!"), having an office address of c/o Cesar H. Odio,
City Manager, 3500 Pan American Drive, Miami, Florida 33133.
RECITALS:
A. FPL is the owner of the real property situate, lying
and being in the City of Miami, Dade County, Florida, commonly
known as Tract 2, having the legal description set forth in Exhibit
"A"" attached hereto and made a part hereof consisting of approxi-
mately 2.09 acres which has been improved by the construction of a
ten story office building containing approximately 200,000 square
feet and a seven level, five hundred space parking garage (the "FPL
Property"); and
B. Alandco is the owner of the vacant real property
situate, lying and being in the City of Miami, Dade County,
Florida, commonly known as Tracts 1 and 3, having the legal
description set forth in Exhibit "A-1" attached hereto and made a
part hereof consisting of two tracts of approximately 1.4027 acres
and 1.6117 acres respectively (the "Alandco Property") (the FPL
Property and the Alandco Property are sometimes hereinafter
collectively referred to as the "Property); and
C. For the sake of convenience, FPL and Alandco are
referred to herein as Seller, however FPL and Alandco are separate
entities and bear no liability, nor shall any liability be deemed
or assumed, for the obligations of each other; and
D. The Property shall include the Personal Property
defined in Paragraph 10 hereof; and
E. Seller has agreed to sell the Property to Buyer,
together with all rights, privileges, easements and appurtenances
thereunto belonging; and
F. Buyer has agreed to purchase the Property from
Seller, all for the price and upon the terms, conditions and
provisions hereinafter set forth.
NOW THEREFORE, for and in consideration of the premises and
for other good and valuable consideration, the receipt and
95 527
sufficiency of which are hereby acknowledged, the parties hereto,
each intending to be legally bound, do hereby represent, warrant,
covenant and agree, as follows:
1. RECITALS. The foregoing recitals are true and correct
and are incorporated herein by this reference.
2. SALE AND PURCHASE OF PROPERTY: Upon the terms and
provisions and subject to the conditions hereof, Seller shall
transfer, sell, assign and convey to Buyer, on the "Closing Date"
(as hereinafter defined) good, marketable and insurable fee simple
title to the Property subject to the Permitted Exceptions (herein-
after defined) and Buyer shall accept such conveyance subject to
the Permitted Exceptions. The Property consists of three tracts
(sometimes referred to as a "Tract" or the "Tracts") and Buyer
shall not be permitted to purchase less than all of the Property.
3. PURCHASE PRICE: The aggregate purchase price for the
Property shall be FIFTEEN MILLION SIX HUNDRED THOUSAND ($15,600,00-
0.00) DOLLARS (the "Purchase Price"). The Purchase Price shall be
payable as follows:
A. De sit.
(1) Deposit: The deposit shall be made by FPL
delivering to KATZ, BARRON, SQUITERO & FAUST, P.A., Attorneys for
the Seller, whose address is 2699 South Bayshore Drive, 7th Floor,
Miami, Florida 33133 (the "Escrow Agent") TWO HUNDRED THOUSAND and
N0/100 ($200,000.00) DOLLARS (the "Deposit"). The Deposit shall be
paid by FPL delivering to the Escrow Agent TWO HUNDRED THOUSAND and
N01100 ($200,000.00) DOLLARS of the first payment of Franchise Fees
due from FPL to the Buyer following the Effective Date.
At Closing, the Deposit shall be delivered by
the Escrow Agent to the Seller and credited against the Purchase
Price. At Closing, all interest earned on the Deposit shall be
delivered by the Escrow Agent to the Buyer.
(2) Interest Bearing Escrow Account: The Deposit
received hereunder by Escrow Agent shall be placed by Escrow Agent
in an interest bearing escrow account. Buyer represents to Escrow
Agent that its taxpayer identification number is
(3) Inttergst on the De�sit: All interest earned
on the Deposit shall at all times remain Buyer's separate property
and shall be delivered to the Buyer, regardless of the party
entitled to receive the Deposit.
B. Closing Payment. At Closing (hereinafter defined)
all of the Purchase Price (increased or decreased by credits,
prorations and adjustments) shall be paid by Buyer to Seller by the
2
95— 527
TTJ
Deposit, plus a confirmed federal wire transfer of immediately
available funds (the "Closing Payment").
A. Access to Propg=v Datg: Buyer shall have full and
continuing access to all relevant documents and records of Seller
as they relate to the title, the physical conditions of the
improvements on the Property and the development and operation of
the Property (the "Property Data"). Sellers represent to Buyer
that to the best of Sellers' knowledge, the Property Data consists
of and contains all of such documents in the Seller's possession.
Seller has made and will continue to make the Property Data within
its possession and respecting the Property available to Buyer for
its complete examination. Seller shall cooperate with Buyer in the
performance of Buyer's due diligence investigation.
B . Inspection Pgriod/ght of Termination: After the
Effective Date, Buyer, its counsel, accountants, agents and other
representatives shall have full and continuing access to the
Property and all parts thereof. Upon Buyer giving Seller not -less
than two ( 2 ) business days prior written notice specifying the date
and time of Buyer's arrival and subject to the limitations of
subparagraph C. hereof, Buyer shall also have the right to enter
upon the Property at any time for the purpose of performing non-
destructive, non-invasive surveying, structural and mechanical
tests and studies, and such other similar investigatory work as the
Buyer shall consider appropriate and shall have the further right
to make such inquiries of governmental agencies, utility companies
and other like parties and to make such feasibility studies and
analyses as it considers appropriate. Until August 31, 1995, (the
"Inspection Period"), Buyer may elect and shall have the absolute
and unqualified right to terminate and cancel this Agreement for
any or for no reason whatsoever, by giving Seller written notice
thereof prior to the expiration of the Inspection Period, whereupon
(i) all property data and all studies, leases, analysis, reports,
plans, abstracts of title and surveys respecting the Property
delivered by Seller to Buyer and prepared by or on behalf of the
Buyer shall be delivered by Buyer to the Seller; (ii) the Deposit
with all interest earned thereon shall be delivered to the Buyer;
and then (iii) except as otherwise hereafter provided in this
Paragraph, 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.
C. Environmental Matters: The Buyer shall until August
31, 1995 (the "Environmental Inspection Period") to conduct
environmental investigation and testing on the Property on the
terms and conditions herein set forth.
1. Procedure: Upon Buyer giving Seller not less
than two ( 2 ) days prior written notice specifying the date and time
3
95- 527
TIT
of Buyer's arrival, Buyer shall have access to the testing wells
already in place on the Property. Buyer shall utilize the testing
wells already in place on the Property and Buyer shall not perform
any drilling or other intrusive actions, provided, however, that
Buyer will be permitted to take soil borings, soil samples and
sediment samples, in locations approved by Sellers (acting
reasonably and in good faith) in advance, provided that Buyer
restores any pavement, ground cover, etc., disturbed thereby. In
the event that Buyer's environmental consultant advises in writing
that the pattern of existing testing wells is inadequate for it to
perform its due diligence on ground water testing, Seller shall
permit the reasonable (as to quantity and location) drilling of
additional testing wells at Buyer's sole cost and expense and on
the further condition that all samples extracted from such
additional wells are shared with the Seller.
Buyer shall conduct its investigation and testing in
the presence of Seller's environmental representative. In the
event that Seller's environmental representative cannot be present
at the scheduled time, unless Seller waives the need for such
presence in writing, the Environmental Inspection Period shall be
extended by the like number of days that Seller is the sole cause
of a delay.
2. Designation of Representatives: Buyer and
Seller acknowledge that proper communication between Buyer and
Seller, and between Buyer and any governmental authorities having
jurisdiction over environmental matters, is to be an important
component of the Buyer's Environmental Inspection Period.
Accordingly, to facilitate such communication, the Buyer and Seller
have appointed the following persons on their respective behalves
to be their environmental representatives, to -wit:
On behalf of the Buyer:
Telephone ( )
Fax ( )
On behalf of the Seller:
Dennis Stotts, Esq. (or his designee)
Earl Blank Kavanaugh & Stotts
3636 One Biscayne Tower
Miami, Florida 33133
Telephone (305) 358-3000
Fax (305) 358-5079
Buyer agrees that except for the environmental
representative named on its behalf above, no other agent, officer,
employee or the like shall have direct contact with any governmen-
4
95_ 527
tal authorities. Buyer agrees (i) to copy Seller's environmental
representative with all correspondence to and from governmental
authorities; and (ii) to inform Seller and Seller's environmental
representative in *advance of the time, place and date of any
meetings so that Seller's environmental representative may attend.
In the event that Buyer violates the provisions of this paragraph
and the transaction contemplated hereby is terminated, Buyer shall
not be entitled to any reimbursement from Seller for any environ-
mental expenses.
3. Remedies: In the event that as a result of
such investigation and testing it is found that the Property or any
portion of it contains a toxic or hazardous waste, substance or
material in excess of what is permitted under any applicable law or
asbestos is found at the Property (collectively, "Hazardous
Substances") prior to the end of the Environmental Inspection
Period Buyer shall notify Seller in writing (the "Environmental
Notice") and shall simultaneously deliver to Seller copies of all
written reports concerning such Hazardous Substances, including a
plan for remediation thereof (the "Remediation Protocol"). In the
event that Buyer delivers an Environmental Notice to Seller, the
Seller shall have a period of fifteen (15 ) days from receipt of the
Environmental Notice to:
(i) elect to perform the Remediation Protocol and
agree to establish at closing an escrow fund for the anticipated
cost of remediation based upon the Remediation Protocol, in which
case the parties shall proceed to closing on all of the Tracts; or
(ii) cancel this Agreement.
In the event that the Seller elects 4C.(3)(i), the
Seller who is the owner of the Tract which contains the Hazardous
Substance (the "Affected Tract") shall remain liable for perfor-
mance of the Remediation Protocol. The liability of the Seller who
is the owner of the Affected Tract shall be limited to the
performance of the Remediation Protocol. The Seller who is not the
owner of the Affected Tract shall have no liability with respect
thereto. Buyer shall have full access to all records of Sellers
concerning any Remediation Protocol or MOP as hereinafter defined.
Sellers will provide copies of all notices received from any
governmental authority re any such Remediation Protocol or MOP.
In the event that the Seller elects to cancel this
Agreement pursuant to 4C.(3)(ii), then (a) all property data and
all studies, leases, analysis, reports, plans, abstracts of title
and surveys respecting the Property delivered by Seller to Buyer
and prepared by or on behalf of the Buyer shall be delivered by
Buyer to the Seller; (b) the Deposit and all interest earned
thereon shall be delivered to the Buyer; (c) Seller shall reimburse
Buyer for its actual third party costs incurred in conducting
environmental testing, investigation and consultation not to exceed
5
95- 527
$75,000.00 dollars (the "Environmental Expenses"); and then (d)
except as otherwise hereafter provided in this Paragraph, 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.
In the event that as a result of the cut into the
Property for a boat slip(s), the legal description of the Property
includes any lands beneath the Miami River, Seller shall under no
circumstances bear any liability for cleanup of such lands.
(4) Additional Matters: Buyer acknowledges that
Seller has caused ground water and soil testing to be done to the
Property and the results thereof have been set forth in reports
prepared by Missimer International dated April 13, 1995 (the
"Report"). Based thereon:
(i) Ground Water: The Report indicates the
presence of certain hydrocarbons in the ground water under Tract 3
(the "Hydrocarbons") in concentrations exceeding the Dade County
Department of Environmental Resources Management (herein 'DDERM")
standards. Alandco has or shall address the issue of the Hydrocar-
bons with DERM and in the event that DERM or any other governmental
body having jurisdiction over the Property (other than Buyer]
(herein the "Other Government Body") requires remediation with
respect to the Hydrocarbons and Seller makes the election set forth
in Paragraph 4C(3)(i) Alandco shall be responsible for such
remediation. In the event that DERM or the Other Government Body
issues a "monitoring only" order (a "MOP"), and Seller makes the
election set forth in Paragraph 4C(3)(i), Alandco shall be
responsible for such monitoring as well as any remediation that
DERM or the Other Government Body may require as a result thereof.
Alandco's obligation to fulfill DERM's or the Other Government
Body's requirements with respect to the Hydrocarbons shall survive
the closing contemplated by this Agreement. In no event shall the
Remediation Protocol require that Alandco take any action with
respect to the Hydrocarbons other than the action, if any, required
by DERM. In the event that the Property is eligible for any local,
state or federal program (such as the Abandoned Tank Remedial
Program) which will either pay the cost of such remediation or
undertake the remediation directly and Seller makes the election
set forth in Paragraph 4(C)(3)(i), then Buyer shall cooperate with
Seller in having the Property admitted to such program,
(ii) Soil: Seller shall use its best efforts to
obtain a letter from DERM indicating that the soil test results set
forth in the Report do not result in required remediation. Buyer
acknowledges that there is no formal procedure for obtaining such
a letter from DERM and the provisions of this subparagraph will not
be effected if Seller is unable to obtain such letter. Buyer
further acknowledges that the nature of soil sampling is such that
the results thereof can vary at any point in time and thus the
6
95- 527
results of Buyer's investigation and sampling of the soil shall not
be the subject of an Environmental Notice or Remediation Protocol
unless (a) the results of Buyer's investigation and sampling of the
soil indicate the presence of Hazardous Substances in excess of the
levels indicated in the Report or (b) following Seller's efforts to
obtain the aforesaid letter form DERM, DERM requires remediation.
D. Ins � gn Indemnity: Notwithstanding anything
contained in this Agreement, Buyer shall (i) immediately pay or
cause to be removed any liens filed against the Property as a
result of any inspection performed by or on behalf of Buyer,
pursuant to this Paragraph (the "Inspections"); (ii) immediately
repair and restore the Property to its condition existing immedi-
ately prior to the conduct of Buyer's Inspections; and ( iii ) in
accordance with Sec. 13, Article X, Florida State Constitution and
subject to the provisions and limitations of Sec. 768.28, F.S.
(1993) , indemnify, defend and hold Seller harmless from and against
all claims to recover damages in tort for money damages for injury
or loss of property, personal injury, or death to anyone on the
Property as a proximate result of the negligent or wrongful acts or
omissions of the Buyer or any employee of the Buyer in the
performance of the Inspections while acting within the scope of
his office or employment under circumstances in which the state or
the Buyer, if a private person, would be liable to the claimant, in
accordance with the general laws of this state. This Paragraph 4
( D ) is herein referred to as the "Inspection Indemnity". The terms
and provisions of this Inspection Indemnity shall survive any
termination of this Agreement. The foregoing Inspection Indemnity
shall not apply to any claims arising as a result of Buyer or
Buyer's employees or agents relying on information supplied or
provided by Seller pertaining to the locations of underground
utilities on the Property. Nothing contained herein will exonerate
the Sellers from liability, if any, for damage or injury resulting
from Property conditions or Sellers' negligence.
E. Confidentiality: To the extent permitted by law, in
the event that the Buyer does not purchase the Property all results
of inspections and testing shall be kept confidential.
5. TITLE:
A. Title Mzidence: On or before the Effective Date
Seller shall deliver to Buyer such evidence of title as it may have
in its possession. On or before fifteen (15) days from the
Effective Date, the Buyer shall obtain a title insurance commitment
(the 1°Title Commitment") from Chicago Title Insurance Company
through one of its agents as may be selected by Buyer for the
Property in the amount of the Purchase Price committing the title
insurer to issue an owner's Title Insurance Policy (the "Title
Policy") covering the Property in favor of the Buyer upon the
recording of the deeds from the Seller, free and clear of all liens
and encumbrances, except for the "Permitted Exceptions" described
7
95- 527
on Exhibit "B" attached hereto and made a part hereof and any other
matters not objected to. The Permitted Exceptions shall also
include any utility easements now or hereafter executed which
correct for the record the actual location of existing utility
facilities and\or which consolidate the FPL utility easements. It
shall not be objectionable if a title insurance commitment shall
show the existence of liens or encumbrances provided (i) the same
are discharged, cancelled of record and terminated at or prior to
Closing, and (ii) the title insurance company shall delete same as
of the Closing from the Title Commitment and the Title Policy by
endorsement or other manner reasonably acceptable to Buyer.
B. Title Objections: If the Buyer shall have any
objection with respect to the status of the title to the Property,
the Buyer shall notify the Seller of such objections within ten
(10) days following the date required for the receipt of the Title
Commitment. In the event the Title Commitment shall reflect any
condition other than ( i ) the Permitted Exceptions; or ( ii ) liens or
encumbrances which Seller shall either pay or transfer to bond
prior to Closing; and which condition shall render the title other
than good and marketable, as herein provided, Seller shall exercise
reasonable efforts to attempt to cure same and shall be responsible
for payment of and shall pay any liens or encumbrances of a
definite and ascertainable nature (provided that under no circum-
stances shall the Seller be obligated to (x) institute or defend
any legal proceedings; or (y) to incur expenses in excess of
$100,000.00 in the aggregate in connection with the curing of such
title objections which are not of a definite and ascertainable
nature); and if Seller is unable to cure such title condition or
objection prior to the later of the date originally scheduled for
Closing or forty five (45) days from receipt of such notice, so as
to render title good and marketable, then the parties hereto shall
be relieved of any further liability (other than the Buyer's
liability under Paragraph 4(D) entitled "Inspection Indemnity"
which shall survive any termination of this Agreement) arising out
of or with respect to this Agreement and neither party shall have
any further liability or obligation to the other, in which event
Buyer shall be entitled (if it has been made) to the immediate
release of the Deposit and interest thereon and Seller shall
reimburse Buyer for the Environmental Expenses, or the Buyer may,
at Buyer's option, require Seller to deliver title to the Property
in its then existing condition. Notwithstanding the foregoing, the
Seller shall not be deemed "unable to cure" a title condition or
objection if such condition or objection is a lien or encumbrance
of a definite and ascertainable nature.
6. SURVEY: The Seller has delivered to Buyer a copy of that
certain survey prepared by A.R. Toussaint & Associates, Inc., last
updated August 8, 1994 (the "Existing Survey"). All matters
appearing on the Existing Survey shall, whether or not specifically
identified on Exhibit "B", be deemed included in the Permitted
Exceptions. Buyer may at Buyer's expense, obtain a new Survey of
8
95- 527
the Property prepared by a surveyor licensed to practice in the
State of Florida, duly certified to the Buyer, Seller and to the
company issuing the Title Commitment and their respective succes-
sors and assigns (the "Survey"). Sellers will cooperate with Buyer
in obtaining a recertification and update of the Sellers' survey to
Buyer and its title insurer provided that all expenses of the
surveyor in connection therewith are borne by Buyer. Any objec-
tions to the Survey based on matters not contained on the Existing
Survey shall be governed by the preceding Paragraph 5 and shall be
delivered to Seller in writing within ten (10) days of the date
required for the receipt of the Title Commitment, failing which
Buyer shall be deemed to have waived any and all objections to the
Survey or to title based upon said Survey. At Closing, FPL shall
execute and deliver to Buyer a consent, acknowledgement and waiver
of encroachment agreement in substantially the form attached hereto
as Exhibit "F" with respect to the encroachments that appear on the
Existing Survey. Further, FPL agrees to vacate and execute a
termination of easement with respect to all present or future
unoccupied and unnecessary utility easements affecting the
Property. This covenant will survive the Closing.
A. Conditions Precedent: Buyer's obligation to
consummate the transaction contemplated hereby is conditioned upon
Buyer securing a satisfactory commitment for financing the Purchase
Price on or before August 31, 1995. In the event the Buyer is
unable to obtain the financing commitment as aforesaid, the Deposit
and all interest earned thereon shall be refunded to the Buyer and
except for the Inspection Indemnity, all obligations with respect
hereto shall terminate.
B. closincx: The delivery of the deeds, documents,
money and other acts necessary to accomplish the transactions
provided for in this Agreement (the "Closing") , shall take place on
October 2, 1995 (the "Closing Date"). The Closing shall take place
at the offices of the Seller's attorney located in Dade County,
Florida. Provided however, the Closing Date may be extended one
time for a period not to exceed thirty days in the event that a
hurricane or other natural disaster makes it impossible or
impracticable to close on the Closing Date.
8. CLQSIM COSTS AM S: At Closing and as shown on
the Proforma Closing Statement attached hereto as Exhibit "C" (the
"Closing. Statement"), the following items shall be borne, adjusted,
prorated or assumed by or between Seller and Buyer, as follows:
A. AdjustmerLtg and Prorations:
(1) geal Estate Taxes: Real Estate and personal
property taxes (if any) shall be prorated between Seller and Buyer
as of the Closing Date on the basis of the taxes paid for the most
9
95- 527
recent tax year that has been assessed. If the Closing Date shall
occur before the taxes fixed for the then current year, the
apportionment shall be upon the basis of the tax rate for the
preceding year applied to the latest assessed valuation. Subsequent
to the Closing, when the taxes are fixed for the year in which the
closing occurs, Seller and Buyer agree to re -prorate and adjust the
proration of taxes and, if the re -proration results in the
adjustment of more than One Hundred ( $100.00 ) Dollars, to refund or
pay (as the case may be) said sums shall be necessary to effect
such adjustment within fifteen (15) days of written demand
therefore. This provision shall survive the Closing.
(2) Certified/Pending Liens: Certified, confirmed
and ratified governmental liens as of the day of Closing shall be
paid by the Seller. Pending liens as of the day of Closing shall be
assumed by Buyer, provided, however, that where the improvement has
been substantially completed as of the day of Closing, such pending
lien shall be considered as certified, confirmed or ratified and
Seller shall, at Closing, be charged an amount equal to the last
estimate by the public body, of the assessment for the improvement.
(3) &=nses,, Etc.: Assessments, water and sewer
charges and waste fee and fire protection charges, shall be
prorated as of the day of Closing.
(4) Usual and Customary: Such other items are
usually and customarily pro -rated between buyers and sellers of
properties in the area where the Property is located.
B. Closing Costs: The Seller and Buyer have agreed to
equally share in the costs of the following Closing Costs:
Documentary stamps on the deed, surtax on the deed, the cost of
Buyer's title insurance policy, the cost of abstracting and the
costs of recordation (the "Agreed Costs"). In no event however
will the Buyer's share exceed the sum of One Hundred Twenty Five
Thousand ($125,000.00) Dollars. In respect to the title insurance
premium, Seller will not be obligated to contribute to any costs
therefore in excess of Twenty Two Thousand Three Hundred Thirty
Seven and 50/100 ($22,337.50) Dollars. Buyer shall pay its
recording costs, the cost of the Survey and any costs or expenses
associated with Buyer's financing. The parties agree that they
shall each pay directly any and all attorneys' fees which they have
incurred or shall incur on their own behalf pertaining to this
transaction, except as provided in Paragraph 12.
A. Seller's Documents at Closing: At Closing, FPL, with
respect to the FPL Property and Alandco, with respect to the
Alandco Property shall execute and/or deliver to Buyer the
following:
10
95— 527
,aq;P
1
(1) Special Warranty Deed, subject to conditions,
restrictions, easements and limitations of
record;
(2) An Affidavit of No Lien and Possession with a
"gap" provision;
(3) Counterpart of Closing Statement;
(4) FIRPTA Withholding Certificate certifying that
Seller is not a "foreign person" for the
purposes of U.S. Income taxation;
(5) Bill of Sale as to the Personal Property;
(6) An Assignment, without warranties, of any
Warranties for any of the Property's compo-
nents that the Seller may have;
(7) The Consent, Acknowledgment and Waiver of
Encroachment Agreement in the form of Exhibit
"El' attached hereto;
(8) The Termination of Easement document (includ-
ing the continuing covenant to terminate
unoccupied and unnecessary utility easements)
referred to in Paragraph 6, if applicable;
(9) Such documents as are necessary to fully
authorize the sale of the Property by Seller
and the execution of all closing documents;
and
(10) Any other documents reasonably necessary or
advisable to consummate the transaction con-
templated hereby.
B. Buyer°s Documents at Closing: At Closing, the Buyer
shall execute and/or deliver to Seller the following:
(1) Counterpart of Closing Statement;
(2) Any other documents necessary or advisable to
consummate the transaction contemplated here-
by;
(3) Buyer shall pay to Seller the cash balance of
the Purchase Price; and
(4) Such documents as are necessary to fully
authorize the purchase of the Property by
11
95- 527
Buyer and the execution of all closing docu-
ments.
10.
The personal property included in the sale shall be the
items listed on Exhibit "D" attached hereto (the "Personal
Property"). No items of personal property shall be included in the
sale unless listed on Exhibit "D".
11. DEFAM s
A. If Seller shall have failed to perform in any
material respect any of the covenants and agreements contained
herein to be performed by Seller within the time for performance as
specified herein (including Seller's obligation to consummate the
transactions contemplated hereby), Buyer as and for its sole and
exclusive remedies shall be entitled to either (i) elect to
terminate this Agreement and receive the return of the Deposit (if
it has been made) together with all interest earned thereon and
Seller shall reimburse Buyer for the "Environmental Expenses");
(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; (iii) file an action for specific performance
of this Agreement to compel Seller to perform hereunder.
B. If Buyer shall have failed to perform in any
material respect any of the covenants and agreements contained
herein to be performed by Buyer within the time for performance as
specified herein (including Buyer's obligation to consummate the
transactions contemplated herein), Seller, as and for its sole and
exclusive remedy, shall retain the Deposit as liquidated damages
and not as a penalty far forfeiture, actual damages being difficult
or impossible to measure, provided, however, the foregoing shall
not be deemed to limit the liability of the Buyer with respect to
the Inspection Indemnity. All interest earned on the Deposit shall
remain Buyer's separate property and shall be delivered to the
Buyer.
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 (10) days from and after
delivery of such notice has expired with the other party having
failed to cure the default.
12. AI"lMEY'S FEES: Should either party employ an
attorney or attorneys to enforce any of the provisions hereof, or
to protect its interest in any matter arising under this Agreement,
or to recover damages for the breach of this Agreement, the party
12
95- 527
��14f)i `*4 �
prevailing shall be entitled to payment by the other party of all
reasonable costs, charges and expenses, including attorneys' fees
in the trial and appellate courts, expended or incurred in
connection therewith by the prevailing party.
13. DISCLAIMM OF WARRANTIES AS TO Property: "AS IS"
CO MYANCES •
A. Buyer is purchasing the Property, including the
Personal 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 except as set forth in Paragraphs 14
and 15. Without in any way limiting the generality of the
immediately preceding and except as set forth in Paragraph 14 and
15 Buyer and Seller further acknowledge and agree that in entering
into this Agreement and purchasing the Property:
(1) Buyer 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, developability or marketabili-
ty thereof;
(2) Buyer 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.
(3) Buyer acknowledges that Buyer has made and/or
shall be given an adequate opportunity to make such legal, factual
and other inquiries and investigations as Buyer 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 Buyer 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 survey would show;
(4) Buyer acknowledges that Buyer has not relied,
and is not relying, upon any information, document, projection, pro
forma, 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; and
B. Without in any way limiting the generality of the
preceding Subparagraph A, and except as provided in Paragraph 15,
Buyer specifically acknowledges and agrees that, it hereby waives,
releases and discharges any claim it has, might have had or may
have against the Seller with respect to the condition of the
Property, either patent or latent, including but not limited to any
claim based on noncompliance with land use laws, rules, regula-
tions, orders or requirements, its ability or inability to obtain
13
95- 527
or maintain building permits, either temporary or final certifi-
cates of occupancy or other licenses for the use or operation of
the Property, and/or certificates of compliance for the Property,
the actual or potential income or profits to be derived from the
Property and the real estate taxes now or hereafter payable thereon
and any other state of facts which exist with respect to the
Property.
C. The provisions of this Paragraph 13 shall survive
the Closing.
14. Representations and warranties: Seller represents and
warrants to Buyer as of the date hereof and at all times through
the term of this Agreement to the date of Closing, as follows:
A. Duly Organized. FPL and Alandco are corporations
duly organized and validly existing under the laws of the State of
Florida. FPL and Alandco have all requisite power and authority to
carry on its business as now conducted and to execute, deliver, and
perform this Agreement and each of the documents executed and
delivered by Seller.
B. Quly Authorized. The execution, delivery, and
performance of this Agreement by Seller has been duly and validly
authorized by all necessary action on the part of each Seller and
all required consents and approvals have been duly obtained.
C. Leases and Contracts. There are no occupancy leases
or service and maintenance agreements affecting the Property which
will be binding upon the Property or the Buyer after Closing.
D. Maintenance of Property. Until Closing, the Seller
shall continue to service and maintain the Property and the
Personal Property in the same manner and to the same degree as it
has been heretofore serviced and maintained. All mechanical
systems shall be in the same order as of the Closing Date as they
were at the end of the Inspection Period less ordinary wear and
tear. All maintenance records shall be delivered to Buyer at
Closing. The existing Building Management System does not have the
Computer or CCTV Monitors on site in that the existing BMS
components therefor are located at the FPL general office opera-
tions HUB. At Closing, such systems will be disconnected from the
HUB, however, Sellers, at their sole cost and expense, will, prior
to closing, provide an adequate computer and CCTV monitors on site
to make the system work properly. Buyer recognizes, however, that
the Card Access System for physical entry to the Building will not
function after disconnection from the HUB without additional
components which the Sellers are not obligated to provide.
E. No Lawsuits. No lawsuits, claims, legal or
administrative claims have been brought resulting from Seller's
ownership, use, occupancy, operation or proposed sale of the
14
95- 527
Property and to the best of Seller's knowledge no lawsuits, claims,
legal or administrative claims are pending which in any manner
affect the Property or Seller's right to sell the property.
F. Permits. To the best of Seller's knowledge, all
necessary permits, licenses, and approvals have been obtained for
the operation of the Property, are current and in effect, and that
Seller is in compliance with such permits.
G. Personal Prom v. The Seller owns the Personal
Property free and clear of any security interests.
The foregoing representations shall survive the closing
for a period of eighteen (18) months.
A. To the best of its knowledge, Seller has disclosed
to Buyer all environmental matters known to Seller which may be
effecting the Property. Except for a Notice of Violation and
Orders For Corrective Action issued by Metropolitan Dade County on
February 12, 1992 (a copy of which has been received by the Buyer)
Seller has not received notice from any governmental agency of
violation of any environmental laws. To the best of its knowledge,
Seller has not caused the generation, transportation, storage, or
disposal of hazardous substances on site except in accordance with
state, local, and federal statutes and regulations. The foregoing
representations shall survive the closing for a period of eighteen
(18) months.
B. Buyer acknowledges that, except as set forth in the
preceding subparagraph A., Seller has not, does not and shall not
make any representation or warranty with regard to compliance with
any environmental protection, pollution or land use laws, rules,
regulations, orders or requirements including, but not limited to,
those pertaining to the handling, generating, treating, storing or
disposition of any hazardous waste, substance or material. Without
in any way limiting the generality of the preceding sentence Buyer
specifically acknowledges and agrees that, except for any statutory
liability (if any) that Seller might have for environmental matters
and any liability Seller may have pursuant to subparagraph C. which
follows, it hereby waives, releases and discharges any claim it
has, might have had or may have against the Seller with respect to
any claim based on noncompliance with any environmental protection
or pollution laws, rules, regulations, orders or requirements.
C. Notwithstanding the foregoing, in the event that the
Seller of the Affected Tract thereafter elects the option set forth
in Paragraph 4 C.(3)(i), the Seller of the Affected Tract shall
remain liable for the completion of the work set forth in the
Remediation Protocol. The liability of the Seller who is the owner
15
95- 527
14
,11,;�Plprx
of the Affected Tract shall be limited to the performance of the
Remediation Protocol. The Seller who is not the owner of the
Affected Tract shall have no liability with respect thereto.
16 02DEE ME: Buyer and Seller each represent and warrant to
the other that neither has had any dealings with any person, firm,
broker or finder in connection with the negotiations of this
Agreement and/or the consummation of the purchase and sale
contemplated hereby other than Codina Klein Realty, Inc. ("Broker")
_ and no other broker or person, firm or entity is entitled to any
commission or finder's fee in connection with this transaction.
Buyer and Seller do each hereby indemnify, defend, protect and hold
the other harmless from and against any costs, expenses or
liability for compensation, commission or charges which may be
claimed by any broker, finder or other similar party by reason of
any actions of the indemnifying party. When, as and if the
transaction contemplated hereby actually closes Seller shall pay to
Broker a commission for its services in accordance with the
separate agreement between the Seller and the Broker.
17. SERVICE CONTRACTS: Attached as Exhibit "E" is a list of
the vendors supplying service and maintenance services to the
Property under agreements which are personal to the Seller and are
not assignable and Buyer shall make its own arrangements for
service and maintenance. Provided, however, Buyer may schedule an
appointment to review the vendor agreements (in the complete form)
at the Property or if Buyer wishes copies thereof, Seller shall
deliver excerpts thereof to Buyer with all proprietary information
deleted.
18. POSSESSION AND RISK OF LOSS: Possession of the Property
shall be delivered to Buyer as of the closing. Seller shall have
no obligation whatsoever to repair or remove any structures,
fixtures or other improvements in or upon the Property, including
without limitation, any fences, parking facilities or lighting
fixtures or equipment. Risk of loss to the Property between the
date of execution of this Agreement and the Closing shall be upon
the Seller, and the doctrine known as the "Doctrine of Equitable
Conversion" shall not be applicable to this transaction. In the
event of any loss or damage to the Property prior to Closing in an
amount exceeding $100,000.00 (as reasonably determined by an
independent and qualified party mutually acceptable to Buyer and
Seller), Seller agrees to give Buyer prompt written notice thereof
with a copy of any reports received by Seller with respect thereto
and Seller shall have the right by written notice delivered to
Buyer within sixty ( 60 ) days of the loss to elect ( i ) to cancel
this Agreement in which event, the Deposit and all interest thereon
shall be promptly delivered to Buyer and this Agreement shall be of
no further force and effect (except for the Inspection Indemnity)
and in which case Sellers will make the Environmental Expense
reimbursement to Buyer, or (ii) to repair and restore the loss or
damage. If Seller elects to repair and restore the loss or damage,
16
95- 527
I
Buyer shall purchase the Property without any reduction in the
Purchase Price. In no event shall Seller have any obligation to
repair, replace or restore the Property or any portion thereof
unless Seller specifically elects, in writing, to do so or unless
the amount of loss is less than $100,000 in which case Sellers may
either restore or credit the cost of restoration against the
Purchase Price. If Seller elects to cancel this Agreement, Buyer
shall have a period of ten (10) days from receipt of the Seller's
election during which time Buyer may elect, in writing to purchase
the Property in its "AS IS" condition with a reduction in the
Purchase Price by the amount of One Hundred Thousand ($100,000.00)
Dollars.
19. CONDEMNATION OR EMINENT DOMAIN: In the event of any
condemnation or eminent domain proceedings for any public or
quasi -public purposes at any time prior to Closing, resulting in a
taking of any part or all of the Property, Buyer shall have the
option ( i ) to cancel this Agreement, in which event the Deposit (if
it has been made) shall be promptly released to Buyer and this
Agreement shall be of no further force and effect (except for the
Inspection Indemnity); or (ii) to close the transactions contem-
plated by this Agreement, in which event the Purchase Price shall
not be abated, provided, however, that Seller shall assign any
condemnation or eminent domain award to Buyer.
20. RADON GAS. Radon is a naturally occurring radioactive
gas that, when it has accumulated in a building in sufficient
quantities, may present health risks to persons who are exposed to
it over time. Levels of radon that exceed federal and state
guidelines have been found in buildings in Florida. Additional
information regarding radon and radon testing may be obtained form
your county public health unit.
21. NOTICES: All notices, requests, demands or other communi-
cations hereunder shall be in writing and deemed to have been given
only if hand -delivered or sent by overnight courier service (i.e.,
Federal Express, Purolator) or certified or registered mail, return
receipt requested, through the United States Postal Service with
sufficient postage prepaid, to the parties hereto at their
respective addresses set forth at the outset of this Agreement or
such other address as either party shall designate by notice
pursuant to this Paragraph. Copies of all notices, requests,
demands or other communications hereunder to the Buyer shall also
be sent to Office of the City Attorney, Attention: Olga Ramirez-
Seijas, Esquire and Julie Bru, Esquire, DuPont Plaza Center, 300
Biscayne Boulevard Way, Suite 300, Miami, FL 33131, and copies of
all notices, requests, demands or other communications hereunder to
the Seller shall also be sent to Seller's Counsel, KATZ, BARRON,
SQUITFRO & FAUST, 2699 South Bayshore Drive, Seventh Floor, Miami,
Florida 33133 (Attn: Michael D. Katz, Esq.). Notwithstanding the
foregoing, in the event of any mail disruption by virtue of any
stoppage in mail service performed by the United States Postal
17
95- 527
Service due to strike or labor difficulty, notices, requests,
demands or other communications referred to in this Agreement shall
be hand -delivered, delivered by a nationally recognized express
delivery company or'telegraphically given, but shall only be deemed
to have been given when received.
22. INTERPRETATIONS: This Agreement shall not be construed
more strictly against one party than against the other merely by
virtue of the fact that it may have been prepared by counsel for
one of the parties, it being recognized that both Seller and Buyer
have contributed substantially and materially to the preparation of
this Agreement.
23. FURTHER ASSURANCES: In addition to the foregoing, the
parties hereto, at the time and from time to time at or after
Closing, upon request of Buyer or of Seller, as the case may be,
agree to do, execute, acknowledge and deliver all such further
acts, deeds, assignments, transfers, conveyances, applications,
authorizations, petitions, filings, powers of attorney and
assurances, as may be required for the better assigning, transfer-
ring, granting, conveying, assuring and confirming unto the Buyer
all of Seller's right, title and interest in and to the Property
being conveyed hereunder.
24. : Any escrow agent receiving funds or documents is
authorized and agrees by acceptance thereof to promptly deposit and
to hold same in escrow and to disburse same subject to clearance
thereof in accordance with terms and conditions of this Agreement.
Failure of the clearance of funds shall not excuse performance by
the depositor. In the event of doubt as to its duties or liabili-
ties under the provisions of this Agreement, the Escrow Agent may,
in its sole discretion, continue to hold the monies which are the
subject of this escrow until a judgment of a court of competent
jurisdiction shall determine the rights of the parties thereto, or
may deposit all the monies then held pursuant to this Agreement
with the Clerk of the Circuit Court of the County having jurisdic-
tion of the dispute, and upon notifying all parties concerned of
such action, all liability on the part of the Escrow Agent shall
fully terminate, except to the extent of accounting for any monies
theretofore delivered out of escrow. In the event of any suit
between Buyer and Seller wherein the Escrow Agent is made a party
by virtue of acting as such Escrow Agent hereunder, or in the event
of any suit wherein Escrow Agent interpleads the subject matter of
this escrow, the Escrow Agent shall be entitled to recover a
reasonable attorneys' fee and costs incurred, said fees and costs
to be charged and assessed as court costs in favor of the prevail-
ing party. All parties agree that the Escrow Agent shall not be
liable to any party or person whomsoever from misdelivery to Buyer
or Seller of monies subject to this escrow, unless such misdelivery
shall be due to willful breach of this Agreement or gross negli-
gence on the part of Escrow Agent.
18
95- 527
JW
y�
25. DISBURSENENT OF DEPOSIT_ AND_REINBURSEKENT OF ENVIRONNEN-
TAL EXPENSES: In the event that Buyer becomes entitled to the
return of the Deposit (with the interest thereon), the Escrow Agent
shall return same to the Buyer within five (5) business days from
written demand from Buyer. As to the Sellers' obligation for the
Environmental Expenses, if Buyer becomes entitled thereto under
this Agreement, Sellers will pay same within ten (10 ) business days
from receiving demand for same accompanied by complete documenta-
tion thereof.
26. CAPTIONS AND HEADINW: Captions and Paragraph headings
contained in this Agreement are for convenience and reference only
and in no way define, describe, extend or limit the scope or intent
of this Agreement nor the intent of any provision hereof.
27. NO WAIVER: No waiver of any provision of this Agreement
shall be effective unless it is in writing, signed by the party
against whom it is asserted and any such written waiver shall only
be applicable to the specific instance to which it related and
shall not be deemed to be a continuing or future waiver.
28. 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.
29. BINDING EFFECT: This Agreement, when executed by all
parties, shall inure to the benefit of and shall be binding upon
the parties hereto and their respective heirs, personal representa-
tives, successors and assigns. However, this Agreement may not be
assigned by Buyer without the prior written consent of Seller,
which consent may be withheld in Seller's unrestricted discretion.
30. GOVERNING LAW: This Agreement shall be construed and
interpreted according to the laws of the State in which the
property is located. All actions or causes arising out of this
Agreement shall be brought in Dade County, Florida.
31. GENDER: All terms and words used in this Agreement,
regardless of the number and gender in which used, shall be deemed
to include any other gender or number as the context or the use
thereof may require.
32. M IRE AGREE'.': This Agreement and the Exhibits
attached hereto contain the entire agreement between the parties.
There are no promises, agreements, conditions, 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 parties hereto.
33. TIME OF THE ESSENCE: Time is of the essence of this
Agreement. In the computation of any period of time provided for
19
95- 527
AA
in this Agreement or by law, any date falling on a Saturday, Sunday
of legal holiday shall be deemed to refer to the next day which is
not a Saturday, Sunday or legal holiday.
34. 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.
35. NO RECORDING: Neither this Agreement nor any memorandum
or evidence hereof shall be recorded in any public records by
Buyer. If so recorded by Buyer, this Agreement shall be deemed
ipso facto canceled and terminated, the Deposit shall thereupon be
retained by Seller as liquidated damages for such default, and
Buyer shall have no further interest in the Property, pursuant to
this Agreement or otherwise.
36. NO THIRD PARTY BENEFICIARIES: This Agreement is between
Seller and Buyer and no other party shall, under any circumstances,
be deemed to be a beneficiary of any of the terms and condition to
be performed by Seller pursuant to this Agreement.
37. 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
BUYER AND SELLER ENTERING INTO THIS AGREEMENT.
38. OFFER OPEN UNTIL JULY 14, 1995: For the sake of conve-
nience the Seller is executing this Agreement prior to the Buyer
executing the Agreement. In the event that Buyer has not delivered
two fully executed counterparts (with no changes of this Agreement)
to the Seller on or before 5:00 p.m. on July 14, 1995 then the
offer contained herein and this Agreement shall be null and void
and of no further force or effect.
39. RESOLUTION OF CITY COMISSION: The Resolution or
Ordinance of the City Commission, in addition to approving the
purchase contemplated by this Agreement, shall empower the City
Manager to modify this Agreement in the event a modification to
this Agreement becomes necessary in order to extend any of the
various dates set forth herein.
40. OPINION OF CITY ATTORNEY: Within three days of the
Effective Date the City Attorney shall deliver to Seller an opinion
letter confirming that compliance has been had with municipal
ordinances, state statutes, and all other applicable ordinances and
20
95- 527
P . 02
statutes concerning the execution of the Agreement by the Buyer and
the purchase contemplated hereby and that all of the terms of the
Agreement are valid and enforceable.
41. POST QL0SING OBLIGAT1gNs OF sELLER:
A. Training: For a period of sixty days following the
closing, the Seller shall make a representative available at
reasonable times to assist the Buyer's representatives in learning
to operate the Property's mechanical components.
B. Substation wall: within six months after Closing
(and subject to force majeure and further subject to FPL's ability
to obtain a construction permit without having to move any
Substation equipment) FPL shall commence and thereafter diligently
complete the construction of a decorative wall 12 feet in height
from sidewalk grade along the western boundary of its transformer
yard and service center facing the eastern boundary of Tracts 1, 2
and 3 along the length thereof, as shown on Exhibit "G" attached
hereto. At FPL's option the wall may be of open grill construc-
tion.
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:
Print: ('���. �_� b�._e .� �• .�_
Print:
Print '�a^ e- V.
Print;
21
"SELLER"
FLORIDA POWER AND LIGHT
a Florida corporation,
i
W,..I1 7.0
ALANDCO, INC
-
a Florida corporation,
By:
Tts.
95- 527
MBUYERw
CITY OF Him
Print:
By:
Name:
Title:
Print:
APPROVED AS TO FORM AND CORRECTNESS
By
A. Quinn Jones III
City Attorney Lc &"'
FF
P . YL13
95- 527
at v.aa. a.iaaa�, va aa►z�.rav�[ l917I:LL\i
The undersigned, as Escrow Agent, hereby joins in the
execution of this Agreement solely £or the purpose of acknowledging
and agreeing to its responsibilities as Escrow Agent hereunder,
subject to the provisions of Paragraph 24 hereof.
"ESCROW AGENT"
KATZ, BARRON, SQUITERO & FAUST, P.A.
By:
JOINDER OF �RORER
The undersigned, as Broker, hereby join in the execution of
this Agreement for the purpose of acknowledging and agreeing to
the. provisions of Paragraph 16 with respect to the payment of
commission.
CODINA KLEIN REALTY, INC.
By:
Name•
Title:
EXHIBIT "A" LEGAL DESCRIPTION OF FPL PROPERTY
EXHIBIT "A-114 LEGAL DESCRIPTION OF ALANDCO PROPERTY
EXHIBIT "B" PERMITTED EXCEPTIONS
EXHIBIT 11C4t PROFORMA CLOSING STATEMENT
EXHIBIT 1tD" SCHEDULE OF INCLUDED PERSONAL PROPERTY
EXHIBIT 10E1' SCHEDULE OF NONASSIGNABLE SERVICE CON-
TRACTS
EXHIBIT "F" WAIVER OF ENCROACHMENTS
EXHIBIT t1G" SKETCH OF LINE OF SUBSTATION WALL
EXHIBIT A
FPL Property
Tract 2 of "RIVERSIDE PLAZA", according to the Plat thereof,
recorded in Plat Book 139, at Page 43 of the Public Records of Dade
County, Florida
EXHIBIT A-1
Alandco Property
Tracts 1 and 3 of "RIVERSIDE PLAZA", according to the Plat thereof,
recorded in Plat Book 139, at Page 43 of the Public Abcords of Dade
County, Florida
06/26/95 (ckq - \LIT\a1andco\01770027\era.egr)
g5 527
EXHIBIT B
PERMITTED EXCEPTIONS
1. Taxes and assessments for the year 1995 and subsequent years.
2. Easement in favor of Florida Power & Light Company filed April
1, 1953 in Deed Book 3741, at Page 5.
3. Easement in favor of the City of Miami Department of Water &
Sewer filed April 6, 1953 in Deed Book 3743, at Page 114.
4. Easement in favor of Florida Power & Light Company filed
February 7, 1961 in Official Records Book 2475, at Page 103.
5. Right -of -Way Deed in favor of the City of Miami Department of
Water & Sewer filed March 14, 1961 in Official Records Book
2530, at Page 118.
-6. Agreement between the City of Miami Department of Water &
Sewer and Florida Power & Light Company filed February 7, 1961
in Official Records Book 2475, at page 100.
7. Reservation of Easement in Deed from Florida Power & Light
Company to W. Flagler Investment Corp., filed August 23, 1984
in Official Records Book 12246, at page 1117, as partially
released by Partial Release of Easement filed August 8, 1990
in Official Records Book 14654, at page 4024.
8. Resolution No. R-923-84 filed August 30, 1984 in Official
Records Book 12253, at page 1389.
9. Florida Power & Light Company Easements, Miami -Dade Water &
Sewer Easements and Riverwalk Easements contained in the
Riverside Plaza Plat, according to the Plat thereof, as
recorded in Plat Book 139, at Page 43.
10. Easement in favor of the City of Miami Department of Water &
Sewer dated March 26, 1953 and recorded in Deed Book 3737, at
page 237.
11. That certain Memorandum of Development, Reciprocal Easement
and Operating Agreement dated the llth day of December, 1990
between Alandco Inc., a Florida Corporation and Miami Real
Estate Ventures, Inc. IV, a Florida corporation, as filed in
Official Records Book 14828, at page 1204, as amended by First
Amendment to Memorandum of Development, Reciprocal Easement
and Operating Agreement filed in Official Records Book 15343,
at Page 3014.
12. That certain Access, Utility and Construction Easement
Agreement dated the 11th day of December, 1990, between
Alandco Inc., a Florida corporation, and Miami Real Estate
95- 527
Ventures, Inc. IV., a Florida corporation, as filed in
Official Records Book 14828, at page 1210 (as may be modified
or substituted by that certain unrecorded Easement
Substitution Agreement also dated the 11th day of December,
1990, between Alandco, Inc., and Miami Real Estate Ventures,
Inc., IV.) as amended by Amendment to Access Utility and
Construction Agreement filed November 18, 1993 in Official
Records Book 16135, at page 1052.
13. Resolution No. R-823-91 filed in Official Records Book 151668,
at page 1887
14. Easement in favor of Florida Power & Light Company filed March
11, 1992 in Official Records Book 15422, at page 3335.
15. Grant of Easement filed February 5, 1993 in Official Records
Book 15803, at page 4013.
16. Resolution No. R-1145-94 recorded in Official Records Book
16478, at page 889.
17. Matters appearing on that certain Survey prepared by A.R.
TOUSSAINT & ASSOCIATES, INC., last updated August 8, 1994, and
more particularly described as follows:
a. Encroachment of the northeast corner of the 6 & h story
C.B.S. Parking Garage onto Florida Power & Light Co., platted
utility easement pursuant to Plat of RIVERSIDE PLAZA, recorded
in Plat Book 139, Page 43 and located on sheets 2 and 3 of the
above mentioned Survey.
b. Encroachment of those certain 6' high concrete walls and
.sections of that certain concrete ramp onto Miami -Dade Water
& Sewer and Florida Power & Light Co. platted utility
easements pursuant to the Plat of RIVERSIDE PLAZA, recorded in
Plat Book 139, Page 43 and located on sheet 2 of the above
mentioned Survey.
C. Encroachment of that certain concrete slab, located along
the westerly boundary of the subject property abutting the
Miami River, onto portions of the platted utility easements
pursuant to the Plat of RIVERSIDE PLAZA, recorded in Plat Book
139, Page 43 and located on sheet 2 of the above mentioned
Survey.
d. Encroachment of those portions of asphalt pavement onto
a portion of that certain Easement granted to Florida Power &
Light Co., as recorded in Official Records Book 15422, at page
3335 and located on sheet 3 of the above mentioned Survey,
same being the easement on the Northwesterly portion of Tract
2 and not that portion underlying the 10 Story Building and
shown on Exhibit A thereto
e. Encroachment of portions of that certain 10 story C.B.S.
527
building onto that certain Easement granted to Florida Power
& Light Co., recorded in Official Records Book 15422, at page
3335 and located on sheet 3 of the above mentioned Survey.
18., Easement in favor of Florida Power & Light Company filed
January 24, 1991 in Official Records Book 14870, at Page 1718.
1.9. Any claim that any portion of said lands are sovereignty lands
of the State of Florida, including submerged, filed or
artificially exposed lands and lands accreted to such lands.
All recording information refers to the Public Records of Dade
County, Florida.
95- 527
EXHIBIT C
PRO FORMA CLOSING STATEMM
,Assumes 10-2-95 Closing
SF LER
Purchase Price $15,600,000.00
Documentary Stamps
(1/2 of $93,600.00)*
Surtax
(1/2 of $70,200.00)*
Title Insurance
(1/2 of $44,675.00)*
Abstracting
(1/2 of estimated $250.00)*
Real Estate Taxes (estimated)**
(1-1-95 to 10-1-95)
***Other
CASH TO CLOSE TO SELLER
BUYER
46,800.00
35,100.00
22,337.50
125.00
$15,496,638.00
$15,600,000.00 $15,600,000.00
*Buyer shall pay the total documentary stamp tax, surtax, title
insurance and abstracting charges directly to the title settlement
agent.
**Real Estate taxes will be prorated and the Buyer will receive a
credit for the prorated amount. Estimated prorations are as
follows: Tract 1 $61,672.46
Tract 2 $346,651.10
Tract 3 $62,987.12
FPL is afforded a credit against its City of Miami Franchise fees
based on its tax obligations. The amount credited for taxes on
Tract 2 shall be available to FPL in calculating its Franchise Fee
deduction.
*** Other charges, such as waste fees, water and sewer charges and
the like shall be calculated prior to Closing.
95- 527
'NII.AM[xFJVTR.STDE PrRZ50-N .L r�s 0P RT' BRE.k!�MO0 i-,i:
No. �C. MODEI, QTY
1 CARD ACCr,SS QtiL' � i Cali R=C Mkrz/5 2
Cssi Rusco 9
ate Ch.—�c{ V'.ka sygc s 1
2 TR.�?HC7;4E S+: TTC;-I North= Tckc=. Mcnds 3. I
1 SaP-wam- OPT. 61. Rcl.17.6
2 Tr..LF- SYS.1,WRt-NG& HARDWARE
I3 tit Type lI (Ma:ae & da:%X Catagc:cy 5 (data).
- CoPper & Tibet hterral
Dis:ttbaciw GSIc Dam Rclattd
jacim. P=h Bloclo. v4tlibusoa
E h-ruct & Takvn muss
i . Tckpltvoc Scb Nord= Tciccoat. M2008
3 TELECOMMLIMCATIONS a -A- rMFR OPTICS)
LAX Cabm-a, & Riser bn�-Jm
B�cibaae C bG,3
Siecat 6 rtaar Pk -cum Cable
- lr=d ct 1'. Plcwm
- Siaar FIC 24 part
- Siocor FTC 12 port
- Sicwr Coaoectar PC24
• Siewr ST Caaoc=rs
Si«os ST lm==w cm Sicc e
- HP Finer 0* Hub Phis
Th6vct Hab Cacdocdoa
- ST-Sr -r3erl3aplc=Jamper
rsaes Ciatic T:rs=mon = auiamci•
• Ca.4et wit, Orr- Tetmis . WO, DSX-3 & 1
X-Camccu wd A1ca TcmhW.
- C.Wmc Wi h Pacer Plant cad
- Cabixi Fith T I Chc-ael B.;-s.
- Spare b- ICL !
F--dac
Pape
LOCAn0 USE
s ate 31dr'C-ra'-
mLin Bld3 (6) Ccs r r
MWn Bids 03) r --
VW-- Bk;
Gcrcnj O ice geoe;�
!dcs aldg Egnip. for X
Mi-t BIdlGra,-e
l�{.as Bkio/Grs;_
Maa 31dp,'G..-arse
300 M&6 81dg/Cana . CommLMIML-cr
6 V-31141-04 2250 3 Kra B;dg%Gragc LAN Sys.
145742
S00 fL '
GWC-024
3
C-MIC-012
9 '
it'}C-CPOP
30 .
9510401
109
ISR-067
108
2868-A
3 "
28683A
9
3
iS
M-im Bldg r� Optic Sys.
• 1 R ,
,
527
dW
1 —
"EXHIBIT �����
t
- U;. Cxaur.
lcc >r C-cbis
• Un-I Cal, :o;lcr
Jrr.tw Ccaros
-' Um Cm7a `iicr
lec-sce :.ro1s
- VAV Coe.^cGc-s
A.•+dovcr
. Dell Cc=pre:
A�ova
Arxda.r c
Closed Csait T.V..
- C=K- a
&aic
C,MCVti
Bunt
. Ca.-Ocrz
Burin
' camca
Burk
' Ca•ac.0
Butic
- Ct-"C=
Buric
• Carowm
Rurio
' Camcm
Burk
- CAMC: t
Rnrh-,
- Gera
- Camera (Pan Til)
rBurie
Bmie
-C mcraP.gn7W
Nrrk
- Camera (?- Tr h)
Btt: k
- Ccrr::a (Pat 77h)
'iutfa
- Camera (Pot Tr}:)
kVcn tat)
lRrrlo
Caron
13+:r1a
- Caarera
Burk
- C=ctz
B Lie
- M=,:*r3
Butic
- Eishr Foc;z ca Switc es
Surie
PC%= su*y Cur -
- UPS
Pv.rcr•+arc
5 h77'Ci•?sN F.QiFiPE4ic'Zr'T
Rada.�=ic
M=
iiobart
Ice
T-/4 r
;iicrvwave
Taylor
S7�T
Keba,r;
Cath R.-�
THC
Uarsls, Cares ChcIA
Vuiau
5/1 5195
ti
iIOC:
9
ki.=B(d_. r 2•l0)
:�6
1
Mar. Bid:. (3--� ; ) VAV 3cc-
CX9000
L
Ma'n Bids.
CX91M
1
Main 31dg. (.ird
TC-301
2
L.aboy
TC-301
I
Lo,nd�-s Pocl;
TC-30I
I
Main Bldg. - N.
TC-301
I%
Main BWg. - S?.
TC1301
1
Lion Bldg. - S.W.
TC-301
1
Pariirsg Gara;- - S.W. Ca nw
TC 201
1
i7.,Lens Ca-.3e L. wa11
TC-301
1
P=Vus Gras_• -N. ul;, - Pnlc
Tir.ln i
I
Pari►m C%rvA• . N, Eahza:r
TC-30 i
I
Pa:loess Gararsc - r. Err'L'1CC
TC-301
I
Fa. -;ins Gertio-_-?k-%=n (L.c%-r ! ")
TC-61253PT
I
Mai3 Bldg. - N.E .
TIC _6125i?T
1
Mnn Ring . 5 F.
TC-6125311C
1
Mir Bidg. - S.W.
Trr61211FT
I
Pnririnv C'aviE:- S W C'ftnrr
TC-61253PT
1
P skicrg Gams-- - S. Hall
'I V-ba JU!'1'1
1
LL5h,11ok
TC-301
i
Perm Gars,,. - N. tt-, •ce
TC-301
i
Paid=g Garage - r. E==Co
TC-301
I
Pa.-iing Go.-a.ge - S.E Ex --mar Do0-
7C-1910
3
Mao Bldg. - Rccrsdaa Desk
TC4509
2
Main Bids, - $cc. ?,= (3rd FL.)
Sy::V= 20 1 Mca 31dg. (3rd FI-)
1 iGt: her (Is: FL)
r1 i6t:�(IstFL)
I IC-:hct (I s: FL)
1 YUc:hca(Ir.FL)
1 K=,;ea (ls- FL)
1600 1 IG�.�cl (Iz± F-i.)
xl--^ = (1st FL)
95- 52'7
Pape 2
s
' 1
A 0 0`�,.?.
Su TracT►.=drniii
ir.seti Inc.
Su.- :er. L1e.
Cy:cx S:adcm--y Bika
L__cx. L-.e.
nir Dy-e S:s.a�.-�Eix:
schwa^.
�'s sa Cti-ra r
cic5.; RAc.. Lam:.
tZoa=$ Maeh;-e
9odY Cruaz!
Lido aicep Curl
Lorcdan Biomedicat
Lido Scatod Dip Swim
Lor..dsa Bioracd:cAl
Lido Ches:.Dmss
Lc;tid:a Bi=ediral
Lido Shoulder ?tms
LarcdAn aiom.-vlical
Lido Lateral ?silldo A-m
Loud= aiomccical
Lido Sca d Ran
LortZm Biomedical
Lido Leg Pr_ss
Lorcdan B;actcdical
Lido Les Carl
Lorxaa Biomedical
Lido Lag Ex'srsicn
Lorrrisn Biomedical
Lido Abdomiral Cnu+ah
Lortidan 9icme4ics.1
Lido Back Exxnsioa
Lorcdaa Eiamcdical
Cybex Flat 3c;rch
Lumex, Inc.
Cybae Adjussble Intl nc Scrnch
Lunwx, lxmc,
Cyibex Utility Beach
Lunn,-r- -,c,
Cybe:c Dumbbells alRack - S•50 lbs
Lu=cx. Bic.
Du=bcaUs 5540 Ibs
York
Cytxx Weight Assisted Cci= Di?
Lumm Inc,
Atrooic Stcps
Rccboi;
A=E:ic, Slidcs
Reebok r
Aerobic Body Bar;
tvubc
Ac-.W;c Dumb'aclis- t-to Ibs
York
Vrci&hc Scales
Dctcc:o
A.MUFM R=ivcr
Saav
A-WFM R.,--ci+cr
Fartcc!Ccuricr, Lnc.
?owcr. 4mpliEcr
T OA Mccrac Company
?zwcr A=plilicr
Cro Am ln:crrutzooal, Les.
Dual Srar:o C-sere Deck
Sorry
Bats Eahaacc.-acat Syrcm
Furman Soutid, Lnc.
3 Disc CD Pi=ysr
Sony
Sp= -rs
JBL
19' Color Televisions
Sony
27" Color Television
�il_s„ bishi
VCR
S=y
Pape 3
95- 527
1—, 7
-va M=- C nI Ete%nu
S' Ficus Trzvs
Fcus Tm-cs
IV Tr=1
9' FAV, j ct:us
5' Amca palms
3' Spnh ?tars
Spat. N
THorm Pits
W spli: Phila Ptants
12'Barwnx Naas
6'Yucca T,
qz
C. t
2
7
2
4
'NOTE:
The existing BMS does not include the Cavputer Fquivoent & CCTV monitoring to
separate Miami Riverside fran FPL General office operations HUB but such equipment
will be included by Sellers at their sole expense at Closing so that the Building
will operate on a free standing basis. However, the Card access System will not be
functional after separation unless made.so by the City.
95- 527
Page 4
u. .
EXHIBIT
NONASSIGNABLE SERVICE
AND MAINTENANCE CONTRACTS
COMMODITY VENDOR EXPIRATION
Building Management System
Johnson Controls
2/28/97
Cafeteria Service
Aramark
2/29/96
Electrical Contractors
Edd Helms
7/31/95
Elevator Maintenance
Schindler Elevator Corp.
2/28/95
Grease Traps
Rose Septic Tank
7/31/95
Generator Maintenance/Repair
Adams Electrical Service,
Inc.
Janitor Service
Advanced Services,,Inc.
6/30/97
Landscape Service
Julep Lawn & Landscape
6/30/97
Mechanical Maintenance
Carrier Corporation
7/31/97
Parking Garage Gates
Cordes Doors
Plumbing Contractors
Stolpmann Plumbing
7/31/95
Security Officers
Milex Security Services
3/31/96
Window Cleaning
Q M window Cleaning
10/31/97
* contracts expiring prior to
the closing date may be
renewed by
Seller
* * used on an as needed basis
95 - 527
EXHIBIT "F"
CONSENT, ACKNOWLEDGMENT
AND WAIVER OF ENCROACHMENTS BY
FLORIDA POWER & LIGHT CONY
THE UNDERSIGNED, Florida Power & Light Company, a Florida
corporation ("FPL") hereby acknowledges and agrees with The City of
Miami, its successors and assigns ("Buyer") that:
1. FPL holds various easements on the real property described as:
TRACTS 1, 2 and 3 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 (the "Property")
including but not limited to those easements identified in
Paragraph 2 below (the "Easements").
2. FPL is aware of that certain Survey of the Property prepared
by A.R. TOUSSAINT & ASSOCIATES, INC., last updated August 8, 1994
which indicates that certain of the buildings, structures and
improvements on the Property encroach over portions of the
Easements, to wit:
a. Encroachment of the northeast corner of the 6 & k story
C.B.S. Parking Garage onto FPL platted utility easement
pursuant to Plat of RIVERSIDE PLAZA, recorded in Plat Book
139, Page 43 and located on sheets 2 and 3 of the above
mentioned Survey.
b. Encroachment of those certain 6' high concrete walls and
sections of that certain concrete ramp onto FPL platted
utility easements pursuant to the Plat of RIVERSIDE PLAZA,
recorded in Plat Book 139, Page 43 and located on sheet 2 of
the above mentioned Survey.
C. Encroachment of that certain concrete slab, located along
the westerly boundary of the Property abutting the Miami
River, onto portions of the FPL platted utility easements
pursuant to the Plat of RIVERSIDE PLAZA, recorded in Plat Book
139, Page 43 and located on sheet 2 of the above mentioned
Survey.
d. Encroachment of those portions of asphalt pavement onto
a portion of that certain Easement granted to FPL as recorded
in Official Records Book 15422, at page 3335 and located on
sheet 3 of the above mentioned Survey, same being the easement
on the Northwesterly portion of Tract 2 andfnot that portion
underlying the 10 Story Building and shown on Exhibit A
thereto.
e. Encroachment of portions of that certain 10 story C.B.S.
95- 527
building onto that certain Easement granted to FPL recorded in
Official Records Book 15422, at page 3335 and located on sheet
3 of the above mentioned Survey.
(collectively the "Encroachments").
3. FPL hereby consents to and acknowledges the Encroachments, and
except as hereinafter reserved it waives any right it might have
under the Easements to commit any damage, remove, destroy or
interfere with the buildings, improvements, and structures
constituting the Encroachments in the event it becomes necessary
for it to use the Easements for repair, replacement or new
installations. Provided, however, in the event that it becomes
necessary to use the Easements for repair, replacement or new
installations, FPL reserves the right to interfere with the
improvements identified in Paragraph 2 b, c and d above so long as
FPL restores the improvements when the repair, replacement and\or
installation is complete.
4. FPL agrees with the Buyer that in its use of the Easements,
FPL will use reasonable efforts to minimize any avoidable or
unreasonable interference with the Buyer's use of the Property and
the improvements thereon. FPL agrees that in the exercise of its
rights hereunder, it will provide adequate and reasonable access to
all portions of the Property, including, without limitation, the
parking garage and the loading zones, so as to avoid unnecessary
and avoidable interference with the use and enjoyment of the
Property.
IN WITNESS WHEREOF, the undersigned has executed this
acknowledgement this day of �, 1995.
Signed, sealed and delivered
in the presence of:
FLORIDA POTTER AND LIGHT
Print: a Florida corporation,
Print:
By: -- — its:
STATE OF FLORIDA )
COUNTY OF )
The foregoing instrument was acknowledged before me this
day of , 1995, by
of Florida Power & Light Company, a Florida
06/26/95 (ckq -\RE\alandco\01770027\anoroach.2)
95- 527
corporation, on behalf of the corporation.
Name:
Notary Public, State of Florid
Serial Number:
Personally Known OR Produced ID.
My commission Expires:
14
J5�- 527
Cr�"�d 6—
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO : Honorable Mayor and Members of DATE : JUL 7 1995 FJLE
the City Commission SUBJECT
Purchase of the Miami
�,. Riverside. Center and
FROM : REFERENCES: Adjacent Tracts
.Ces O
City ger ENCLOSURES
RECOMMENDATION
It is respectfully recommended that the City Commission authorize the Manager
to execute the Purchase and Sale Agreement, (the "Agreement") which has
been negotiated pursuant to the authority granted by virtue of Resolution No, 95-
97, passed and adopted on February 9, 1995. The Agreement provides for
acquisition, at a purchase price of fifteen million six hundred thousand
($15,600,000) dollars, of real property consisting of approximately 2.09 acres
which has been improved by the construction of a ten story office building, and a
seven level parking garage containing five hundred (500) spaces, commonly
known as the Miami Riverside Center, owned by Florida Power & Light
-Company, (FPL), legally described as tract 2 of the "RIVERSIDE PLAZA",
according to the Plat thereof, recorded in Plat Book 139, at page 43 of the Public
Records of Dade County, Florida, and adjacent real property consisting of two
tracts of approximately 1.4027 acres and 1.6117 acres, owned by ALANDCO,
Inc. (ALANDCO), which is vacant except for landscaping and two boat docking
areas, legally described as Tracts 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.
BACKGROUND
The City Manager has negotiated a Purchase and Sale Agreement with FPL and
ALANDCO `(the "Seller") for the acquisition of the above described real property,
(the "Property"), the salient terms of which are as follows:
1. The aggregate purchase price in the amount of $15,600,000 shall be payable
at closing which shall take place on October 2, 1995. A deposit in the
amount of $200,000 shall be placed in escrow utilizing funds due City from
FPL's franchise fee.
P � i
Honorable Mayor ai. Members of
the City Commission
Page 2
2. The City shall have until August 31, 1995 to conduct an environmental
investigation and testing on the Property. If it is found that the Property
contains toxicor hazardous materials in excess of what is permitted under
applicable law or if asbestos is found on the Property, the Seller has the
option of canceling the Agreement, in which case the City shall be
reimbursed up to $75,000'for costs incurred in conducting such investigation
and testing, or the Seller may proceed to dosing subject to Seller performing,
at its sole cost and expense, the remediation required to bring the Property
into full compliance with the applicable environmental laws.
3. Included in the purchase price is the following personal property, listed as
Exhibit "D" of the Agreement:
a) all fitness equipment and supplies located in the fitness center;
b) all mechanical, spare parts, and replacement carpeting and supplies
located in garage storage area and throughout the building;
c) card access equipment;
d) all existing office and building supplies and equipment;
e) all telephone equipment currently used in the building intact with all T1
interconnection cards/assemblies and wiring for 600 telephone capacity;
and all related computer peripherals and systems used with the phone
system;
f) all computer related premise wiring components on all floors, including
10-base T patch panels, telco cables, fiber patch panels with LIU units
and racks;
g) all building security and management systems, including computer related
software, cameras and remote monitors; and
h) all kitchen equipment.
The Seller shall make a representative available to assist City
representatives in learning to operate the Property's mechanical components
for a period of sixty (60) days following the closing.
4. Within six (6) months of closing, FPL will construct a 12 foot screened
decorative wall around its existing transformer facility and maintenance yard
areas.
5. The closing costs, which total $208,725, will be divided equally with each
party responsible for payment of one half of the costs, or $104,362.50 each.
95- 52'7
i
Honorable Mayor at, - Members of
the City Commission
Page 3
6. The City's obligation to consummate the transaction is conditioned upon
securing a satisfactory commitment for financing the purchase price on or
before August 31, 1995.
As required, appraisals were performed to determine the fair market value of the
subject site, rendering a value of $12,850,000 by Lewis Appraisals & Consulting,
Inc., and $15,010,000 by J.B. Alhale & Associates, Inc. In addition, the City of
Miami requested the Appraisers perform a "Value in Use" analysis taking into
consideration that the City is a single tenant user, has a lower cost of funds, and
lower operating costs (i.e. no real estate taxes, no marketing fees or
commissions, etc.). The resulting "Value in Use" for the City of Miami was
$18,000,000 and $15,800,000 by the respective appraisers. Please note that
the appraisals do not reflect or take into account the value of the personal
property and equipment listed in Exhibit "D".
95—
.,
527
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO
Walter J. Foeman DATE June 7, 1995 F,LE
City Clerk
SUBJECT Request for Ad
Placement for Public
Hearing
rROM Julie Q. Bru REFERENCES July 13th Comm. Mtg.
Assistant City Attorney
ENCLOSURES
in accordance with Florida Statute 166.045, a copy of which is attached for your convenient
reference, please run the attached newspaper ad prior to June 13, 1995. The ad serves to give
notice of the scheduled public meeting to be held by the Miami City Commission at City Hall on
July 13, 1995 at 10:00 A.M. for the purpose of considering the city's acquisition of Riverside
Plaza. Said Statute mandates that a 30-day notice be published. when a municipality proposes to
approve a contract for the purchase of real property.
Further, in addition to running the ad in the usual newspapers, it is deemed advisable , because of
the import of this matter, to also run the ad in The Miami Herald which has been approved by the
City Manager.
If you have any questions, please call me at the Law Department. -
Encs.
cc: A. Quinn Jones, III
City Attorney
csk:JOB
�LAUD -•
ktl 9
Approved: -:6.
Carlos Smith, Assistant City Manager
for Cesar H. Odio, City Manager
CK:JOBFPL2.DOC
V�i
401rAt
CITY OF MI"l, FLORTr
NOTICE TO THE PURL.
A public meeting will be held by the City Commission of th,
Florida on4uly 13, 1995 at 10:00 am in the City Commission
City Hall, 3500 Pan American Drive, Miami, Florida for the }.
considering the . acquisition of a ten story office' building and a sevc.
parking garage, commonly known as the Miami Riverside Center
presently owned byi: Florida Power and Light Company, including certal.
personal property used or useful in connection therewith, legally described as
Tract,2 of the "RIVERSIDE PLAZA", according to the Plat thereof, recorded
in Plat Book 139, at page 43 of the Public Records of Dade County, Florida,
and adjacent real property owned by Alandco, Inc. legally described as Tracts
I 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.
All interested persons are invited to appear and may be heard concerning this
item. Should any person desire to appeal any decision of the City
Commission with respect to any matter considered- at this meeting, that
person shall ensure that a verbatim record of the proceedings is made,
including all testimony and evidence upon which any appeal may be based.
Walter J. Foeman
City Clerk
AM
JOB:NOFPL.DOC
J-95-633 _
7/3/95
RESOLUTION NO.
A RESOLUTION, WITH ATTACHMENT(S), APPRO`
THE PURCHASE, OF REAL PROPERTY CONSISTING
APPROXIMATELY 2.09 ACRES INCLUDING A
STORY OFFICE BUILDING, AND A SEVEN
PARKING GARAGE CONTAINING FIVE HUNDRE (500)
SPACES, COMMONLY KNOWN AS THE MIAMI RSIDE
CENTER, OWNED BY FLORIDA POWER LIGHT
COMPANY, LOCATED AT 400 SOUTHWEST AVENUE,
MIAMI FLORIDA, LEGALLY DESCRIBE S TRACT 2
OF THE "RIVERSIDE 'PLAZA", ACC ING TO THE
PLAT ,THEREOF, RECORDED IN P BOOK 139, AT
PAGE 43 OF THE TUBLIC RECORDS F DADE COUNTY,
FLORIDA. AND ADJACENT PROPERTY
CONSISTING OF TWO TRACTS OF APPROXIMATELY
1.4027 ACRES AND 1.611 ACRES, OWNED BY
ALANDCO, INC., WHICH VACANT EXCEPT FOR
LANDSCAPING AND TWO OAT DOCKING AREAS,
LEGALLY DESCRIBED A TRACTS 1 AND 3 OF
"RIVERSIDE PLAZA", CCORDING TO THE PLAT
THEREOF, RECORDED PLAT BOOK 139, AT PAGE
43 OF THE PUBLI RECORDS OF DADE COUNTY,
FLORIDA, AT A- CHASE PRICE OF FIFTEEN
MILLION SIX D THOUSAND ($15,600,000.00)
DOLLARS; AUTH ZING.THE MANAGER TO EXECUTE A
PURCHASE AND E AGREEMENT, IN SUBSTANTIALLY
THE ATTACHE FORM; ALLOCATING FUNDS THEREFOR
FROM CITY MIAMI SPECIAL OBLIGATION BONDS,
SERIES,I AUTHORIZING THE CITY MANAGER TO
OBTAIN OFESSIONAL SERVICES IN. CONNECTION
WITH PERFORMANCE OF DUE DILIGENCE, AT A
COST T TO EXCEED ONE HUNDRED THOUSAND
($10 000.00) DOLLARS.
7arn
On February 9, 1995, the City Commission adopted
No. 95-97 thereby authorizing the City Manager to
agreement with Florida Power & Light Company (FPL)
purchase of certain real property on the Miami River,
., 95- 527
JUL 12 '95
05:33PM AREEA CCOMMERCIAL
a ♦
w�, APPRAISAL AND REAL ESTATE ECONOMICS ASSOCIATES, iNC.
9400 S. DadolOnd owlevafd TeleOhona MW 670=1
Penumscona S. Florida Watts 1(000)273$373
Miami, >rit.331S6 91Y RaNdmntia!FixMOTOQM
commet &I Fax(M)670-6
,MEMORANDUM
4C
Eduardo Rodriguez, Director of Asset Management
and Capital Improvements
City of Miami
FROM :
(Michael Y. Cannon, MIAI, SRA, CRE
DATE :
July 12, 1995
RE
AREEA File 095-4733-04-0
P.2/7
Nam roplie 1D ry{/1-Z
Vl_ A EM & 11 AI
You requested that I provide you with definitions and/or concepts relating to the folioWng.
y) Appralsal
2) Market Value
Use Value a/k/a Value in Use
4) Standards of Professional Appraisal Practice
Appraisal Is defined as the act or process of estimating value.
in an appraisal assignment, the appraiser provides the client with an estimate of Real
Property Value which reflects all pertinent market evidence. When an estimate of value
is required in an appraisal, the type of value sought roust be defined at the onset. The
defined value may be Market Value, Use Value a/k/a Value in Use, and other defined
values including but not necessarily limited to: Insurable Value, Going -Concern Value,
Assessed Value, or investment Value.
An appraisal provides a this for a decision concerning real property, the use of an
appraisal depends on the decision the client wishes to make. in defining the appraisal
problem, the appraiser should develop an understanding of the client's requirements that
is� acceptable to both parties and consistent with accepted standards of professional
practice.
An appraisal should distinguish Real Estate and Real Property as a basic fundamental.
Real Estate includes the physical land and all appurtenances a€flued to the land. Real
Property includes al the interests, benefits, and rights inherent. In the ownership of
physical Real Estate. The ownership of Reai Prop" rights unencumbered by any
other interests is known as a Fee Simple Estate. An ownership interest held by a
iandlord with the right of use and occupancy conveyed to a tenant by a lease is a teased
Fee Estate. The right of use and occupancy held by a tenant is known as a Leasehold
Estate.
Submitted into the public
record in connection with
Item / S on 7- i - 93'"
Walter Foeman
s MARKET ANALYSTS s CONSULTANTS • VALUATION SPECIALISTS B _ 527 City Clerk
4
-st
JUL 12 '95 05:34PM AREER COMMERCIAL P.3i7
APPRAISAL AND REAL ESTAI bONOMICS ASSOCIATES, INC.
Eduardo Rodriguez
July 12, 1996
Page Two
Market Vallee is defined as the most probable price which a property should bring in a
competitive and open 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 the passing of title from seller to buyer under conditions whereby:
(A) buyer and seller are typically motivated;
(6) both parties are well informed or well advised, and each acting in what he considers
his own best interest;
(C) a reasonable time is allowed for exposure In the open market;
.(a) payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto; and
(E) the price represents the normal oonsideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated
with the sale.
Use Value a/k/a/ Value of Use is defined as the value a specific property has for a
specific use. Real Property may have a 6se Value and a Market Value.
Use Value is a concept based on the productivity of an economic good. Use Value
appraisal assignments may be performed to value assets, Including real property, for
mergers, acquisitions, or security Issues.
There is generally a continuum between market properties and limited -market
properties. If a market exists for a limited -market property, the appraiser must search
diligently for whichever evidence of Market Value is available.
When the type of property being appraised is not commonly exchanged or rented and
It would be difficult for the appraiser to research market information, the property could
be classified as .a limited -market property.
A limited -market property Is a property that has relatively few potential buyers or renters
at a particular time. Limited -market properties include structures with unique designs,
special construction materials, or layouts that restrict their utility to the use for which they
were originally built. These types of properties may have limited conversion potential and
could be classified as special-purpose or special-du5signed properties e.g. public buildings,
schools, museums, houses of worship, club houses, etc.
Umited-market properties may be appraised for Market Value based on their current use
or the most likely alternative use, depending upon the market demand for such a property
and/or the length of time it takes to sell such a property.
Submitted Into the public
record in
Item i t; ,.7.._
Winter Ft: er:l?I', 95 5 r 7
City Cie*
gi;sg1 At
SUL 12 95 05:34PM AREEA COMMERCIAL P.4i7
APPRAISAL AND REAL ESTATr'1111 M 0MiCS ASSOCIATES, INC.
Eduardo 14o ftuez
July 12, 1995
Page Three
The Standards of Professional Appraisal Practice* of the Appraisal Institute require
that the folloWng items directly related to the Market Value definition be included In every
appraisal report
1. Identification of the specific property rights to be appraised.
2: Statement of the effective date of the value opinion.
3. Specification as to whether cash, terms equivalent to cash, or other precisely
described financing terms are assumed as the basis of the appraisal,
4. If the appraisal is conditioned upon financing or other terms, specification of whether
the financing or terms are at, below, or above market interest rues and,/or contain
unusual conditions or incentives. The terms of above- or below -market interest
rates and/or other special incentives must be clearly set forth; their contribution to,
or negative influence .on, value must be described and estimated; and the market
data supporting the valuation estimate must be desc rlbed and explained.
* Appraisal' Foundatlon, tlnlfcrma Standards of Profe.sslonal AppraW Price 'Wnitlone and
Appralsal institute, Supplement V Standards of Professional Appr0sal Praodce'De Inkbns Problems
Source: The Appraisal of Real Estate. loth Edition, Appraisal Institute
Submitted Into the pup i;r
record in con,jecti :�7
_item /S rin .?v -i�.. 9<
VVal-16
a,r a City Clerk
95- 527
AW?hX
JL)L 12 '95 05t34PM AREEA COMMERCIAL P.5i7
APPRAISAH AND REAL ESTATE ECONOMICS ASSOCIATES, ...J.
2= S. Dadeland Bouiftk(d Telephone = 8MMI
PenthouteOAA S. Florida Watts 1(GW) 27341373 ��'� / _
Miami, PL83166d817 Rutdential Fax(=)670-2M hlaasa now to R+a,G1._
Comm ttlal Fox (306) 670.22M
July 12, 1995
Eduardo Rodriguez, Director of Asset Management
and Capital Improvements
City of Miami
3W Biscayne Boulevard Way, Suite 400
Miami, Florida 33131
Re: AREEA File 095-4733-04-C
Appraisal Review
Miami Riverside Center
Former FP&L Administrative Facility
400 S.W. Second Avenue, Miami, FL
Dear Mr. Rodriguez:
VIA FAX & MAIL
Submitted into the public
record in connection +nvith�
item 15 on . -- 3:1S
Walter i=oanian
Ci,? l Cierk
As requWed, I have performed a desk -top review of the following appraisals of the
captioned property:
- J.B. Alhale and Associates, inc. Lewis Appralsals and Consulting, Inc.
dated 3/16/95 dated 4/9/95
I have also reviewed the aforementioned appraisers' Supplemental Value Estimates of the
captioned property dated 6/29/95 and 7/6/95 'respectively which relate to the appraisers'
estimate of "value to a single -tenant use defined as Use Value. the appraisers' original
appraisal report valued the captioned property 'As if converted from Its former single -
tenant use into a multi -tenant use competing with the CBD and Brickell Avenue Office
Market.
The undersigned reviewer di_ d r>Qt concur with the appraisers' original Highest and Best
Use conclusion that the property should be converted from a single -tenant use into a
multi -tenant use wherein the property would then compete In the open market for multiple,
smaller space users. Each report (under the multi -tenancy concept) expensed additional
dollars for the conversion of the property Into a multi -tenancy building over an Wended
period of time. This resulted in an "As Is" Value substantially below market norms.
6 MARKET ANALYSTS • CONSULTANTS + VALUATION SPECiALISYS •
95- 521
JUL 12 '95 05:35PM AREEA COMMERCIAL P.6%7
APPRAISAL AND REAL ESTA► ;CONOMICS ASSOCIATES, INC.
Eduardo Rodriguez Submitted into the I' ublir,
Page TJuly , 1995 record rin connection with/
Item _ 5- _ on ? -.� as
Walter Foorrion
City Clerk
The appraisers were not aware nor did they review the multiple easement and operating
agreements affecting the property. The undersigned reviewer did have the opportunity
of reviewing and analyzing those encumbrances, which include reciprocal easement and
operating agreement dated 8/26/91 between ALANDCO, Inc., Miami Real Estate
Ventures, Inc., and the prior access, utility, and construction easement agreement dated
12/11/90 Calling for perpetual right of access over and through the vacant tracts and
through the lobby of the existing building to the existing parking garage whereupon
ALANDCO having the right to construct up to an additional 3.5 stories to provide up to
300 additional parking spaces for use and enjoyment of tenants and visitors of Tract 1.
It Is quite evident that the captioned property designed as a urban single -tenant office
park, is well suited to attract a single occupant user replacing Florida Power and Light
without extraordinary costs. Market evidence demonstrates that their Is available
replacement occupants for the captioned property for which the City of Miami would be
a prime candidate. Therefore, a Supplemental appraisal was requested and received
from the appraisers.
Mr. Alhale's Supplemental Valuation Analysis estimated that the Use Value, if occupied
by a single oredit-worthy corporate tenant or purchased by a single corporate user/owner
inclusive of Tracts 1, 2, and 3, or owned by a single -entity where the property would be
viewed as a corporate park, was valued in its "As Is" condition at $15.8 million.
Mr. Lewis' Supplemental Appralsai estimated the value as If the property were leased by
a single credit -worthy corporate tenant or purchased by a single corporate user/owner
where Tracts 1, 2, and 3 and all improvements thereupon are owned by a single entity
and the property is viewed as a corporate park. Lewis concluded that Tracts 1 and 3
would have potential future value beyond open space and/or surface parking to a single
user. His estimated Use Value in its "A.s Is' condition was $18 million.
Both appraisers did not incorporate any value toward personal property that would be
included in a sale e.g. telephone switch, telephone system wiring and hardware,
telecommunications (land/fiber optics), building security and management systems,
kitchen equipment, fitness center equipment, mechanical spare parts and artificial plants.
This personal property had an original cost to FP&L in excess of $1 million.
It Is the reviewer's conclusion and professional opinion that the appraiser's Use Value
a/k/a Value in Use is also Market Value as defined.
Based upon the undersigned firm's extensive data base and expertise, the undersigned
prepared a preliminary valuation analysis of the captioned property (subject to an interior
and exterior inspection of the property) and concluded as of April, 1995 (exclusive of
personal property) that the Market Value was $ a5.5 million. Subsequently, an interior
and exterior inspection was made and preliminary due diligence was conducted.
�5- 527
,u,+zx'3��'
JUL 12 '95 05.35PM AREEA COMMERCIAL P.7i7
APPRAISAL AND REAL ESTAT, ZONOMICS ASSOCIATES, INC.
Eduardo Rodriguez
July 12, 1995
Page Three
The undersigned provided relevant information for the decision making process. A final
negotiated price was then agreed upon can 6/26/95 at $15.6 million (Inclusive of the
aforementioned personal property). On 7/6/95, a review of the that agreement was
performed by the undersigned, and concluded that the final negotiated price Is a fair and
representative price for the City of Miami to pay for the property.
If the undersigned was to update and complete its Independent Market Value of the
property with the benefit of the property Inspection and inclusive of the personal property,
the Market Value/Use Value a/k/a Value in Use would be $16± million.
trust that the foregoing provides you with relevant Information and I took forward to
being of continued professional service.
Sincerely,
APPRAISAL. AND REAL ESTATE
ECONOMICS ASSOCWTESt4 C.
• rr-•
Michael Y.
President
State Certified general Appraiser
Certcficate No. RZ00006S4
Submitted Into the public
record in connection witl,
item S
Walter Fooman
[M\,..\4�3M\47NC0FR1J City Glen:
"FPL FACT SHEET"
t
Terms: Purchase Price - $15,600,000
Deposit - $200,000 (funds due City from FPL's franchise fee)
Closing Date - October 2, 1995
Closing Costs - $208,725 divided equally (each party responsible for $104,362.50)
Environmental testing must be completed by August 31, 1995
Personal property included in purchase price is listed in Exhibit D
FPL will construct 12 foot decorative wall around transformer facility within 6 months
of closing
Financing for purchase must be in place by August 31, 1995
Appraisals: ;
PARCEL
SIZE & DESCRIPTION
Lewis Appraisals 2/27/95
J.B. Alhale 2/27/95
Tract 1
1.4027 AC
improved vacant land
$1,950,000
$1,830,000
Tract 2
2.0922 AC
Fair Market Value $9,200,000
$11,600,000
200,000 sf office/parking
Value in Use $14,300,000
$12,400,000
Tract 3
1.6117 AC
improved vacant land
$1,700,000
$1,580,000
Fair Mkt
5.1066 AC
$12,850,000
$15,010,000
Value
"Value in
5.1066 AC
$18,000,000
$15,800,000
Use"
Attached please find:
* Letter from AREEA dated July 5, 1995 opining on and summarizing transaction.
* "Value in Use" letter from Lewis Appraisals & Consulting, Inc. dated July 6, 1995
* "Value in Use" letter from J.B. Alhale & Associates dated June 29, 1995.
"Value in Use" is the value a specific property has for a specific use. Use value focuses on the value
the real estate contributes to the enterprise of which it is a part which would be for a single user.
a es:
PARCEL
SIZE & DESCRIPTION
TAXES
ASSESSMENT
Tract 1
1.4027 AC
City $ 28,615
improved vacant land
Dade/PSB 56-961
Total 85,576
$ 2,444,600
Tract 2*
2.0922AC
City $165,917*
200,000 sf office/parking
Dade/PSB 315,104
Total 481,021
$14,174,360
Tract 3
1.6117 AC
City $ 28,768
improved vacant land
Dade/PSB 58,635
Total 87,403
$ 2,457,665
Total
5.1066 AC
$654,000
$19,076,625
*Tract 2 property takes are currently deducted from FPL's franchise fee payment to the City of
Miami. Submitted into the public;
record In connection with
9 5- 527 Item 15 on -.'7 - -/-6� 9�
1 Walter Foeman
City Clerk
lop
FPL Building sits on -top of 2.09 acres with an additional 3.01 acres adjacent thereto. FPL
Building consists of a 10 story, 200,000 gross sf & 7 story, 500 space parking Facility that was
completed in 1992. The Dupont consists of 115,246 sf-the Admin. Bldg consists of 73,100 sf.
Zoning: SD 15 (See attached memo describing development potential of site)
Parking: 500 space garage consists of a 7 level, 196,000 sf ,occupies the northern portion
of the site. This garage may be expanded by 100 spaces and three additional
levels. If additional public parking is required, the City has two options 1) utilize
parking lot #17 (adjacent to the north of the property and containing 143 spaces)
or 2) incorporate surface parking on Tract 3.
Cafeteria: A 5,000 sf cafeteria with seating capacity for approximately 150 people is located
on the ground floor and is equipped with a full kitchen facility.
Fitness A 3,000 sf fitness center equipped with fitness equipment ($80,000 value),
Center: showers and lockers are located on the second floor and may be utilized to
institute a City Wellness Program (potentially reducing City insurance costs) or
other alternate uses.
Financing: $16,000,000 Bond issue, 25 year amortization, average annual payments of
$1,262,808 based upon an average coupon rate of 6.11%, first year's interest
capitalized as part of bond sale.
Moving Cost: Moving Costs are estimated at $160/per person or $.60/sf, equaling $96,160-
$110,400 respectively based upon an estimated 600 employees as listed below.
Value of Personal Pr peft (included in purchase price):
Telephone Switch & Card Access Wiring $ 230,000
Telephone Systems 411,000
Fiber Optics 71,000
Building Security & Mgmt Systems 308,000
Kitchen Equipment 25,000
Fitness Equipment 80,000
$1,125,000
FPL Building Ana sis:
Attached find a detailed building analysis comparing the City's current costs of rent and
associated expenses with the anticipated debt service and operating costs of the building. If the
FPL building is purchased, this analysis reflects an annual net increased cost to the City of
. $48,779 initially. Future rental increases at the Dupont Plaza and/or market rentals in the
downtown CBD would clearly turn the purchase of the FPL building into an economic benefit
for the City both in 1) future cost savings and 2) cost effectiveness vs. construction of a
comparable office building.
Lease Terms of City of Miami Agencies not included in the FPL Building:
DDA 6/30/96 5,776 sf
Miami Capital 6/30/95 2,598 sf Submitted into the public
MSEA 10/1/96 2,375 sf record in connection with
Pension-FIPO 3/23/03 2,846 sf item ! S on ? q ,
Pension-GESE 3/31/98 3,198 sf VVaft' r Fcornan
City c,fedQ % - 527
2
Dupont Lease-- (City of Miami/Bayview
Associates)
Aa •momt Date
6/27/91
Sq. FeedLeme
93,674 sf
Expiration
11/2/96
Rental Rate
$11.00
Amount Due 10/2/95
$1,116,281.83
2/19/93
5,112 sf
1/26/96
$11.00
$ 18,087.96
11/9/93
3,310 sf
1/26/96
$11.00
$ 11,711.88
5/1/94
3,100 sf
1/26/96
$11.00
$ 10,968.83
10/4/94
1,500 sf
1/26/96
$11.00
$ 5,307.50
Addt'1 Space
_ ,551 sf
$11.00
$ 0.00
115,247 sf
$1,162,358.00
Dupont Lease Renewal Terms:
Option "A" - four one-year renewals: @ $10.50, $11, $11.50, $12.50, respectively.
Option "B" - three five-year renewals: @ $11.00 increased by 75% of CPI
go-
• Utility easement
• WASA Easement
Magnetic Field:
1. Within six months after closing, FPL has agreed to erect a 12 foot wall in front of its
transformer yard and service center facing the eastern boundary of Tracts 1, 2 and 3 (SW 2nd
Avenue).
2. Miami Herald, June 15, 1995 - "Power -Line Cancer Risk Disputed"
Physicists can find no evidence that the electro-magnetic fields that radiate from power lines
cause cancer.(Article Attached)
3. FPL has also made a statement that they cannot fund any significant health risks associated
with the magnetic fields. (Article Attached)
Potential Site Sales:
• Parks & Recreation Department 1390 N.W. 7th Street $ 500,000
• Administration Building & Garage 5 $15,500,000 (commutative o/s debt)
3
Submitted into the public
record in connection with
item . I s on _7=.1=-9�
Walter c=oennan
City
95- 527
a List of City employees to occupy FPL building is attached.
• Analysis of development potential on Tracts 1 and 3 is attached.
• Preliminary construction estimate for the Law Department is $50,000 or $4.37 per sf
* See attached memo.
• FPL Franchise Fee Agreement with the City expires March 28, 2013 - 6% of FPL's revenues
from the sale of electricity within the City of Miami limits.
• City Administration Building was built utilizing $3.2 million grant from EDA and $800,000
in 1976 Fire Bonds
• Dade County Paid $95/sf $24,500,000 for Courthouse Center for a 258,333 sf office
building and performed improvements at $36/sf - $9,300,000 for a total cost of $33,800,000,
$130/sf.
�. AT it is • ..- e :,. • ■ i
7/25/77 - Administration Building study by Connell Metcalf & Edy
12/20/79 - Administration Building Land acquired through land exchange agreement with
County.
3/19/87 - Deloitte Haskins & Sells -Miami Real Estate Revenue Potential Report
12/1988 - City Commission reviewed proposed Acquisition of Alfred I Dupont Building
consisting of 284,000 sf for $23,279,915, or $82/sf.
1988 - City Rent: Dupont $17.93/sf Coral Way $16.75/sf
MCF $18.13/sf C. Grove Bank $22.00/sf
Amerifirst $15.49/sf Tigertail $17.37/sf
Olympia Bldg $10.85/sf
6/1989 - Deloitte Haskins & Sells -New Administration Building Financing Study
10/3/91 - RFP for 150,000 sf Admin. Bldg @ $19,000,000 = $126/sf
9/4/92 - RFP for 175,000 sf Admin. Bldg @ $25,000,000 = $143/sf
2/9/95 - FPL for 200,000 sf Admin. Bldg @ $15,600,000 = $ 78/sf
Submitted into the public
record in connection with
item +5 on M._..?l- `t S
Walter f=ae:r-n-an
City ClerR
95- 527
4
%r
JU- 06 195 09ti3AM AREEA COMMERCIAL
APPRAk AND REAL ESTATE ECONOMICS ASSOCIATES, J.
9400 S• 00001and Sovlevatd Telephone (3G6) 6T0-0ODt
Penthouse One S. Rarlda Wot181 WO) 2734373
Mlwi, FL33156•2817 RolSidontihl Fax(306) G70.2275
F. C wrtial Fax (3U5) 670.2276
July 5, 1995
Eduardo Rodriguez
Director of Asset Management
and Capital Improvements
City of Miami ;
300 Biscayne Boulevard Way, Suite 400
Miami, Florida 33131
Re: AREEA file No. 05-4733C-04-C
Miami Riverside Center
Former FP & L Headquarters
400 S.W. 2nd Avenue
Miami, Florida
Dear Mr. Rodriguez:
P.2/5
Please roplY to Ext
PH: (305) 372-4538
FX: (305) 371-9710
Submitted into the public
record in connection vd1h
item ! � ..
Waiter -oor i rl
City Cleric
Per your request, we have reviewed the latest draft of the Purchase and Sale Agreement
dated 6/26/95 between Florida Power and Light Company and ALANDCa Inc. collectively
referred to as 'Seller", and the City of Miami ("Buyer"). The following summarizes basic
terms and conditions of this revised agreement.
Sale and Purchase
of Property:
The sale will be based upon good, marketable and
Insurable fee simple tie subject to permitted
exceptions and inclusive of:
Tracts 1, 2, and 3 of Riverside Plaza as recorded in .
Plat Book 139 at page 43 of the Public Records of
Dade County, Florida,
Condition precedent to closing:
a) subject to buyer securing satisfactory
commitment for financing on or before 8/31 /95;
b) closing on 10/2/95;
c) usual and customary adjustments and
prorations for real estate taxes, expenses, and
closing costs.
• MARKET ANALYSTS a CONSULTANT$ " VALUATION SPECIALISTS a
95 527
'fr; ff)
JUL 06 '95 09:14AM AREEA COMMERCIAL
APPRAISAL AND REAL. ESTAT f �'ONOMICS ASSOCIATES, INC.
Eduardo Rodriguez
i July 5, 1995
Page Two
Included Personal Property:
Purchase Price:
P.3/5
Submitted Into the public
record in connection with,,
item S on
Waiter Fooman
City CLIO(
Telephone switch, telephone system wiring and
hardware, telecommunications (land/fiber optics),
building security and management systems, kitchen
equipment, fitness center equipment, mechanical spare
parts and artificial plants.
$15,600,000
Deposit: $200,000 (paid by FP&L representing 1st payment of
franchise fees due from FP&L to buyer). Interest
earned on deposit accrues to buyer.
Due Diligence: inspection period/right of termination through 8/81 /95.
Environmental Matters: Buyer to conduct environmental investigation and
testing. If hazardous substances found, seller has 15
days to:
1) perform remediation protocol and set up escrow
funds and remain liable for performance of
remediation protocol;
2) cancel agreement and reimburse buyer for all
actual third. party costs incurred up to $75,000.
Post Closing Obligations
of Seller: a) Trainin : For a period of 60 days after closing, seller
shall assist buyer in learning operations of the
property.
b) Sub -station Wall: Within 6 months, FP&L shall
construct a 12 foot high decorative wall along western
boundary of its transformer yard and service center
fronting S.W. Second Avenue and S.W. Third Street.
AREEA's Undlatedi Anaivsis W the Sub'ect pro ert
On 5/1/95, you and I met with FP&L representatives and conducted an inspection in
order to ascertain, on a preliminary basis, if the existing interior improvements (specifically
designed for various departments of FP&L) can be re -adapted and utilized for the City of
Miami's departmental use at a reasonable refitting cost.
95—
,1t
JUL 06 '95 09:14AM AREEA COMMERCIAL P.4i5
APPRAISAL AND REAL ESTA1 GONOMICS ASSOCIATES, INC.
Eduardo Rodriguez Submitted into the public.:
July 5, 1995 record in connection with
g item i � on
Page Three Walter Faeman
City Cleric
We met with FP&L's representatives Louis J. Magill, Manager, Property Management and
Cedric L.. Mar, Facilities Superintendent, They were most knowledgeable and assisted
us in our interior inspection (photographs taken were previously submitted to you).
The existing space designed for FP&L's administrative departments appear to compliment
the needs of the City of Miami's administrative departments.
In summary and subject to City of Miami's departmental space planning requirements, it
appears that minor refitting and space reconfiguration will be necessary to accommodate
the departments that the City of Miami plans to consolidate into this facility (refer to floor
plans previously submitted).
Miami Riverside Center consists of the following;
Land Area
Tract 1
61,115 s.f.
1; 0 acres
Tract 2
.91,128 s.f.
2.09 acres
Tract 3
70,219 s.f.
1
1.61 acres
Total Land
222,462 s.f.
Area
1 5.10 ± acres
Miami Riverside Center is a quality, ten story office building designed for corporate
functions of FP&L. Features of the building include granite cladding exterior, 3 story
atrium lobby, energy efficient H4'AC system, dual panel curtain wall construction, 4
passenger elevators,) freight elevator, open space floor plan, full service cafeteria, fitness
center, a state of the art management system that monitors the building's lighting,
security, fire, mechanical and security camera systems, and appears to be in compliance
with ADA (American Disabilities Act). Land improvements Include decorative concrete
paver drive and terraces, and 2 boat basins fronting Miami River.
BUIldina Area
Gross Building Area 199,537 s.f.
Net Rentable Area 183,800 s.f.
Useable Area 167,547 s,f.
95- 527
�r
JUL 06 195 09:14AM AREEA COOM�ME_RCIAL
APPRAISAL AND REAL IESTAI • R ,CONOMICS ASSOCIATES, INC.
'\ Eduardo Rodriguez
July 5, 1995
Page Four
P.5/5
Submitted Into the public
record in connection with
item ° 5J on! 3 9�
Walter Fooman
Parking City Cf rk
The 'adjacent 6/7 story parking garage accommodates 499 cars. This equates to a
parking ratio of one for every 368 square feet (1:368) or 2.71 spaces per 1,000 s.f. of net
rentable area. For useable area, 499 equals 1.3W spaces or 2.98 spaces per 1,000 s.f.
of useable area. ,Note: if additional public parking is required, the City has two options
1) utilize parking lot #17 (adjacent to the north of the property) or 2) incorporate surface
parking on Tract 3.
Conclusions
It is the undersigned's opinion that the final negotiated price of $15,600,000 (inclusive of
the personal property) is a fair and representative price for the City of Miami to pay for
the property. This price equates to $84.87 per square foot of rentable, area or $78.18 per
square foot of gross building area,
If the City of Miami were to build a similar building in a like location, the replacement cost
to the City would be two and a half times the negotiated price. If IN City Commission
approves the acquisition, the City of Miami should have positive cost benefits by
relocating the City's departments within this facility.
I trust that the professional consulting services rendered to date have been beneficial.
We look forward to being of additional professional service if called upon.
Sincerely,
APPRAISAL AND REAL ESTATE
ECONOMICS A$SO C.
Michael Y. Cannon, REE
President
State Certified General Appraiser
Certificate No. RZ0000684
1K,\. _\4733\4733CORR.1 ]
40W
LEWIS APPRAISAL-
-
Lewis Appraisals & Consulting, Inc.
Robert A. Lewis, Phn, MAI 2640 Hollywood Boulevard, Suite 230
Prasldent Hollywood, Florida 33020
State Corti led General Appraiser 000o296 (306) 921.2345
FAX (306) 021-6432
July 6, 1 995
Eduardo Rodriguez
Director Asset Management and Capital Improvement
City of Miami
300 Biscayne Boulevard Way, Suite 400
Miami, F1, 3:3131
305-372-453S
Re; Supplement to Appraisal of:
Miami Riverside Center
400 S.W. 2 nd Avenue
1 Miami, Florida
Dear Eduardo Rodriguez,
PACE 02
Submitted into the public
record in connection w1th
item 15 on
Walter Foemun
City Cieik
As requested I have prepared a supplement to my araisal of the Miami Riverside
Center submitted on April 9, 1995 with an effective appraisal date of February 27, 1995.
This supplement should not be used without reference to the original 113 page report plus
the Addenda.
The purpose of this supplement is to provide a value that approximates the tJse
Value for the City of Miami. ''Use value is the value a specific property has for a specific
use. Use value focuses on the value the real estate contributes to the enterprise of which it
is a part, without regard to the property's highest and best use or the monetary amount
that might be realize upon its sale."t To estimate the Use Value for the City of Miami, the
most similar use in the private sector is a single user, such its a single corporation.
phis auppleme�tttimates the value of the proper under the condition that it is
occupied by sirt�le credit worthy corporate enant or Purchased tea single Cc�rpnrate
user/owner where Tracts 1, 2, anA 3 and all improvements thereupon are owned ! a
single entity and the property is viewed as a corporate park,
uThe appraisal ofl?enl Tenth lulillnn, Appraisal Institute, Chicago. Illinois. p. 22.
9-5— 527
07/06/1995 09:49
30!i921E LEWIS APPRAISt'--`, PAGE 03
Submitted into the public
record in connection with
Item I S on .?: - Ll ---q-5' 2
Walter Foeman
City clock
The following is a discussion of the suitability of the property for a single corporate
user. This discussion supplements the "Highest and Best Use" analysis in the original
appraisal.2
1. Lea! Factors. Although there are easements and physical features which will
limit the use of Tracts l and 3 somewhat, it is concluded that it is possible to use these
tracts for expansion of office space when the need arises,-
2, EconomiaftqQr,q, The oversupply of office space in downtown Miami is slowly
being absorbed and the supply of large contiguous space is limited. Therefore, the Miami
Riverside Center provides one of the few opportunities downtown where a large single
user could find space.
3. Physical Factors. The subject property was built for FP'L as a corporate office
building with high -quality construction. The phone system and certain security features
were built for a single user. Furthermore, the office space is largely without partitions and
has flexibility. Therefore, the physical features of the building; are suitable for a single
tenant/user. On the other hand, the physical environment of the building is mixed. The
desirable features are: 1) the waterfront view, 2) the open space surrounding the site, and
3) the proximity to downtown. The undesirable features are: I ) the FP1, substation facing
the property and 2) the isolated location away from shops and restaurants.
On balance, the property is not considered a prime location for a corporate
tenant/user whose primary concern is a prestigious location. However, the location would
be suitable for a largely self-contained operation where proximity to downtown or the
Miami port is important. Another possible user is a governmental agency for which a
central location is critical factor. We understand that the City of Miami has reached a
tentative agreement to buy the property but the purchase price is confidential.
Estimated Value with a Single Corporate User/Qwn�
This supplement estimates the value as if the property were 100% leased by a single
corporate owner/user as of the appraisal date. The original appraisal estimated the value
of the property with zero occupancy and multiple tenants being absorbed over a five year
period. Obviously, the value of the former is greater than the latter, the building; would
have a higher value to a buyer if it were 100% leased than if it were 0% leased.
The Income Approach in the original appraisal has been modified to arrive at the
estimated value with a single corporate user/owner. The modifications are the following_'.
2The follo%ving discussion is provided to Comply with Ethic,11 Suindard 3-5 of file Appraisal Institute
concerning Appraisal assisnmcois with "ltypotltetical conditions"
'%cc patgc 38 in the original report quoting a nicfno from the Ptafuting, building laid Zoning Deptirtntcnt
that states (haft the devclopn►cniai potential is 18X.200 sgtutrc feet for Tract I rind 179,271) square feet for
Tract 3
95— 527
t.
07/06/1995 09* 49 305921F--T, LEWIS APPRAISr'- PAGE 04
Submitted into the public
record in connection with 3
1 Item II S� on .fir. .3';
Weltor Formam
YA(Aij; Rate. City Clerk
Even if the entire building were leased to a single tenant, there is still the possibility
that the tenant would move out for some reason (bankruptcy, corporate takeovers, etc.).
Therefore, the projected vacancy is estimated at 90 to 95%, say 92.5%.
Market Rent
The estimated market rent in the original appraisal for multiple tenants was $17.00
per square foot with full service. A single user of the entire building would expect a
discount estimated at 10% to 15%, say 12.5%. Therefore, the rent is discounted by
12.5% and the estimated market rent for a single user is $14.90, rounded (87.5% a
$i7 GU).
i'�rkitt� Revenue
The parking revenue in the original report was estimated at $600 for each 300
square feet of occupied space. The capacity of the parking garage is approximately 500
spaces. At 90% occupancy, the estimated demand for parking spaces is 551 spaces which
exceeds the supply. Some surface parking would probably have to be provided.
However, the income from surface parking would probably be offset by the construction
cost of the parking spaces. Therefore, only the revenue from the parking garage is
included here: 500 spaces times $600 per space or $300,000.
In the original appraisal, the expenses for: 1) Utilities, 2) Cleaning And Janitorial
and 3) Repairs and Maintenance were divided into fixed and variable costs. Since the
entire building would be occupied, these expenses are estimated as fixed costs as explained
on page 101 of the original report:
utilities $352,675
Cleaning and Janitorial $137,943
Repairs and Maintenance $183,810
Administration and Management Fees
With a single tenant, the administration and management fees would be much less
than with a multi -tenant building. This function would be reduced to the supervision of
repairs and maintenance, etc. The cost of a full-time manager and an assistant with
occasional legal and accounting fees is estimated at $50,000.
LEWIS APPRAISA`"—
PAGE • 05
Submitted into the public
record in connection with,, 4
Item s`_ on -?LJ-3 --g-5
L a in Ex eases Walter Foornan
City Clerk
With a single tenant there would be no need for leasing expenses. 'Therefore, this
expense is estimated at zero.
Tenant Improvements
Normally, office building owners provide partitions to suit the tenant. There are
approximately 122,580 square feet with drop ceiling and a/c but withDyt partitions in the
building. The Cost of partitions, electrical, etc, is estimated at $5.60 per square foot.
Therefore, the cost of tenant improvements is 122,580 X $5.60 = $686,448.
Other Expenses.and Qjher Inputs
All of the other expenses and inputs (discount rates, cap rates, etc.) are estimated to
be the same as in the original report.
Estimated Value
The Use Value was estimated with a discounted cash flow analysis (DCF). Since
the real estate taxes were likely to change, the capitalization rates and discount rates were
loaded for taxes as explained on page 106 of the original report. 1n the attached DCF, the
estimated value of the building and parking garage (Tract 2) is $14,500,000, See
attached.
The Use Value was also estimated with direct capitalization. The net operwilig
income from the DCF is $1,772,090. This NO] does not include real estate taxes.
Therefore, the basic cap rate of 9.7% was loaded by 2.77% for taxes as in the original
report yielding a loaded cap rate of 12.5%. (For an explanation of the methodology ee
page 107 in the original report.)
Value = $1,772,090 / .125 — $14,176,720
Rounded $14,200,0004
In summary, the estimated values of the two approaches were $14.5 million with the
discounted cash flow and $14.2 with direct capitalization, Approximately equal weight is
given to each approach. Therefore, the estimated Use Value of the office building and
garage (Tract 2) to a single user is $14.3 million .
4T'his value was double-checked with the trAditioll.11 incthod ofGipitalization including the real estate: taxes.
The real estate taxes were estittaated at $392,625 and the net operating income <u $1, 379.465. Using the cap
rite Of 9.7% in (lie original report, the cslinrltcd valuc is $14,221,289 in the calculation. Allowijlg for
rounding, this is the same vahie as the $14.2 million above
95- 527
Submitted into the public
record in connection with
item r 5 on
Waltbr Fooman
City Clerk
The question arises as 'to the values of Tracts 1 and 3 in the scenario of a single user.
Although different opinions are possible, our analysis concluded in ttte original report that
expansion of office space could occur on Tracts 1 and 3. Therefore, it is concluded here
that Tracts I and 3 would have potential future value beyond open space and/or surface
parking to a single user. The estimated values of Tracts 1 and 3 from the original
appraisal are included below.
s tsd earlier, the following Uwe Value assumes that the-propertV _Q9sut)ied by
a single credit worthy corporate tenant or purcha. t� sin lg_e cnrporate user/owner
where Tracts 1.;2, and 3 and all improvements thereupon are owned by a sin la enti.ty and
the pmpIrly_ is viewed as a corporate park.
Estimated Use Value With the Condition of a Single Corporate User As Of February
27, 1995.
Tract I (Vacant with Site Improvements): $1,950,000
Tract 2 (Office Building and Forking Gat -oft): $14,300,000
Excess Und of Tract 3 (Vacant with Site Improvements): $1,700,000
Total $17,950,000
Rounded to $18,000,000
If 1 can be of any further assistance, please contact me.
The above values do not include any personal property such as furniture, fitness
equipment, kitchen equipment, etc.
Respectfully submitted,
Robert A. Lewis, Ph.D., Ai
Fl. State Certified General Appraiser #0000295
Attached: Discounted Crash Flow With Single User
AIInMI1t1%1 MIDECOSIER
oiSool..vrcocas111wa•wznI3lNGLEIWt
"MlVeYtLstpt.vt
1'rar.
f
7
1
4
S
4
7
9
10
it
•---
JIMIafruNol
- Oaa*4rn
TOK S4 It
'SOocsp4 4rL
JUV% ]13,tit
1711.424
176,0M
174A24
I70,w
176A24
170u
17OA74
170,t7.4
171,624
170,014
17•,124
L49=d E+1 rerw
1
0
0
t
t
0
•
0
9
1
1
Occ%*rSs. PL
170,t24
176,114
17024
17024
17024
170.tu
1711114
171,•u
1711A4
177,0u
I78,•24
Oecwk! 4 FL tlalr*g rwW
176,624
17SA24
1TM14
17tt24
17•fu
170,Ou
171,ru
17 AU
179,024
17 14
1-024
:atRr H ft
314.9•
$3"
StS.11
sl4is
1107
317.27
st7.79
31113
SI&M
S19."
SMS?
S1.9J7,K1
S114M,3f1
S7,CYI,N3
S7.7E3,173
S1.t51,521
S2, UA"
Wulf"
SI.I15,715
S3.249,11E
33.11115,441
S3, "Au
RtVrwn-Sf@kSM"*41k 4IL
1.4.0,•10
U50.L40
S30,757
537115"
5307.7u
S39412"
SMA34
$411,711
UA,743
s4434"
S4U."7
-4201 -s•.i0 per *vcypk/ go, IL
sd l%l
SM I"
S91j"
SfS,m
S9 -Mz
$If1,311
$144."4
S147,611
S110,722
S114,149
INCOME
S1.s.13.$61
i1,447,17S
S3jA_4N
i3,731,748
Sl,117.730
S3.4I9,622
S3.5J2.S13
It631,4U
53,747,4K
33,tEM70
53,97SA1Z
%Ciursr
9%
3%
3%
3%
3%
3%
j%
371
3%
J%
-M,
per cF tL
Tales
131•
pr4Mrt7 taus
9.15
0.77
-2iarf F.gew>tss
1.9I
=S'ario141�2�etr4rs
4.D0
an43mMrW-n%&4 Cap.
•.73
w./ JaukwLs.vwrtaa,lr Exp.
IN
rMM**src}S•t t4 Ll:p
1.06
wd &IAm vwt*k 1:r, ,
•.N
_d (:eels MaWkw m
0.t4
1.06
:room ma Mar4ya■ W Fen
k27
Eapetrn
*A
fog krpbtmtw
0.16
opElunN'C UMNSES I''XCLIJUNG ICU-I.I\CS
one ►rM
�: C4nrle
ER411YC L]SCOME
caw Swrrv,rw"$
'a)wat Lis► I'kTa:
esltaleessr4 Aaa,asM3:
Iwtarca nasantil:
rlt Aa4r 1w 17is41'ear:
:n'seifar tleplacvsees+t.
tter. kr Rrywnsesf:
DoAnw Raft
R•n
I%. It.
I I.r42,4V
314 W.ON
0
0
4
0
0
4
0
6
•
•
27;:72
MY"
19 US
30.12E
Illou
31%4
JUN
31.910
34.927
3_11.115
411,115
3E,444
M./51
53,514
55M
%.775
S1,479
KIM
42"
4.5.901
351,6-75
m3,25$
374,isj
W.)77
19%939
442,4147
411,111
433,74E
4444736
444MI
0
1
•
0
►
•
•
0
•
0
IT,►4J
i42,g1
144.SN
t4,14.734
I55,154
L".914
1E4.711
161,Am
174.742
}79.914
0
1
6
0
1
0
•
1
t
0
Mile
190,124
115.0f1
1WAU
MAN
113,46E
219,011
I24,K3
132JWS
1»Jt3t
•
a
t
0
1
•
•
1
4
6
K114
45,437
441"1
4i.2.5
A,fSI
51.10
WIN
54,253
s5,2f2
$7,59
144.092
119404
19S,213
2t1,ISl
H7,IU
113.441
1t93104
124,J91
213,19•
WAS
V,AO•
51341
Mms
54,4,3E
%XS
R.$"
WO
61,494
f3,339
4s,239
I IN
ZIU
Uts
1.295
III"
Z434
250/
LM
240
4746
30,t00
36.10
31J127
32,711
Al"
34.M
SS,t22;
34,s%
38,60J
39,143
I.441,271
I.t93,IH
I,I4E01
1.1:9147t
1,M471
I,23►,N4
1,167.113
1,30an
1344,m
1,Ii4,716
$5.77
MIF5
Si13
WI
s4m
UA9
if.bf
$7.16
3731
S733
3.00%
1.1%
04M
3
3.40%
.30%
30MA
Sii%
SN%
J.N%
1.772,0"
1.954.%$
2,617.f17
23173.041
2.14,2o
7,199.SIS
L20.197
�3.N%
2.333,3%
2.413,IU
7.475.3SI
1.44%
3.1 %
1*%
3.011%
J.W.4
J.N%
3.04%
6K;41
1
•
t
6
0
1
tl
6
6
Sain price:
10,Y9f,t96
Loss Cans of Salr (1T.'1:
4417,131
tt"Vv"m:
19,911.11"
I.fal.Sf47
1.V4.K5
2,012.617
1.073.00
1.1353641
1,199,311
2,11.S1ET
1,1JJI,%
1,403,25E
11,464311
Per sc{ R S S
ztw%
zw%
I1.11% Is+ler kr adltale
11.43% k+444 for ael{Iwlr
I2,W%I-- I wrN a
IwI•
lt4'a
4 ift
J. B. ALHALE & ASSOCIATES, INC.
REAL ESTATE APPRAISERS AND CONSULTANTS
2050 CORAL WAY, SUITE S07
MIAMI, FLORIDA 33145
JOZEF ALIIALE, MAI
STATE CERTIFIED GENERAL APPRAISER
NO. RZ0001557
June 29, 1995
Mr. Eduardo Rodriguez - Director
Asset Management and capital Improvement
City of Miami
300 Biscayne,Boulevard Way
Suite 400
Miami, Florida 33131
Re: "A Supplement to Prior Appraisal"
Project Name: F.F.L./Job No.: 95-13
Tract 1: 418 S.W. 2nd Avenue
Tract 2: 400 S.W. 2nd Avenue
Tract 3: 230 S.W. 3rd Street
Miami, Florida
Dear Mr. Rodriguez:
TEL: (30S) 20.5-9777
FAX: (30S)28S-2020
Submitted into the public
record in connection with
item ..15 on 2. i3-`�s
Walter Faarmo.n
City Cie.rl(
Pursuant to your request for a supplemental valuation analysis of
the above referenced property, we submit the following supplemental
valuation letter and analyses.
Legal Description: Tracts 1, 2 and 3, Riverside Plaza,
as recorded in Plat Book 139, Page 43 of the Public
Records of Dade County, Florida
We have previously performed market research for the purpose of
providing an estimate of the Highest and Best Use, and the Market
Value of the Fee Simple Interest in the Subject Properties (Tracts
11 2 and 3) in their current "As Is" condition, as of February 27,
1995, under a typical multi -tenant usage scenario. It was my
estimate that the Market Value of the Fee Simple Interest in the
Subject Properties (Tracts 1, 2 and 3) in their current "As Is"
.condition, as of February 27, 1995, under a typical multi -tenant
usage scenario was $1,830,000, $11,600,000 and $1,580,000,
respectively, or a total of $15,010,000.
As per your request, and utilizing the following parameters, we
have prepared a supplemental valuation analysis of the Miami
Riverside Center, if occupied by a single credit -worthy corporate
tenant or purchased by a single corporate user/owner where Tracts
1, 2 and 3, including all improvements thereupon are owned by a
single -entity and the property is viewed as a corporate park. Our
supplemental valuation analysis is not inclusive of the personal
property at the Miami Riverside Center as itemized by Katz, Barron,
Squitero & Faust, P.A. in a letter dated May 17, 1995.
95- 527
Mr. Eduardo Rodriguez
June 29, 1995
Page Two
1
Submitted into the PLIbiie
record in connection wilh
item _L5_ on
Walter %nemzn
city Ctc:;ft
This supplemental valuation analysis can be best described as 4-4,
analysis of the Use Value which is defined as the value a specific
property has for a specific use. Use Value focuses on the value,
the real estate contributes to the enterprise of which it is a
part, without regard to the property's highest and best use or the
monetary amount that might be realized upon its sale.
We have also considered the definition of Investment Value which is
the value of an investment to a particular investor based on his or
her investment requirements. As explained in the "Appraisal of
Real Estate" published by the Appraisal Institute, in contrast to
Market Value, Investment Value is the value to an individual, not
the value in marketplace. However, while Investment Value differs
in concept from Market Value, Investment Value and Market Value
indications may be similar. When measured in dollars, Investment
Value is the price an investor would pay for an investment in light
of its perceived capacity to satisfy the investor's desires, needs,
or investment goals. In order to estimate Investment Value,
specific investment criteria must be known.
After consideration, the definition of Use Value was considered to
best suit the supplemental analysis of the Subject Property in a
single -tenant usage as described above. The parameters utilized in
our analysis herein and which differ from our assumptions in the
narrative appraisal report dated February 27, 1995 are as follows:
Rental. Rate: The rental rate for the office building with 167,547
SF of net usable area and 183,800 SF of net rentable area to a
single credit worthy tenant was estimated at $1,470,400 or $8.00/SF
of net rentable area per year on a triple net basis.- Said rental
rate estimate takes into account current market rents in the
Subject sub -market, size of the rental space to a single user
(economies of scale), and the estimated operating expenses which
will be paid by the tenant (estimated at approximately $8.00/SF).
The rental income was projected to increase at an average annual
rate of 3.5% (the average Consumer Price Index for the last 10 year
period).
Vacancy/Absorption Rate: Under a single -tenant usage to a credit-
worthy tenant, the stabilized occupancy was estimated at 90.0% over
the analytical holding period. In addition, a 3-month period was
taken into account to build -out an approximately 40,584 SF area, as
itemized in the attached schedule, resulting in an overall vacancy
rate of 13.6% in Year One, as presented in the absorption schedule
attached herein.
J. B. ALHALE & ASSOCIATES, INC. 9 5 ~ 5 0 r�
REAL ESTATE APPRAISERS AND CONSULTANTS
Mr. Eduardo Rodriguez Submitted into the public
g record in connection with
1 June 29, 1995 :i
' Page Three on �=-1 �=-�
Vklter Fim-mi -gin
C'it�; f�it�t
Operating Expenses: Under a single -tenant usage to a credit -worthy
tenant, the tenant would typically be responsible for all fixed and
variable expenses. In order to take into account typical vacancy
& collection loss over a holding period, the real estate taxes and
insurance were analyzed as pass -through expenses. In addition, a
management/leasing fee equal to 4.0% of the effective rental
income, and replacement for reserves ($.48/SF) as previously
estimated are to be paid by the landlord. The operating expenses
were projected to increase at an average annual rate of 3.5% (the
average Consumer Price Index for the last 10 year period).
Cost of Build -out: As previously analyzed, the cost of build -out
was estimated at $689,900 and reflected as a line item expense in
Year one of the analytical holding period.
Capitalization Rate and Internal Rate of Return: The comparable
sales of office buildings at stabilized occupancy were indicated to
be 10.9%, 12.1%, 9.8%, 8.9%, 8.5% and 8.8%.
Furthermore, in selecting a yield rate, as well as the credit-
worthiness and financial strength of the credit -tenant, quality and
quantity of the net income stream have been taken into account in
our analysis. An analysis of historical yield rates of typical
investment vehicles was presented so as to serve as support for our
selection of a discount rate range.
Long-term leased fee interests are considered to inherently be
similar in investment appeal to long-term debt instruments such as
mortgages or bonds. The yield rate of such debt instruments,
preferably issued by the potential tenant, can be utilized as a
benchmark in the selection of an appropriate yield (discount) rate
.to be utilized in discounting the income stream generated by the
debt instrument or the lease. As presented in the Economic
Indicator table enclosed herein, the yield rate for corporate bonds
has ranged between 8.26% and 8.85% for Aaa+, A+ and Baa+ rated
corporate bonds
Accordingly, taking into account the office market conditions at
the time of valuation, as well as specific location and
characteristics of the Subject office facility, the "terminal"
capitalization rate was estimated to be 9.25%.
J. B. ALHALE & ASSOCIATES, INC. 5 - 5 2 7
REAL ESTATE APPRAISERS AND CONSULTANTS
'i
Mr. Eduardo Rodriguez
June 29, 1995
Page Four
Submitted into the pi_;f,rio
record in connection with'
Item ► s' on • i.� ; g'�
Waiter F oernan
City Ciork
Capitalization Rate and Internal Rate of Return (Continued): The
yield rate for a specific property is based upon available yields
on alternative investments and the characteristics of the property
(age, location, physical characteristics, quality of tenants,
management expertise needed, etc.). Based on the preceding
analysis, the yield rate utilized ranged between 11.0% and 12.0%.
Said rate range is reflective of a 2.0% to 3.0% incremental
increase above the rates indicated by the long-term securities, so
as to account for the fact that a Leased Fee Estate is less liquid
than the aforementioned securities, as well as to further take into
account any additional risk which would be associated with the
potential vacancy of the Subject Property.
Based on our Discounted Cash Flow Analysis, the value estimate of
$12,400,000 and Net Operating Income (prior to a deduction for the
projected cost of build -out) in Year One, the indicated "going -in"
capitalization rate is 8.74%. Investors typically project the
reversionary capitalization rate to be 25 to 100 basis points
higher than the "going -in" capitalization rate.
1 After considering various analytical methods to estimate the Market
Value, we have concluded that the analysis described herein would
best reflect the Market Value of the Subject Property. In our
final reconciliation, we have added the Market Value of Tracts 3
and 1, which were previously estimated at $1,580,000 and
$1,830,000, to the estimated value of $12,400,000 for Tract 2 to
arrive at an overall Use Value estimate of $15,810,000 or
$15,800,000 (rounded) for the Miami Riverside Center, if occupied
by a single credit -worthy corporate tenant or purchased by a single
corporate user/owner where Tracts 1, 2 and 3, including all
improvements thereupon are owned by a single -entity and the
property is viewed as a corporate park.
As stated in our narrative appraisal report, based on our market
analysis and our discussions with real estate professionals who
specialize in the sales and leasing of office facilities in the CBD
and overall Dade County areas, despite the relatively soft market
office conditions, the continued use of the Subject office building
(Tract 2) and parking garage facility, with the adjacent landscaped
and plaza areas (Tracts 3 and 1) which provide an office park
atmosphere, would be considered to be the Highest and Best Use of
the overall Subject Property, as improved.
J. E. ALHALE & ASSOCIATES, INC.
REAL ESTATE APPRAISERS AND CONSULTANTS
c
95- 527
&W.4;
N�
Mr. Eduardo Rodriguez Submitted into the , -� June 29, 1995 record in connection ublft,
Page Five.: item !S on
�A�c?her Ont"� it7
01kf C: f,.Wr
It is our opinion that the Subject Property can best serve in a
single -user and/or owner -occupied headquarter office capacity, and
would appeal to corporations, civic organizations, health
care/management organizations and/or governmental agencies. Tracts
3 and l which are landscaped and provide open/plaza areas also
provide the potential for expansion of office and/or parking garage
facilities, when office market conditions improve and/or the
owner/user requires additional office or parking space.
Therefore, taking into account the existing easements and current
configuration of improvements, the continued collective usage of
the overall Subject Property (Tracts 1, 2 and 3) in an office
facility capacity would be considered ideal.
As stated, our supplemental analysis is not inclusive of the
personal property such as the fitness center equipment/fixtures,
card access equipment, telephone switch system, security and
management systems, kitchen/cafeteria equipment/fixtures, etc.
located at the Miami Riverside Center as itemized by Katz, Barron,
Squitero & Faust, P.A. in a letter dated May 17, 1995.
Based on the preceding analysis, it is my estimate that the Use
Value of the Miami Riverside Center, if occupied by a single
credit -worthy corporate tenant or purchased by a single.corporate
user/owner where Tracts 1, 2 and 3, including all improvements
thereupon are owned by a single -entity and the property is viewed
as a corporate park in its current "As Is" condition, as of
February 27, 1995 was:
USE VALUE OF TRACTS 11 2 & 3
IN "AS IS" CONDITION
FIFTEEN MILLION EIGHT HUNDRED THOUSAND DOLLARS
($15,800,000)
Sincerely,
Jozef A1hale, MAI
State Certified General Appraiser
License No. RZ 0001557
Enclosures
\95-2-3.sup
J. Q. ALHALE & ASSOCIATES, INC.
REAL ESTATE APPRAISERS AND CONSULTANTS
400 S.W. 2ND AVENUE, MIAMI
PROJECTED ABSORPTION/LEASE-UP SCHEDULE
UNDER A SINGLE -TENANT USAGE SCENARIO
TOTAL USABLE AREA (SF): 167,547
STABILIZED OCCUPANCY LEVEL: 90.0% 150,792
LEASED USABLE AREA (SF): 0
AREA TO BE ABSORBED (SF): 150,792
AREA TO BE BUILT -OUT (SF): 40,584
INTERIOR BUILD -OUT PERIOD (MONTHS): 3
TOTAL
TOTAL
TOTAL
LEASED
PROPERTY
PROPERTY
MQNTH
AREA
OCCUPANCY
VACANCY
0
0.0%
100.0%
1
126,963
75.8%
24.2%
2
126,963
75.8%
24.2%
3
126,963
75.8%
24.2%
4
1501792
90.0%
10.0%
5
150,792
90.0%
10.0%
6
150,792
90.0%
10.0%
7
150,792
90.0%
10.0%
8
150,792
90.0%
10.0%
9
150,792
90.0%
10.0%
10
150,792
90.0%
10.0%
11
150,792
90.0%
10.0%
12
150,792
90.0%
10.0%
YEAR 1 AVG
144, 335
86.4%
13.6%
Submitted into the public
record in connection with
item !- C
Walter Fo erY an
CRy Cfed(
J.S. ALHALE & ASSC>CIATES, INC.
REAL ESTATE APPRAISERS APO CONSULTANTS
;s Building Area (GBA):
Usable Area:
Rentable Area:
hed/Partitioned Area:
-hed/Min,.Partitioned Area (<2,000 SF):
:hed/Unpartitloed Area (>2,000 SF) :
Amon Area Factor:
mt Rent/SF:
tber of Parking Spaces:
-Ing Fee/Space/Month:
199,537 SF
167,647 SF of usable space
183,800 SF of rentable space, as per FPL's architect.
w/o C.A. Factor
87,327 SF $8.00 $698,616
37,740 SF $8.00 $301,920
42,4$Q SF $,l3.QQ $33
167,547 SF $8.00 $1,340,376
9.7% (usable area versus net rentable area)
$8.78 /SF of usable area, with the common area factor
499
$0A0 ' (Single -tenant use) AREA FOR
TENANT
AREA (SF) IMPROVEMENT
eoiaUQ of Area To Re-oartition:
:hed/Min. Partitioned Area (<2,000 SF):
fu p a�
U
40.0% x 37,740 = 15,096
-hed/UnparUtioed Area (>2,000 SF) :
60.0% x 42,480 =
_
U� C
40,564
.Ilowance/SF:
$17.00
Allowance for 2nd Generation Space:
$7.50
0
tal Growth Rate Factor:
3.50%
s Cost:
a C'
3.0%
final Capitalisation Rate:
ra 0
-'
'
9.25%
ipancy Rate (Year One):
--I
ws rs
86.4%
ipancy. Rate (Year Two):
90.0%
ilized Occupancy Rate:
90.0%
- Portttbnxt
Cool at SWQoWSF
eD COST TENANT IMPROVEMENT
- refged
Coot of RdVSF
e0 COST OF REFIT
CAPITAL EXPENSES
YEAR
YEAR
YEAR YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
GNE
m(Q
T14RFr E=a
am
S1X
Mau
EMEM
WE
im
40,684
0
0 0
0
0
0
0
0
0
=
1=
1= iim
519.E
12L2
i2Q �
1=
Su.�
5889
�
iL64
sm
HM 1W
59,t31
H&
2M
HM
E9 9@
i10 22
$0
$0
$0 $0
$0
i0
so
$0
$0
$0
01
as<;$PNfl
c�
C
cu
lno- rq got uo0onpep of ^W ,swouul OuiWado PN 041 uo Pepq Oyu uopsxlpUfto lAWW 10I1:4)
O V
OIPI1.1OVk�J,
.,�
%Y9
000'49B'LLs
Q00'Z99'LLSs
OW'rL8'SS
0'S9
000S919S
aonPAIu
"wd WN00
WNAWWN
onsAW�WN
U
%LL
9L9
WOOMLs
o0woam
o00'£OLs
00909s
000L99s
%
W
%O8
9S
'IVIOI
38
3178'ari
avm
i13amm
HSV:1
1NnoaS1O
NI•ONIOO
'Yti N
SMO13 HSVO
s oE9'r8Vt8 OLO'tW3 o0E'S86'ts
Oyvenu oo8'LOE'3
O19199L't4
019'9LL'tS
08L'rLt'Ls
OLt'YBES
NOISUBM 13N
ItS
LLS
Ls
oe9'rar'Ls
olo'rrr'ts
oaE'saE'Ls
ort'erE'Ls
009'uIE'3
ols'99L'ts
ol9'9LL'ts
aeL'rcl'Ls
otz'raES
02
OS
Os
OS
Os
oS
os
OS
008'899S
Ls
OE wv'LS
Ol0'rr U
O0E'S8E'LS
OYL'M't4
OOS'LOE'LS
OLS'SOU
OL9'St U
o8L'rLL'LS
Otl'r90'tS
1
OLO'8895
OWN"00E'8E9S
Mass
009'E91S
0E0'LSIs
OeVULS
OLL'9oLS
DttEB!
OEL'o99S
OR
my1009
i
DIAM
OOL'EOLS
MR
Ow99LS
ON 0
OLVOM
a8i'48Z
Olr'9tts
ON Z84
Orrin$
if6C8E!
0B9'1995
OEL'JE9
ooE'9Y9S
Oalv9sS
4Ls'oo9S
i K mg
IIlo m
iyl9'Z9Z
OVI b�
m 65�
Oi
a8z Ss!
bSA"d��
s
iR 1 US
009'ELls
000'8895
Dot,"
00IMS
009'OE9S
S
S
uwm W S
WN
aOL M
009' M
009691
009'9E9s
MY 6>3'�
000'SL9S
Mr W9
o0L'r88s
OR 959
OOVVLSS
OOL'rSSS
008'SE9s
009'1LSS
�'�
LS OOL'EQE'LS
OOL'LLE'LS
009'rczz$
OoVe9L'LS
000'990'LS
009'SLO'LS oos'lW3 00910913
008'r9L'ts
OOtMO
OOVem
ooeLo9S
o0E'L94S
WY'199$
OOVSKS OOLWO S$
>�
tap=
%W'OL
om 899
%W %
IId4'In
%00'OL
i36E'9Sv'
%00'Ot
iA7I•E$'i
%W %
%00 M %00'Ot %W'OL
%00'OL
009'aa
000'8895
oat'S19S
OO9'L89S
OOS'OM
OOL'8095 W9'994$ Wl'99SS
008'8K$
S fS
�stts
oot�'szs s
otLUS'tS
0o9'9t8'LS
OOE'L9r'LS 009 Ltr tS Wt 89E S
ow o0alMFM s
%W'OL
%W'ol
%W'%
%W M
1 0O �
%0OZ
%0000 OZ %0OZ %0OZ
o0LLS Ls
%Q9'E6
Zits
:c OOL'9E8'tS
OOt'O1B'LS
O09't09'tS
OOr'9YL'Ls
OCE't99'tS
TLS
IKW
IN Zvi
99'LLS
09 is
"33
I39 LK
BCOts
M L9;
ZVOLS
Z7;9=
W0LS
EL'8S Or'BS was
9L'BS
3NiA
IRMUWA
itv
wn
�T63 338RI
2iV3A 2iV3A ud31
31Q�
zJYjA
UV3A
iIV3A
UV3A
LN3A
2iV3i.'
bv3
W3A
OIMVN3O8 3oVSn 1NVN31'31ONI8 V IMNn
NOI11ONOO *SI M NI SISAWW MO11 HSVO 031NnOO81O
VOW01d'IWVIW'3nN3l.V ONVA 'S O0V
?131N3;L3
Mel 0" to Leo0
ugaioAoa
9301'1 V 301M ISS IS3O V0436 MO14 HSVO
1= inOQ11n0f1V ao
3WO0N1 SNIlYkJ3dO 13N
SaM383U ONV 83SNUX3 SNI1V UO 1V1O1
S3M3S32i iNM30rdM
S3SNUM ONI1VM3dO •IV1O1
Oulseal S wewavalow
sModx3 IIQWBA
assuaba PWAq[W.L
W"Kq
Beal 9"3l"tl
-Wmdx3 PCId
SSSN3dX3 UNI.LVH3dO
3WOON13AIL03dd31V1O1
,ui3AO03113SN3� A 311
ssol uo0oelW0 P�d
% saol uopello9 Pus A=MA P021IWsLS
:(souwnsul pus smi OM3 pow
Akj3A003kl MUM WIN31Od
saol uolto8ilo0 Pus AM -A 3"1
% ssol uo;l qm pup a—sA
3W� S) V3LIV 3lwsn IM
aotoy'V'O 1^ d8131VU IV.LN3b 30VH3AV
TAL RATEfSF xd CA.Faotor,
REA (SF):
,088 INCOME:
leotton Lose %
.N Collection Lase
DENSE RECOVERY
most and Insurarx*):
cy and Colleoton Loss %
-nd Collection Loss
DENSE RECOVERY
rIVE INCOME
31ENSES
.rues
Leasing
i ING EXPENSES
RESERVES
ZING EXPENSES AND RESERVES
'G INCOME
OUT COST
`FORE DEST SERVICE A I. TAXES
(3%)
N
44
400 S.W. 2ND AVENUE, MIAMI, FLORIDA
DISCOUNTED
CASH FLOW ANALYSIS IN *AS IS• OONDITION
UNDER
A SINGLE -TENANT USAGE SCENARIO
YEAR
mm
YEAR
a01II
YEAR
ium
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
Y
E=
ELM
S1X
SEVEN
EIGHT
NINE
IEN
ELIF
$8.78
107147
$9,08
167647
$9.40
167 dz
$9.73
167147
$10.07
167147
$10.42
$10.79
$11.17
$11,66
$11.96
$f:
$1,470,400
13.60%
$1,621,9W
10.00%
$1,576,100
10.00%
$1,630.300
10.DD%
$1,687,300
197-647
$1,746,400
167 547
$1,807,600
167.64i
$1,870,700
167,647
$1,936,200
107 647
$2,0D4,0D0
1B7_
$2.074,
i2QIi Q9Q
1152 2D3
5.167.600
S183
10.00%
1168
10.00%
10.00%
10.00%
10.00%
10.00%
10 A
$1.270,400
$1.369.700
$1,4171000
440
$1,467,300
7110
$1.618,600
MUM
$1,67118W
3180 IN
$11626,700
AW lop
$1,683,6W
'103.60
$1,742,600
1=400
$1,603,600
5207_
$1AM,
$649,60D
$568,700
$588,600
$W9,200
$630,6W
$652,6W
$675.400
$699,000
$723,600
$748,900
$775.
10.00%
S56.000
10.00%
355.9m
10,00%
S56.9m
10.D0%
Wax
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.E
$494,600
$511,800
$529,70D
$548,300
S631
$567,400
W5.3m
$587,300
167,5M
$60T,9o0
w goo
$629,100
U2 400
$651,100
&7kgM
$874,0D0
r
$
$1,764,9W
$1,881,500
$1,947,300
$2,015,600
$2,086,DD0
$2,159,1D0
$2,234,600
$2,312,700
$2,393.700
$2,477,600
$2,664,
MAW
S49.2D4
$517,800
$549,500
S50 900
$568,700
4.0% S54822
354-70
$600,320
$623,490
983
S80.410
$580,730
220
$706,710
$1,094,170
$1,174,790
$689,9m
$0
$394,270
$1,174,790
$394,270 $1,174.790
DISCOUNT CASH
BATE FLOW REVERSION TOTAL
$535,9W
352,701)
$554,700
164
$574,100
$594,200
$616,000
$638,600
$658,800
$681,9D0
$706,
$588,600
504
$609,200
S56,400
$630,5W
356.400
$652.600
N400
$676,400
362600
$699,000
S64-700
$723,600
soz Om
$748,900
f89_
$776,
356,700
358,000
360 740
S62 B70
Sty 070
S67,340
S69-700
S72 149
374
$646,300
$667,890
$691,240
$715,470
$740,470
$7W,340
$703,200
$821.040
$849,.
S8G.130
S89140
S92 260
395490
S98 630
S102 ZQ
5105.670
S108.580
Sin
$731,430
$767,030
$783,500
$810,960
$839,300
$868,830
$899.070
$930,620
$963,
$1,215,870
S1,266,670
$1,302,500
$1,348,140
$1,395,300
$1,44070
$1,404,630
$1,646,980
$1,601,
$0
$0
$0
$0
$0
$o
$o
$0
$1,216,870
$1.258,570
$1,302.500
$1,348,140
$1.396,300
$1,444,070
$1,494,630
$1,546,980
$1,601,1
$17,310,0D0
MUM
$16,791,oD0
$1,215,870
$1,258,570
$1,302,500
31,348,140
$1,395,300
$1,444,070
$1,494,630
$1,646,980
ROUNDED
N.R.A.
PERISE
GOING -IN
RAP_ RATF (11
Net Present Value at 12.0% $6,627,000 $5,408,000 $12,033,000 $12,030.000 $65.46 9.01% N cn
Net Present Value at 11.6% $6,785,000 $5,854,0D0 $12,439,000 $12,440,000 $67.68 8.72% 0 a
Net Present Value at 11.0% $6.948,000 $6,914,000 $12,862,000 $12,8W,000 $69.97 8.43% O cr
oWtte Mon nde based on the Net Operating Income, prior to a deduction for bUldout.
C)
i-r
CD
n
G�
.-«
::1 O
COT10iv1CClNQTA'ft)FlS� Pago -I-
Ian
1995
4.75
8.50
5.53
5.81
6.31
6.24
6.25
7.76
7.78
7.85
6.30
6.39
8.46
8.70
9.08
)so
1994
4.76
8.50
5.45
5.64
6.21
6.29
6.18
7.78
7.81
7.87
6,62
6.73
6.46
8.73
9.11
4ov
1994
4.40
8.15
5.29
5.25
5.69
5.79
6.37
7.72
7.96
8.08
6.57
6.84
8.68
8.94
9.32
Jct
1994
4.00
7.75
4.76
4.96
5.39
5.51
5.94
7.40
7,74
7.94
6.07
6.35
8.57
8.82
9.20
Sept
1994
4.00
7.75
4.73
4.64
5.02
5.03
5.62
7.08
7.46
7.71
5.87
6.15
8.34
8.61
8.98
Aug
1994
3.76
7.51
4.47
4.50
4.91
4.81
5.06
6.88
7.24
7.49
5.88
6.12
8.07
8.38
8.74
My
1994
3.50
7.25
4.26
4.39
4.81
4.73
4.94
6.91
7.30
7.58
5.88
6.17
8.11
8.44
8.80
June
1994
3.50
7.25
4,25
4.18
4.58
4.52
4.81
6.70
7,10
7.40
5.76
6.07
7.97
8.30
8.65
Nay
1994
3.24
6.99
4.01
4.19
4.64
4.51
4.56
6.78
7.18
7.41
5.62
5.90
7.90
8.32
8.62
4pr
1994
3.00
6.45
3.56
3.74
4.13
4.01
4.81
6.52
6.97
7.27
5.44
5.71
7.88
8.22
8.52
Nar
1994
3.00
6.06
3.34
3.62
3,79
3.77
4.06
5.94
6.48
6.91
5.29
5.56
7.48
7.82
8.13
=eb
1904
3.00
6.00
3.25
3.21
3.38
3.43
3.87
5.40
5.97
6.49
6.06
5.27
7.08
7.44
7.70
Ian
1994
3.00
6.00
3.05
3.02
3.19
3.15
3.56
5.09
5.75
6.29
5.14
5.36
6.92
7.30
7.65
)oc
1993
3.00
6.00
2.06
3.08
3.25
3.26
3.25
5.15
5.77
6,25
5.18
5.44
6.93
7.31
7.69
Vov
1993
3.00
6.00
3.02
3.12
3.27
3.35
3.31
5.06
5.72
6,21
5.10
5.39
6.93
7.29
7.66
Dd
1993
3.00
6.00
2.99
3.04
3.13
3.24
3.50
4.71
5.33
5.94
513
5.40
6,67
7.04
7.31
Sept
1993
3.00
6.00
3.09
2.96
3.06
3.12
3.37
4.73
5.36
6,00
5.25
5.52
6.66
7.05
7.34
Aug
1993
3.00
6.00
3.03
3.05
3.17
3.14
3,19
6.03
5.68
6.32
5.37
5.62
6.85
7.25
7.60
July
1993
3.00
6.00
3.06
3.05
3.15
3.16
3.25
5.09
5.81
6,63
5.27
5.55
7.17
7.53
7.93
June
1993
3.00
6.00
3.04
3.10
3.23
3.21
3.25
6.22
5.96
6.81
5.35
5.65
7.33
7.74
8.07
May
1993
3.00
6.00
3.00
2.96
3.07
3.10
3.31
5.20
6.04
6.92
5.47
5.76
7.43
7.85
8.21
Nx
1993
3.00
6.00
2.96
2.89
3.00
3.09
3.25
5.13
5.97
6.85
5.47
5.74
7.46
7.80
8.14
Mar
1993
3.00
6.00
3.07
2.97
3.08
3.11
3.25
5.19
5.98
6.82
5.42
5.67
7.58
7.86
8.15
Feb
1993
3.00
6.00
3.03
2.95
3.08
3.12
3.25
5.43
6.26
7.09
5.61
5.85
7.71
8.03
8.39
Jan
1993
3.00
6.00
3.02
3.06
3.17
3.19
3.25
5.83
6.60
7,34
5.91
6.17
7.91
8.26
8.67
Dec
1992
3.00
6.00
2.92
3.25
3.39
3.48
3.31
6.08
6.77
7.44
5.91
6.14
7.98
8.37
8.81
Nov
1992
3.00
6.00
3.09
3.14
3.35
3.58
3.62
6.04
6.87
7.61
6.08
634
8.10
8.58
8.96
Od
1992
3,00
6.00
3A0
2.84
2.98
3.26
3.69
5.60
6.59
7.53
6.10
6.37
7.99
8.49
8.84
Sept
1992
3.00
6.00
3.22
2.97
3,01
3.13
3,44
5.38
6.42
7.34
5.92
618
7.92
8.31
8.62
Aug
1992
3.00
6.00
3.30
3,14
3.23
3.31
3.12
5.60
6.59
7.39
5.67
5.92
7.95
8.34
8.65
July
1992
3,02
6.02
3.25
3.28
3.36
3.37
3.44
5.84
6.84
7.60
5.72
5.98
8.07
8.49
8.84
June
1992
3.50
6.50
3.76
3.70
3.81
3.86
3.50
6.48
7.26
7.84
6.19
6.44
8.22
8.70
9.05
May
1992
3.50
6.50
3.82
3.66
3.78
3.82
4.00
6.69
7.39
7.89
6.25
6.53
8.28
8.81
9.13
Apr
1992
3.50
6.60
3.73
3.81
3.93
4.00
3.87
6.78
7.48
7.96
6.36
6.70
8.33
8.87
9.21
Mar
1992
3.50
6.50
3.98
4.05
4.19
4.25
4.12
6.95
7.54
7.97
6.45
6.74
8.35
8.89
9.25
Feb
1992
3,50
6.50
4.06
3.84
3.04
4.07
4.44
6.58
7.34
7.85
6.30
6.56
8.29
8.83
9.23
Jan
1992
3,50
6.50
4.03
3.84
3.88
4.05
4.19
6.24
7.03
7.58
6,13
6.37
8.20
8.72
9.13
Dec
1991
4.11
7.21
4.43
4.12
4.16
4.47
4.25
6.19
7.09
7.70
6.32
6.52
8.31
8.82
9.26
Nov
1991
4.58
7.58
4.81
4.60
4.66
4.94
4.56
6.62
7.42
7.92
6,24
6.43
8.48
9.01
9.45
Oct
1991
5.00
8.00
5.21
5.03
5.08
5.33
5.12
6.87
7.53
7.93
6.28
6.49
8.54
9.09
9.49
Sept
1991
5.20
8.20
5.45
5.25
5.29
5.47
5.44
7.14
7.65
7.95
6.51
6.67
8.61
9.11
9.51
Aug
J991
5.50
8.50
5.66
5.39
5.47
5.65
5.50
7.43
7.90
6.14
6.62
6.76
8.75
9.26
9.65
July
1991
5.50
8.50
5.82
5.68
5.71
5.98
5.69
7.91
8.27
8.45
6.82
7.12
9.00
9.51
9.98
June
1991
5.50
8.50
5.90
5.60
5.76
6.07
6.12
7.94
8.28
8.47
6.83
7.15
9.01
9.65
9.96
May
1991
5.50
8.50
5.78
5.51
5.65
5.91
6.25
7.70
8.07
8.27
6.70
6.98
8.86
9.41
9.86
Apr
1991
5.98
9.00
5.91
5.67
5.73
6.06
6.06
7.70
8.04
8.21
6.70
7.03
8.88
9.39
9.94
Mar
1991
6.00
9.00
6.12
5.91
5.91
6.45
6.06
7.77
8,11
8.29
6.76
7.05
8.93
9.50
10.09
Feb
1991
6.00
9.05
6.25
5.95
5.93
6.52
6.31
7.47
7.85
8.03
6.41
6.78
8.83
9.38
10.07
Jan
1991
6.50
9.00
6.91
6.30
6.34
7.17
6.63
7.70
8.09
8.27
6.57
7.11
9.04
9.61
10.45
Mc
1990
6.79
10.00
7.31
6.81
6.76
7.82
7.56
7.73
8.08
8.24
6.63
6.96
9.05
9.64
10.43
Nov
1990
7.00
10.00
7.81
7.07
7.04
8.03
7,81
8.02
8.39
8.54
6.75
7.05
9.30
9.88
10.62
1990
7.00
10.00
8.11
7A9
7.20
8.06
8.06
8.33
8.72
8.86
7.23
7.32
9.53
10.06
10.74
Sept
1990
7.00
10.00
8.20
7.38
7.33
8.06
8.18
8.51
8.89
9.03
7.18
7.32
9.56
10.09
10.64
Aug
1990
7.00
10.00
8.13
7.44
7.36
7.97
8.12
8.44
8.75
8.86
6.99
7.15
9.41
9.98
10.41
July
19M
7.00
10.00
8A5
7.66
7.67
8,10
8.18
8.33
8.47
8.50
6.96
7.07
9.24
9.69
10.20
June
1990
7.00
10.00
8.29
7.74
7.64
8.23
8.18
8.43
8.48
8.46
6.88
7.05
9.26
9.70
10.22
May
1990
7.00
10.00
8.18
7.78
7.82
8.35
8.31
6.74
8.76
8.73
6.97
7.19
9.47
9.69
10.41
Aar
1990
7.00
10.00
8.26
7.78
7.82
8.42
8.37
8.77
8.79
8.76
7.04
7,26
9.46
9.89
10.30
Mar
1990
7.00
10.00
8.28
7.87
7.83
8.35
8.43
8.60
8.59
8.56
6.98
7.25
9.37
9.82
10.21
Feb
I
7.00
10.00
8,24
7.76
7.72
8.22
8.56
8.42
8.47
8.50
7.05
7.20
9.22
9.75
10,14
Submitted into the public
record in connection with,
item -L'k- on
Walter 1=oLrrlan
City Clerks
J.B. ALHALE & ASSOCIATES, INC.
REAL ESTATE APPRAISERS AND CONSULTANTS
1527
i30M
D1i;A fOR
Page -2-
ear
1
15
14
i
Jan
1990 7.00 1 .11
8.23
7.64
7.52
8.16-�.31
8.12
6.21
8.26
8.81
7.01
8..$9
9.54
9.94
Ciao
1989 7.00 10.50
8.45
7.64
7.45
8.32
8.25
7.75
7.84
7.90
6.71
6.86
8.86
9.39
9.82
Nov
1989 7.00 10.50
8.65
7.67
7.49
8.39
8.56
7.81
7.87
7.90
6.79
6.98
8.89
9.42
9.81
1989 7.00 10.60
8.84
7.59
7.61
8.60
8.50
7.97
8.01
8.00
6.93
7.12
8.92
9.44
9.81
Sao
1989 7.00 10.50
9.02
7.72
7.74
8.76
8.50
6.17
8A9
8.15
6.90
7.10
9.01
0.51
9.91
Aug
1989 7.00 10.50
8.99
7.91
7.72
8.64
8.87
8.09
8.11
6.12
6.68
6.94
8.96
9.45
9.88
July
1989 7.00 10.98
9.24
7.92
7.63
8.76
9.00
7.83
8.02
8.08
6.69
6.89
8.93
9.42
9.87
June
1989 7.00 11.07
9.53
8.22
8.00
9.20
8.87
8.29
8.28
8.27
6.79
7.11
9.10
9.59
10.03
May
1989 7.00 11.50
9.81
8.40
8.39
9.59
9.31
8.91
8.86
8.83
7.22
7.42
9.57
10.00
10.46
1989 7.00 11.50
9.84
8.70
8.73
9.94
9.62
9.30
9.10
9.03
7.37
7.64
9.79
10.20
10.61
Mar
1989 7.00 11.50
9.85
8.83
8.87
10.09
10.31
0.51
9.36
9.17
7.40
7.65
9.80
10.26
10.67
Fab
1989 6.59 10.93
0.36
0.48
8.49
9.51
10.25
9.27
9.17
9.01
7.23
7.39
9.84
10.13
10.61
Jan
1989 6.50 10.50
9.12
8.29
8.38
9.20
9.75
9.15
9.09
8.93
7.23
7.48
9.62
10.10
10.65
Dec
1988 6.50 10.50
8.76
8.09
8.24
9.25
9.37
9.09
9.11
9.01
7.35
7.56
9.57
10.11
10.65
Nov
1988 6.60 10.07
8.35
7.68
7.76
8.78
9.56
8.79
8.96
9.02
7.35
7.53
9.45
9.99
10.48
Oct
1988 6.50 10.00
8.30
7.34
7.50
8.36
8.93
8.51
8.60
8.69
7.25
7.43
9.51
10.01
10.41
Sept
1988 6.50 10.00
8.19
7.23
7.43
8.23
8.62
8.69
8.89
9.06
7.39
7.60
9.82
10.34
10.90
Aug
1988 6.37 9.84
8.01
7.02
7.36
8.35
8.31
8.94
9.26
9.32
7.51
7.71
10.11
10.63
11.21
July
1988 6.00 9.29
7.75
6.73
6.97
7.94
8.75
8.66
9.06
9.14
7.50
7.63
9.96
10.55
11.11
June
1988 6.00 9.00
7.511
6.50
6.76
7.61
8.18
8.49
8.92
9.00
7.51
7.67
9.86
10.42
11.00
May
1988 6.00 8.84
7.09
6.27
6.53
7.24
7.62
8.58
9.09
9.23
7.57
7.73
9.90
10.41
11.04
Apr
1988 6.00 8.50
6.87
5.92
6.21
6.92
7.50
8.19
8.72
8.95
7.35
7.64
9.67
10.17
10.90
Mar
1988 6.00 8.50
6.58
5.69
5.91
6.63
7.06
7.83
8.37
8.63
7.20
7.55
9.39
9.89
10.57
Feb
1988 6.00 8.51
6.58
5.69
5.96
6.60
6.81
7.71
8.21
8.43
7.05
7.31
9.40
9.94
10.62
Jan
1988 6.00 8.75
6.83
5.90
6.31
6.92
6.69
8A8
8.67
8.83
7.31
7.72
9.88
10.43
11.07
Dec
1987
Nov
1987 6.00 8.78
6.69
5.81
6.23
7.24
8.37
8.35
8.86
8.95
7.50
8A4
11.01
10.63
11.23
Oct
1987 6.00 9.07
7.29
6.40
6.86
6.02
7.06
9.08
9.52
9.61
7.90
8.50
10.52
10.98
11.62
Sept
1987 5.95 8.70
7.22
6.32
6.57
7.37
9.25
8.94
9.42
9.59
7.67
8.19
10.18
10.72
11.31
Aug
1987 5.50 8.25
6.73
6.00
6.14
6.75
7.56
8.32
8.76
8.97
7.24
7.77
9.67
10.20
10.60
July
1987 5.50 8.25
6.58
5.78
5.86
6.70
6.94
8.01
8.45
8.64
7.18
7.82
9.42
10.00
10.61
June
1987 5.50 8.25
6.73
5.69
5.99
6.94
7.25
8.02
8.40
8.57
7.44
8.10
9.32
9.98
10.52
May
1987 5.50 8.14
6.85
5.75
6.11
6.99
7.25
8.26
8.61
8.78
7.57
8.24
9.33
9.83
10.51
Apr
1987 5.50 7.75
6.37
5.76
5.93
6.52
7.25
7.57
8.02
8.25
7A5
7.78
8.85
9.36
10.04
Mar
1987 5.50 7.50
6.13
5.66
5.56
6.17
7.06
6.79
7.25
7.55
6.26
6.91
8.36
8.13
9.61
Feb
1987 5.50 7.50
6.10
5.59
5.60
6.10
6.50
6.79
7.25
7.54
6.05
6.64
8.38
9.20
9.65
Jan
1987 5.50 7.50
6.43
5.45
5.47
5.87
6.50
6.64
7.08
7.39
6.09
6.65
8.36
9.23
9.72
e n coon e
2 Prime Rate (monthly average)
3 Federal Funds Rate
4 34Aonth Treasury Bins
5 Wonth Treasury Bills
6 Wonth Certificates of Deposit
7 LIBOR 3-Mo. Rate•
8 U.S. 5-Yr. Bonds
9 U.S.10-Yr. Bands
10 U.S. 30-Yr. Bonds
11 Municipal Tax Exempts
(Aaa)+
12 Municipal Tax Exempts
(A)+
13 Corporate Bonds (Aaa)+
14 Corywrate Bonds (Ay+
• Source: The Wall Street Journal
5 e Bonds Baa +
+ Source: Moody's Bond Survey
%eco-Ind
Submitted into the public
record in connection with
item i on 2- r azd5
Walter Foeman
City Clark
J.B. ALHALE & ASSOCIATES, INC.
REAL ESTATE APPRAISERS AND CONSULTAMS
re;_ 52'7
,u
;11:23AM t DEPT. OF I= INANCE-�
YIELD STATIMCS
1� aqNT100�lgte:ac .............. ...a.,.......... 166��Tare
llvvr"s CoWan........ ..o.......... ..a............ 6.11176M
9 250 5409t* 1/ 2
Dull. uV„VINAWWO
alit IMvest Cott tMIC). ......................... 6.111?"
tM Intrr.et Cost (11C).......... .�../..,,..1.... 6.0671"a
bond Yield for Arbitraeoa Pbrprua►s................. 6.00140%
Att InatuetVO Out (AIP-4....................... 6.067111401I
IRS FM am
Not Intsrevt Cost. ........................►....... d.11176RbX
Qviohted Avwuo M atuef t1r......................... 16.431 Yore
hypRWR A IMMUT"as Fug ■ N: vm Vaw! RD - 4c—@M- o
Pa$tfe rri+.a a:. oa+p.rtmerat 6/z9/:4g lum M
Submitted into the public
record in connection vydith ,
_ item -1� _ on
Wafter.:Fo
City Clerk
95- 527
FPL BUILDING ANALYSIS
ullding Analysis
_
Dupont Plaza
& Other Leases
Administration
Building
Parks Administration
Building
FPL Building
Increased/(Decreased)
Cost to City
Square Footage
115,247 sf & 4,598 sf
72,000 sf
5,866 sf
200,000 sf
1,251 sf
it Rent- 115,247sf
$1,267,716
$0
$0
$0
Centrust Parking
$112,800
$0
$0
$0
Dupont Parking
$25,680
$0
$0
$0
Metrorail Passes
$42,336
$0
$0
$0
Rent-2,OOOsf
$22,000
$0
$0
$0
- ----- Parking
$0
$0
$0
$0
] Capital Rent-2,598sf
$37,478
$0
$0
$0
Parking
$9,000
$0
$0
$0
-otal Rent/Debt Service
$1,517,010
$0
$0
$1,282,786
($234,224)
Utilities
$0
$14,400
$2,628
$41,000
$23,972
Security
$0
$38,000
$3,120
$38,000
($3,120)
Electricity
$0
$138,876
$7,140
$257,320
$111,304
Janitorial
$0
$41,220
$5,400
$116,500
$69,880
Landscape
$0
$2,748
$0
$20,000
$17,262
- - INSURANCE
Property Insurance
$0
$31,509
$1,200
$105,000
$72,291
Personal Property Ins.
$14,592
$10,190
$110
$24,782
($110)
Flood Insurance
$0
$2,128
$0
$2,800
$672
prop. ins. on Leasehold
$6,890
$0
$0
$0
($6,890)
I1ami Capital -Insurance
- $2,248
$0
1 $0
$0
($2,248)
1 COSTS
$1,540,740
$279,071
1 $19,598
$1,888,188
it Increase/(Decrease)
$48,779
Submitted into the public.,
record in Connection With
item /.s on 7' / ' 9SS
Waftor F oornem
At:Wt,
F17ida Power & Light Company
M..4,ietic Field Measuremeot Form
�-� Attached are the measurements of magnetic fields you asked FPL to take dear aild•or
in your home. The measurements are expressed in milligauss, a measure of magnetic
field intensity.
FPL cannot provide an interpretation of these magnetic field readings with regard to
potential health effects. Some careful, responsible scientists have examined the sci-
cotific evidence and remain convinced that there are no significant health risks;
others, have looked at the evidence and concluded there may be risks. However,
there is no convincing scientific information that any risk is present. The materials
we have provided contain current information on health studies on EMF. lending
these articles and papers may give you a better understanding of why magnetic field
readings cannot be interpreted relative to health questions.
Magnetic field measurements indicate the intensity of the field at the instant the
measurements are made. Magnetic fields change when the electric current chanyes
as customers turn on; or off, electrical loads. Therefore, readings at different bolas
will show different field intensities. Spot measurements should not necessariiy be
considered to be typical values of Magnetic fields:
`,
If you have further questions, please call the FPL representative whose !lame is Shown
on the attached. sheet.
Subrnifted into the put?tin
record in connection uviGt-►
item t 5' on 7s.
Waller jooman
City Clerk
`fir_ 527
=;tr
MAY-16-95 T•UE 10: 10 CODIIAA BUSH KILEIN * OMCO *305 520 2480
t•t JA Y --- 1 "5--'3 rs
xbiicans
n support
Uilirias
Earlier blast
may have been
test, cops say
Molars deco Scrota
>PROVIX — Federal
agents inY the Okla.
homes C ty boi»bini eoport,
ally were lvokitt $undey
for a link between thaat� blast
and an c4didr ex loslan at
the home ores Wiines& asses
ciato of luspeet Timothy
l l Yalgh,
lice arrested c4nals
Kemp Millet, 37, On a
at "non charge Saturday
41 _'Aricalon with a feb.
21 explosion sitar Kint-
to". AiiL The iMI rt port -
sun lot the hpni iv
nna City attach that
vets A
ncrot
The Mcreak host sat
abaue a quarter -mild from it
trailer MoVelehh ranted.
AcWdin4 to The Art -
zone El�a►blic, court
rtCords at►owed Maim
admitting a role in the
Kintmon bontbint. and
Mid he was "fttarlllt of oth-
ess who arc involved is this
inoidtat."
Maim, who listed his
occupation as miner. said
ha lived at tht oatman.
Atiz,, trailer with landlord
months, M&IZW urns being
held on $30 000 bond.
Moth& Taney tenant,
Steven barren Coibern,
wa's arsnigned on weapons
s 9�atgrelay. !» a
p or Goibernra rented
r bad shed, federal
investiplors found seven
ncssatnAde c of K-4 ObullMs,
and a belt or machine tun
amntuaitlan,
Randy Weaver in Ruby Ridrid,
hi 0 to 1 S : 3
P.02
Submitted into the public
record in connOction witil/
item - on
NATIONAL NEWS
Power -line cancer risk disputed
Physicilsts say S mundless fears are draining billions of dollars
NerrYdrkt ff*SS rube
NEW YORK — The world's
manta arrti a concon lob taking
bllc
health issue, announced it can
find no evidence that the elodm%-
magriatk ftids that radiate (turn
power lines cave cancer,
The 'Artterican Physical Sort•
at 'actatement.issuedaftdryears
of quitit deliberation, appears to
be the �contest by a sciaatiric
society In the IS-yearcicbue.
The society said that groaad-
tess fears are link betwee� power
lines and cancer divert billions of
dollars into mitlyrtion work,
^More setlous tnvironmenu►i
ptoblems arc neglected For lack
of fundin and public attention;'
it Bald, The burden of cost
placed on the American public Is
ncomsmensurato with the risk, if
an .
lDt. Itobeit park a phyhieiM At
the University of Maryland and a
society #okyeamat, said the
group spoke now because 'publie•• ,
concern was Fowl" even As the
epldcmlaloSie 4vffdoncc WAS
The Am rican
physical Society is
statement, issued
afteryears of quiet
deliberation, appears
to be the strongest by a
scientific society in
the Z 5 year debate.
Manyy physicists arc skcptical
of a link between power hires and
Canner bcpusr the fieldtl an so
weak SOO eieme'and r 1wetic
fieldsare produced whenever
ocaricity flows thtoutlt a wire,
hhtit fears tenet:, on magnetic
ftetdr, because only they pene-
trate tree human body.
The trrength afanagMle fields
Ma, • ,.N /M w..,.� 1��1 w.Ai.
ating from power lines and Appli.
apnea are !measured in milligauss,
or thousandths of a ipass, A
nearby ptswar line can radiate
fields of S to 40 miiliaauts.
By comparison, At a distsace or
one W. home appliances ndi-
attAlclds from about 1 to 260
' can ape1ier,
drop sharply
..The • EariA's magnetic ridtd,
which humans constantly am
exposed to, Is ¢¢bout $00 m191-
Pass, This is Aces hundreds of
times larger than the inaa•madc
ones peopk worry about.
citizen Activists and local gay
arnmants have rotted elratric
utilities to mava power tines, to
install shielditit and to cancel
station upgrades out of feu that
power lines cause cancer,
[in Miami, Palmetto High
$chool PrineipaGazer l Leonard
is suing Florida Power & Ught
Co.. blamin�yp power lines above
his Coral Gablos home for his
wire -a foul cancer and his own
1+.�,.r ,,,I.M .1,� ,IJ.a.n •r 1
P. 03
Caution:
=rs
Many have disorder
that causes fatigue
i MYer YVW aervka
A sleep disc der that causes
fti Opo may allied many of the
rtt�rart'% snag -haul truck driven,
shrine the risks on America's
hiahwievs, tesaarchcts at Stanford
visa 159 com-
19 percent suf-
tualve sleep
a at least ihtee
In The mencral
yr, William C.
of the $kegs
the univtrrity
"When ;g PCoxtit ope
p-
via the pes
v a coming toward you on the
road In 404att truckit have such a
disorder. you have a ombtem,"
Dement d,
The nstl is qf the gist . Which
[kmen44 eoodudted with Stan•
rord collta�tuuat, all; reported In
the currebtissua of Chest. a jour-
net of the American Cvllcse of
Physiclans,
ubs(ruoive sleep aptisa cousca
a paera011 to rnanentatily seat
brtuhirtga then awakcn bticfk.
Yhc ricers tnterriiptiods. whtczk
can occur hundreds of timea a
rll& t' siv seldom eonscioully
notitcd, but can drastically
reduce rho quality of rest.
•'if %oroeone wakes up every
two or thra micutts ih out
the night, It's as If thasy ve.
tilde sleep or no it at all.
Mment said. "That can kad to
grave rttistakas:
The condition usutlty aribe
r�aIn ttvl�uwy prhetsjecey ralued during 9 , Jrilowtns c,reas Us -
sue sat ttte Wok of the throat to
obstruct brothiaailS.. It is most
common in overweight nten.
Left untmotcd, obstructive
slap apnea can have other sed.
oils consequences besides
ftltiguea The entire cadiovaseu.
tar aystam can be stmiacd by
reduocd oKysen flew to the brain
and vital otgtias, Damont said,
The 145 men and 14 svomca
who dsrti ipated in the Rud)
wore small etactnonia adreertinr
devices to bed one MAL Iles
instrument mooltored heart rate,
blood oxysen levels. body post•
tion and =Wed snoring,
lulie'Beid, a spdkavvnian for
the National Trans"rtatioa
5afoty BWad, said fatJSme it a
lector in 4 perewt of all aces.
.iw.}} f� �,rww f�,11I .s�L•
yC!
,St
MAY-16-95
7UE 10: 12 CODIN►a BUSH KLEIN * ONCO
305 52CO 2480 P.04
•
Rgpdy WtUver In Ruby Ridge, •
1.V„�..111 rYl paV r,.. • ..••.•,,... ......... , ... w.�.
eyidcmiota��e ever walk "ihc$trength nfer nctic Reeds
ehrInking and breoea inter."is measured in
•.•.� •. u.... .....•...., ..u...� .r. ••.. ..... -..� ,..,... •,. ••.« .•• ,,.♦
wlrc'e fnt*' " ncer and his o+'n lector in 40 percent of all 9rN.
bout
idano.
gaus$baee radi•
witt eleeasd.l dent$ involving heavy ttuc s,
When forMilt President Butte
renounced his 'National RIM
AssgctaliCid - mpmbaih144
III
� , s
AWNv
week aver N fttnd•alfit-
•' r tales! agents
/ o / g
rAw
-TAWk- hue
1fela the W"Mote en OW
It lte would not tbilow
• a
.�
CUSTOM MADE""'
�ear'c�►ot
as`tl dnNFI is W
"
a tali Os RAoonvenUon {$ter
n ention
this sro"th.
� (� [� �9 C 4 I C [�`' C
DRAPERIES..,
V1�/-11 LI\t v.l �/"lY� ��
It is not only the most Cooler
votive Rdpubliearis ulling for
t
+' f !
'rye ,l. . �l
• . ,
_ :_,;.,
:, • :. _ '
u assault$ on
in compbbund
r In Idaho.
Submitted into the public
record in connection IRtith
item 1_ Ste_ on
VafC4111ier
(TV
9r- 527
527
IVA%
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMIOR&1"QP)y,Prr_•,�•
n
Sergio Rodriguez F(Xi bAlryltbi 6 995
TO' Assistant City Manager DATE: FILE
FPL Building
/A) sua�Ecr : 400 SW 2nd Avenue
�.McManus
Submitted FROM : J pREFERENCES : rQ submitted
0ld Into the public
D puty Director In ccnnecliori �,,ith
item - en .� r
Planning, Building &Zoning Dept. ENCLOSURES:
;I.
1. DEVELOPMENT POTENTIAL: ALANDCO TRACTS
Total
Tracts 1 Tract 2 Tract 3 �S.F.')
Trac.1,2,3 ALANDCO)
S.F.) (S.F.) (S.F.)
ROW 48,317 32,376 34,027 114,720
NET 61,102 91,136� 70,205 222,443
GROSS 109,419 •,123,512 104,232 337,163
FAR: 1.72 188,200 212,441 179,279 579,920
- FPL
BUILDING-199,500-199,500
DEV. POT. 188,200 12,941 179,279 380,420
2. ANALYSIS
The property is zoned SD-15 River Quadrant Mixed Use District. The Floor
Area,. Ratio (FAR) for non-residential uses is 1.72; the FAR for a
combination of two or more non-residential uses in 2.5. However, lacking
further detail, the safest assumption of FAR is 1.72 as shown on the table
above.
There are further FAR bonus provisions as -follows:
a. An increase of FAR 1.0 if located within 1200 feet of a Metrorail
Station.
b. An increase in floor area is allowed equal to 1 sq.ft. for each
$6.67 contributed to the Affordable Housing Trust Fund.
c. For each sq.ft. of ground level retail, service, restaurant and
cultural uses on a pedestrian way, the floor area may be increased
by 1 sq.ft.
95 527
li
d. For each 1 sq.ft. of riverwalk improvements, the floor area may be
increased by 10 sq.ft.
e. For each I sq.ft. of open space provided, beyond the minimum
requirement, the floor area may be increased by 10 sq.ft.
f. For underground/enclosed parking, above the minimum, the maximum
floor area may be increased by .5 times the gross lot area.
The sites are further limited by 10 feet street side setbacks, a requirement
for 15 foot sidewalks along streets, no interior lot line setbacks. There is
a pedestrian pathway and a 20 foot setback from the Miami River.
These are no height limits, except for limits dictated by Miami International
Airport.
There is a minimum parking requirement of 1 space /800 sq.ft. and a maximum
limit of I space per 400 sq.ft.
Finally, new development may be subject to the City's Waterfront Charter.
Amendment i.e., 50 foot setback from the Miami. River and 250 "see through
from SW 2nd Avenue.
Attachments
cc: Juan C. Gonzalez
Acting Zoning Administrator
Planning, Building & Zoning Department
Z5ubmltted into tho h«blic
record in connection With,.,
item L5Son 2.:-! S
Walter 1=oenian
�. City Clerk
95- 527
'f
$ENT BY : C I ' hl 1 AM 1 ; 16-95 5 : 09PD1 CITY MANAGER ' 5 �► r'. -+ : TM 2 J ?_
Submitted Into the public
record in connection with
1 Item 115 on Z! 35
- I Walter Foernan
City Clerk
s
4 w
0:
s, w. 60
• w '
FPS, 2.0922
03
x-7
.:•.a..�,/;,iitMJy.'!s'•rT(:.f!tN•?:'•'•;�!••i 1- ..
F M I AM l -'t 6-95 5.08PM CITY MANAGER ' S ; # 1 / 2
Submitted Into the puhilc
reco.rd. in connection with
f•'' item on
Vdalter FCleman
• a�� ' aiK. 1.p .� 1 /•eta C
�6/j`•,i�` t.l ArttWt-•-`� la s H, i •!� "r '••� tl � .t2 g�..I}.. �,`" '.i `ilt�'trler% •
m •�•\ �..... %" ^"cam oil EiN 'Z•!+��«..I' f. .: r�.:'i`.', ir�}/''•,Y ��}i• ) }y J''
,}{' ,,�� •' fCl_,..1 /'�fCKt, tEN.1lS1'Erllr�flj:.":._. Kt.-.i • 1 at •�� `
t!rtt i►AK 5
�y� IhIN NE7\A!'S6'E % , 1d0 r-y
TRACT
1.6117 = AC.
,tom �"•\ • ��` � a:
�t
� tr PaS. i I ' 1 •
w Pv/jy� �•, tr i„ ,�. irk,. o
1-tus1 i "IQE&
y ew
^I 2.OeU AC M w•.. N� � AEfNfiiY
y{ full 1u4rsW SCAt.EII""40'
KUMI.GADi WAR: A SEtti Amplak'. ^pY ✓Qr� '� ! i 1
♦V } Ak0 f, F.L. 0. 914111 EA U NI
• T�`t � .� .. t5G t
� gyl'3A'v .f16 � �. � •
•j• `t% .y r •, "�' ` \` • r•, 'y:,• ,'i a. 1 ,�"'Irr� .,it r..'s:.i<\• N .� �' •y •, 7� \ • •... -t' +•� i y' -•
T' llt , h s „ 1 b t':. :: ,i 1 ,«.+ . ':aLi•';do`, ; . i. 1 rf 1 •7..-'.'tt'• t :
t• f' ,J. ;z:••�•.ti tt ' gF ••. i•t•!':' Yi1 y•' •r, r' {��'•:�. it. f! ,.r (..•�„•n!. :.: •}'r� 1 •./ ., /k' �. .rim; ti,{i' ' _
' s r f , k: •ti:.� "'' t,'1 r. "'t. �ACL. 7 r f.' r•..•.`.�.. i• t.�. ♦ .fit;. � � r
'��•••r ; • 1 • •• ! /�•,�, ;; ,'•,-^r..i1ianei \,, ,�%. 4�!'•slr, �r), %1 .atrYiii• �. ••) 1! • S'•.. s�r�+'f''�{}r•' i`aT , •� fT' �'�.t:`''�,,_�'�!,•hkl. } �l;.r., :tt'L.{:.' :f:,\"1: ,;1':' "L'•''.+;'�..�a•"/'•,.✓Rrl',C'• ..:•. •:. .r'C' r�.,rl..ili."!j'T;Y:. ra'+r•
4FP` IA4-
' � �'pf� i P4M 13• � IC � � (%
527
1
CITY OF MIAMI
PUBLIC 'WORKS DEPARTMENT
Memorandum Submitted into the public
record in connection uv•t
DATE: April 6, 1995
TO:
FROM:
RE:
CC:
.
Item / 5 on zazmi
lNalter Foeman
City CIeN
Carmen Garcia -Velez ��\• ti
Public Works, Design Division
Law Department retrofitting at new City Admin. Bldg. a
Cristina Cuervo
Allan Poms, Chief Architect N
Waldemar Lee, Assistant City Manager
File
Law Department
4
Upon initial study, the City's Law Department appears to require the most construction, or "building -out"
of interiors, at the proposed new City Administration Building (FPL Bldg.). Because of the need for
private individual offices, the Law Department spaceplan will vary greatly from other City
departments'spaceplans. Currently, a typical floor, at the FPL Bldg., is a combination of open plan, used
for system furniture, and built -out spaces, used as private offices, conference rooms, supply rooms, etc., all
of which are used in office layouts.
The preliminary spaceplan incorporates the existing conditions of the FPL Building, on a typical floor, with
the needs of the Law Department. This scheme, although only a proposal, demonstrates the use of most
existing interior walls with little to no demolition, and the use of removed doors, frames, hardware, etc. by
relocating within the proposed new construction. The addition of new enclosed offices, within the typical
open spaceplan that exists, will require relocation of some existing light fixtures, the addition of new
supplemental light fixtures, as well as the relocation of some supply -air and return -air HVAC grilles.
At this time, based on available information to Public Works, the preliminary construction estimate for the
Law Department is $50,000, approximately $4.37 per square foot. This estimate includes the construction
of new interior wall partitions, based on the wall sections used for the existing build -outs in the FPL
building. Also included are new doors, frames, hardware, and the relocation and addition of those items
previously mentioned above. It does not include the transfer of telephone and computer systems to the new
building, or any other special requirements that at this time may not have been discussed
Other departments may require less construction based on less need for private individual offices. Thus,
the average construction costs for individual departments will vary from those of the Law Department. To
maintain construction costs low, it would be prudent to maintain as much of the existing interior wall
partitions, and to retrofit the spaceplans around these, as has been done with the spaceplan for the Law
Department.
95- 527
I eneral Information: (based on typical floorplate)
Total Usable Floor Area: 17,112 square feet \l l
(minus Building's core and Common Area)
�.
Law Department Usable Area: 11,438 square feet ��\ -
Available Usable Area: 5,674 square feet SIX
(available for other Department's use)
Common Floor Area: 1,102 square feet �; ��:.�\ ��" !� i . .`5►
i.e., Elevator Lobby
Conference Rooms
Receptionist Area —� `,J +� ��✓
p
Waiting Area
II Department's Breakdown: � •�' } '. '
1 �
Administrative Area:
(1) Office Manager 173 square feet
(1) Administrative Assistant 155 square feet
:) (2) Legislative Coordinators, each at 155 sq.ft. 310 square feet Submitted into the Pub 1 i C
(1) Legislative Record Room 245 square feet record in connection livR
(1) Computer Room, secured 50 square feet item 1 S or) � l--�.
Attomev's Area: Walter Foernan
(1) City Attorney's Office 225 square feet City Clod(
(1) Executive Secretary's Office 90 square feet
(1) City Attorney's Waiting Area 70 square feet
(1) City Attorney's Conference Room 195 square feet
(24) Assistant City Attorney's Office, each at 150 sq.fL 3,600 square feet
(15) Secretarial Bays/Cubicles, each at 40 sq.8. 600 square feet
(1) Law Library 1,200 square feet
(1) Law Interns' Roam 210 square feet
Additional Areas:
(1) Receptionist 71 square feet
(1) Waiting Area 42 square feet
(1) Large Conference Room 338 square feet
(1) Conference Room 268 square feet
(1) Coffee/Lounge 188 square feet
(1) Supply Room 126 square feet
(1) Mail Room 131 square feet
(1) Storage Room 60 square feet
(1) Elevator Lobby 343 square feet
J
95� 527
2
Commission and City Manager
6
Asset Management
11
Civil Service
3
Credit Union
4
Development
8
Finance - Computers
44
- Budget & Task Force
32
- Accounting Division
42
- Procurement
14
Fire - Chiefs Office
12
- Management Services
10
- Prevention Bureau
35
- Technical Services
10
- Self Insurance Trust Fund
21
- Emergency Response
8
GSA - Graphic Reproductions
7
- Mailroom
3
Internal Audits
10
- Professional Compliance
3
International Trade Board
5
Law
46
Miami Capital
11
NET - Director's Office
15
- Neighborhood Jobs
12
- Housing
16
Nuisance Abatement
2
Parks & Recreation - Director's Office
20
- Day Care
1
- Handicapped
3
Personnel Management
29
- Equal Employment Opportunity
5
Planning, Building & Zoning - Planning
18
- Building & Zo
77
Public Works - Director's Office
11
- Construction
17
- Design
15
- Stormwater Utility
1 10
TOTAL
I590
Submitted into the public
record in connection with
Item _._._.. on ::L -�'�'
Walter Foc- man
City clerk