HomeMy WebLinkAboutR-89-0584J=89-652
6/22/89
RESOLUTION NO. 8975134,
A RESOLUTION APPROVING AN AMENDMENT TO THE
SETTLEMENT AGREEMENT, WHICH SETTLED THE
LITIGATION IN THE U.S. DISTRICT COURT. OF
SOUTH FLORIDA BETWEEN WILLIAM B. BRICKELL ET
AL AND THE CITY OF MIAMI, CONCERNING THE
CITY'S INTEREST IN BRICKELL PARK AND BURIAL
GROUND, BY EXTENDING THE DATE FOR CLOSING ON
A SCHEDULED REAL ESTATE TRANSACTION, WHICH IS
PART OF THE SETTLEMENT PROCESS, BY 140 DAYS:
FURTHER AUTHORIZING THE CITY MANAGER TO
EXECUTE ALL DOCUMENTS AND INSTRUMENTS
NECESSARY TO EFFECTUATE THE HEREIN SETTLEMENT
UPON THE APPROVAL AND RECOMMENDATION OF THE
CITY ATTORNEY: FURTHER PROVIDING FOR
CONSIDERATION FOR THE CITY'S FORBEARANCE AND
APPROVAL FOR SUCH EXTENSION.
WHEREAS, the preclosing requirements for the complex real
estate transactions contemplated in the Settlement Agreement
which settled the litigation between William B. Brickell et al
and the City of Miami, concerning the City's interest in Brickell
Park and Burial Ground may require up to 140 days to complete on
the part of the Brickell interests: and
WHEREAS, the City • Commission is willing to grant an j
extension of the closing date in exchange for adequate
consideration;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Resolution are hereby adopted by reference =-
thereto and incorporated herein as if fully set forth in this
Section.
Section 2. The City Commission hereby approves the 'Y
- execution of an amendment to the herein Settlement Agreement to
t
CITY ` COMMISSION; t
MEETING OF
JUN 22 1989 {
son
RESOLUTION No. 4
REMARKS;
F
extend the date for the real estate closing contemplated therein
by up to 140 days from June 26, 1989.
Section 3. The City Manager is hereby authorized to
execute all documents and instruments necessary to effectuate the
Settlement Agreement, upon approval recommendation by the City
Attorney.
Section 4. It is the intent of the City Commission to
grant the 140 day extension referred to in Section 2 hereof upon
the condition that the amendment to the Settlement Agreement
modify the terms thereof to reflect that the Brickells will
donate to the City a sum equal to the amount of interest earned
by $1,815,000 at eight percent (8%) for a period commencing on
June 26, 1989 and ending on the closing date of the transaction:
said sum to be payable at closing.
Section 5. This Resolution shall become effective
;.a
immediately upon its adoption pursuant to law.
PASSED AND ADOPTED this 22nd day of June 1989.
>7
XAVIER L. S ARE7,,' AY0R
AT S
MA Y HIRAI
CITY CLERK
�µ
PREPARED AND APPROVED BY:
RAFAEL DIAZ Y`
ASSISTANT CITY TORNEY
APPROVED AS TO FORM AND CORRECTNESS:
12.
JO E L. F ANDEZ_'
g
4 CITY ATTORN Y
4
F , _
ROD:flM1103
E $ .
City or MiAM1. Fij0*10A
INfiitlf•CIFFiG6 MEMOltAN6UM ,.
J U N 1 a 1989 �«
to. The 11000rabie NayoC and
Membera Miami City Commission sur�rcr:Discussion itsts Arid"
Park settlement 48xegment•
vs-
"OL•ROMCesar odi
City ManaINCIOtUNLU,
background
Oa December Ut 19880 the Commission approved a settlement 'agreement
he Bricked heirs and the City of Miami that settled the
between t -
litigation between the two parties in the U.S. District CourC o
South Florida.
The agreement War+ structured to cause the existing Brickell Park to
be returned ,to the Rrickell heirs algrng. with a cash settlementMith
the Riverpoint• property to be obtained by the City' aloflg
sufficient funds•to develop a new Brickell Park. as well as other
city park improvements. The Will
interest Group, because of lts'property
interest in the Riverpoint Property engineereddsesire to acquire
a arrangement
Brickell Park as r development site
betWoan the City and the grickell heirs. The entire matter was to
be closed on June 26. 1989•
Duo to 'the fact that the Williams Group is pursuing complex
negotiations to not only finance the settlement agreelrient but to
also finance a 2,000r00Q + square foot. mixed -use development.
involvi_ag Brickell park and a neighboring property. the,Willialne
Croup has requested certain changes in the settlement agreement0
(note attachment) to satisfy requirements set forth by the financing
institution and a nationally known development partner with th8
ability to proceed immediately with development plans.
- cr:
CO/cs
Encl.
k h a
a
e
y �1 to
£i - .� ,. I W ►y I W ti gt ¢ �' b y T An:� E.,a 1'" '
z-
5l. *�
-
m u _ . • ... . , . .. .. d .. a � !� 1. ..��il a:) ifdt{�r4� � -