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HomeMy WebLinkAboutR-86-01494_ IL J-86-157 RESOLUTION NO. 8 6" 1 4 9 A RESOLUTION AUTHORIZING THE CITY MANAGER TO PURCHASE TWO PARCELS OF LAND LOCATED WITHIN THE SOUTHEAST OVERTOWN/PARK WEST REDEVELOPMENT AREA AT A NEGOTIATED VALUE WITH CLOSING BONUSES SET AT THE RATE PREVIOUSLY ESTABLISHED BY THE CITY COMMISSION; AND FURTHER AUTHORIZING THE CITY ATTORNEY TO PROCEED TO CLOSE ON THESE PARCELS AFTER EXAMINATION OF THE ABSTRACTS AND CONFIRMATION OF OPINIONS OF TITLE. WHEREAS, the City Commission by Resolution No. 82-755 approved in principle the Southeast Overtown/Park West Redevelopment Plan; and WHEREAS, the City Commission approved in principle the Phase I Overtown Transit Station Impact Area proposal for the Southeast Overtown/Park West Community Redevelopment Area by Resolution No. 83-972; and WHEREAS, the City Commission has declared that the best method to redevelop Southeast Overtown/Park West is by a Unified Development Project (Resolution No. 84-893); and WHEREAS the City Commission has authorized the City Manager to initiate the acquisition of properties within the Southeast Overtown/Park West Community Redevelopment Project Area (Resolution No. 85-394); and WHEREAS, the City Commission established procedures for the acquisition of land through negotiated purchase in the Southeast Overtown/Park West Redevelopment Area (Resolution No. 85-396); and CITY COMMISSION N MEETING OF; FEB 18 1W QQ �1 &W710N No. V 1 -1- ROAM w� WHEREAS, further by Resolution No. 85-396, the City Manager was authorized to enter into agreements to purchase real estate in the project area pending final Commission ratification for a price not to exceed the appraised value of the property to be acquired, plus a bonus of u to ten J; q p percent on the first $50,000 and up to five percent on any amount over $50,000; and WHEREAS, the City Manager has entered into negotiations with landowners for purchase of the parcels remaining within Phase I of the project area that are not presently owned by the City; and WHEREAS, the City Manager has negotiated agreements with one land owner and has made formal offers to purchase two parcels which are identified and described in Table I attached hereto and made a part hereof; and WHEREAS, negotiated settlement prices on these parcels are higher than those approved by the City Commission based on a reappraisal of those parcels but are within a 15% contingency range reserved for such increases; and WHEREAS, proceeds from the proceeds of the HUD Section 108 will be available for acquisition; and WHEREAS, the cost of these parcels to the City would not exceed estimated costs based on appraised values, commensurate µ bonus, schedules, and contingencies previously approved by the City Commission (Resolution Nos. 85-394 and 85-396); and ` WHEREAS, the amounts set forth in Table I are reasonable and in keeping with the costs of acquiring property through the normal negotiation process; 86-149 -2- NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAM1, FLORIDA: Section 1. This Commission hereby finds, determines, and declares that the matters set out in the foregoing recitals are true and correct and they are hereby incorporated by reference as if fully set forth in this section. Section 2. The City Manager is hereby authorized to purchase the two properties identified at the costs stated in Table I for anticipated use as part of the Southeast Overtown/Park West Redevelopment Project subject to the availability of funds provided for in the foregoing paragraphs. Section 3. The City Attorney is hereby authorized to proceed to close on this property after examination off the Abstract and confirmation of an Opinion of Title. PASSED AND ADOPTED this 13th day •.. ATTEST• PREPARO AND APPROVED BY: APPROV ORM AND CORRECTNESS 86-149 -3- CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO The Honorable Mayor and Members of the +City Commission DATE. FEB 6 1986 FILE SUBJECT S.E. OVERTOWN/PARK WEST CLOSING PROCEDURES ON PARCEL PURCHASES CITY COMMISSION AGENDA FROM Cesar H. Odio U" REFERENCEs FEBRUARY 13, 1986 City Manager '�(3) ENCLOSURES It is recommended that the City Commission approve the attached resolution authorizing the City Manager to purchase -Two parcels of landoca e wi thln Phase I o e Southeas uvertown/Park Westa eve opmen rea at e value negotiated on with a closing bonus valued at the rate established by the City Commission and further authorizing the City Manager to proceed to close on these parcels. On April 11, 1985, the City Commission authorized the City Manager to initiate the acquisition of the seventy-one privately owned parcels in the S.E. Overtown/Park West Redevelopment Area (Resolution 85- 394). The City Manager was also authorized to enter into agreements to purchase real estate in the area, pending final Commission ratification, for a price not to exceed the appraised value of the property to be acquired, along with bonus schedules for all closings that were expedited (Resolution 85-396). In approving these resolutions, the Commission also authorized appraised values for each parcel and allowed a fifteen percent contingency for increased land values and reappraisals. The original estimate included a lump sum fixture appraisal of $500,000 which has now been assigned to each parcel based on appraisals prepared by S.M. Dix. The City Commission has authorized the closing of parcels to date. All of the settlements on these parcels have been at a value established through an M.I.A. appraisal and review by a review appraiser. 55 149 k M The Honorable Mayor and Members of the City Commission Page 2 Parcels 44-A and 44-C, owned by Victor Diaz, are located on Block 44, the site of the proposed arena. The current schedule for the arena calls for the construction of this facility to commence this summer which will necessitate an expedited acquisition schedule. These parcels currently house the Davis Hotel which will entail a major relocation effort by the City and County staff. In order to meet the projected schedule of the Miami Sports and Exhibition Authority for the construction of the Arena it will be necessary to close of these properties as soon as possible. The original appraisals for these parcels have been reviewed by S.Z. Bennett, Review Appraiser for Dade County who has recommended a revised settlement (note attached letter). The increase in value is based on an increase in land value along the North Miami Avenue corridor since 1984 when the original appraisals were completed, loss of income to the property owner due to the proposed public acquisition and the fixture appraisals completed by S.M. Dix for the contents of the hotel and adjacent commercial structure. After extensive negotiations with Albert Rosillo, the attorney for Mr. Diaz, a settlement price of $575,000 was reached. This settlement is $7,473 above the revised settlement price recommended by S.Z. Bennett (Note Attachments). An additional $2,000 has also been requested to cover the costs to the owner incurred in reviewing the City's offer and contracts. Based on the need to immediately start relocation of the residents of the hotel in order to meet the Arena schedule and to avoid the expense of legitation which can add 25-35% to the settlement costs it is recommended that the Commission approve this settlement. Funding for this action will be from a HUD Section 108 loan to be repaid with the proceeds of the role of Tax Increment Revenue Bonds. Attachments e 0.$6-149 A7- - LAW OFFICES JA N 2 9198� SUITE IOC 325 NORTHWEST 271- AVENUE - . ALBERT P POSILLO 'EaEP-CNE 643.4616 ALBERT ROSILLO. . R AREA CODE 305 L ROSILLO MULLIGAN January 27, 1986 Matthew Schwartz, Director Office of the City Manager Southeast Overtown/Park West Project 100 Biscayne Boulevard, Suite 901 Miami, Florida 33132 RE: Parcel 44A and Parcel 44C Owner: Victor Diaz Dear Mr. Schwartz: This letter will confirm our telephone conversation of last week, wherein you made an offer in regards to the settlement of the above referred to parcels of land owned by my client, Victor Diaz, located on the southwest corner of North Miami Avenue and 8th Street, Miami, Florida, and during which conversation I advised you that we will be willing to accept $575,000.00 for the land, fixtures and bonus, and in addition thereto, we will add the sum of $10,000.00 for business relocation, and $2,000 for costs of appraisal and related expenses in reviewing the City's offer and contracts. If this meets with your approval and that of the City Commissioners, I would appreciate it if you would then prepare the necessary documents to effectuate the transfer and conveyance of the above referred to properties, in accordance with our understanding and the contents of this letter. Your continued cooperation in this matter will be appreciated. Very truly yours, ALBER OSILLO APR:mm 3 4 86 �� ' S. Z. BENNETT APPRAISAL COMPANY REAL ESTATE CONSULTANTS AND APPRAISERS 14 N. E. FIRST AVENUE. SurrE 1407 MIAMI. FLORIDA 33132 TELEPHONE (3051 371•1839 Mr. Matthew Schwartz Director for Development Overtown/Park West Office City of Miami P. O. Box 330708 Miami, Florida 33233-0708 S. Z. BENNETT •mebd gnu A ACRICAN INeTITVT[ Or KCAL 99TATi A/PORA19900 AM[RICAN SOCI<TY OF R[AL C./TATZ COUNS[LOR• 8OCI[TY Or R<AL CGTATC AIARAIe[Rf AM[RICAN •OCI[TY OR APPMAI8[Rf INfTTTVT[ OF KCAL X9TATC MANAO[MtNT GOCICTY Or INOUSTRIAL /1f ALTORS REAL -TOR January 31st 1 9 8 6 RE: PARCEL #44A OWNER - VICTOR A. DIAZ and ELISA DIAZ Dear Mr. Schwartz: Pursuant to your request for my opinion for the recommended compensation of the real estate for settlement purposes for the above captioned property, I have reviewed the appraisal reports prepared by RERC and Leonard Bisz, which appraisal reports are in your possession. In reviewing the two appraisal reports prepared for the City of Miami for this project, RERC reported a land area of 6,750 square feet, and appraiser Bisz reported 7,500 square feet. In checking the land area the undersigned found that RERC assumed the land area as reported by the Property Appraiser. A preliminary check was made by the undersigned's office and no recorded instru- ments were found which conveyed any of the subject land to the City for sidewalks. I have administratively in my report corrected the area of the subject property to 7,500 square feet. Approximately two weeks ago I received appraisal reports for the project referred to as the "Arena Site," which lies one block south of the subject parcel. Appraiser, Mark Quinlivan, has valued the S.W. corner of N.W. 7th Street and Miami Avenue at $20.00 per square foot, whereas RERC valued the subject site on December 31, 1984 at $16.00 per square foot. When we met with the attorney for the property owner approxi- mately ten days ago, I recommended to you that $18.00 per square foot for land would be fair and reasonable for this subject parcel, based on the Arena parcel land values more recently discussed by appraiser Quinlivan. Also, in this review for negotiations, appraiser RERC had a net income before recapture of $3,527.00 per year, and had no contribution value for said improvement. Ak, r 86-I49 z G Mr. Matthew Schwartz (Parcel #44A) January 31, 1986 Page 2 It was also my recommendation then, for settlement purposes, that one-half year's income or $1,750.00 could be ascribed to the improvement. This is based on the theory that a purchaser who wants to develop this property would need approximately one to two years before development and this net income would lave some increment. The immovable fixture appraisal prepared by S. M. Dix Associates, Inc. in the amount of $4,812.00 has been reviewed and approved. We then have the following: Land - 7,500 Sq. Ft. @ $18.00 (SZB) - $135,000 Immovable Fixture Appraisal - 4,812 Improvement Contribution (SZB) - 1,750 $141,562 ADD: City Bonus - 9,250 Recommended Compensation - $150,812 The above recommended figure is for settlement purposes only. Very truly yours, BENNETT APPRAISAL COMPANY M.A.I ser Our file #2950-4 S. Z. BENNETT APPRAISAL COMPANY -REAL ESTATE CONSULTANTS AND APPRAISERS 86-149 S. Z. BENNETT APPRAISAL COMPANY REAL ESTATE CONSULTANTS AND APPRAISERS 14 N. E. FIRST AVENUE, SUITE 1407 MIAMI. FLORIDA 33132 TELEPHONE 1305) 371.1039 S. Z. BENNETT Muumuu AMERICAN INSTITUTE OF REAL ESTATE .APPRAISERS AMERICAN SOCIETY OF REAL ESTATE COUNSELORS SOCIETY OF REAL ESTATE APPRAISERS AMERICAN SOCIETY OF APPRAISERS INSTITUTE OF REAL ESTATE MANAGEMENT SOCIETY OF INOUSTRIAL REALTORS REAL -TOR January 31st 1 9 8 6 Mr. Matthew Schwartz Director for Development Overtown/Park West Office City of Miami P. 0. Box 330708 Miami, Florida 33233-0708 RE: PARCEL #44C OWNER - VICTOR A. DIAZ CACERES Dear Mr. Schwartz: Pursuant to your request for my opinion for the recommended compensation of the real estate for settlement purposes for the above captioned property, I have reviewed the appraisal reports prepared by RERC and Leonard Bisz, which appraisal reports are in your possession. The appraisal report of RERC reflects a net income before recapture in the amount of $33,335.00. It is my opinion that for settlement purposes one-half year's income, or approximately $15,000 could be ascribed to the improvements. This is based on the theory that a purchaser who wants to develop this property would need approximately one to two years before development and this net income would have some increment. Both appraisers referred to immovable fixtures in the amount of $21,215.00. It is the undersigned's opinion that this figure is included in the income operating statement as prepared by appraiser RERC and should be considered part of the improvements. However, I notice that the Agreement for Purchase and Sale sub- mitted to the owners includes this item of $21,215.00 as a separate and distinct item. The undersigned is aware that by considering the $15,000.00 contribution value for the improvements, as above mentioned, and $21,215.00 for the immovable fixtures, the compensation for said improvements would amount to approximately $36,000.00. Also, that the income analysis considered the improvements, as well as the fixtures, and that the consultant is suggesting for settlement purposes only the inclusion of the fixture appraisal, since it has been previously submitted to the owner. 8 6 - 1 4 9 Mr. Matthew Schwartz January 31, 1986 (Parcel #44C) Page 2 It must be pointed out that appraiser RERC in his appraisal report was of the opinion that the improvements did not con- tribute to the value of the property under his highest and best use concept of land value, whereas appraiser Bisz valued the land as utilized and had a contribution value of the improvements of $128,000.00; (this did not consider the immovable fixture appraisal). The undersigned is not attempting to fractionize the two appraisal reports, but recognizes that the testimony of appraiser Bisz, if this case went to court, may prove detrimental. We then have the following: Land - 22,500 Sq. Ft. @ $16.00 - $360,000 Improvement Contribution (SZB) - 15,000 Immovable Fixture Appraisal (see above) - 21,215 ,215 ADD: City Bonus - $39620,500 Recommended Compensation - $416,715 The above recommended figure is for settlement purposes only. Very truly yours, S. Z. ENNETT APPRAISAL COMPANY SZB:ep .I., CRE (4) Con ult -Review Appraiser Our file #2950-6 S. X. BENNETT APPRAISAL COMPANY -REAL ESTATE CONSULTANTS AND APPRAISERS r. 86 - 1 1j <, �r' so, 151.97 10 ine A 9 6 4 nc. � F 7_Acr,,<:!�r,40r' OT6 3 le A/ edCAI--l- 44 13 rx a 15 N, 15C N 7 16 17 is 19 20 0 21 ST. 86 24 i; TABLE I: DESCRIPTION, IDENTIFICATION, AND COST OF PARCELS S.E. OVERTOWN/PARK WEST PROJECT PHASE I OWNERS)/ADDRESS PARCEL l Victor A. Diaz b Elisa Diaz 44-A 38 N.W. 8th St. Miami, FL 33136 Victor A. Diaz - Caceres 38 N.W. 8th St. Miami, FL 33136 44-C *Increase in Valuation NEGOTIATED SETTLEMENT PRICE LEGAL INPROV. SUB DESCRIP. LAND CONTRIB. FIXTURES TOTAL BONUS TOTAL North 1/2 $135,000 $1,750 $4,812 $141,562 $9,250 $150,812 Lots 1 b 2, Block 44N, Miami North (PB B-41) Lots 3,4 $360,000 15,000 21,215 396,215 20,500 416,715 and 5, Block 44N, Miami North (PB B-41) *1 Additional compensation of $2,000 for expenses incurred by seller in review of the City's offer to puchase. *2 Additional compensation of $7,473 is recommended for settlement purposes. TOTAL $567.527 2,000 (1) 7,473 (2) 357 I, OUII �GttEE;tEN'. OF PURCtbNSE AND SALE PA&%,:EL NO. OPW 44-A THIS AGREEMENT entered into this day of 19 by and between THE CITY OF MIAMI, Dade County, Florida a Municipal Corporation, hereinafter referred to as "CITY", and Victor A Diaz and Elisa Diaz, currently residing/locaLed at 3tV N.W. 8th Street Miami, Florida 33136 , nereinafter referred to as "SELLER �J I T [I E S S E T H: WHr;RLAS, the SELLER is owner of that real property more fully described on Exnibit "A" attached hereto and made a part hereof, and WHt;REAS, the CITY desires to purchase said property for use in con3unction with t1le Southeast Uvertown/Park West Redevelopment Plan. NO-4, THEREFORE, in consideration of the sum of one hundred k$1G0.00) collars and other good and valuable consideration, it is hereby cr)venanted and agreed between the parties as follows: 1. In consideration of the CITY paying the SELLER the sum of One Hundred 'Thirty Nine Thousand Eight Hundred and Twelve Dollars ($139,812.00) (and if this agreement is exed-Uted by all parties within 30 days of receipt, a bonus of an additional Thirteen �housand Five Hundred Dollars *($13,500.00), the SELLER shall y General Warranty Deed convey to the CITY good marketable: and insurable title free of liens and encumbrances to that certain real property, together with the improvements, hereditaments and appurtenances which are legally described on Exhibit A attached hereto, and made a part hereof. * $9,250 Normal Bonus $1,750 Loss of Income $2,500 Settlement Incentive 2. The CITY shall pay the SELLER the sum set forth in Paragraph (1) hereof, minus any sums to be held or given to others.' pursuant to the terms of this Agreement, by CITY Warrant at the closing within sixty (60) days from the date of the execution of this Agreement by the CITY and SELLER. 3. All taxes and assessments of record for the year 1986, shall be prorated as of the date of closing and shall be paid or satisfied by the SELLER prior to closing. 4. All certified liens, encumbrances and charges of record against the real property and all pending liens against the real property snail be paid or satisfied by the SELLER prior to closing. 5. rna SELLER dgreas that loss or damage to the property by fire or other casualty, or acts of God, shall be at the risk of the SELLER until the title to the land and deed to the CITY have been accepted by the CITY. In the event that such loss or damage occurs, there shall be an adjustment of the purchase price, which adjustment shall be determined solely by the CITY. 6. T itle and to the property shall be delivered to the CITY on the date of closing Possession to be negotiated. IF the property is owner and/or tenant occupied, occupants will allowed a thirty (30) day period of time within which to relocate from property, wnica period will begin on the date of closing. Beginning on the date of closing, the CITY shall have the right to commence collection of rent from any party(s) occupying the subject property. However, from and after the execution of this instrument, the CITY, its agents, and its contractors shall have the right to tinter upon the premises to be conveyed for making studies, surveys, tests, soundings, and appraisals. it sum in the amount of Thirteen Thousand Five Hundred Dollars $( 13,500 ) shal-1-71575 held in escrow by the CITY s Closing agent, and shall be released when the SELLER vacates and surr-anders possession of the property to the CITY and upon the completion of the removal and clearance of all improvements not included i:i tii�= purensse price. P,,GE 1 OF 2 W 8 6 - t 4 q I 0 PARCEL NO. 7. T'ha SELLER does further indemnify the CITY against any claim made by any lessee of the aforesaid property who has not entered into a Settlement Agreement with the CITY, or executed a Disclaimer. ;ne SELLER agrees that Dade County may, at the request of the CITY, following the Execution of this Agreement, acquire title to s•liu land by condemnation or other judicial proceedings. 'rhe St:LLLR agrees to cooperate with and assist Dade County and the CITY in the prosecution of such proceedings. r�. if the SELLER is a corporation, partnership or trust, SELLER nereby agrees to comply with Section 236.23 Florida Statutes by maxing a written Public Disclosure, under oath, of the names and addresses of every person(s) having beneficial interests in the Meal Property being conveyed to the CITY, unless specifically exempt by provisions of said Statue. 9. If SELLER is entitled receive any additional payments under the Uniform Relocation Payment Act, it is understood that this Agreement does not prohibit SELLER from exercising his righ-LS thereunder. 10. This Agreement shall be binding upon the heirs, executors, admin- istrators and assigns of the parties. 11. 11nis-kgreement shall be governed according to the laws of the State of Florida. 12. Tne SELLER understands tnat this offer is subject to the approval of the City Commission of the City of Miami, Florida. Dated the -date first written above. i SELLER: /' r Witnesses: (two required) By _/ .&— VICTOR A. DIAL ELISA DIAL As to un individual & I GGzlcd�zute"c e CITY OF MIAMI, a Municipal ATTEST: Corporation of the State of Florida i By MATTY H i t« i I CESAR H. ODIO City Clerk City Manager APPROVED AS TO FORK AND CORRECTNESS. L CIA A. 00 GHER'PY City Attorney :a Lie AGi2EEl11✓i ')F PURCHASE AND SALE Pi M EL 140. OPW 44-C; �~ THIS AGREEMENT entered into this day of 19 by and between THE CITY Of MIAMI, Dade County, Florida a Municipal Corporation, hereinafter referred to as "CITY", and Diaz -Caceres, Victor A. , currently residing7located at 36 N.W. 8th Street Miami, Florida 33136. , hereinafter referred to as "SELLER". W I 'r N E S S E T H.- WHEREAS, the SELLER is owner of that real property more fully described on Exhibit "A" attached hereto and made a part hereof, and WHEREAS, ttie CITY desires to purchase said property for use in conjunction with the Southeast Overtown/Park West Redevelopment Plan. LNOW, THEREFORE, in consideration of the sum of one hundred ($100.00) dollars and other good and valuable consideration, it is hereby covenanted and agreed between the parties as follows: 1. In consideration of the CITY paying the SELLER the sum of Three - Hundred Eighty One Thousand Two Hundred Fifteen Dollars $381,215.00 and if this agreement is executed by all parties within 30 days of receipt, a bonus of an additional Forty Thousand Five Hundred Dollars ($40,500.00), the SELLER sha11 by General Warranty Deed convey to the CITY good marketable and insurable title free of liens and encumbrances to that certain real property, together with the improvements, hereditaments and appurtenances which are legally described on Exhibit A attached hereto, and made a part hereof. * $20,500 Normal Bonus $15,000 Loss of Income $5,000 Settlement Incentive 2. The CITY shall pay the SELLER the sum set forth in Paragraph (1) nereof, minus any sums to be held or given to others pursuant to the terms of this Agreement, by CITY Warrant at the closing within sixty (60) days from the date of the execution of this Agreement by the CITY and SELLER. 3. All taxes and assessments of record for the year 1986, shall be prorated as of the date of closing and shall be paid or satisfied by the SELLER prior to closing. 4. all certified liens, encumbrances and charges of record against the real property and all pending liens against the real property shall be paid or satisfied by the SELLER prior to closing. 5. The SELLER agrees that loss or damage to the property by fire or other casualty, or acts of God, shall be at the risk of the SELLER until the title to the land and deed to the CITY have been accepted by the CITY. In the event that such loss or damage occurs, there snall be an adjustment of the purchase price, which adjustment shall be determined solely by the CITY. 6. Title and to the property shall be delivered to the CITY on the date of closing Possession to be negotiated. IF the property is owner and/or tenant occupied, occupants will allowed a thirty (30) day period of time within which to relocate from property, which period will begin on the date of closing. Beginning on the date of closing, the CITY shall have the right to commence collection of rent from any party(s) occupying the subject property. However, from and after the execution of this instrument, the CITY, its agents, and its contractors shall have the right to enter upon the premises to be conveyed for making studies, surveys, tests, soundings, and appraisals. A sum in the amount of Thirty Six Thousand Dollars ($36,000 ) shall be hel in escrows by the CITY s C osing agent, and snail be released when the SELLER vacates and surrenders possession of the property to the CITY and upon the completion of the removal and clearance of all improvements not included in the purchase price. PAGE 1 OF 2 686-149 PARCEL NO. 7. The SELLER does further indemnify the CITY against any claim made by any lessee of the aforesaid property who has not entered into a Settlement Agreement with the CITY, or executed a Disclaimer. The SELLER agrees that Dade County may, at the request of the CITY, following the execution of this Agreement, acquire title to said land by condemnation or other judicial proceedings. The SELLER agrees to cooperate with and assist Dade County and the ciTY in the prosecution of such proceedings. 8. If the SELLER is a corporation, partnership or trust, SELLER hereby agrees to comply with Section 286.23 Florida Statutes by making a written Public Disclosure, under oath, of the names and addresses of every person(s) having beneficial interests in the Real Property being conveyed to the CITY, unless specifically exempt by provisions of said Statue. 9. if SELLER is entitled receive any additional payments under the Uniform Relocation Payment Act, it is understood that this Agreement does not prohibit SELLER from exercising his rights thereunder. W . This Agreement shall be binding upon the heirs, executors, admin- istrators and assigns of the parties. 11. This Agreement shall be governed according to the laws of the State of Florida. 12. The SELLER understands that this offer is subject to the approval of the City Commission of the City of Miami, Florida. Dated the date first written above. SELLER: Witnesses: (two required) By 4 VICTOR A. DIAZ ASERES Lyvuv� W . As to an individual x� z"'e'rizei — )' ��'( i CITY OF MIAMI, a Municipal ATTEST: Corporation of the State of Florida L4ATTY HIRAI City Clerk By CESAR H. ODIO City ManageV APPROVED AS TO FORM AND CORRECTNESS: LU IA A. DOUGHERTY City Attorney r86-149 n