HomeMy WebLinkAboutM-82-0004LAW OFFICES
FLOYD PEARSON STEWARt RICHMAN GREER & WEIL
PROFESSIONAL AS30CIATION
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ROOERT LJLOYD
pAy N. PEARSON
LARRY S. STEWART
GERALD OF. RICHMAN
ALAN O. CREEP
KENNETH J.WtIL
SERTNA CLAIRE LEE
JOHN M.SRUMSAUGH
STEPHEN N. ZACK
ANDREW J. MIRASITO
JAMES l.TILGHMAN,JR.
S. DANIEL PONCE
SRUCE A.CHRISTENSEN
GARY O.VO%
PHILLIP t.WALKER
SCOTT D.HEFTALL
tLLEN ClAtIo1N
ROSERT S. GALT, III
DAVID W. SIANCHI
CHARLES E.SUKER,M
HERMAN J.RUSSOMANNO
ROSEPTO MARTINET
WILLIAM C. HEARON
DAMES R.OAILEY
ROSERT C.SIEGEN
HOWARD P. GROSS
THOMAS MEEKS
CHARLES H.JOHNSON
The Honorable Howard V. Gary
City Manager
City of Miami
3500 Pan American Drive
Miami, Florida 33133
Dear Mr. Gary:
January 119 198"
ONE B14CAYNE TOWER
TWENTY•FIPTH FLOOR
MIAMI, FLORIDA 33131-1e168
AREA CODE 30S
TELEPHONE 377.0241
BROWARD S23-4297
The current status of the FEC property (P & O Docks), 32.6
acres, is as follows:
1) Legal title is in the City of Miami as of March 13, 1978 -
the day the City deposited $149500,000.00 in an escrow account at the
Florida National Bank with the interest accruing to the benefit of the City.
2) The City has had possession of the P & O property since
November 129 1981 pursuant to an order entered by Judge Hoeveler (Federal
Trial Court in Miami) with the restriction only that the City not interfere
with the use of the railroad track or the docks until there has been a judicial
determination of whether the City must obtain a certificate of abandonment
from the Interstate Commerce Commission.
3) The City has tendered to the FEC all additional funds that
in our opinion are legally due. The City deposited into the escrow account
in the Florida National Bank the sum of $1,699,929.04 which represents the
difference between $23,350,000.00, the amount of the jury verdict, and
$21,651,467.01, the amount available on November 9, 1981, the day Judge
Hoeveler authorized the City to take possession, plus $1,396.05 which is
three days interest at 10% on $1,698,532.99. The total sum paid by the City
into the Bank is $16,199,929.04.
4) There presently is in the repository of the Florida National
Bank the sum of $23,796,121.16.
5) Both FEC and the City have appealed the valuation
judgment to the Third District Court of Appeal (state court). The City has
restricted its appeal solely to the issue of interest. The amount of interest
involved is $1,43.,986.24. The City filed its brief on December 14, 1981 and
FEC has requested an extension of 30 days.
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