HomeMy WebLinkAboutcover memoCITY OF MIAMI, FLORIDA
PH.2
TO :
FROM:
INTER -OFFICE MEMORANDUM
DATE :
SUBJECT:
REFERENCES:
Ar
The Honorable Mayor and._-_„
Me : -rs of the City ommission
Toe Aa, Resolution and Option Agreement
Chief inistrator ENCLOSURES:
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Option to Purchase Real PropeFI E:
Located at 254 NE 59th Terrace
LHP # 68 in Connection with Little
Haiti Park
Public Hearing
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the attached Resolution authorizing the
City Manager to exercise the Option to purchase the property located at 254 Northeast 59th Terrace (the
Property), Miami, Florida, as legally described in the Option Agreement between the City of Miami and
Charlotte Stevens (Seller) attached hereto and made a part hereof, in connection with the development of
Little Haiti Park, with a purchase price of $645,000, and to consummate said transaction in accordance
with the terms of said Option Agreement. This Resolution further allocates funds in the amount of
$670,000.00 from the $255 Million Homeland Defense/Neighborhood Improvement Bond to cover the
cost of said acquisition inclusive of cost of survey, appraisal, environmental report, and title insurance
associated with said acquisition.
BACKGROUND:
On September 25, 2001, Resolution No. 01-1029 was adopted directing the City Manager to take all steps
necessary to initiate and implement the development of a superlative park in the Little Haiti area ("Park
Project"). The boundaries for the Park Project as established by the City Commission are from Northeast
59th Street to Northeast 64th Terrace between Northeast 2nd and 4th Avenues, Miami, Florida.
On April 11, 2002, Resolution No. 02-395 was adopted directing the City Manager to expedite the land
acquisition for the Park Project approved in the $255 Million Homeland Defense/Neighborhood
Improvement Bond Issue. The property, located at 254 Northeast 59 Terrace, Miami, Florida
("Property"), is within the park boundaries and is necessary as part of the land assembly required for
Park Project.
The average of two independent appraisals established the fair market value for the Property at Four
Hundred Twenty Thousand ($420,000) Dollars. The Department of Economic Development prepared,
and the City Manager executed, an Option Agreement to purchase this property for Six Hundred Forty -
Five Thousand Dollars ($645,000) Dollars, with an option payment of One Thousand ($1,000.00)
Dollars. The Purchase Price exceeds the average appraised value of Four Hundred Twenty Thousand
($420,000) Dollars by Two Hundred Twenty -Five Thousand ($225,000) Dollars.
It is a condition precedent to the validity of the Option Agreement and its execution by the City Manager
that the City Commission approve the Option Agreement by a greater majority of a four -fifths 4/5th
affirmative vote of its members, failing such approval the Option Agreement shall be automatically null
and void without the necessity of further action by either party.
FINANCIAL IMPACT:
There is no impact to the City's General Fund. Total acquisition cost of $670,000.00 will be provided
througl lijNO. 331412 entitled "Little Haiti Park Land Acquisition and Development."
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