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Partnerships for a
NEW MIAMI
To: Honorable Mayor and Members of the City Commisio
From: Marva L. Wiley, Acting President/CEO
Model City Community Revitalization District Trust
Subject: Acquisition and Purchase Price Approval
Date: October 28, 2003
RECOMMENDATION:
It is respectfully requested that the City Commission approve by four -fifths vote
the attached list of seven (7) properties totaling $1,559,835.
BACKGROUND:
You will find that the proposed acquisitions listed on the attachment reflec
properties located in the geographic Phase I area and properties adjacent that
comes substantially close to rounded out a block just off the 17th Avenue
commercial corridor.
The Trust's approved process requires that staff secure two (2) appraisals on a
property to establish the fair market value of the property. Consistent with the
Board's adoption of the City Commission's policy for land acquisition in
Community Revitalization Districts (Resolution No. 02-678) that was
subsequently adopted at the Board's meeting of July 16, 2002, staff negotiated up
to 15% above the average of the two appraisals.
You will find that all of the proposed new acquisitions comply with the 15%
above the average standard. You should note that MHZ 214 was slated for
acquisition previously and the resolution did not correctly reflect the purchase
price approved by the Model City Trust Board of Directors. This vacant parcel
was in the acquisition cue in May 2002 when acquisitions were stalled pending
the additional level of administrative review for environmental compliance.
You should also note that one property does not have two appraisals as of the
time of this printing. The property owner owns a lone single family home in the
midst of several City parcels that has suffered substantial vandalism. Thus, the
property owner is extremely motivated to dispose of the property. The
approved purchase price is within 15% of the sole appraisal.
The appraisers were selected from the City's qualified appraisers list established
as a result of a formal solicitation process. To ensure expedited processing of
appraisal requests and more favorable pricing for the project given the
anticipated economies of scale, interested firms from that list were invited to
respond to a closed bid process for a rate schedule to perform appraisals
exclusively for the Model City Homeownership Pilot Project acquisitions.
You should also note that Evans Environmental & Geosciences (EE&G)
completed several environmental site assessments over the affected area. All
properties slated for approval here have received an environmental clearance
from EE&G through either the Areawide Phase I or the subsequent Phase II
where appropriate.
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