HomeMy WebLinkAboutR-04-0066City of Miami
Legislation
Resolution: R-04-0066
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 04-00053 Final Action Date: 2/12/2004
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO EXECUTE THE RELEASE,
DISCHARGE AND WAIVER OF OPTION AND RIGHT OF FIRST REFUSAL
("RELEASE"), IN SUBSTANTIALLY THE ATTACHED FORM, FOR THE
PROPERTY KNOWN TRACT 3 OF THE "RIVERSIDE PLAZA" AS MORE
PARTICULARLY DESCRIBED IN THE ATTACHED RELEASE.
WHEREAS, on June 9, 1997, the Department of Off -Street Parking ("DOSP") acquired from
Alanco, Inc., by Special Warranty Deed, the Property known as Riverside Plaza and such deed
was recorded in ORB 1685/PG 4434 of the Public records of Miami- Dade County ; and
WHEREAS, the City of Miami ("City") was afforded certain rights relative to this Property which
may be summarized as consisting of rights, for a ten-year period which expires on June 19, 2007,
to consent to any sale of the property, which could be withheld or conditioned at the City's sole
discretion the right to buy the Property from DOSP at fair market value (the City's Option to
Purchase); and, after the expiration of this ten-year period the City has a right of first refusal if
DOSP desires to sell or transfer all or some of the Property to a third party, it must first give the
City the opportunity to buy the interest being sold or transferred (the City's right of first refusal); and
WHEREAS, on or about September 25, 2003, DOSP issued a Request for Proposal No. 03-
01- Riverside, for the development of this Property; and
WHEREAS, the sole response was from Pinnacle Housing Group, Ltd., ("PINNACLE") posing
to develop housing for low and moderate income elderly persons on the property; and
WHEREAS, Pinnacle leads the industry in providing affordable first-class housing in Florida's
urban core and has been recognized by Affordable Housing Finance magazine, as one of Florida's
most successful developers in revitalizing Florida's urban communities; and
WHEREAS, the foregoing restrictions, obligations, options to purchase and rights of first
refusal held by the City provide a substantial impediment to financing the development of the
property by Pinnacle for the intended purposes; and
WHEREAS, the City Commission is the only party authorized to release, discharge and waive
the options and rights of first refusal the City of Miami has on the property; and
WHEREAS, the City Commission finds and determines that the removal of these restrictions,
obligations, options to purchase and rights of first refusal is in the best public interest and will allow
the property to be used for a program or project to principally provide housing to elderly persons of
low and/or moderate income and will allow DOSP, a governmental agency and instrumentality the
City of Miami
Page 1 of 2 File Id: 04-00053 (Version: 1) Printed On: 8/30/2016
File Number: 04-00053 Enactment Number: R-04-0066
ability to implement said program or project;
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 adopted
by reference and incorporated as if fully set forth in this Section.
Section 2. The City Manager is authorized{1} to execute the Release, Discharge and Waiver of
Option and Right of First Refusal ("Release"), in substantially the attached form, for the property
known as Tract 3 of the "Riverside Plaza" as more particularly described in the attached Release.
Section 3. This Resolution shall become effective immediately upon its adoption and signature
of the Mayor.{2}
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be
imposed by the City Attorney, including but not limited to those prescribed by applicable City
Charter and Code provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 File Id: 04-00053 (Version: 1) Printed On: 8/30/2016