HomeMy WebLinkAboutcover memoCITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO :
FROM:
The Honorable Ma or
Memb red of th
Joe Arri a
Chief A inistrator
ommis
DATE :
SUBJECT:
Acquisition of Real Property LBhited at
642I NE 2nd Ave LHP #91 in
Connection with Little Haiti Park Project
REFERENCES : Resolution and Purchase and Sale
Agreement
ENCLOSURES: February 12, 2004 City Commission
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the attached Resolution authorizing the City Manager
to execute a Purchase and Sale Agreement for the acquisition of the property located at 6421 Northeast 2nd Avenue
(the "Property"), Miami, Florida, as legally described in the Purchase and Sale Agreement between the City of
Miami and Ben Pumo, Revocable Trust, attached hereto and made a part hereof, in connection with the development
of Little Haiti Park, for a total purchase price of $538,225 which equates to $40/sf for the gross building area; the
gross building area is based on an estimated 13,462 square feet for subject property. The Resolution further
authorizes the City Manager to consummate said transaction in accordance with the terms of said Purchase and Sale
Agreement; further allocating funds in the amount of $576,270 from the $255 million Homeland
Defense/Neighborhood Improvement Bond to cover the cost of said acquisition inclusive of cost of survey, appraisal,
environmental reports, title insurance, and demolition associated with said acquisition.
BACKGROUND:
On September 25, 2001 the City of Miami Commission adopted Resolution 01-1029 directing the City Manager to
take all steps necessary to initiate and implement the development of a superlative park in the Little Haiti area (the
"Park Project"). The boundaries for the Park Project as established by the City Commission are to be from
Northeast 59th Street to Northeast 64th Terrace between Northeast 2nd Avenue and Northeast 4th Avenue.
Resolution 02-395, adopted April 11, 2002 directed the City Manager to expedite the land acquisition for the Park
Project approved in the $255 Million Dollar Homeland Defense/Neighborhood Improvement Bond Issue. The
property located at 6421 Northeast 2111 Avenue is within the park boundaries and is necessary as part of the land
assembly required for the Little Haiti Park Project.
An independent appraisal established Five Hundred and Twenty Thousand ($520,000) as the fair market value for
the Property. The Department of Economic Development prepared a Purchase and Sale Agreement to purchase said
property for Five Hundred Thirty Eight Thousand Two Hundred Twenty Five Dollars ($538,225), with a deposit of
Fifty Thousand Dollars ($50,000). The Purchase Price exceeds the appraised value of Five Hundred Twenty
Thousand Dollars ($520,000) by Eighteen Thousand Two Hundred Twenty Five ($18,225).
It is a condition precedent to the validity of the Purchase and Sale Agreement and its execution by the City Manager
that the City Commission of the City of Miami approve the Purchase and Sale Agreement by a greater majority of a
4/5ths vote of its members. Failing such approval the Purchase and Sale 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 $576,270 will be provided through
CIP N 1. 31412 entitled "Little Haiti Park Land Acquisition and Development."
JA. MH: l v.:dd: m Purch& Sa1cLHP 91.doc