HomeMy WebLinkAboutSummary FormDate: 3/15/2006
AGENDA ITEM SUMMARY FORM
FILE ID: Q 6-r004V
Requesting Department: Public Facilities
Commission Meeting Date: 4/6/2006 District Impacted: 2
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Easement Agreement between the City of Miami and Coral Reef Yacht Club.
Purpose of Item:
A Resolution of the City of Miami Commission, authorizing the City Manager to execute a
Submerged Land Easement Agreement ("Easement"), in substantially the attached form, with Coral
Reef Yacht Club, a non-profit corporation ("Grantee"), to provide for Grantee's use of approximately
4.21 acres of City -owned submerged land located waterward of 2484 South Bayshore Drive
("Grantee's Property") for marina purposes, providing for payment by Grantee of the amount of
$1,140,000.00 in consideration for the Easement, with terms as more particularly set forth in the
Easement.
Background Information:
See attached.
Budget Impact Analysis
YES Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No.
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
It'using or receiving caOt$�nds
Grants NN
Purchasing lv 4
Final Approvals
(SIGN AND DATE)
Budge ' M IA--1. 31 U ot,
Risk Managemen
Dept. Director
City Manager
Paee 1 of 2
Subject: Easement between the City of Miami and Coral Reef Yacht Club.
Background Information:
The Coral Reef Yacht Club ("Grantee") has been occupying the submerged lands adjacent to its
property at 2484 South Bayshore Drive for several years. The last lease between the City and Grantee
has one option remaining which will expire on June 30, 2014.
At this time, the City would like to enter into an Easement Agreement with Grantee to provide for its
continued use of 4.21 acres of submerged lands so long as it owns its upland property. Grantee has
agreed to pay a one-time payment of $1,140,000 ($6.55 per SF) for this privilege, which amount
represents the highest appraised value of the fee simple ownership of the submerged land based upon
two independent appraisals performed by Joseph J. Blake and Associates and J. Mark Quinlivan.
Given the Grantee's ownership of the upland, it would be the only possible bidder of the submerged
land.
The effectuation of the Submerged Land Easement Agreement is conditioned upon the Easement
Agreement being approved by the State of Florida, Board of Trustees of the Internal Improvement
Trust Fund. Should the State require the payment of any fee or other consideration for State approval,
the parties shall negotiate a mutually acceptable payment of the fee.
This item was presented to and recommended for City Commission approval by the Waterfront Board
at their March 14, 2006 meeting. However, the Waterfront Board also presented a resolution which
passed unanimously recommending that the City Commission spend the proceeds of the Easement
Agreement on the implementation of the Coconut Grove Waterfront Master Plan.
Paae 2 of 2