HomeMy WebLinkAboutSummary Form-00 AGENDA ITEM UMMARY FORM
FILE ID: {)��b{iick$�l
Date: December 4, 2006 Requesting Department: Public Facilities (Asset Management.)
Commission Meeting Date: January 11, 2007 District Impacted: 2
Type: ® Resolution n Ordinance ❑ Emergency Ordinance ❑ Discussion Item ❑ Other
Subject: Purchase and Sale of City owned property located at 46 West Flagler Street, Miami, Florida
Purpose of Item:
A Resolution of the Miami City Commission, with attachment(s), approving the sale of the City -owned
property located at 46 West Flagler Street, Miami, Florida ("Property"), as more particularly described
in Exhibit "A" attached hereto and made a part hereof to First 35, Inc., A Florida Corporation
("Purchaser"); establishing One Million Four Hundred Thousand Dollars ($1,400,000) as the amount to
be paid to the City of Miami by the aforementioned; further authorizing the City Manager to execute a
Purchase and Sale Agreement, in substantially the form attached, and to execute such other documents
as may be necessary to consummate such transaction in accordance with the terms and conditions of the
agreement, which terms may be amended by the City Manager as may be necessary in order to meet the
best interest of the City.
Background Information:
See Supplemental Sheet.
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:
CIP
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SUPPLEMENTAL SHEET
Subject: Purchase and Sale of City owned property located at 46 West Flagler
Background Information:
On November 6, 2001, the electorate of the City of Miami approved an amendment to Section
29-B of the Charter of the City of Miami to create an exception from City requirements for
competitive bidding for disposition of non -waterfront City -owned property to an adjacent property
owner when the subject property is 7,500 square feet or less, or the subject non -waterfront property is
non -buildable. The arca contained in the Property is 4,200 square feet. Currently the property sits
vacant, represents a maintenance cost and liability to the City and does not generate ad valorem taxes.
Resolution 05-0370, adopted on June 9, 2005 declared surplus the City owned property
located at 46 West Flagler Street, Miami, Florida, formerly known as Paul Walker Park ("Property")
and authorized and directed the City Manager to solicit offers from adjacent property owners, for the
sale of the Property. It is in the best interest of the City to sell the Property, divest itself of the
liabilities associated with its ownership, and place the Property on the tax rolls.
On July 5, 2005 the City contacted all the adjacent property owners, inquiring if there was an
interest in purchasing the Property. On July 13, 2005, two independent appraisals were received by
the Department of Public Facilities and established One Million Two Hundred Eighty -Seven
Thousand Five Hundred Dollars ($1,287,500) as the average fair market value for the Property.
Based on receipt of the appraisals, the City re -issued the letters to the adjacent property owners
inquiring if there was an interest in purchasing the Property and established One Million Two
Hundred Ninety Thousand Dollars ($1,290,000) as the minimum bid price. 44 West Flagler
Properties, LLC submitted a bid for One Million Two Hundred Ninety Thousand Dollars
($1,290,000), the City began negotiations which never materialized and they subsequently withdrew
their offer.
On May 24, 2006, the City again contacted the adjacent property owners, inquiring if there
was an interest in purchasing the Property and established a minimum sales price of One Million Two
Hundred and Ninety Thousand Dollars ($1,290,000). First 35, Inc. was the only adjacent property
owner that responded to our inquiry and has agreed to pay the City, a purchase price of One Million
Four Hundred Thousand Dollars ($1,400,000) or approximately $346.00 per square foot for this
property including all personal property and fixtures located inside the premises. The property will be
conveyed "as is" and "where is" and the City will not warrant the sufficiency of its title nor any
interest it may have in the property.
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