HomeMy WebLinkAboutSummary FormAtw5ENDA ZT01 SJ MARY FORM
FILE ID: 7— CI0 U.
Date; February 22, 2007 Requesting Deportment: Public Facilities/Asset Mgmt,
Commission Meeting Date: March 8, 2007 District impacted: District I
Type: El Resolution ❑ Ordinance E Emergency Ordinance ❑ Discussion )torn
❑ Other
Subject: Option Agreement for flituro park — 2300 N.W. 4th Street, Miami, Florida
Purpose of Item:
A Resolution of the Miami City Commission. with trtlachmerrl(s), authorizing the City Manager to cam -ciao the
Option to Purchase approximately 6 acres of real property Incased at 2300 N,W, 14 Street, Miami, Florida
("Property"), as depicted on Exhibit "A" attached and Incorporated (the "Property"), pursuunt to the Option
Agreement for Sala and Purchase, dated January 26, 2007, between the Miami Police Benevolent Association,
lne„ a Florida non -for -profit Corporation, the Florida Communities Trust, a nooregulatoiy agency within the
Department of Community Affairs and the City of Miami, attached and incorporated (the "Option
Agreement"), in connection with the expansion of Vern Isle Park, fur a total purchase price. of Bight Million
Three Hundred and Fifty Thousand Dollars ($B,350,O00.00), and to consummate said transaction in accordance
with the terms of the Option Agreement; further authorizing, the City Manager to execute any necessary
documents, in a form acceptable to the City Attorney, to accomplish the acquisition of the Property; and further
allocating funds, in an amount not to exceed Two Million our Hundred Thousand Dollars ($2,400,000) from
the special revenue fund entitled "Fern Isle Ptirk Expansion Program", appropriated to cover the Cily's portion
of the ousts associatod with said acquisition.
3ttckground Information:
Sec supplemental page attached.
0
rn
cm
ro
nn
r1
w-+
pudeet tmpnet Analysis
NO Is this item related to revenue?
YES is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:p,'n Isle Park P•xpansion Ptggfam
C1P Project No,.
NO l.y this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost: $
Maintenance Cost; $
'Fetid Fiscal Impact: $24OO,000,O0
Finati ovals
(slot AND DATE:)
C1P �, J Budget, -
If using or FCC@ rl %opt r
Grants / �" ��' _ Risk Man gem en 2—
Purchnsin / 'rki Dept, Director
Chief ,�1 City Manager
Pace 1 of 2
✓ ,�tu, �„� 212btO1
i391dNbW 2S:21 L88Z-L3-83�
Continuation....
Subject: Option Agreement for future park — 2300 N.W. l 4th Street, Miami, Florida
Background Information:
The Department of Parks and Recreation has determined a need to expand the existing Fern Isle Park
to enhance the quality of life for all who visit the neighborhood. A portion of the property located at
2300 N.W. 14 Street, Miami, Florida, which is adjacent to Fern Isle Park, containing 6 acres of green
space (the "Property"), is available for acquisition. Two independent appraisals were procured and
established $8,900,000 as the average fair market value for the Property. The City has entered into an
Option Agreement for Sale and Purchase ("Option Agreement") to purchase the Property for Eight
Million Three Hundred Fifty Thousand Dollars ($8,350,000). Resolution 06-0675, adopted on 1
November 9, 2006, established the special revenue fund entitled "Fern Isle Park Expansion Program"
and appropriated an amount not to exceed Six Million Six Hundred Thousand Dollars ($6,600,000)
for a grant award from the Florida Communities Trust ("FCT"). The FCT will pay no more than.
71.72% of the total project costs which includes acquisition costs. The City's estimated cost of said
acquisition will not exceed Two Million Four Hundred Thousand Dollars ($2,400,000). It is a
condition precedent to the validity of the City's exercise of the option to purchase the Property
pursuant to the Option Agreement that the Miami City Commission approve the Option Agreement.
Paee 2 of 2