HomeMy WebLinkAboutCRA-R-05-0007 Master ReportCity of Miami
Master Report
Enactment Number: CRA-R-05-0007
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 04-01437
File Type: CRA Resolution
Version: 1 Reference:
Status: Passed
Controlling Body: SEOPW/OMNI
Community
Redevelopment
Agencies
File Name: Award RFP for Bay View Towers Project Introduced: 12/23/2004
Requester: Cost: Final Action: 1/31/2005
Title: A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SOUTHEAST OVERTOWN/PARK
WEST COMMUNITY REDEVELOPMENT AGENCY (THE "CRA") AUTHORIZING THE
EXECUTIVE DIRECTOR TO SELL TO BAYVIEW TOWERS ASSOCIATES, LLC ("BAYVIEW")
ALL THE CRA'S RIGHT, TITLE AND INTEREST IN FEE SIMPLE TITLE TO THE PROPERTY
DESCRIBED ON EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF (THE
"PROPERTY") AND THE CRA'S INTEREST, AS THE LANDLORD, UNDER THE TERMS AND
PROVISIONS OF THAT CERTAIN LEASE AGREEMENT (THE "LEASE") BY AND BETWEEN
THE CITY OF MIAMI AND PARK WEST LTD. ("PARK") DATED JUNE 15, 1988 FOR (i) THE
PAYMENT OF A PURCHASE PRICE OF FIVE HUNDRED THOUSAND DOLLARS ($500,000.00);
(ii) BAYVIEW EXPENDING NOT LESS THAN THREE HUNDRED THOUSAND DOLLARS
($300,000.00) TO IMPROVE THE 9TH STREET MALL BETWEEN N.W. 1ST AVENUE AND
NORTH MIAMI AVENUE WHICH IMPROVEMENTS SHALL BE SUBJECT TO THE APPROVAL
OF THE EXECUTIVE DIRECTOR OF THE CRA, AND COMPLETED WITHIN EIGHTEEN (18)
MONTHS OF CLOSING; (iii) BAYVIEW PAYING TO THE CRA SEVEN PERCENT (7%) OF THE
GROSS PURCHASE PRICE RECEIVED BY BAYVIEW FROM THE SALE OF INDIVIDUAL
CONDOMINIUM UNITS COMPRISING A PORTION OF THE PROPERTY PROVIDED NOT LESS
THAN TWO MILLION ONE HUNDRED THOUSAND DOLLARS ($2,100,000.00) IS PAID TO THE
CRA WITHIN TWO (2) YEARS FROM APPROVAL OF THE PLANS BY THE EXECUTIVE
DIRECTOR OF THE CRA; (iv) BAYVIEW TO PAY ALL UNPAID RENT DUE AS OF THE DATE OF
CLOSING; AND (v) THE REIMBURSEMENT TO THE CRA OF ALL COSTS AND EXPENSES
INCURRED BY THE CRA IN CONNECTION WITH THE TRANSACTION INCLUDING,
WITHOUT LIMITATION, APPRAISAL FEES, ATTORNEYS' FEES, AND CLOSING COSTS, NOT
TO EXCEED $50,000.
Sponsors:
Notes:
Indexes:
Attachments: COVER MEMO.pdf,BACKUP DOCUMENTATION.pdf,LEGISLATION.pdf,
History of Legislative File
Version: Acting Body: Date: Action: Sent To: Due Date: Return Date: Result:
1 CRA Special Counsel 1/28/2005 Reviewed and
Approved
1 SEOPW/OMNI 1/31/2005 ADOPTED Pass
Community
Redevelopment Agencies
City of Miami Page 1 Printed on 9/13/2011
City of Miami
Master Report
Enactment Number: CRA-R-05-0007
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
1 SEOPW/OMNI 1/31/2005 ADOPTED Pass
Community
Redevelopment Agencies
City of Miami Page 2 Printed on 9/13/2011