HomeMy WebLinkAboutcover memoCITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
QN
03\5-4
TO :
FROM :
The Honorable Mayor
Members of thc. c Commissio
rriola
Administrator
DATE :
SUBJECT:
FEB 13 2004
FILE
Acquisition of Real Property Located at
207 Northeast 59th Street, and 5911
Northeast 2nd Avenue, LHP #72 & 74 in
Connection with Little Haiti Park Project
REFERENCES : Resolution and Purchase and Sale
Agreement
ENCLOSURES: March 11, 2004
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the attached resolution, by an affirmative vote
of 4/5ths of the members of the City Commission, authorizing the City Manager to execute a Purchase and
Sale Agreement for the acquisition of the property located at 207 Northeast 59th Street and 591 1 Northeast 2nd
Avenue (the "Properties"), Miami, Florida, as legally described in the Purchase and Sale Agreement between
the City of Miami and CBI Holding Company, a Florida Corporation, attached hereto and made a part hereof,
in connection with the development of Little Haiti Park, for a total purchase price of $41 1,000, which equates
to a combined value for the two (2) parcels of $44.71 per square foot. The total lot size for the two (2)
properties is 9,193 square feet. 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 $442,700 from the $255 million Homeland Defense/Neighborhood Improvement Bond to cover the
cost of said acquisition inclusive of cost of survey, appraisal, environmental report, title insurance, demolition,
and fencing.
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 207 Northeast 59t1' Street and 5911 Northeast 2'1 Avenue are within the park
boundaries and are necessary as part of the land assembly required for the Little Haiti Park Project.
An independent appraisal established Two Hundred and Seventy Six Thousand Dollars ($276,000) as the
combined fair market value for the Properties. The Department of Economic Development prepared a
Purchase and Sale Agreement to purchase said Properties for Four Hundred and Eleven Thousand Dollars
($4l 1,000), with a deposit of One Thousand Dollars ($1,000). The Purchase Price exceeds the appraised value
of Two Hundred and Seventy Six Thousand Dollars ($276,000) by One Hundred and Thirty Five Thousand
Dollars ($135,000).
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 $442,700 will be provided
thrt CIP NO. 331412 entitled "Little Haiti Park Land Acquisition and Development."
JA,LM .K .:dd: m Purch& SaIeLHP 72 & 74.doc