HomeMy WebLinkAboutcover memoCITY OF MIAMI, FLORIDA
D61S
INTER -OFFICE MEMORANDUM
TO : The Honorable Mayor
Member fthe Ci
FROM :
crc
Joe A .la
Chic • ministrator
DATE :
SUBJECT:
FEB 13 2004
FILE
Acquisition of Real Property Located at
5901-09 Northeast 2nd Avenue, LHP #73 in
Connection with Little Haiti Park Project
REFERENCES : Resolution and Purchase and Sale
ENCLOSURES: Agreement
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 5901-09 Northeast 2nd Avenue (the "Property"),
Miami, Florida, as legally described in the Purchase and Sale Agreement between the City of Miami and Olga
Felix and Ann Marie Lourde-Lacroix, attached hereto and made a part hereof, in connection with the
development of Little Haiti Park, for a total purchase price of $550,000, which equates to $72.66/sf for the
gross building area; the gross building area is based on an estimated 7,569 square feet for subject property. 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 $586,902 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 5901-09 Northeast 2"d Avenue is within the park boundaries and is necessary as part of
the land assembly required for the Little Haiti Park Project.
The average of two (2) independent appraisals established Three Hundred and Eighty Seven Thousand Five
Hundred Dollars ($387,500) as the fair market value for the Property. The Department of Economic
Development prepared a Purchase and Sale Agreement to purchase said Property for Five Hundred and Fifty
Thousand Dollars ($550,000), with a deposit of One Thousand Dollars ($1,000). The Purchase Price exceeds
the appraised value of Three Hundred and Eighty Seven Thousand Five Hundred Dollars ($387,500) by One
Hundred and Sixty -Two Thousand Five Hundred Dollars ($ 1 62,500).
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 S586,902 will be provided
thro NO. 331412 entitled "Little Haiti Park Land Acquisition and Development."
JA:LM
dd: m Purch& SaIeLHP 73.doc