HomeMy WebLinkAboutR-14-0208City of Miami
Legislation
Resolution: R-14-0208
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 14-00454 Final Action Date: 5/22/2014
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO EXECUTE A CONTRACT FOR SALE AND
PURCHASE ("AGREEMENT"), IN SUBSTANTIALLY THE ATTACHED FORM,
BETWEEN THE CITY OF MIAMI AND THE BOARD OF TRUSTEES OF THE
INTERNAL IMPROVEMENT TRUST FUND OF THE STATE OF FLORIDA, FOR THE
ACQUISITION OF THE PROPERTIES LOCATED AT 602 SOUTH MIAMI AVENUE
AND 614 SOUTH MIAMI AVENUE, MIAMI, FLORIDA (COLLECTIVELY THE
"PROPERTY"), AS LEGALLY DESCRIBED IN THE AGREEMENT, IN CONNECTION
WITH THE TRAFFIC IMPROVEMENT PROJECT AT 6TH STREET AND MIAMI
AVENUE, MIAMI, FLORIDA, FORATOTAL PURCHASE PRICE OF FOUR MILLION
SEVEN HUNDRED THOUSAND DOLLARS ($4,700,000.00) AND TO FINALIZE THE
TRANSACTION IN ACCORDANCE WITH THE TERMS OF THE AGREEMENT;
ALLOCATING FUNDS, IN A TOTAL AMOUNT NOT TO EXCEED FOUR MILLION
EIGHT HUNDRED SIXTY FIVE THOUSAND DOLLARS ($4,865,000.00) FROM THE
FOLLOWING FUNDING SOURCES: (I) THE DONATION MADE BY BCC ROAD
IMPROVEMENT, LLC., ("BCC") PURSUANT TO RESOLUTION NO. 14-0207,
ADOPTED MAY 22, 2014, IN THE AMOUNT OF FOUR MILLION ONE HUNDRED
SIXTY FIVE THOUSAND DOLLARS ($4,165,000.00); AND (II) SEVEN HUNDRED
THOUSAND DOLLARS ($700,000.00) FROM 6TH STREET EASEMENT FEES
MADE BY SWIRE PROPERTIES, INC., TO COVER THE COSTS ASSOCIATED
WITH THE ACQUISITION OF THE PROPERTY, INCLUDING BUT NOT LIMITED TO
SURVEYS, ENVIRONMENTAL REPORTS, AND TITLE INSURANCE; 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.
WHEREAS, the Board of Trustees of the Internal Improvement Trust Fund of the State of
Florida ("Seller") owns the properties located at 602 South Miami Avenue and 614 South Miami
Avenue, Miami, Florida, (collectively the "Property"); and
WHEREAS, the City of Miami ("Purchaser") wishes to acquire the Property in order to undergo
the required traffic improvement project at 6th Street and Miami Avenue, Miami, Florida; and
WHEREAS, the Seller agrees to enter into a contract for Sale and Purchase Agreement
("Agreement") to sell the Property to the Purchaser for four million seven hundred thousand
($4,700,000.00) dollars; and
WHEREAS, two (2) independent appraisals were procured and established four million seven
hundred thousand dollars ($4,700,000.00) as the average fair market value for the Property; and
WHEREAS, funding in the amount of four million one hundred sixty five thousand dollars
($4,165,000.00) will be allocated from the donation made by BCC Road Improvement, LLC., ("BCC")
City of Miami
Page 1 of 2 File Id: 14-00454 (Version: 21 Printed On: 1/3/2018
File Number: 14-00454 Enactment Number: R-14-0208
and seven hundred thousand dollars ($700,000.00) from 6th Street Easement fees made by Swire
Properties, Inc., for the purchase of the Property; and
WHEREAS, the Purchaser's estimated total cost for the acquisition of the Property will not
exceed four million eight hundred sixty five thousand dollars ($4,865,000.00);
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted
by reference and incorporated as fully set forth in this Section.
Section 2. The City Manager is authorized{1} to execute an Agreement, in substantially the
attached form, between the Purchaser and Seller, for the acquisition of the Property, as legally
described in the Agreement, in connection with the traffic improvement project at 6th Street and Miami
Avenue, Miami, Florida, for a total purchase price of four million seven hundred thousand dollars
($4,700,000.00), and to finalize the transaction in accordance with the terms of the Agreement, with
funds in a total amount of four million eight hundred sixty five thousand dollars ($4,865,000.00) from
the following funding sources: (i) the donation made by BCC pursuant to Resolution No. 14-0207,
adopted May 22, 2014, in the amount of four million one hundred sixty five thousand dollars
($4,165,000.00); and seven hundred thousand dollars ($700,000.00) from 6th Street Easement fees
made by Swire Properties, Inc., to cover the costs to cover the costs associated with the acquisition of
the Property, including but not limited to surveys, environmental reports, and title insurance.
Section 3. The City Manager is further authorized{1} to execute any necessary documents, in
a form acceptable to the City Attorney, to accomplish the acquisition of the Property.
Section 4. This Resolution shall become effective immediately upon adoption and signature
of the Mayor.{2}
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be
imposed by the City Attorney, including but not limited to those prescribed by applicable City
Charter and Code provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall
become effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 File Id: 14-00454 (Version: 21 Printed On: 1/3/2018