HomeMy WebLinkAboutSummary FormDate: 4/23/2014
AGENDA ITEM SUMMARY FORM
14-00454
FILE ID:
Law Department
Matter ID No.
14-8
Requesting Department: Public Facilities/Asset Mgmt.
Commission Meeting Date: 5/22/2014 District Impacted: 2
Type: ® Resolution ❑ Ordinance f Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Resolution for the purchase of the properties at 602 South Miami Avenue and 614 South
Miami Avenue, Miami, Florida.
Purpose of Item:
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
("Purchaser") and the Board of Trustees of the Internal Improvement Trust Fund of the State of Florida
("Seller"), 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 at 6th Street and Miami Avenue project for a total purchase price of four million
seven hundred thousand dollars ($4,700,000) and to finalize the transaction in accordance with the terms of the
Agreement; allocating funds, at a total amount not to exceed four million eight hundred sixty five thousand
dollars ($4,865,000) from the following funding sources: (i) the donation made by BCC Road Improvement,
LLC., ("BCC") under Resolution 14- in the amount of four million one hundred sixty five thousand
($4,165,000) dollars; and (ii) seven hundred thousand dollars ($700,000) 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.
Background Information:
See Supplemental Page
Budget Impact 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:
CIP Project No: $700,000 Future Capital Expenditures Account
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
CIP N/A Bud
If using or receiving capital funds
Grants N/A Risk Manageme
Purchasing N/A Dept. Director
Chief City Manageii<r)2df ` �!� a41 --
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SUPPLEMENTAL PAGE
Subject: Resolution for the purchase of the properties at 602 South Miami Avenue and 614 South
Miami Avenue, Miami, Florida.
Background Information:
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"). The City of Miami ("Purchaser") wishes to acquire the Property in order to undergo the required
traffic improvement at 6th Street and Miami Avenue.
The Seller agrees to enter into a Sale and Purchase Agreement ("Agreement"), to sell the Property to the
Purchaser for four million seven hundred thousand dollars ($4,700,000). The sale price was established by two
independent appraisals that were procured and established four million seven hundred thousand dollars
($4,700,000) as the average fair market value for the Property. Funding in the amount of four million eight
hundred sixty five thousand dollars ($4,865,000) will be allocated from the following funding sources: (i) the
donation made by BCC Road Improvement, LLC., ("BCC") in the amount of four million one hundred sixty
five thousand dollars ($4,165,000); and (ii) seven hundred thousand dollars ($700,000) 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.
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