HomeMy WebLinkAboutSummary FormDate: 07/27/2015
AGENDA ITEM SUMMARY FORM
FILE ID: 15-01002
Law Department
Matter ID No.
15-1580
Requesting Department: Dept. of Real Estate & Asset Mngt.
Commission Meeting Date: 09/10/2015 District Impacted: 4
Type: El Resolution ❑ Ordinance n Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Purchase and Sale Agreement for the acquisition of property located at 1197 SW 19 Avenue,
Miami, Florida.
Purpose of Item:
a resolution of the Miami City Commission, with attachment(s), authorizing the City Manager to
execute a Purchase and Sale Agreement ("Agreement") for the acquisition of the property located at
1197 SW 19 Avenue, Miami, Florida, ("Property"), containing a total lot area of 6,726 square feet
more or less, as legally described in the Agreement between the City of Miami ("Purchaser") and
Federal National Mortgage Association ("Seller"), attached hereto and made a part hereof, for a total
purchase price of Two Hundred Thirty Seven Thousand Nine Hundred Dollars ($237,900.00);
authorizing the City Manager to execute any necessary documents, in a form acceptable to the City
Attorney, which are necessary to effectuate said acquisition. Funds are allocated from the D4 Park
Land Acquisition project B-50568 in the total amount not to exceed Two Hundred Forty Six
Thousand Dollars ($246,000.00), to cover the cost of said acquisition inclusive of the cost of survey,
environmental report, title insurance and related closing costs associated with said acquisition, in
accordance with the terms and conditions of the Agreement, which terms may be amended by the City
Manager, as may be necessary in order to meet the best interest of the City of Miami.
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:
40-B50568 (D4 Park Land Acquisition)
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact: $246,000.00
Final Approvals (SIGN AND DATE;
CIP N/A Budget 1
Grants N/A Risk McY agement
If using or receiving capital fiords
Purchasing N/A Dept. Director
Chief
City Manager
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SUPPLEMENTAL PAGE
Subject: Purchase and Sale Agreement for the acquisition of property located at 1197 SW 19 Avenue, Miami,
Florida.
Background Information:
The City of Miami ("Purchaser") wishes to acquire the property currently bank -owned, located at
1197 SW 19 Avenue, Miami, Florida ("Property"). The Purchaser plans to construct a park at the
Property to enhance the quality of life. The Purchaser acknowledges and takes the Property subject to
any City of Miami pending lien. Seller agrees to enter into a Purchase and Sale Agreement, to sell the
Property to the Purchaser for Two Hundred Thirty Seven Thousand Nine Hundred Dollars
($237,900.00). The Agreement is contingent upon the City of Miami obtaining a written appraisal
from a licensed Florida appraiser stating that the appraised value is at least Two Hundred Thirty
Seven Thousand Nine Hundred Dollars ($237,900.00). The Purchaser's estimated total cost for the
acquisition of the Property will not exceed Two Hundred Forty Six Thousand Dollars ($246,000.00),
to be allocated from CIP Project No. 40-B50568 D4 Park Land Acquisition.
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