HomeMy WebLinkAboutSummary FormFILE ID:
AGENDA ITEM SUMMARY FORM
15-01650
Date: 12/16/2015
Commission Meeting Date: 01/28/2016
Type:
Law Department
Matter ID No.
15-2774
Requesting Department: Dept. of Real Estate & Asset Mngt.
District Impacted: 4
Resolution n Ordinance n Emergency Ordinance n Discussion Item
111 Other
Subject: Purchase and Sale Agreement for the acquisition of property located at 12 SW 47th 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 12
SW 47th Avenue, Miami, Florida, ("Property"), containing an approximate total lot area of 9,475 square
feet, as legally described in the Agreement between the City of Miami ("Purchaser") and the Federal
National Mortgage Association ("Seller"), attached hereto and made a part hereof, for a total purchase
price of Two Hundred Seventy Four Thousand Nine Hundred Dollars ($274,900.00); authorizing the
City Manager to execute all 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
No. 40-B50568 in the total amount not to exceed Two Hundred Eighty Five Thousand Dollars
($285,000.00), 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 and approved by
the City Attorney, 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 Be nds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact: $285,000.00
Final Approvals (SIGN AND DA.7 )'
CIP Budget 7
Grants N/A Risk M agemeIf using or receiving capital Hinds
ytt
Purchasing N/A Dept. DirectorJOG',
Chief City Manager
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SUPPLEMENTAL PAGE
Subject: Purchase and Sale Agreement for the acquisition of property located at 12 SW 47th Avenue,
Miami, Florida.
Background Information:
The City of Miami ("Purchaser") wishes to acquire the property located at 12 SW 47th Avenue, Miami,
Florida ("Property"). The Purchaser plans to construct a park at the Property to enhance the quality of
life. The Federal National Mortgage Association ("Seller") agrees to enter into a Purchase and Sale
Agreement, to convey the Property to the Purchaser for Two Hundred Seventy Four Thousand Nine
Hundred Dollars ($274,900.00). 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 Seventy Four Thousand Nine Hundred Dollars ($274,900.00). The Purchaser's estimated total
cost for the acquisition of the Property will not exceed Two Hundred Eighty Five Thousand Dollars
($285,000.00), to be allocated from CIP Project No. 40-B50568 D4 Park Land Acquisition.
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