HomeMy WebLinkAboutSummary FormDate: 3/23/2016
AGENDA ITEM SUMMARY FORM
FILE ID: 16-00417
Law Department
Matter ID No.
16-567
Requesting Department: Dept. of Real Estate & Asset Mngt.
Commission Meeting Date: 4/28/2016 District Impacted: 4
Type: Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Purchase and Sale Agreement for the acquisition of real property located at 1301 SW 21 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"), in substantially the attached form, between the
City of Miami ("Purchaser") and Xanadu Properties 1301 LLC ("Seller"), for the acquisition of real
property located at 1301 SW 21 Avenue, Miami, Florida, ("Property"), containing an approximate total
lot area of 8,586.9 square feet, as legally described in the Agreement, attached and incorporated, for a
total purchase price of Three Hundred Three Thousand Seven Hundred Twenty Dollars ($303,720.00),
contingent upon the City obtaining a written appraisal from a licensed Florida appraiser stating that the
appraised value of the property is at a minimum the referenced amount herein; authorizing the City
Manager to negotiate and execute all necessary documents, including amendments and modifications
to said Agreement, in a form acceptable to the City Attorney, as may be necessary to effectuate said
acquisition; with funds allocated from the D4 Park Land Acquisition project No. 40-B50568 in a total
amount not to exceed Three Hundred Fifteen Thousand Dollars ($315,000.00), 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.
Background Information: 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) ‘41001 fenrAci
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact: $315,000.00
Final A
royals SIGN AND DAT
CIP N/A Budget
If using or receiving capital funds
Grants N/A Risk M agement
Purchasing N/A Dept. Director
Assistant City Manager City Manager
Page 1 of 2
SUPPLEMENTAL PAGE
Subject: Purchase and Sale Agreement for the acquisition of real property located at 1301 SW 21 Avenue,
Miami, Florida.
Background Information:
The City of Miami ("Purchaser") wishes to acquire the property located at 1301 SW 21 Avenue, Miami,
Florida (`Property"). The Purchaser plans to construct a park at the Property to enhance the quality of
life. Xanadu Properties 1301 LLC ("Seller") agrees to enter into a Purchase and Sale Agreement
("Agreement"), to convey the Property to the Purchaser for of Three Hundred Three Thousand Seven
Hundred Twenty Dollars ($303,720.00). The Agreement is contingent upon obtaining an appraisal
stating that the appraised value is at least Three Hundred Three Thousand Seven Hundred Twenty
Dollars ($303,720.00). The Purchaser's estimated total cost for the acquisition of the Property will not
exceed Three Hundred Fifteen Thousand Dollars ($315,000.00), to be allocated from CIP Project No.
40-B50568 D4 Park Land Acquisition.
Page 2 of 2
Property Details
Asking Price (folio) $303,720
Appraised Value Pending
Total Lot Size 8,5869SF
Address 1301 SW 21 AVE
Fo|ioNuno6er(s) 01'4110'012'0650
Zone T3'R
District 4
City Commission Meeting Aph|2Om
Remarks: Off market transaction. Conner
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