HomeMy WebLinkAboutSummary FormDate: 8/3/2016
AGENDA ITEM SUMMARY FORM
FILE ID: 16-0112 5
Law Department
Matter ID No.
16-1932
Requesting Department: Dept. of Real Estate & Asset Mngt.
Commission Meeting Date: 9/8/2016 District Impacted: 2
Type: /1 Resolution n Ordinance ❑ Emergency Ordinance n Discussion Item
❑ Other
Subject: Purchase and Sale Agreement for the acquisition of real property located at 3722 and 3724 Oak
Avenue, 3320 and 3340 Southwest 37th Avenue, and 3723 Frow 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 Astor Trolley, LLC ("Seller"), for the acquisition of real property
located at 3722 and 3724 Oak Avenue, 3320 and 3340 Southwest 37 Avenue, and 3723 Frow Avenue,
Miami, Florida, ("Property"), containing an approximate lot area of 21,658 square feet, as legally
described in the Agreement, attached and incorporated, for a total purchase price of Three Million Sixty
Thousand Dollars, $3,060,000.00 ("Purchase Price"). The purchase is contingent upon the Purchaser
obtaining two written appraisals from licensed Florida appraisers confirming that the appraised value
of the Property is at least the stated Purchase Price; 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; allocating funds
from a source to be determined in a total amount not to exceed Three Million One Hundred Thirty
Thousand Dollars ($3,130,000.00), 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:
73-1735T
rLteratta( 0 yy
`44,4_ ? 2016. I ? ,4(
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact: $3,130,000.00
CIP N/A
If using or receiving capital funds
Grants N/A Risk Management
Purchasing N/A Dept. Director .-
Assistant City Manager City Manager
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SUPPLEMENTAL PAGE
Subject: Purchase and Sale Agreement for the acquisition of real property located at 3722 and 3724 Oak
Avenue, 3320 and 3340 Soutwest 37th Avenue, and 3723 Frow Avenue, Miami, Florida.
Background Information:
Pursuant to Resolution R-16-0284, adopted on June 9th, 2016, the Miami City Commission authorized
the City Manager to negotiate a Purchase and Sale Agreement ("Agreement") with Astor Trolley, LLC
("Seller") for the acquisition of the property located at 3722 and 3724 Oak Avenue, 3320 and 3340
Southwest 37th Avenue, and 3723 Frow Avenue, Miami, Florida ("Property").
The City Commission finds that the Property would best serve the residents of the City of Miami as a
Community Center.
Seller agrees to enter into a Purchase and Sale Agreement ("Agreement"), to convey the Property to the
Purchaser for Three Million Sixty Thousand Dollars, $3,060,000.00 ("Purchase Price").
The Agreement is contingent upon obtaining two (2) written appraisals from licensed Florida appraisers
the average of which shall be a sum greater than or equal to the Purchase Price; and
The Purchaser's estimated total cost for the acquisition of the Property will not exceed Three Million
One Hundred Thirty Thousand Dollars ($3,130,000.00), to be allocated from a source of funds to be
determined.
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