HomeMy WebLinkAboutSummary FormFILE ID:
Date: 02/01/2016
AGENDA ITEM SUMMARY FORM
16-00155
Law Department
Matter ID No.
16-71
Requesting Department: Dept. of Real Estate & Asset Mngt.
Commission Meeting Date: 03/11/2016 District Impacted: 3
Type: ►/ Resolution ❑ Ordinance n Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Purchase and Sale Agreement for the acquisition of real property located at 240 SW 7th Avenue,
230 SW 7th Avenue, and 220 SW 7th Avenue.
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 real property located at
240 SW 7th Avenue (Folio: 01-0202-020-1220), 230 SW 7th Avenue (Folio: 01-0202-020-1210), and
220 SW 7th Avenue (Folio: 01-0202-020-1030) (collectively, the "Property"), containing an
approximate total lot area of 20,000 square feet, as legally described in the Agreement between the City
of Miami ("Purchaser") and SAINC CORP ("Seller"), attached hereto and made a part hereof, for a
total purchase price of One Million Three Hundred Thousand Dollars ($1,300,000.00); 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 D3 Lighting Safety and Parks
Improvements CIP project No. 40-B40355C in the total amount not to exceed One Million Three
Hundred Forty Thousand Dollars ($1,340,000.00), 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-B40355C (D3 Lighting Safety and Parks Improvements)
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact: $1,340,000.00
Final Approvals (SIGN AND DATE)
CIP N/A Budget
Risk M
If using or receiving capital funds
Grants N/A
Purchasing N/A Dept. Director
Chief City Manager
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SUPPLEMENTAL PAGE
Subject: Purchase and Sale Agreement for the acquisition of real property located at 240 SW 7th Avenue,
230 SW 7th Avenue, and 220 SW 7th Avenue.
Background Information:
The City of Miami ("Purchaser") wishes to acquire real property located at 240 SW 7th Avenue (Folio:
01-0202-020-1220), 230 SW 7th Avenue (Folio: 01-0202-020-1210), and 220 SW 7th Avenue (Folio:
01-0202-020-1030) (collectively, the "Property"). The Purchaser plans to construct a park at the
Property to enhance the quality of life in the surrounding area. SAINC CORP ("Seller") agrees to enter
into a Purchase and Sale Agreement ("Agreement"), to convey the Property to the Purchaser for One
Million Three Hundred Thousand Dollars ($1,300,000.00). The Agreement is contingent upon
obtaining a written appraisal from a licensed Florida appraiser stating that the appraised value is at least
One Million Three Hundred Thousand Dollars ($1,300,000.00). The Purchaser's estimated total cost
for the acquisition of the Property will not exceed One Million Three Hundred Forty Thousand Dollars
($1,340,000.00), to be allocated from CIP Project No. 40-B40355C D3 Lighting Safety and Parks
Improvements.
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