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HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM File ID: #8733 Date: 03/09/2021 Commission Meeting Date: 04/22/2021 Requesting Department: City Manager's Office Sponsored By: District Impacted: District 2 Type: Resolution Subject: Execute - Purchase and Sale Agreement - 3260 SW 29th St Purpose of Item: Resolution authorizing the City Manager to execute a Purchase and Sale Agreement ("Agreement"), in a form acceptable to the City Attorney, between the City of Miami ("City") and the seller of real property ("Seller") located at 3260 SW 29 Street and 3270 SW 29 Street, Miami, Florida 33133 (collectively the "Property"), for a purchase price of Two Million Three Hundred Fifty Thousand Dollars ($2,350,000.00); further 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 the Office of Capital Improvement ("OCI") Project No. 40-B213507, District 2 Park Land Acquisition, and additional funds allocated from a source to be determined, in an amount not to exceed Two Million Four Hundred Twenty -Five Thousand Dollars ($2,425,000.00), to cover the cost of said acquisition, inclusive of the cost of survey, environmental reports, title insurance, demolition, securing the Property, project signage and related closing costs associated with said acquisition, in accordance with the terms and conditions of the Agreement. Background of Item: The City of Miami ("City") wishes to acquire the real property located at 3260 Southwest 29 Street and 3270 Southwest 29 Street, Miami, Florida 33133 (collectively the "Property"). The City plans to construct a park that will enhance the quality of life of residents in the surrounding area. The Seller has agreed to enter into a Purchase and Sale Agreement ("Agreement") with the City to convey the Property to the City for the amount of Two Million Three Hundred Fifty Thousand Dollars ($2,350,000.00). The City obtained two (2) appraisals from licensed State of Florida certified appraisers stating that the appraised value of the Property is at least the purchase price of Two Million Three Hundred Fifty Thousand Dollars ($2,350,000.00). The City's estimated total cost for the acquisition of the Property will not exceed Two Million Four Hundred Twenty -Five Thousand Dollars ($2,425,000.00), with funds being allocated from the Office of Capital Improvement ("OCI") Project No. 40-B213507, District 2 Park Land Acquisition, and additional funds being allocated from a source to be determined. Budget Impact Analysis Item is NOT Related to Revenue Item is an Expenditure Item is NOT funded by Bonds Total Fiscal Impact: $2,425,000.00 CIP Project No: 40-B213507 (District 2 Park Land Acquisition) City Manager's Office Office of Management and Budget Office of Management and Budget Legislative Division Office of the City Attorney Office of the City Attorney City Commission City Commission Office of the City Attorney Reviewed B Arthur Noriega V Lai -wan McGinnis Leon P Michel Valentin J Alvarez Jacqueline Lorenzo Barnaby L. Min Todd B. Hannon Nicole Ewan Victoria Mendez City Manager Review Budget Analyst Review Budget Review Legislative Division Review ACA Review Deputy City Attorney Review Meeting Meeting Approved Form and Correctness Completed 03/15/2021 6:42 PM Completed 03/16/2021 12:09 PM Completed 03/16/2021 12:38 PM Completed 03/16/2021 12:41 PM Completed 03/16/2021 5:07 PM Completed 03/16/2021 5:25 PM Completed 03/25/2021 9:00 AM Completed 04/22/2021 9:00 AM Pending City of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 8733 Final Action Date:4/22/2021 MAY BE WITHDRAWN A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE A PURCHASE AND SALE AGREEMENT ("AGREEMENT"), IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, BETWEEN THE CITY OF MIAMI AND 3260/3270 HOLDINGS, LLC FOR THE PURCHASE OF A PROPERTY LOCATED AT 3260 SW 29 STREET AND 3270 SW 29 STREET, MIAMI, FLORIDA 33133 (COLLECTIVELY, "PROPERTY") FORA PURCHASE PRICE OF TWO MILLION THREE HUNDRED FIFTY THOUSAND DOLLARS ($2,350,000.00); FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL OTHER DOCUMENTS, INCLUDING AMENDMENTS AND MODIFICATIONS TO SAID AGREEMENT, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY, AS MAY BE NECESSARY TO EFFECTUATE SAID ACQUISITION; ALLOCATING FUNDS FROM THE OFFICE OF CAPITAL IMPROVEMENTS PROJECT NO. 40-B213507, DISTRICT 2 PARK LAND ACQUISITION, AND ADDITIONAL FUNDS ALLOCATED FROM A SOURCE TO BE DETERMINED, IN AN AMOUNT NOT TO EXCEED TWO MILLION FOUR HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($2,425,000.00) TO COVER THE COST OF SAID ACQUISITION, INCLUSIVE OF THE COST OF SURVEY, ENVIRONMENTAL REPORTS, TITLE INSURANCE, DEMOLITION, SECURING THE PROPERTY, PROJECT SIGNAGE, AND RELATED CLOSING COSTS ASSOCIATED WITH SAID ACQUISITION, ALL IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE AGREEMENT. WHEREAS, the City of Miami ("City") wishes to acquire in fee simple the real properties located at 3260 Southwest 29 Street and 3270 Southwest 29 Street, Miami, Florida 33133 (collectively, "Property"); and WHEREAS, the City plans to construct a park that will enhance the quality of life of residents in the surrounding area; and WHEREAS, 3260/3270 Holdings, LLC ("Seller") is currently the contract purchaser of the Property; and WHEREAS, upon the Seller's acquisition of the Property, the Seller has agreed to enter into a Purchase and Sale Agreement ("Agreement") with the City to convey the fee simple interest in the Property to the City for an amount equal to Two Million Three Hundred Fifty Thousand Dollars ($2,350,000.00); and WHEREAS, the City obtained two (2) appraisals from licensed State of Florida certified appraisers, which provide an average fair market value of the Property that exceeds the purchase price of Two Million Three Hundred Fifty Thousand Dollars ($2,350,000.00); and WHEREAS, the City's estimated total cost for the acquisition of the Property, including the cost of survey, environmental reports, title insurance, demolition, securing the property, project signage, and related closing costs associated with said acquisition, is estimated not to exceed Two Million Four Hundred Twenty -Five Thousand Dollars ($2,425,000.00); and WHEREAS, funds will be allocated from the Office of Capital Improvements ("OCI") Project No. 40-B213507, District 2 Park Land Acquisition with additional funds allocated from a source to be determined; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. The City Manager is authorized' to negotiate and execute the Agreement between the City and Seller, upon the Seller's acquisition of the Property, for a purchase price of Two Million Three Hundred Fifty Thousand Dollars ($2,350,000.00), in a form acceptable to the City Attorney. Section 3. The City Manager is further authorized' to negotiate and execute any and all necessary documents, including amendments and modifications to said Agreement, all in forms acceptable to the City Attorney, as may be necessary to effectuate said acquisition of the Property. Section 4. Funding for the acquisition is allocated in an amount not to exceed Two Million Four Hundred Twenty -Five Thousand Dollars ($2,425,000.00) from OCI Project No. 40- B213507, District 2 Park Land Acquisition with additional funds allocated from a source to be determined. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: 1 The herein authorization is further subject to compliance with all legal requirements that may be imposed including, but not limited to, those prescribed by applicable City Charter and City Code provisions.