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HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM File ID: #8891 Date: 04/12/2021 Commission Meeting Date: 04/22/2021 Requesting Department: City Manager's Office Sponsored By: District Impacted: District 3 Type: Resolution Subject: Execute - Purchase and Sale Agreement - 1649-51, LLC Purpose of Item: Resolution of the Miami City Commission, authorizing the City Manager to execute a Purchase and Sale Agreement ("Agreement"), in a form acceptable to the City Attorney, by a four -fifths (4/5ths) affirmative vote, between the City of Miami ("City") and 1649-51, LLC, a Florida Limited Liability Company ("Seller"), for the acquisition of real property located at 1649 Northwest 5 Street and 1651 Northwest 5 Street, Miami, Florida (collectively the "Property"), for a purchase price of Two Million Five Hundred Thousand Dollars ($2,500,000.00); 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 a source to be determined, in an amount not to exceed Two Million Six Hundred Seventy -Five Thousand Dollars ($2,675,000.00), to cover all costs of said acquisition, inclusive of the cost of survey, environmental reports, title insurance, demolition, securing the property, project signage and all 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 1649 Northwest 5 Street and 1651 Northwest 5 Street, Miami, Florida (collectively the "Property"). The City plans to construct a park that will serve the recreational and cultural needs of the area and enhance the quality of life of residents in the surrounding area. 1649-51, LLC, a Florida Limited Liability Company ("Seller") has agreed to enter into a Purchase and Sale Agreement ("Agreement") with the City to convey the Property to the City for a purchase price of Two Million Five Hundred Thousand Dollars ($2,500,000.00) ("Purchase Price"). Pursuant to Section 166.045(b), Florida Statutes, titled "Proposed Purchase of Real Property by Municipality; Confidentiality of Records; Procedure," for each purchase in an amount in excess of $500,000.00, the governing body shall obtain at least two (2) appraisals by appraisers approved pursuant to Section 253.025, Florida Statutes. The City obtained two (2) appraisal reports from licensed State of Florida certified appraisers with an average appraisal price of Two Million Three Hundred Thousand Dollars ($2,300,000.00). Section 166.045(b), Florida Statutes, further states that if the agreed purchase price exceeds the average price of the two (2) appraisals, the governing body is required to approve the purchase by an extraordinary vote (i.e. a four -fifths (4/5ths) vote of the City Commission). The City's estimated total cost for the acquisition of the Property will not exceed Two Million Six Hundred Seventy -Five Thousand Dollars ($2,675,000.00), with funds being allocated from a source to be determined. Budget Impact Analysis Item has NOT an Expenditure Item is an Expenditure Item is NOT funded by Bonds Total Fiscal Impact: $2,675,000.00 General Account No: TBD 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 Office of the City Attorney City Commission Office of the Mayor Office of the City Clerk Office of the City Clerk Reviewed B Arthur Noriega V Aniska Elliott Leon P Michel Valentin J Alvarez Jacqueline Lorenzo Barnaby L. Min Victoria Mendez Nicole Ewan Mayor's Office City Clerk's Office City Clerk's Office City Manager Review Budget Analyst Review Budget Review Legislative Division Review ACA Review Deputy City Attorney Review Approved Form and Correctness Meeting Completed Completed Completed Completed Completed Completed Completed Completed Unsigned by the Mayor Completed Signed and Attested by the City Clerk Completed Rendered Completed 04/12/2021 11:00 AM 04/12/2021 12:17 PM 04/12/2021 12:39 PM 04/12/2021 12:52 PM 04/12/2021 4:12 PM 04/12/2021 4:21 PM 04/12/2021 4:29 PM 04/22/2021 9:00 AM 05/03/2021 5:24 PM 05/03/2021 5:47 PM 05/03/2021 5:47 PM City of Miami Legislation Resolution Enactment Number: R-21-0179 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 8891 Final Action Date:4/22/2021 A RESOLUTION OF THE MIAMI CITY COMMISSION, BY A FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE, 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 ("CITY") AND 1649-51, LLC, A FLORIDA LIMITED LIABILITY COMPANY ("SELLER"), FOR THE ACQUISITION OF REAL PROPERTIES LOCATED AT 1649 NORTHWEST 5 STREET AND 1651 NORTHWEST 5 STREET, MIAMI, FLORIDA (COLLECTIVELY, "PROPERTY"), FOR A PURCHASE PRICE OF TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($2,500,000.00); FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL OTHER DOCUMENTS, INCLUDING AMENDMENTS AND MODIFICATIONS TO THE AGREEMENT, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY, AS MAY BE NECESSARY TO EFFECTUATE SAID ACQUISITION; ALLOCATING FUNDS FROM A SOURCE TO BE DETERMINED IN AN AMOUNT NOT TO EXCEED TWO MILLION SIX HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ($2,675,000.00) TO COVER ALL COSTS OF SAID ACQUISITION, INCLUSIVE OF THE COST OF SURVEY, ENVIRONMENTAL REPORTS, TITLE INSURANCE, DEMOLITION, SECURING THE PROPERTY, PROJECT SIGNAGE, AND ALL 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 the real properties located at 1649 Northwest 5 Street and 1651 Northwest 5 Street, Miami, Florida (collectively, "Property"); and WHEREAS, the City plans to construct a park on the Property that will serve the recreational and cultural needs of the area and enhance the quality of life of residents in the surrounding area; and WHEREAS, 1649-51, LLC, a Florida Limited Liability Company ("Seller"), is the owner of the Property and has agreed to enter into a Purchase and Sale Agreement ("Agreement") with the City to convey the Property to the City for a purchase price of Two Million Five Hundred Thousand Dollars ($2,500,000.00) ("Purchase Price"); and WHEREAS, pursuant to Section 166.045(1)(b), Florida Statutes, titled "Proposed Purchase of Real Property by Municipality; Confidentiality of Records; Procedure", for each purchase in an amount in excess of $500,000.00, the governing body shall obtain at least two (2) appraisals by appraisers approved pursuant to Section 253.025, Florida Statutes; and WHEREAS, the City obtained two (2) appraisal reports from licensed State of Florida certified appraisers and the average appraised value of the Property was determined to be Two Million Three Hundred Thousand Dollars ($2,300,000.00); and WHEREAS, Section 166.045(1)(b), Florida Statutes, further states that if the agreed purchase price exceeds the average appraised price of the two (2) appraisals, the governing body is required to approve the purchase by an extraordinary vote; and WHEREAS, the City's total cost for the acquisition of the Property shall not exceed Two Million Six Hundred Seventy -Five Thousand Dollars ($2,675,000.00), which is inclusive of all closing costs and related costs pertaining to the purchase; and WHEREAS, funds for the acquisition of the Property, including all closing and related costs, shall be allocated from a source to be determined, subject to applicable laws; 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 adopted by reference and incorporated herein as if fully set forth in this Section. Section 2. The City Manager is authorized to negotiate and execute the Agreement, in a form acceptable to the City Attorney, between the City and the Seller for the acquisition of the Property for the Purchase Price. Section 3. The City Manager is further authorized to negotiate and execute any and all other necessary documents, including amendments and modifications to the Agreement, all in forms acceptable to the City Attorney, as may be necessary to effectuate said acquisition. Section 4. The City Manager shall budget, allocate, and appropriate necessary funds in an amount not to exceed Two Million Six Hundred Seventy -Five Thousand Dollars ($2,675,000.00) for the costs of acquisition, including without limitation, the cost of survey, environmental reports, title insurance, demolition, securing the property, project signage, and all closing costs associated with said acquisition, with the allocation and appropriation to occur by separate Resolution at time of need from legally available funding sources in accordance with applicable operating and/or capital plan budgets, including amendments of such applicable budget(s) as necessary. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: ndez, ity ttor ey , 4/12/2021 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.