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HomeMy WebLinkAboutAgenda Item Cover PageAGENDA ITEM COVER PAGE File ID: #16724 Resolution Sponsored by: Commissioner Manolo Reyes A RESOLUTION OF THE MIAMI CITY COMMISSION, BY A FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE, AUTHORIZING THE CITY MANAGER TO NEGOTIATE A PURCHASE AND SALE AGREEMENT ("AGREEMENT"), IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, BETWEEN THE CITY OF MIAMI ("CITY") AND SOFLO INVESTMENTS, LLC, A FLORIDA LIMITED LIABILITY COMPANY ("SELLER"), FOR THE ACQUISITION OF REAL PROPERTY LOCATED AT 50 SOUTHWEST 68 AVENUE, MIAMI, FLORIDA, FOLIO NUMBER 01-4002-002-1000 ("PROPERTY"), FOR A PURCHASE PRICE OF THREE HUNDRED FIFTY THOUSAND DOLLARS ($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 OFFICE OF CAPITAL IMPROVEMENTS ("OCI") PROJECT NO. 40-B213414A, DISTRICT 4 AFFORDABLE HOUSING LAND ACQUISITION, IN AN AMOUNT NOT TO EXCEED THREE HUNDRED EIGHTY- SEVEN THOUSAND DOLLARS ($387,000.00), TO COVER THE COST OF SAID ACQUISITION, INCLUSIVE OF THE COST OF SURVEYS, ENVIRONMENTAL REPORTS, TITLE INSURANCE, DEMOLITION, SECURING THE PROPERTY, PROJECT SIGNAGE AND ALL RELATED CLOSING COSTS ASSOCIATED WITH SAID ACQUISITION, IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE AGREEMENT. City of Miami Legislation Resolution Enactment Number: R-24-0404 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 16724 Final Action Date:10/15/2024 A RESOLUTION OF THE MIAMI CITY COMMISSION, BY A FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE, AUTHORIZING THE CITY MANAGER TO NEGOTIATE A PURCHASE AND SALE AGREEMENT ("AGREEMENT"), IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, BETWEEN THE CITY OF MIAMI ("CITY") AND SOFLO INVESTMENTS, LLC, A FLORIDA LIMITED LIABILITY COMPANY ("SELLER"), FOR THE ACQUISITION OF REAL PROPERTY LOCATED AT 50 SOUTHWEST 68 AVENUE, MIAMI, FLORIDA, FOLIO NUMBER 01-4002-002-1000 ("PROPERTY"), FOR A PURCHASE PRICE OF THREE HUNDRED FIFTY THOUSAND DOLLARS ($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 OFFICE OF CAPITAL IMPROVEMENTS ("OCI") PROJECT NO. 40-B213414A, DISTRICT 4 AFFORDABLE HOUSING LAND ACQUISITION, IN AN AMOUNT NOT TO EXCEED THREE HUNDRED EIGHTY- SEVEN THOUSAND DOLLARS ($387,000.00), TO COVER THE COST OF SAID ACQUISITION, INCLUSIVE OF THE COST OF SURVEYS, ENVIRONMENTAL REPORTS, TITLE INSURANCE, DEMOLITION, SECURING THE PROPERTY, PROJECT SIGNAGE AND ALL RELATED CLOSING COSTS ASSOCIATED WITH SAID ACQUISITION, IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE AGREEMENT. WHEREAS, the City of Miami ("City") wishes to acquire the property located at 50 Southwest 68 Avenue, Miami, Florida, Folio Number 01-4002-002-1000 ("Property"); and WHEREAS, the City plans to construct an affordable housing project on the Property to ameliorate the City's emergency need for affordable housing, which is in the best interest of the City and the community; and WHEREAS, Soflo Investments, 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 for Three Hundred Fifty Thousand Dollars ($350,000.00); and WHEREAS, the City obtained an appraisal from state -certified appraiser pursuant to Section 166.045(b), Florida Statutes, titled "Proposed Purchase of Real Property by Municipality; Confidentiality of Records; Procedure"; and WHEREAS, the City's estimated total cost for the acquisition of the Property will not exceed Three Hundred Eighty -Seven Thousand Dollars ($387,000.00), with funds being allocated from Office of Capital Improvements ("OCI") Project No. 40-B213414A, District 4 Affordable Housing Land Acquisition; 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 authorized1 to negotiate and execute an Agreement, between the City and Seller, for the acquisition of the Property for a purchase price of Three Hundred Fifty Thousand Dollars ($350,000.00). Section 3. The City Manager is further authorized 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. Section 4. Funding for the acquisition is to be allocated in an amount not to exceed Three Hundred Eighty -Seven Thousand Dollars ($387,000.00) from OCI Project No. 40- B213414A, District 4 Affordable Housing Land Acquisition. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: ge = . Wys ng IIQ, C ty ttor -y 9/30/2024 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.