HomeMy WebLinkAboutExhibit BExhibit "B"
CITY OF MIAMI
ARTHUR NORIEGA V
City Manager
January 9, 2025
Property Owner ("Seller")
CIO Arturo Ortega
GARAFIA, LLC
848 Brickell Key Drive,1f1404
Miami, Florida 33131
RE: Folio Number(s): 01-4102-006-6450; 6460; 6470;6480; and 6490 ("Property").
Dear Mr. Ortega,
The City of Miami ("City" and/or "Purchaser") is interested in acquiring the property located at the above referenced address. Thus, the
City kindly requests that you provide written confirmation of your willingness to accept an offer at $9,000,000.00 subject to the following
conditions:
1. The City will abandon the condemnation proceedings and not continue with the taking through eminent domain of the properties
located at 27 SW South River Drive and 5 SW South River Drive, Miami, Florida (collectively "Parcels");
2. The City shall commit to pay the amount of $1,328,000.00 for attorney's fees based on benefits achieved for the defendant in
connection with the taking of the Parcels ("Benefit Based Fees");
3. The City shall pay the Benefit Based Fees at closing;
4. City will obtain, at City's expense, a Phase I Environmental Site Assessment (and/or a Phase II Environmental Assessment if
deemed necessary);
5. Seller shall clear all title issues prior to closing;
6. Seller shall vacate any and all tenants at Seller's sole cost and expense prior to closing;
7. The transaction shall be a cash purchase with no financing conditions;
8. Purchase shall be subject to City Commission approval, and to a ten (10) day Mayoral veto period after the City Commission
resolution enactment date ("City Approval");
9. The Seller shall cease negotiating with any third parties with respect to the sale of the Property from the Effective Date hereof
until fifteen (15) days after City Approval to allow the parties' time to negotiate and execute a formal Purchase and Sale Agreement
for the Property; if the Purchase and Sale Agreement is not executed by February 14, 2025 or as such date as may be extended
by mutual written agreement of Seller and Purchaser, then this Letter of Intent shall terminate.
This letter constitutes the City's willingness to proceed and to negotiate a mutually acceptable formal Purchase & Sale Agreement. It is
understood that no legal rights or obligations shall arise by virtue of this Letter of Intent except for item number nine (9) above (`Item No.
9"), and neither party shall be bound by the terms hereof excluding Item No. 9, unless and until the execution and delivery of a formal,
written Purchase & Sale Agreement for the Property has been mutually executed and delivered by duly authorized representatives of both
parties.
If the Seller is interested in selling the Property per the conditions stated herein, please have the Seller sign below and email the signed
Letter of Intent to hmaichel@miamigov.com. If you have any questions or concerns, please contact me at (305) 416-1452.
Sincerely, By:
-DocuSigned by:
�arg5aid'Real Estate Manager
Name: Arturo Ortega
Date: January loth, 2025 ("Effective Date")
DEPARTMENT OF REAL ESTATE AND ASSET MANAGEMENT
444 S.W. 2nd Avenue, 3rd Floor, Miami, Florida 33130