HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM
File ID: #18167
Date: 09/12/2025
Commission Meeting Date: 09/11/2025
Requesting Department: City Commission
Sponsored By: Ralph Rosado
District Impacted:
Type: Resolution
Subject: Real Estate Acquisition 235 NW 26 AVE
Budget Impact Analysis
Total Fiscal Impact:
City Commission
Office of the Mayor
Office of the City Clerk
Legislative Division
Office of Management and Budget
Office of the City Attorney
Office of the City Attorney
Office of the City Clerk
Reviewed B
Maricarmen Lopez
Mayor's Office
City Clerk's Office
Valentin J Alvarez
Marie Gouin
James Brako
George K. Wysong III
City Clerk's Office
Meeting Completed
Signed by the Mayor Completed
Signed and Attested by the City Clerk Completed
Legislative Division Review Completed
Budget Review
ACA Review
Approved Form and Correctness
Rendered
Completed
Completed
Completed
Completed
09/11/2025 9:00 AM
09/19/2025 2:30 PM
09/19/2025 2:40 PM
09/25/2025 10:58 AM
09/26/2025 12:37 AM
09/26/2025 8:16 AM
09/26/2025 11:29 AM
09/29/2025 12:03 PM
City of Miami
Legislation
Resolution
Enactment Number: R-25-0372
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 18167 Final Action Date:9/11/2025
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 ("CITY") AND CORAL GROUP PROPERTY ADVISORS, INC.
("SELLER"), FOR THE ACQUISITION OF REAL PROPERTY IDENTIFIED AS FOLIO
NUMBER(S) 01-4103-033-2620 AND 01-4103-033-2625, LOCATED AT 235
NORTHWEST 26 AVENUE, MIAMI, FLORIDA (COLLECTIVELY "PROPERTY"), FOR
A PURCHASE PRICE OF ONE MILLION SEVENTY-TWO THOUSAND DOLLARS
($1,072,000.00); FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE
AND EXECUTE AN ASSIGNMENT AND ASSUMPTION AGREEMENT
("ASSIGNMENT") OF LEASE AGREEMENT ("LEASE"), IN A FORM ACCEPTABLE TO
THE CITY ATTORNEY, BETWEEN THE CITY AND SELLER'S EXISTING TENANT, L
& R STRUCTURAL CORP., INC., FOR USE OF THE PROPERTY ("TENANT");
FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE
ALL NECESSARY DOCUMENTS, INCLUDING AMENDMENTS AND
MODIFICATIONS TO SAID AGREEMENT, ASSIGNMENT AND LEASE, IN A FORM
ACCEPTABLE TO THE CITY ATTORNEY, AS MAY BE NECESSARY TO
EFFECTUATE SAID ACQUISITION; FUNDING FOR THE ACQUISITION SHALL NOT
EXCEED ONE MILLION ONE HUNDRED FIVE THOUSAND DOLLARS
($1,105,000.00) WITH FUNDS BEING ALLOCATED, APPROPRIATED, AND
AWARDED FROM THE DISTRICT 4 PARK ENHANCEMENTS AND EXPANSION
CAPITAL PROJECT, 40-B243516, USING MIAMI FOREVER BOND - SERIES 2024A -
TAX-EXEMPT BOND ISSUANCE TO COVER THE COST OF SAID ACQUISITION,
INCLUSIVE OF THE COST OF SURVEYS, ENVIRONMENTAL REPORTS, TITLE
INSURANCE, 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 real property identified as folio
number(s), 01-4103-033-2620 and 01-4103-033-2625, located at 235 Northwest 26 Avenue,
Miami, Florida (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, Coral Group Property Advisors Inc ("Seller") has agreed to enter into a
Purchase and Sale Agreement ("Agreement"), with the City to sell the Property for a purchase
price of One Million Seventy-two Thousand Dollars ($1,072,000.00) ("Purchase Price"); and
WHEREAS, 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; and
WHEREAS, the City obtained two (2) appraisal reports from licensed State of Florida
certified appraisers; and
WHEREAS, the City has agreed to Seller's Assignment and Assumption ("Assignment")
of Lease Agreement ("Lease"), and to assume the rights and obligations set forth in the Lease,
to effectuate the City's acquisition of the Property, as a condition to the Agreement; and
WHEREAS, the City's estimated total cost for the acquisition of the Property shall not
exceed One Million One Hundred Five Thousand Dollars ($1,105,000.00) with funds being
allocated, appropriated, and awarded from the District 4 Park Enhancements and Expansion
Capital Project, 40-6243516, using Miami Forever Bond - Series 2024A - Tax-exempt Bond
Issuance; and
WHEREAS, in accordance with Section 2-33(f) of the Code of the City of Miami, Florida,
as amended ("City Code"), the City Commission, by a majority vote, hereby deems this
Resolution to be of an emergency nature;
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, in a form acceptable to the City Attorney, for the acquisition of the
Property for the Purchase Price.
Section 3. The City Manager is further authorized' to negotiate and execute the
Assignment, between the City and Seller, in a form acceptable to the City Attorney, to effectuate
the City's acquisition of the Property, as a condition to the Agreement.
Section 4. The City Manager is further authorized' to negotiate and execute all
necessary documents, including amendments and modifications to said Agreement, Assignment
and Lease, in a form acceptable to the City Attorney, as may be necessary to effectuate said
acquisition.
Section 5. Funding for the acquisition shall not exceed One Hundred Five Thousand
Dollars ($1,105,000.00) with funds being allocated, appropriated, and awarded from the District
4 Park Enhancements and Expansion Capital Project, 40-6243516, using Miami Forever Bond -
Series 2024A - Tax-exempt Bond Issuance.
Section 6. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.2
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.
2 If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days
from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective
immediately upon override of the veto by the City Commission.
APPROVED AS TO FORM AND CORRECTNESS:
g III, C y`attor ey / 9/26/2025