HomeMy WebLinkAboutR-75-0711I"
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RESOLUTION N( s3=711
A RESOLUTION AUTHORIUMO THE CITY MANAGER
OP THt CITY OP MIAMI TO INTER INTO THE
AGREEMENT ATTACHED HERETO AND MADE A PART
NEREO ', ?Oft THE PURCHASE OP CERTAIN RED
PROPERTY IN THE DOWNTOWN ARE, OP THE CITY
OP MIAMI PROM THE PEINBERO PAMILY, POR
TNT PURCHASE PRICK OP $4, 000, 000., AND
AUTHORIZING THE DIRTCTOR OP VINANCE TO
ALLOCATE $4, 010, 000 FOR Tt#E PURCHASE OP
SAID PROPERTY AND T1E NECESSARY COSTS
AND EXPENSES INCURRED THEREWITH, INCLUD-
ING BUT NOT LIMITED TO ABSTRACTING AND
TITLE INSURANCE PROM THE CONVENTION CENTER
BOND FUND AND THE VIRGINIA I(EY SALE TRUST
FUND.
WHEREAS, GCT ASSOCIATES, a partnership of which
PETER I. FEINBERG, DAVID H. FEINBERG, and a trust for the
benefit of MICHAEL FEINBERG, are the partners, has offered to
sell to the City of Miami certain property as described in the
agreement attached hereto, located in the downtown area of the
City of Miami; and
WHEREAS, the asking price for said property is
$4,000,000 and the actual fair market value of the property is
between $8,000,000 and $10,000,000; and
WHEREAS, the City is actually receiving a gift of
between $4,000,000 and $6,000,000; and
WHEREAS, the subject property is required for a much
needed Convention Center in the downtown area of the City of
Miami; and
"DOCUMENT I DEX
ITL i NO.PP
CITY COMMISSION
MEETING OF
JUL311975
NE$OIutio HQ./ T' )/r
Rf MARIGS;
WiltAtAS, the 'City Commission has detertiiner that it
is in the best interest of the City of Miami and its inhabitants
to enter into the agreement attached hereto,
NOW, TatREPORt# tF IT kt8OLVED 13y THE COMMISSION OF
Tl-1F CIT? OF MIAMI., ?LORIbA:
Section 1. The City Manager of the City of Miami
is hereby authorized to enter into the agreement attached hereto
and made a part hereof, for the purchase of certain real property
in the downtown area of the City of Miami from the Feinberg
family, for the purchase price of $4,000,000.
Section 2. The Director of Finance is hereby authorized
to allocate $4,010,000 for the purchase of said property and
the necessary costs and expenses incurred therewith, including
but not limited to abstracting and title insurance from the
Convention Center Bond Fund and the Virginia Key Sale Trust Fund.
PASSED AND ADOPTED this ,INFOf\ T„1 y , 1975
te, e
0^'
Attest
Cit Clerk
PREPARED AND APPROVED BY:
MICHEL E. ANDERSON, Asst. City Attorney
11111111111111 IIIII.IIIu
rEMERG PROPERTY
AGREEMENT
Silly Ili 19
item #16
1. Copies of this agreettettt are available to pass out to the
City Commission and press.
2. Conditions in agreement requiring rrbre detailed review;
a. inventory of personal property, equipment and fixtures.
b. ttnployee and management contracts on Dallas Park
Hotel.
c. Review of Dallas Park Motel operation, maintenance,
utility, etc. , needs.
d. Review of physically closed publicly dedicated right of
way (12,000 square feet?). Tentative plat was filed in
1974.
e. Review of lease termination clauses,
f. Review of status of foreclosure of $100, 000 mortgage on
50 x 50 foot privately owned (not Feinberg), tract at
northwest corner of Dallas Park Hotel tract.
3. Resolution adopted by Commission should authorize execution
of agreement subject to conditions City Manager and City
Attorney feel are in the best interest of the City.
APPRAISAL
Tax Assessed Value
Slack Appraisal Total
Bisz Appraisal Total
$3, 132, 933
$7, 850, 000
$6, 400, 000
Feinberg Property
Page &2a
Partel 1 S.943 adres - 171, 759 square feet
Slack appraisal $5, 668, 047 g $3i. 00 sq. ft.
(4- 12,000 sq. ft. in Street lk /W g $33 44425, 000)
Bisz appraisal $4, 710,000 @ $27. 50 sq. ft.
Parcel 2 - 1.15 acres 50, 092 square feet
Three buildings:
C118 building on St 2ttd Street (parking lot)
1 story CS Retail Store on St 1st Street
10 story 13alla.s Park Hotel
Slack appraisal - $1, 523, 310 @ $30. 00 sq. ft.
-60, 000 (Detnolition)
Bisz appraisal - $1, 690,000 @ $25 to $27. 50 sq. ft.
(Dallas Park Hotel - 110, 000 sq. ft. @ $3. 50 sq. ft. )
Proposed purchase total cost $4, 000, 000
5, 093 acres - 221, 851 square feet @ $18. 00 sq. ft.