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E FLOP s <br />O/ rY OF S V N 'NO <br />TO: <br />FROM <br />DATE <br />Cite of Sunny Isles Beach <br />18070 Collins Avenue. Suite 250 <br />Sunnv Isles Beach. Florida 33160 <br />(305) 947 -0606 City Hall <br />(305) 949-3 1 13 Fax <br />(305) 947 -2150 Building Deparvnent <br />(305) 947 -5107 Fax <br />MEMORANDUM <br />Honorable Mayor and City Commission <br />Christopher J. Russo, City Manager <br />July 31, 2014 <br />Cin, Commission <br />Norman S. Edelcup, Mayor <br />Isaac Action. Vrce.lfaivr <br />Jeanette Gana. Commssioner <br />Jennifer Lei in. Commissioner <br />George -Bud" Scholl. Commissioner <br />Christopher J. Russo Cin' dlanager <br />Hans Ottinot. Cnyduorner <br />Jane A. Hines. MMC. Cin, Clerk <br />RE: Resolution approving the purchase and sale agreement between the City <br />of Sunny Isles Beach and Chabad Lubavitch Russian Center of South <br />Florida, Inc. <br />RECOMMENDATION <br />It is recommended that the City Commission approve the purchase and sale agreement <br />between the City of Sunny Isles Beach ( "City') and Chabad Lubavitch Russian Center <br />of South Florida, Inc. ( "Chabad Lubavitch ") for the sale of City owned property located <br />at 500 Sunny Isles Boulevard. <br />REASONS <br />By way of background, the City issued an Invitation to Bid No. 14 -03 -01 on March 28, <br />2014, for the sale of City owned property located at 500 Sunny Isles Boulevard, Sunny <br />Isles Beach, Florida 33160 (the "Property "). The City received one bid in response <br />thereto on April 28, 2014, from Chabad Lubavitch in the amount of Three Million Three <br />Hundred Thousand Seven Hundred and Seventy Dollars ($3,300,770.00). The City <br />wishes to enter into a purchase and sale agreement with Chabad Lubavitch in the <br />amount of $3,300,770.00 in substantially the same form attached hereto as Exhibit "A ", <br />a copy of which is attached to the Resolution. <br />The proposed business terms are as follows: <br />• Upon execution of the purchase and sale agreement, the purchaser shall deliver <br />of deposit of Five Hundred Thousand Dollars ($500,000.00) with the City's <br />Escrow Agent, which shall be credited against the purchase price at Closing; <br />• The purchase price shall be paid by purchaser with Five Hundred Thousand <br />Dollars ($500,000.00) due and payable at Closing; <br />Agenda Item <br />Date 77-3-1 <br />