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To: City Commission <br />From: Lynn Dannheisser, <br />City Attorney <br />Date: March 26, 1998 <br />Subject: RESOLUTION ON PURCHASE AND SALE OF 17425 <br />COLLINS AVENUE KNOWN AS BEACH COVE RESORT, <br />FOR CITY PARKLAND <br />RECOMMENDATION <br />It is recommended that the City Commission adopt this Resolution approving the <br />terms and conditions of Contract for Sale and Purchase. <br />REASONS <br />The Mayor, the City Manager and I have negotiated on several pieces of oceanfront <br />property for the creation of a park and oceanfront access for the citizens of Sunny <br />Isles Beach. We believe the location and terms for the purchase of this property are <br />favorable for the City. The purchase price is $2,650,000. The closing date will occur <br />on or about June 3. While the City, by virtue of a prior resolution, has authorized the <br />Manager to execute an application to obtain funds from the Safe Neighborhood <br />Bonds Program and the Florida Communities Trust, even in the event the bond <br />financing is not available, the Finance Director and the City Manager have analyzed <br />the economic feasibility of this transaction and have concluded that the City has the <br />ability to purchase this property with or without the bond financing. It is therefore <br />recommended that the City Commission approve the execution of this agreement. <br />Respectfully submitted, <br />GynM D nnhei <br />Lynn M. a ss er <br />City Attomey <br />LMD:ch <br />Attachment <br />