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<br />RESOLUTION NO. 2006- q I L <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY <br />ISLES BEACH, FLORIDA, APPROVING AN OPTION AGREEMENT WITH <br />CRESCENT HEIGHTS XLIV, INC. FOR PURCHASE AND SALE OF REAL <br />PROPERTY, OF APPROXIMATELY 3.82 ACRES LOCATED AT 19200 <br />COLLINS AVENUE, IN THE AMOUNT OF $19.6 MILLION DOLLARS <br />WITH AN OPTION DEPOSIT OF $200,000 FOR A 120-DA Y OPTION, <br />WHICH DEPOSIT SHALL BE APPLIED TO THE PURCHASE PRICE IF <br />THE CITY PROCEEDS TO PURCHASE AND TO BE SACRIFICED IF THE <br />CITY DECLINES TO PROCEED, ATTACHED HERETO AS EXHIBIT "A"; <br />AUTHORIZING THE MAYOR TO EXECUTE SAID AGREEMENT; <br />PROVIDING THE CITY MANAGER AND THE CITY ATTORNEY WITH <br />THE AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE <br />THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, on March 13, 2006, the City Commission held a Workshop to discuss the <br />development of a strategic plan for the acquisition of property for open space/park purposes; and <br /> <br />WHEREAS, at the Open Space Workshop the City Commission decided to create a plan that <br />would provide the framework for acquiring additional property for open space; and <br /> <br />WHEREAS, at the Open Space Workshop the City Commission also decided to continue to <br />pursue open space opportunities that are available, during the interim period; and <br /> <br />WHEREAS, the property located at 19200 Collins A venue presents an opportunity for the <br />City Commission to purchase additional property for open space/park purposes; and <br /> <br />WHEREAS, Crescent Heights XLIV, Inc. the owners of 19200 Collins A venue are willing <br />to accept an Option Agreement for the purchase of said property, in the amount of $19.6 Million <br />Dollars with an option deposit of Two Hundred Thousand Dollars ($200,000) for a 120-day option, <br />attached hereto as Exhibit "A". <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Section 1. Incorporation of Recitals. The recitals set forth hereinabove are hereby incorporated <br />herein by reference. <br /> <br />Section 2. Approval of Option Contract. The Option Agreement for purchase and sale of real <br />property, of approximately 3.82 acres located at 19200 Collins Avenue, in the amount of$19.6 <br />Million Dollars with an option deposit of $200,000 for a 120-day option, which deposit shall be <br />applied to the purchase price if the city proceeds to purchase and to be sacrificed if the city declines <br />to proceed, attached hereto as Exhibit "A", be, and the same, is hereby approved. <br /> <br />R2006- Crescent Heights Property (19200 Collins A vel Option To Purchase.Doc <br /> <br />Page lor 2 <br />