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<br />RESOLUTION NO. 2006- 10\0 <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY <br />ISLES BEACH, FLORIDA, APPROVING AN OPTION AGREEMENT WITH <br />THE JOSEPH MAZACCO IRREVOCABLE FLORIDA TRUST FOR <br />PURCHASE AND SALE OF REAL PROPERTY, OF APPROXIMATELY <br />0.83 ACRES LOCATED AT 500 SUNNY ISLES BOULEVARD, IN THE <br />AMOUNT OF $3 MILLION DOLLARS PLUS CLOSING COSTS WITH AN <br />OPTION DEPOSIT OF $450,000 FOR A 60-DA Y OPTION, WHICH <br />DEPOSIT SHALL BE APPLIED TO THE PURCHASE PRICE IF THE CITY <br />PROCEEDS TO PURCHASE AND TO BE FORFEITED IF THE CITY <br />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 500 Sunny Isles Boulevard presents an opportunity for <br />the City Commission to purchase additional property for open space/park purposes; and <br /> <br />WHEREAS, The Joseph Mazacco Irrevocable Florida Trust, owners of 500 Sunny Isles <br />Boulevard; are willing to accept an Option Agreement for the purchase of said property, in the <br />amount of $3 Million Dollars and closing costs with an option deposit of Four Hundred Fifty <br />Thousand Dollars ($450,000) for a 60-day option, 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. A01;Jroval ofOotion Contract. The Option Agreement for purchase and sale of real <br />property, of approximately 0.83 acres located at 500 Sunny Isles Boulevard, in the amount of $3 <br />Million Dollars and closing costs with an option deposit of $450,000 for a 60-day option, which <br />deposit shall be applied to the purchase price if the city proceeds to purchase and to be forfeited if the <br />city declines to proceed, attached hereto as Exhibit "A", be, and the same, is hereby approved. <br /> <br />R2Q06- Mazzacco Properly (500 Siblvd) Option To PlIrchasc.DocPage I 01'2 <br />