Laserfiche WebLink
<br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />('III' ('ol11mlsslon <br />"orman S. Edeleup, A4oyor <br />Roslyn Brezin, J 'Ice Afavor <br />Gerry Goodman. Commissioner <br />Danny Iglesias. Comnllssioner <br />I.ewis .1. Thaler. ('OIl1I11/.mOner <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3 II 3 Fax <br />(305) 947-2150 Building Department <br />(305) 947-5 107 Fax <br /> <br />A. .John Szerlag.lify Manager <br />Ilans Oltinol. Cif)' AllOrney <br />.Jane A. Hines. eMC. Cif)' Clerk <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />The Honorable Mayor and City Commission <br /> <br />Hans Ottino!, City AttomeY~ <br />November 16, 2006 <br /> <br />FROM: <br /> <br />DATE: <br /> <br />RE: <br /> <br />Approval of Option Agreement for Purchase of 500 Sunny Isles Boulevard <br /> <br />RECOMMENDA TION <br /> <br />It is recommended that the City Commission adopt the attached resolution approvIng an Option <br />Agreement for the purchase of 500 Sunny Isles Boulevard. <br /> <br />REASONS <br /> <br />On March 13, 2006, the City Commission held a Workshop to discuss the development of a strategic plan <br />for the acquisition of property for open space/park purposes. At the Workshop, the City Commission <br />decided to create a plan that would provide the framework for acquiring additional property for open <br />space and to continue to pursue open space opportunities that are available in the interim period. <br /> <br />The Joseph Mazacco Irrevocable Trust Inc., owners of the property located at 500 Sunny Isles Boulevard, <br />has presented the City with an opportunity to purchase that property for open space/park purposes. If the <br />Resolution is approved, the City is required to deposit $450.000 with an escrow agent. The City is also <br />required to exercise the option within 60 days of execution of the agreement by the Mayor. <br /> <br />ADDITIONAL INFORMATION <br /> <br />The Joseph Mazacco Irrevocable Trust, Inc. has agreed to enter into an Option Agreement for the <br />purchase for said property, in the amount of $3 Million Dollars with an option deposit of $450.000 for a <br />60-day option. The option deposit shall be applied towards the purchase price if the City proceeds to <br />purchase and to be forfeited if the City declines to proceed. The City will pursue several options to <br />finance the purchase of the property. Please note that funds are available in the land bank account to fund <br />?this acquisition. Please also note that the Seller intends to apply for a $900,000 tax credit for this property. <br /> <br />j~\~ <br /> <br />i\!a>:lCCO - )[111 ~lI111l\ Islc-s Bhl. <br />