Reso 2007-1086 - Laserfiche WebLink

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City of Sunny Isles Beach 18070 Collins Avenue, Suite 250 Sunny Isles Beach, Florida 33160 (305) 947-0606 City Hall (305) 949-3113 Fax (305) 947-2150 Building Department (305) 947-5107 Fax City Commission Norman S. Edelcup, Mayor Lewis J. Thaler, Vice Mayor Roslyn Brezin, Commissioner Gerry Goodman, Commissioner Danny Iglesias, Commissioner A. John Szerlag, City Manager Hans Ottinot, City Allorney Jane A. Hines, City Clerk MEMORANDUM TO: The Honorable City Commission FROM: Hans Ottinnl, City Attnrney~ DATE: April 19, 2007 RE: Resolution Approving Additional Tender of $2.25 Million Dollars for School Site RECOMMENDATION: This Resolution is presented for your consideration and approval. REASONS: As you may recall, the City entered into an interlocal agreement with the Miami-Dade County School Board providing that the City will contribute the first $10 Million Dollars towards the acquisition of both parcels, the School Board will contribute the next $10 Million and the parties will do a 50/50 split after $20 Million. The School Board initiated condemnation proceedings and acquired two (2) parcels for a total cost of $24.5 Million Dollars. Pursuant to Resolution No. 2005-809, adopted July 14, 2005, the City Commission approved an initial tender of Eight Million Five Hundred Thousand Dollars ($8.5 Million) to the School Board for the acquisition of the site, and thereafter, by Resolution No. 2006- 879, adopted January 19, 2006, the City Commission increased the initial tender by One Million Five Hundred Thousand Dollars ($1.5 Million), for a total of $10 Million Dollars towards the acquisition costs for site. The Empress parcel settled for $18.2 Million Dollars. The vacant parcel settled for $6.3 Million Dollars. In order to satisfy its obligation under the interlocal agreement, I am seeking ratification of an additional tender of $2.25 Million Dollars towards the acquisition costs for the site, bringing the City's total contribution to $12.25 Million Dollars. Please note that all amounts have been paid for the Empress land. A deposit of $4.8 Million Dollars have been filed with the court registry for the vacant parcel. Thus, an outstanding balance of $1.5 Million Dollars must be filed with the court registry to finalize the settlement of the vacant parcel. The City is responsible for half of the $1.5 Million Dollars. Halfis Seven Hundred Fifty Thousand Dollars ($750,000.00). Thus, the additional tender of $2.25 Million Dollars is allocated in this fashion: $1.5 Million to Empress, and $750,000.00 for the vacant parcel. City Commission Approval of additional $2.25 Million for School Agenda Item I () Q Date ~ 9 -07