Reso 2008-1213 - Laserfiche WebLink

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FROM :STRAUS & EISLER,P.A. . JAN-Ot-ZOOB 04:Z9PM FAX NO. :954-349-9038 Jan. 07 2008 04:06PM P3 '-""11 , . ..,..... ..."".... City Commission Norman S. Edelcup Mayor January 2, 2008 tAlA/is J. Thaler Vial MDyor RQslyn Brwzi" Via Facsimile: (954) 385-9868 Cornmiuioner Gerry Goodman Ph 11' G Id TR Commi,sioner y 19 0 man George "Bud" Scholl clo Phyllis Goldman Cammlnioner 2575 Bay Poimc Drive Westoll) Florida 33327 A. John Sr.eflag Cily MDI1Qg9r Hans Ottinot City Attorney Jane A. Hines CI~ CI.ttl Re: OUer To Purchase Partel of Land Locnted AI 287 Sunny Islcs Boulevard, Sunny bh~!l Beach, Florida Dear Ms. Goldman; Consistent with Ollr recent telephone conversations, the City of Sunny Isles Beach (the "City") hereby offers to purch.aSl': the above-referenced property for Three Million Dollars ($3.000.000.00). This offer will be formalized in an option agreement which will require the City to proceed with the closing on the property after the expiration of a 60 day option period to conduct Ilecessory due diligence. The City wilJ pay an option fee of Fifty Thousand Dollars ($50,000.00) to Chicago Title upon the execution of the option ajTcement by the Seller. In addition to paymenl: of the option fee, the City agrees to assist the Seller in the event the Seller seeks to obtain a charitable tax deduction fOJ the sale of the property to the City. It is important to note that this offer is continient upon the following conditiom; (1) YOUT ability to transfer clear and marketable title with no encumbrWlces; and (2) approval of the option agreement by City Commission; and (3) the Cily's ability to secure two (2) appraisals to determine the overall value of the property; and (4) the execution ofa two (2) year property management agreement between Phyllis Goldman TnlSl and the City. Under the propeny management agreement~ the City agrees to pay to a management fee of Five Hundred Thousand DolJars ($500,000.00) to Ph}'lIis Goldman Tntst to manage and operate the above-described propeny for a period of not less than two (2) years. This management fee shall be payable in monthly installments of $20,833.:13. In return, the Phyllis Goldman T JUst agrees to collect all rents and other income frOIll the property on behalf the City and to handle all normal management obligations of property manager. Upon closing of the purchase by the City, all income derived from the pl'operty, shall be payable to the City and all ex.pense~ relatins to the property shall be paid by the City.