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<br />RESOLUTION NO. 2008- I~ &..II <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY <br />OF SUNNY ISLES BEACH, FLORIDA, APPROVING AN <br />OPTION AGREEMENT IN SUBST ANTIALL Y THE SAME <br />FORM WITH ST. TROPEZ III, LLC, FOR PURCHASE AND <br />SALE OF A PARCEL OF LAND LOCATED ON SUNNY ISLES <br />BOULEVARD, WITH FOLIO # 31-2214-007-0050 IN THE <br />AMOUNT OF $1,558,419.78 WITH AN OPTION DEPOSIT OF <br />$50,000 FOR A 60-DA Y OPTION, WHICH DEPOSIT SHALL BE <br />APPLIED TO THE PURCHASE PRICE IF THE CITY <br />PROCEEDS TO PURCHASE, A TT ACHED HERETO AS <br />EXHIBIT "A"; AUTHORIZING THE MAYOR TO EXECUTE <br />SAID AGREEMENT; PROVIDING THE CITY MANAGER AND <br />THE CITY ATTORNEY WITH THE AUTHORITY TO DO ALL <br />THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, the City of Sunny Isles Beach (the "City") is in the process of <br />redeveloping the Sunny Isles Boulevard corridor of the City; and <br /> <br />WHEREAS, the City has allocated funding for open space and public parking in <br />the Sunny Isles Boulevard corridor; and <br /> <br />WHEREAS, the property located on Sunny Isles Boulevard with Folio No. 31- <br />2214-007 -0050 presents a unique opportunity for the City Commission to purchase <br />property for redevelopment of the City's Sunny Isles Boulevard corridor; and <br /> <br />WHEREAS, St. Tropez III, LLC, the owner of the property located on Sunny <br />Isles Boulevard, is willing to accept an Option Agreement for the purchase of said <br />property, in the amount of $1,558,419.78 (One Million Five Hundred Fifty-Eight <br />Thousand Four Hundred Nineteen Dollars and Seventy-Eight Cents) with an option <br />deposit of $50,000 (Fifty Thousand Dollars) for a 60-day option, attached hereto as <br />Exhibit "A". <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION <br />OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Section 1. Incorporation of Recitals. The recitals set forth hereinabove are hereby <br />incorporated herein by reference. <br /> <br />Section 2. Approval of Option Contract. The Option Agreement in substantially the <br />same form for purchase and sale of lot located on Sunny Isles Boulevard, in the amount <br />of $1,558,419.78 (One Million Five Hundred Fifty-Eight Thousand Four Hundred <br />Nineteen Dollars and Seventy-Eight Cents) with an option deposit of $50,000 (Fifty <br />Thousand Dollars) for a 60-day option, which deposit shall be applied to the purchase <br />price if the City proceeds to purchase, attached hereto as Exhibit "A", be, and the same, is <br />hereby approved. <br />