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<br />, <br /> <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, r-Iorida 33160 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br />(305) 947-2150 Building Department <br />(305) 947-5107 Fax <br /> <br />Cil}' Commission <br />:'Iiorman S. Edelcllp. ;I/a)'or <br />Lt'wis .1. Thale.'. /'1('(' :\taror <br />Gerry Goodman. Cumolls.'iWmll' <br />RoslYlI Bn'zin. ('O/llIlIlSSIIII1!!r <br />George "Bnd" Scholl. ('O/ll/llISSIOl1a <br /> <br />A. .John Szerlag. Cily ;I/alwger <br />lIans Oltinot, ('ily AI/om!!}' <br />.Jane A. lIines. C\lC, elly ('/ah <br /> <br />MEMORANDUM <br /> <br />TO: The Honorable City Commission <br /> <br />FROM: Hans Ottinot, City Attorne <br /> <br /> <br />DATE: September 18, 2008 <br /> <br />RE: Approval of Option Agreemcnt for Purchasc of Propcrty from Avila Condominium <br />Assn. Inc. <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 property from A vila Condominium Association, Inc. <br /> <br />REASONS <br /> <br />By Resolution No. 2008-1264, adopted on May 15, 2008, the City Commission tentatively approved <br />an option agreement to purchase a vacant lot from A vila Condominium Association for $1.9 Million <br />Dollars. The lot is located on the corner of 175 Terrace and Atlantic Boulevard. Subsequent to the <br />approval. the City and A vila had reached an impasse on finalizing the sale of the vacant lot due to <br />certain tax liability that will be imposed on the Condominium Association. To break this impasse, the <br />City and the Condominium agreed to negotiate a new purchase price that would minimize the tax <br />liability associated with the purchase of the lot. The new purchase price is $2.2 Million Dollars. In <br />addition to the purchase price, the City agreed to install a lilt station on Avila's property not to exceed <br />$170,000.00. <br /> <br />In according with the option agreement. the City is entitled to a ninety (90) day option to purchase the <br />lot li'om the Association. The option will be exercised alter necessary due diligence is completed. It is <br />important to note that the property will be a great asset to the City because it will be used as ofT-site <br />parking for Samson Oceanfront Park, which currently has no parking areas. <br /> <br />Upon approval of this option agreement, staff will take the necessary steps to close on the property. <br />Funds are available in account number 20-600-5652. <br /> <br />/ attachment <br /> <br />Agenda Item J 0 V <br />Date q -/~- o2? <br />