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<br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />RE: <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue, Suite 250 <br />Sunny Isles Beach, Florida 33160 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3 I I 3 Fax <br />(305) 947-2150 Building Department <br />(305) 947-5107 Fax <br /> <br />City Commission <br />Norman S. Edelcup, Mayor <br />Roslyn Brezin, Vice Mayor <br />Gerry Goodman, Commissioner <br />Lewis Thaler, Commissioner <br />Danny Iglesias, Commissioner <br /> <br />Rick Conner, City Manager <br />lIans Ottinot, City Allorney <br />.Jane A. Hines, ClVIC, City Clerk <br /> <br />MEMORANDUM <br /> <br />The Honorable City Commission <br /> <br />HaDs OttiDot, City AttornCY~ <br />July 16,2009 <br /> <br />Approval of Agreement of Purchase of Property from Malibu Plaza On The <br />Bay, L.L.C. <br /> <br />RECOMMENDATION: <br /> <br />It is recommended that the City Commission approve the attached Resolution approving an <br />Agreement for the purchase of property from Malibu Plaza On The Bay, L.L.C. in the amount of <br />$4,800,000.00 (Four Million Eight Hundred Thousand Dollars) with a deposit of $480,000.00 <br />(Four Hundred Eighty Thousand Dollars) which deposit shall be credited against the purchase <br />price at closing. <br /> <br />BACKGROUND: <br /> <br />The City is in need of additional land for open space/park purposes and the property located at <br />16100 Collins A venue presents a unique opportunity for the City Commission to purchase <br />additional property for open space/ park purposes. <br /> <br />The owner of the property located at 16100 Collins A venue is willing to accept an offer for the <br />purchase of said property, in the amount of $4,800,000.00 (Four Million Eight Hundred <br />Thousand Dollars) with a deposit of $480,000.00 (Four Hundred Eighty Thousand Dollars) <br />which deposit shall be credited against the purchase price at closing. <br /> <br />TERMS AND CONDITIONS OF AGREEMENT: <br /> <br />Notable terms and conditions of the agreement include the following: <br /> <br />1. Malibu Plaza On The Bay, L.L.C. the owner of 16100 Collins A venue is willing to accept <br />an offer from the City of Sunny Isles Beach for the purchase of said property, in the amount of <br />$4,800,000.00 (Four Million Eight Hundred Thousand Dollars) with a deposit of $480,000.00 <br />(Four Hundred Eighty Thousand Dollars) which deposit shall be credited against the purchase <br /> <br />Agenda Item \ 6 ::s <br />Date 1-1 ~-Dq <br />