Reso 2010-1592 - Laserfiche WebLink

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TO: FROM: DATE: RE: City of Sunny Isles Beach 18070 Collins Avenue Sunny Isles Beach, Florida 33160 City Commission Norman S. Edelcup, Mayor Lewis J. Thaler, Vi" Mayor Roslyn Brezin, C'ommirrifmer Gerry Goodman, Commio"ifmer George "Bud" Scholl, Commio"ioner (305) 947-0606 City Hall (305) 949-3113 I'ax (305) 947-2150 Huilding Department (305) 947-5107 Fax Rick Conner, Adi~g City AlaIJf1;ger Hans OUinot, Ci!y Al/of11,y Jane A. Hines, Ci!y Clerk. MEMORANDUM The Honorable City commissxv Hans Ottinot, City AttorneytAJ \J July 15,2010 Approving Payment of Judgment in Sunny Isles Beach v. Marks, et. aI., Case No. 09-55633 CA 21 RECOMMENDATION: The attached Resolution is presented for your approval. REASONS: As you know, the jury issued its verdict in the eminent domain case between the City and the owners of the property located at 215 Sunny Isles Boulevard. The jury verdict was $10,630.000.00. It is important to note that jury verdict is less than the $12.9 Million Dollars that the property owners were requesting. Essentially, the verdict reflects basically the same amount compensation that the City has paid to acquire the adjacent property from RK Associates. Simply put, the verdict suggests that jury sought to provide compensation for the non-cash benefits (rent income and development rights) provided to RK More precisely, the jury's verdict reflects an effort by the jury to value the subject property and the RK property in the same manner because the properties are the same size. Additionally, under Florida law, the City is responsible to pay the property owners attorney fees and prejudgment and post-judgment interest relating to the verdict. The judgment reflects payment of attorneys relating to the verdict and interest payments. As a point of information, at the time of issuance of the judgment, the City was only required to pay $3,604,025.68 to finalize payment for the judgment and associated attorneys' fees and interest because the City had previously deposited $7.7 Million Dollars when it obtained legal title to the property. The above mentioned compensation is the majority of the compensation in the case. However, the City is required pursuant to Florida law to pay the property owners' expert costs relating to the trial and attorneys' fees relating to an apportionment hearing for distribution of the judgment proceeds between the property owners. We are currently evaluating the experts' costs. It is reasonable to assume that remaining fees will be less than the fees paid associated with the judgment. / Attachment