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<br />~ <br /> <br />Preview <br /> <br />Page 1 of2 <br /> <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />The Honorable Mayor and City Commission <br /> <br />FROM: <br /> <br />Hans Ottinot, City Attorney <br /> <br />DATE: <br /> <br />7/15/2010 <br /> <br />RE: <br /> <br />Approving Payment of Judgment in Sunny Isles Beach v Marks, et aI., <br />Case No. 09-55633 CA 21 <br /> <br />RECOMMENDATION: <br /> <br />The attached Resolution is presented for your approval <br /> <br />REASONS: <br /> <br />As you know, the jury issued its verdict in the eminent domain case between the City and <br />the owners of the property located at 215 Sunny Isles Boulevard. The jury verdict was <br />$10,630.000.00. It is important to note that jury verdict is less than the $12.9 Million Dollars <br />that the property owners were requesting. Essentially, the verdict reflects basically the same <br />amount compensation that the City has paid to acquire the adjacent property from RI< <br />Associates. Simply put, the verdict suggests that jury sought to provide compensation for the <br />non-cash benefits (rent income and development rights) provided to RI<. More precisely, <br />the jury's verdict reflects an effort by the jury to value the subject property and the RK <br />property in the same manner because the properties are the same size. Additionally, under <br />Florida law, the City is responsible to pay the property owners attorney fees and <br />prejudgment and post-judgment interest relating to the verdict. The judgment reflects <br />payment of attorneys relating to the verdict and interest payments. As a point of <br />information, at the time of issuance of the judgment, the City was only required to pay <br />$3,604,025.68 to finalize payment for the judgment and associated attorneys' fees and <br />interest because the City had previously deposited $7.7 Million Dollars when it obtained <br />legal title to the property. <br /> <br />The above mentioned compensation is the maJonty of the compensation in the case. <br />However, the City is required pursuant to Florida law to pay the property owners' expert <br />costs relating to the trial and attorneys' fees relating to an apportionment hearing for <br />distribution of the judgment proceeds between the property owners. We are currently <br />evaluating the experts' costs. It is reasonable to assume that remaining fees will be less than <br /> <br />http://sibagenda.sibfl.net/agendaJPreview.aspx?ItemID=311 &MeetingID=O&MeetingDate=... 7/9/2010 <br />