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<br />Preview <br /> <br />Page 1 of 1 <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) 949-31 I3 Fax <br /> <br />MEMORANDUM <br />--.-- --- <br /> <br />TO: <br /> <br />The Honorable Mayor and City Commission <br /> <br />FROM: <br /> <br />Rick Conner, City Manager <br /> <br />DATE: <br /> <br />11/18/2010 <br /> <br />RE: <br /> <br />Approval of a Resolution authorizing the City Manager to begin <br />negotiations with the sole submitter for the development of the Gateway <br />Park system. <br /> <br />RECOMMENDATION: <br /> <br />The staff recommends approval of the Resolution authorizing the City Manager to begin <br />negotiations with the sole submitter for the development of the Gateway Park system. <br /> <br />REASONS: <br /> <br />We developed a detailed Request for Proposals (RFP) for the development of the <br />Gateway Park's parking garage, park, retail space, and acquatic center. Though many <br />firms indicated interest in the project, only one firm submitted a proposal. That firm <br />was 4M Investors, LLC, a subsidiary of 1. Milton & Associates. Their proposal <br />includes a cost to the City of approximately $22,000,000 for the park, parking garage and <br />retail space, with an offer to buy back the retail space for $5,500,000. We intend to <br />negotiate the price offered in the Proposal to insure that it is consistent with the project <br />budget. We are requesting that the Commission, through the Resolution, authorize <br />staff to begin this negotiating process by designating 4M Investors as <br />the selected vendor. <br /> <br />FUNDING SOURCE: <br /> <br />A significant portion of this project will be funded by the $15,000,000 bond issue. <br />Alternate funding may be required for the remaining portion of the project. <br /> <br />http://sibagenda.sibfl.net/agenda/Preview.aspx?I temID=3 9 5&MeetingID=0&MeetingDat... 11/12/2010 <br />