2011-1020 Regular City Commission Meeting

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- - ---- Summary Minutes: Regular City Commission Meeting October 20, 2011 City of Sunny Isles Beach, Florida lOG. A Resolution of the City Commission of the City of Sunny Isles Beach, Florida, Approving an Agreement with the Miami Herald Publishing Company, for Retail Advertising Services, with Option for a Second Year, in an Amount Not to Exceed $30,000.00, Attached Hereto as Exhibit "A"; Authorizing the Mayor to Execute Said Agreement; Authorizing the City Manager and the City Clerk to Do All Things Necessary to Effectuate this Resolution; Providing for an Effective Date. Action: City Clerk Hines read the title and reported. Public Speakers: None Commissioner Scholl moved and Vice Mayor Thaler seconded a motion to approve the resolution. Resolution No. 2011-1790 was adopted by a voice vote of 5-0 in favor. 10H. A Resolution of the City Commission of the City of Sunny Isles Beach, Florida, Approving a Letter of Intent Between the City of Sunny Isles Beach and Dezer Development, LLC for the Purchase of 18080 Collins Avenue ("Alamo Property"), in the Amount of $7 Million; Authorizing the City Manager and City Attorney to Do All Things Necessary to Effectuate this Resolution; Providing for an Effective Date. Action: [City Clerk's Note: A revised Letter of Intent from Ocean Corporate Center, LLC was distributed to the Commission prior to the meeting.J City Clerk Hines read the title, and City Attorney Ottinot reported that he received a counter competitive proposal from The Weintraub Group yesterday, and that Mr. Weintraub and the lawyer for that Group, Clifford Schulman, would like to speak after Dezer Development completes their presentation. Public Speakers: Warren Stamm, Esq.; Gil Dezer; Clifford Schulman, Esq. Warren Stamm, Esq. on behalf of Dezer Development briefly went over the terms and conditions of the LOI. They are proposing to pay to the City $7 Million in cash to close within 30 days of the date of issuance of Site Plan approval. They anticipate that the Site Plan will be submitted within 120 days of execution ofthis LOI. They are prepared to place $1 Million in escrow within two business days of the execution of the LO I, and the deposit will be applied to the purchase of the Sales Agreement at closing. They are also committed to the deposit of $1 Million becoming non-refundable upon the issuance of Site Plan approval. They will be prepared to deliver to the City within seven (7) business days of execution by the Commission, a Purchase and Sale Agreement which is to be submitted to the City for approval within 30 days from the date of execution of the LOI. Subsequently that Agreement will be executed by both parties within five (5) business days from date of approval. They anticipate closing within 30 calendar days of the issuance by the City of approval of the Site Plan. The balance of the purchase price ($6 Million) will be paid at closing. They also anticipate that upon Site Plan approval, they will within six (6) months, apply for a Building Permit. They are prepared to substantially complete the improvements within 24 months of the issuance of the Building Permit. Additionally, they are requesting, due to the timeframe involved, an extension of up to three (3) months to apply for the Building Permit provided the condition of the purchaser is not in default. If the purchaser fails to begin construction within 24 months of Site Plan approval, they are prepared and obligated to pay to the City $72,000 per year as a penalty for each year after the expiration of 13