HomeMy WebLinkAboutReso 2022-3306010)
RESOLUTION NO. 2022-
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES
BEACH, FLORIDA, AUTHORIZING THE PAYMENT OF $12,720,931.25 TO NDPRE
#14, LLC, IN ACCORDANCE WITH THE LAND DONATION AND TRANSFER OF
DEVELOPMENT RIGHTS AGREEMENT BETWEEN THE CITY AND NDPRE #14, LLC
DATED JUNE 18, 2018, RELATED TO THE PROPERTY LOCATED AT 18500
COLLINS AVENUE, SUNNY ISLES BEACH, FLORIDA 33160, PLUS ASSOCIATED
CLOSING COSTS; AUTHORIZING THE CITY MANAGER AND CITY ATTORNEY TO
DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, pursuant to Resolution 2018-2840, the City of Sunny Isles Beach ("City")
entered into a Land Donation and Transfer of Development Rights Agreement ("Agreement")
whereby NDPRE #14 ("Navarro") agreed to donate the property located at 18500 Collins Avenue,
Sunny Isles Beach (the "Property") in exchange for Transferable Development Rights ("TDRs") in
the amount of 126,615 square feet and 56 dwelling units to the City at an agreed to guaranteed
maximum price of $125 per square foot ("Guaranteed Maximum Price"); and
WHEREAS, pursuant to the Agreement, the City agreed to sell the Navarro' s TDRs on
behalf of Navarro to a willing buyer at the Guaranteed Maximum Price; and
WHEREAS, at the time the parties entered into the Agreement, the parties acknowledged
that the Property was subject to a Lease Agreement ("Existing Lease") with Holiday CVS, LLC
("Existing Tenant"), which lease was renewed and is scheduled to expire on or about December
31, 2026; and
WHEREAS, pursuant to the terms of the Agreement, Navarro agreed to assign the Existing
Lease to the City at the time of closing, and convey the Property by special warranty deed
following the payment of the Guaranteed Maximum Price per square foot for the remaining
unsold Navarro TDRs; and
WHEREAS, pursuant to the Agreement, the closing on the conveyance of the Property
from Navarro to the City was to occur on or before the earlier of (i) the date that is sixty (60) days
from the date of the closing of the sale of fifty (50%) percent of the Navarro's TDRs, or (ii)
December 31, 2021; and
WHEREAS, the parties agreed to postpone the closing beyond December 31, 2021, to
allow the City an opportunity to evaluate whether it would pay Navarro for the value of the
remaining Navarro TDRs at this time, or whether to pay Navarro in five (5) equal installments
through January 1, 2027; and
WHEREAS, after performing its due diligence, the City Administration believes that it is in
the best interest of the City to pay Navarro for the for the remaining Navarro TDRs at this time,
and in exchange, receive title to the Property, and assignment of the Existing Lease; and
WHEREAS, the value of the remaining Navarro TDRs is $12,720,931.25; and
WHEREAS, after negotiations, Navarro agreed to pay the costs of the documentary stamp
tax and surtax on the deed in the amount of $166,182.45; and
WHEREAS, the City Commission agrees to authorize the payment of $12,720,931.25 to
Navarro pursuant to the Agreement, plus associated closing costs to close upon the Property,
accept title to the Property, accept the transfer of the Existing Lease, and authorize the City
Manager and City Attorney to do all things necessary to effectuate this resolution.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY
ISLES BEACH, FLORIDA, AS FOLLOWS:
Section 1. Incorporation of Recitals. The foregoing recitals are true and correct and are
incorporated herein by reference as if they are fully set forth herein.
Section 2. Authorizing Payment to NDPRE #14. The City Commission hereby authorizes the City
Manager to issue payment to NDPRE #14, pursuant to the Land Donation and Transfer of
Development Rights Agreement in an amount not to exceed $12,720,931.25.
Section 3. Directive to Finance Director. The Finance Director is hereby directed to do all things
necessary to effectuate this Resolution, including adjusting and/or closing the TDR bank accounts.
Section 4. Authority of the City Manager and City Attorney. The City Manager and City
Attorney are hereby authorized to do all things necessary to effectuate this Resolution.
Section 5. Repealer. All Resolutions or parts of Resolutions in conflict herewith shall be and
are hereby repealed.
Section 6. Effective Date. This Resolution shall become effective upon adoption.
PASSED AND ADOPTED this 17th day of February 2022.
Dana Robin Goldman, Mayor
ATTEST: APPROVED AS TO FORM
Mabriclo Betan�ur, CMC, City Clerk
2022 -XX — NDPRE # 14 Closing
AND LEGAL SU IENCY:
Edward A. Dion, City Attorney
Moved by: CbMrAISQ(OklI51Z-- �Wq\IEEQAPI(-Seconded by: r0MVVl(S%z,40a0L
Vote:
Mayor Goldman
✓ (Yes)
(No)
Vice Mayor Viscarra
✓ (Yes)
(No)
Commissioner Joseph
✓ (Yes)
(No)
Commissioner Lama
✓ (Yes)
(No)
Commissioner Stuyvesant
(Yes)
(No)
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2022 -XX — NDPRE # 14 Closing