HomeMy WebLinkAboutReso 2007-1120
RESOLUTION NO. 2007- " ;c 0
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY
ISLES BEACH, FLORIDA, APPROVING AN OPTION AGREEMENT WITH
INTERCOASTAL MANAGEMENT, LTD. FOR PURCHASE AND SALE OF
REAL PROPERTY, FOLIO # 31-2214-008-0350, IN THE AMOUNT OF
$500,000 THOUSAND DOLLARS WITH AN OPTION DEPOSIT OF $50,000
FORA 90-DA Y OPTION, WHICH DEPOSIT SHALL BE APPLIED TO THE
PURCHASE PRICE IF THE CITY PROCEEDS TO PURCHASE,
ATTACHED HERETO AS EXHIBIT "A"; AUTHORIZING THE MAYOR
TO EXECUTE SAID AGREEMENT; PROVIDING THE CITY MANAGER
AND THE CITY ATTORNEY WITH THE AUTHORITY TO DO ALL
THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION;
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, on March 13, 2006, the City Commission held a Workshop to discuss the
development of a strategic plan for the acquisition of property for open space/park purposes; and
WHEREAS, at the Open Space Workshop the City Commission decided to create a plan that
would provide the framework for acquiring additional propelty for open space; and
WHEREAS, at the Open Space Workshop the City Commission also decided to continue to
pursue open space opportunities that are available, during the interim period; and
WHEREAS, the property located on Collins Avenue presents an opportunity for the City
Commission to purchase additional property for open space/park purposes; and
WHEREAS, Intercoastal Management, Ltd, The owner of the property is willing to accept an
Option Agreement for the purchase of said property, in the amount of$500,000.00 Dollms with an
option deposit of Fifty Thousand Dollars ($50,000) for a 90-day option, attached hereto as Exhibit
"A".
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS:
Section I. Incorporation of Recitals. The recitals set forth hereinabove are hereby incorporated
herein by reference.
Section 2. Approval of Option Contract. The Option Agreement for purchase and sale of real
property owned by Intercoastal Management, Ltd., folio # 31-2214-008-0350 located on Collins
Avenue, in the amount of$500,000.00 Dollars with an option deposit of$50,000 for a 90-day option,
which deposit shall be applied to the purchase price if the city proceeds to purchase, attached hereto
as Exhibit "A", be, and the same, is hereby approved.
R2007-1120 Option Agreement Intercoastal Mgmt Eric Fcdcr.DocPage 1 of2
Section 3, Authorization of Mayor. The Mayor is hereby authorized to execute said Option
Agreement in substantially the samc form.
Section 4. Authorization of City Manager and City Attorney, The City Manager and the City
Attorney are hereby authorized to negotiate the terms of a purchase agreement for the above
referenced site on the terms set forth herein, with instruction to return to the City Commission for its
approval of all contracts relating to this property.
Section 5.
Effective Date. This Resolution shall become effective upon adoption.
PASSED AND ADOPTED this 2151 day of June 2007.
t/) tI/7~J;/ ~lihf//
Norman S. Edelcup, Mayor F
ATTEST:
~~ A JJ\~
Jane A. Hines, CMC, City Clerk
APPROVED AS TO FORM AND
LEGAL S FFICmNCY
Moved by:
~~ B~~ZIN
Co~rGL't.~'111&
Seconded by:
Vote: ~-D
Mayor Norman S, Edelcup
Vice Mayor Lewis Thaler
Commissioner Gerry Goodman
Commissioner Roslyn Brezin
Commissioner Danny Iglesias
---.dVes)
VlVes)
~Ves)
!/(Ves)
V(Ves)
_(No)
_(No)
(No)
(No)
(No)
Option ^greement Eric Feder
Page 2 01'2
OPTION AGREEMENT FOR
PURCHASE AND SALE OF REAL PROPERTY
This Option Agreemcnt for Purchase and Sale of Real Property (hercinafter the
"Agrccment"), is made and cntered into as of this .;11 !or day of Junc, 2007, by and betwecn the
City of Sunny Islcs Bcach, a Florida municipal corporation andlor its assigns (the "Buyer") and
Intcrcoastal Managcmcnt Ltd. a Florida corporation (thc "Seller"),
In consideration of the mutual agrecments set forth below, the parties agree as follows:
I. Definitions. The following terms when used in this Agreement shall have the
following mcaning:
1.1 Buver. City of Sunny Isles Beach. Buyer's mailing address IS 18070
Collins Avenue, Sunny Isles Beach, Florida 33160.
1.2 Closing. The delivery of thc Deed to Buyer concurrently with the delivery
of the Purchase Pricc to Sellcr.
1.3 Closing Date, The date of the Closing as dctermined in accordance with
Paragraph II below,
Buyer.
1.4 Deed. A Quit Claim Deed which convcys the Propcrty fi'Oll1 SelicI' to
to sign it.
1.5 Effcctive Date. The datc that this Agrcement is executed by the last party
1.6 Governmcntal AuthOlitv. Any fedcral, statc, county, municipal, or other
govcrnmental department, cntity, authority, commission, board, burcau, court, agency or any
instrumentality of any of them which has jurisdiction over the Propcrty.
1,7 Governmcntal Requiremcnt. Any law, enactmcnt, statute, code,
ordinance, rule, rcgulation, judgmcnt, dccree, writ, ilDunetion, franchise, pcrmit, certificate,
license, authorization, agreement, or other dircetion or requircment of any Govcrnmental
Authority now cxisting or hereafter enacted, adopted, promulgated, entercd, or issued applicable
to the Properly, or to any appurtcnanccs, structure, use or facility, on or adjacent to, the Properly.
1.8 Olltion Accelltance Date. The date upon which the Buyer notifies SelicI'
that Buyer has excrciscd the option granted by this Agreement in accordance with Paragraph 2.3
bclow.
I. 9 Option EXlliration Datc. Ninety (90) days afier Effcctive Date, or sooner
as described hereinafter.
I, I 0 Prollertv, That certain real property locatcd in the Sunny Islcs Beach,
Miami-Dade County. Florida, and morc particularly dcscribed in Exhibit "A" attached hereto and
Eric Feder
made a part hereof, together with all improvements, property rights, easements, privileges and
appurtenances thereto.
1.12 Purchase Price. The price the Buyer shall pay Seller for the Property as
set forth in Paragraph 3 below.
1.13 Seller. Intercoastal Management Ltd. Seller's mailing address is: 19950
W. CountlY Club Drive, A ventura, Florida 33180, attention: Eric Feder.
1.14 Title Commitment. A title insurance commitment issued by or written on
a title insurance company licensed to conduct business in the State of Florida (a "Title
Company") agreeing to issue the Title Policy to Buyer upon payment of the Purchase Price and
recording of the Deed and execution and/or recording of other closing documents,
1.15 Title Policv. An AL T A Form B Owner's Title Insurance Policy in the
amount of the Purchase Price, insuring the Buyer's title to the Property, subject only to the
Permitted Exceptions.
2. Grant of Option for Purchase.
2.1 Grant of Option. For good and valuable consideration, Seller hereby
grants to Buyer and Buyer hereby accepts from Seller an option to purchase and acquire the
Property from Seller on the terms and conditions hereinafter set forth (the "Option") such that
the payment of the Purchase Price shall be as set forth in Section 3,
2.2 Option Fee. As consideration 1'01 the Option, simultaneously with the
delivery by Buyer to Seller of this Agreement executed by Buyer, Buyer shall pay by wile
transfer or check the sum of Fifty Thousand Dollars ($50,000.00) (the "Option Fee") to Chicago
Title Insurance Company, 2701 Gateway Drive, Pompano Beach, Florida 33069 Attention: Artie
MontaneI'" as escrow agent ("the Escrow Agent"). The Option Fee shall be held and released as
set forth in Section 3.3 below, Upon Closing, the Option Fee shall be applied to the Purchase
Price as set forth in Section 3. The Option Fee is refundable, except that Buyer shall be entitled
to receive a refund of the Option Fee if and only if (a) Buyer timely exercises the Option in the
manner required under this Agreement and (b) an Option Fcc Refund Event (as defined below)
occurs. As used herein, an "Option Fee Refund Event" shall mean one or more of the following
events: (i) termination of this Agreement pursuant to the provisions of Section 4.2 hereof due to
an Environmental Problem not cured by Seller as and when provided therein; (ii) termination of
this Agreement pursuant to the provisions of Section 5.2 hereof due to a Title Objection not
cured by Seller as and when provided therein; (iii) termination of this Agreement pursuant to the
provisions of Section 7.6 hereof due to an incorrect representation and warranty of Sellel not
cured by Seller as and when provided therein; (iv) termination of this Agreement pursuant to the
provisions of Section 9.1 hereof due to an unsatisfied Buyer's Condition Precedent not satisfied
by Seller as and when provided therein; (v) termination of this Agreement pursuant to the
provisions of Section 17 hereof due to a taking of the Property as and when provided therein.
The provisions of this Section 2,2 shall survive any termination of this Agreement.
2.3 Exercising the Option. In order to exercise the Option, Buyer must deliver
on or prior to 5:00 p.m" Eastern Time on the Option Expiration Date (a) a notice to Seller given
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in accordance with the "Notice" section of this Agreement stating that Buyer has elected to
exercise the Option and close in accordance with this Option Agreement (the "Option Notice")
and (Time is of the essence for Buyer to give the Option Notice and any attempt to exercise the
Option after the Option Expiration Date shall be of no force or effect). If Buyer does not
exercise the Option on or prior to the Option Expiration Date, then Seller shall be entitled to
reeeive and retain the full amount of the Option Fee and the Option and this Agreement shall
terminate and the parties hereto shall be relieved of all further obligations and liability other than
those that are expressly stated to survive termination of this Agreement.
3. Purchase Price; Deposit and Escrow.
3.1 Purchase Price. The cash portion of the Purchase Price is Five HUl1(hed
Thousand Dollars ($500, 000.00), payable by Buyer to Seller as follows:
(a) the Option Fee in the amount of $50,000, payable as provided in Section
2.2 above, simultaneously with the delivery to Seller of this Agreement executed by Buyer;
(b) the balance of the Purchase Price, equal to Four Hundred and Fifty
Thousand and 0011 00 Dollars ($450,000,00), payable in Acceptable Funds to Seller at the
Closing, subject to adjustments and credits as hereinafter set forth. As used in this Agreement,
the term "Acceptable Funds" shall mean a wire transfer of immediately available funds.
3.2 OPtion Fee, Liquidated Damages. Buyer and Seller agree that the
damages which Seller would incur should Buyer default in its obligations under this Agreement
are not readily ascertainable by the parties on the date of this Agreement; and that the parties
desire to liquidate by agreement the amount of Seller's recovery from Buyer in such event. Both
parties understand that the agreed damages may be more or less than the actual damages which
Seller may incur on account of Buyer's default. Aftel consideration of all of the foregoing, Buyer
and Seller hereby agree that in the event of Buyer's dcfault under this Agreement (provided that
Scller is not then in default), Seller shall be entitled to retain the Option Fee, together with all
interest accrued thereon, as liquidated damages as Seller's sole remedy on account of such
default, plus reasonable attorneys' fees and costs of collection should litigation ensue; provided,
however, if Buyer fails to deliver the Option Fee as required under this Agreemcnt, then Seller's
remedies shall be limited to the right to collect the Option Fee from Buyer and to retain the
Option Fee as liquidated damages, plus reasonable attorncys' fees and costs of collection should
litigation ensue.
3.3 Escrow. Promptly after Escrow Agent's receipt of the Option Fee, the
Option Fee shall be deposited by the Escrow Agent in an interest-bearing account (the "Option
Fee Account"). The Account shall bc at any federally insured banking institution selectcd by
thc Escrow Agent (the "Bank"). As used herein, the term "Escrow Funds" means the Option
Fee, together with all interest which from time to time accrues thereon, The Escrow Agent shall
have no liability for the failurc of the Bank to return the Escrow Funds when requested or for any
other default, action or inaction on the part of the Bank.
Buyer and Seller each understand that it takes some timc to deposit the Option
Fee 111 the Account and some time to withdraw the Escrow Funds from the Account in
Eric Feder
3
anticipation of the Closing contemplated under this Agrccment, and that the Escrow Funds will
earn no interest during such timcs,
Seller rcpresents that its corrcct taxpayer idcntification number is 65-1048085.
Upon request by the Escrow Agent, Buycr and Seller shall each execute a Payer's Request for
Taxpayer Identification Number (IRS Form W-9) and shall dcliver the same to the Escrow
Agent. All interest carned on the Option Fee shall be paid to the party to whom the Option Fee
is payable undcr this Agreement.
Buyer and Seller acknowledge that the Escrow Agent is selving as escrow holder
as an accommodation for the parties. The Escrow Agent shall not be liable for any actions or
refusal to takc any action undcrtaken in good faith or upon rcliance upon documentation which it
believes to be genuine, Unless the Escrow Agent has rcceived written authorization from thc
Buyer to pay the Escrow Funds (or a portion thereof) to the Seller or a closing statement or other
written instructions as to the disbursement of the Escrow Funds signed by both Buyer and Seller
or a final order of a court of compctent jurisdiction dirccting the disbursement of the Escrow
Funds, the Escrow Agent shall send to Seller and Buycr noticc of any other proposed
disbursemcnt of the Escrow Funds and not disburse such Escrow Funds until tcn (10) days after
such notice is sent in order to allow for objections to such proposed disbursemcnt. In the event
that the Escrow Agent docs not reccive a written objection to such proposed disbursement within
such ten-day period, the Escrow Agent is hereby authorized to disburse the Escrow Funds as set
forth in such noticc and upon making such disbursement, the Escrow Agent shall be relieved of
all liability with respect to the Escrow Funds so disbursed.
In the event of any dispute or any doubt on the part of the Escrow Agent
regarding the Escrow Funds (or any portion thereof), the Escrow Agcnt shall have the right to
deposit the Escrow Funds (or any portion thereof) into a court of appropriate jurisdiction and all
costs to the Escrow Agent in connection therewith shall be assessed against thc Escrow Funds.
In such event, the Escrow Agcnt shall be relieved of all liability with respect to the Escrow
Funds so dcposited. Seller and Buyer each agree to indemnify and hold thc Escrow Agent
harmless from and against any loss or liability (including reasonable attorney's fees and
disbursements and court and litigation costs) incmrcd by the Escrow Agent as a result of any
dispute regarding the Escrow Funds or in any way arising from the pcrformance of its
obligations under this Agrcemcnt or otherwise with respect to the Escrow Funds, except for the
gross negligence or willful misconduct of the Escrow Agent. The fact that the Escrow Agent is
acting as escrow holdcr under this Agreement shall not in any way prevent it from reprcsenting
Seller with respect to any litigation arising out of this Agreement or from representing Seller in
any other capacity,
4. Inspections, Buyer shall have until the Option Acceptance Date, but no later than
the Option Expiration Date (the "Inspection Period") to makc any inspections it deems
necessary, all at Buyer's sole cost and expense. Buyer may in its sole discretion consider the
results of such inspections in deciding whcther to exercise the Option, but thc neither the results
of any such inspcctions (including, without limitation, any of investigations or determinations
specifically mentioned in this Section 4) nor any failure of Buyer to perform or obtain the results
of any such inspections shall be a condition to the performancc of Buyer's obligations under this
Eric Feder
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Agreement nO! entitle Buyer to receive a refund of all or any portion of the Option Fee, unless
expressly provided for in this Agreement.
4.1 Selvices and Compliance, During the Inspection Peliod, Buyer may
determine that the Property has adequate services available and that all federal, state, county and
local laws, rules and regulations have been and arc currently being complied with relative to the
Property.
4,2 Environmental. During the Inspection Period, Buyer shall have access to
the Property for purposes of conducting any tests upon the Property, including but not limited to,
at its sole cost and expense, obtaining and accepting a satisfactory Phase I Environmental Audit,
engineering and topographical studies, as buyer in its sole discretion deems necessary so long as
it does not unduly interfere with Seller's operations; provided, however, that Buyer may not
conduct any Phase II environmental assessment or other invasive tests of the Property without
the written consent of Seller in each instance. In the event that any inspections and any review
of documents conducted by the Buyer relative to the Property during the Inspection Period prove
unsatisfactory to the Buyer, Buyer in its sole discretion, shall be entitled to terminate this
Agreement by providing written notice to Seller, or elect to proceed to closing as set forth herein
prior to the expiration of the Inspection Period. Notwithstanding anything to the contrary, Buyer
shall not be entitled to receive a refund of the Option Fee or any other Escrow Funds as a result
of the environmental condition of the Property unless (a) Buyer timely exercises the Option in
the manner required under this Agreement, subject to Seller's cure and remediation of any
applicable Environmental Problcm (as defined below), (b) on or prior to the end ofthc Inspection
Period, Buyer delivers to Seller a notice stating that an Environmental Problem (as defined
below) exists, together with a copy of a report plepared by an appropriately licensed independent
geologist or engineer which determines that Hazardous Materials arc present or are likely to be
present on the Property which are required to be remediated under applicable Governmental
Requirements and/or that conditions exist on the Property which are in violation of an applicable
Governmental Requirement with respect to Hazardous Materials and that cost of completing
such remediation and curing any such violations equals or exceeds five percent (5%) of the total
Purchase Price (an "Environmental Problem"), and (c) Seller does not cure and remediate such
Environmental Problem within ninety (90) days aileI' the end of the Inspection Period and Buyer
docs not elect to elose subject to such Environmental Problem as and when provided below.
Time is of the essence for Buyer to notify Seller of any Environmental Problems as and when
provided above and in the event Buyer docs not do so, it shall have waived any and all objections
to the environmental condition of the Property, In the event that Buyer timely notifies Seller of
an Environmental Problem in the manner required above, Seller shall within fifteen (15) days
thereafter notify Buyer either (I) that Seller has elected to cure and remediate as applicable, such
Environmental Problem, in which event Seller shall be entitled to one or more adjournments of
the Closing up to ninety (90) days in the aggregate in order to cure and remediate such
Environmental Problem or (ii) that Seller has elected to terminate this Agreement, in which event
this Agreement shall immediately terminate as provided below. If Seller elects to and does cure
and remediate such Environmental Problem, then Seller shall provide written notice and
evidence thereof to Buyer on or prior to ninety (90) days after the end of the Inspection Period,
in which event the Closing shall occur ten (10) business days thereafter. If Seller elects to, but
does not cure and remediate such Environmental Problem on or prior to ninety (90) days after the
end of the Inspection Period or at any time prior thereto notifies Buyer that it will no longer
Eric Feder
5
attempt to do so, then this Agreement shall terminate five (5) business days thereafter unless
Buyer notifies Seller that it has elected to accept the Property subject to the Environmental
Problem, in which event the Closing shall occur ten (10) business days after delivery of such
notice from Buyer. In the evcnt that this Agreement shall terminate under any of the foregoing
provisions of this paragraph, the Option Fee and all other Escrow Funds shall be paid forthwith
to Buyer, as Buyer's sole remedy, whereupon this Agreement shall be terminated and the parties
hereto shall be relieved of all further obligations and liabilities othel than those that expressly
survive termination of this Agreement.
4.3 Appraisals. Buyer shall have until the end of the Inspection Period to
obtain two appraisals for the Property in accordance with Chapter 166, Florida Statutes. Buyer
shall be entitled to consider the results of such appraisals in deciding whether to exercise the
Option, but the neither the results of such appraisals nor any failure of Buyer to obtain such
appraisals shall be a condition to the performance of Buyer's obligations under this Agreement
nor entitle Buyer to receive a refund of all or any portion of the Option Fcc. Buyer shall provide
copies of the appraisals to Seller after closing,
4.4 Inspection Procedures and Indemnitv. Buyer shall give Seller reasonable
advance notice of Buyer's inspections of the Property so that Seller, at its option, may have one
of its representatives familiar with the Property accompany Buyer. Buyer agrees that reasonable
precautions shall be taken in connection with such inspections so as to avoid any damage to the
Property and to minimize any disruption to the parties in possession of the Property. Buyer shall
indemnify, protect, defend and hold Seller, Seller's Trustees, officers, tenants, agents, contractors
and its personal representatives harmless from and against any claims, losses, liabilities or
damages resulting from such inspections and from and against any mechanic's liens or claims of
lien resulting therefrom. Such indemnification shall survive the Closing or earlier termination of
this Agreement.
4.5 Seller's Documents, Seller shall make available to Buyer no later than
twenty (20) days following the Effective Date of this Agrccment, copies of all documents (other
than appraisals) which Seller may have in its possession pertaining to the Property including, but
not limited to, building plans, architectural plans, building permits, impact fee assessments,
notices of special assessments, notices of sewer fees and water fees, unrecorded restrictive
covenants, variance application/approvals, special exception application/approvals, engineering
plans, unrecorded developer agreements, environmental reports, surveys and prior title insurance
policies, title commitments, and title exceptions pertaining thereto, if any. Buyer acknowledges
that Seller has provided Buyer with the Parking Agreement and a recorded restrictive covenant.
4.6 Confidentialitv. Prior to the Closing Date (and at all times if this
Agreement shall be terminated for any reason), Buyer shall keep confidential all financial,
environmental and other information pertaining to the Property that is not recorded in the public
records (including, without limitation, any summaries or descriptions of such information
prepared by Buyer or its Representatives) (collectively, the "Confidential Information") and shall
not disclose any of such Confidential Information to any person or entity, except that Buyer may
disclose the Confidential Information (i) as and to the extent required by applicable law,
regulation or legal process and (ii) to Buyer's directors, officers, employees, agents, attorneys
and consultants (collectively, the "Representatives") who need to know the Confidential
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Information for the purpose of evaluating the potential purchase of the Property by Buyer. Buyer
agrces that the Confidential Information will be used solely for the purpose of evaluating the
potential purchase of the Property by Buyer. In the event that this Agreement shall be terminated
for any reason, Buyer shall provide to Seller copies of all rcports and studies (including, without
limitation, all environmental assessments) prepared by, for or on behalf of Buyer with respect to
the Property. Buyer hereby agrees to indemnify and hold Seller and its personal representatives
harmless from and against any and all reasonable costs, expcnses, liabilities and damages,
including, without limitation, reasonable attorneys' fees and disbursements at thc trial level and
on onc or morc appeals, incurred by reason of any breach by Buyer of any of its agreements
contained in this Section 4.6.
5. Evidence of Titlc.
5.1 Deliverv of Title Commitment. Within thirty (30) calendar days of the
Effective Date, and subsequent to receipt of a copy of the prior deed to the Property in Seller's
possession more particularly described below in this Paragraph, Buyer shall obtain a Title
Commitment, at Buyer's cost, and shall deliver a copy of the Title Commitment to Seller's
attorney within three (3) days of receipt. Within five (5) business days of execution of this
Agreement by Seller, SelicI' shall be obligated to provide to Buyer a copy of the deed in its
possession that conveyed title to the subject real propcrty to Seller.
5.2 Marketablc Title. Seller shall convey marketable title to the Property,
subject to the Permitted Exceptions. Marketable Title shall be dctennined according to the Title
Standards adopted by authority of The Florida Bar and in accordance with law. Buyer shall have
fifteen (15) days from the date of receiving the Title Commitment to examine same. If title is
found to have defects which render title unmarketable, Buyer shall notify SelicI' in writing within
such fifteen-day period of any such title defects which are objectionable to Buyer (the "Title
Objections"). Time is of thc essence for Buyer to notify Seller of any Title Objections and
.Buyer's failure to include any such title defect in such a timely notice shall constitute a waiver
by Buyer of its right to object to such dcfect, which shall thcreafter be deemcd a Permitted
Exception for all purposes hereunder. The Buyer's notice of Title Objections shall include a
statement of how the defects should be cured. Seller has until the Closing Date to lemove all
Title Objections. If any Title Objections arc not removed on or prior to the Closing Datc, Buyer
shall have the option of either accepting title in its existing condition without any rcduction of
the Purchase Price, or of terminating this Agrcement by delivering to Seller a written notice of
termination at the Closing, Upon such a termination of this Agreement, neither Buyer nor Scllcr
shall have further rights or obligations hereunder exccpt for those that cxpressly survive
termination of this Agrcement except that thc Escrow Funds shall be refunded to Buyer under
these circumstances, provided that Buyer had timely=exercised the Option in the manner requircd
under this Agreement.
6. Survey. Within time period set forth in Section 5.1 to obtain a Title Commitmcnt,
Buycr may obtain at its expense a survey (the "Survcy") of the Property showing all
improvements thereon prepared by a land surveyor or enginecr registcred and liccnsed in thc
State of Florida. The Survey shall show the legal description of the Property to be the same as
Exhibit "A" attached hereto. The Buyer may require any reasonable revision to the legal
dcscription but Seller shall not bc required to convcy any lands other than the legal description of
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7
the Property set forth on Exhibit "A" attachcd hereto. Any objections must be dclivered to
Seller's attorney within thirty (30) days after the Effective Date. Upon such proper and timely
notification, all such objections to matters shown on thc SUI'vey which render titlc unmarketable
shall be treated as Title Objections in accordance with Section 5,2 hereof. Buyer's failure to
include any such matter in such a timely noticc shall constitute a waiver by Buyer of its right to
object to all matters which an accurate, current sUl'vey of the Property would reveal, which shall
thereafter be deemed Permitted Exceptions for all purposes hereunder
L Seller's Representations. Seller hereby represents and warrants to Buyer as of the
Effectivc Date and as of the Closing Date as follows:
7.1 Seller's Authoritv. Seller has legal right and ability to sell the Property
pUl'suant to this Agreement. The execution and delivery of this Agreement by Seller and the
consummation by SelicI' of the transaction contemplated by this Agreement is within Seller's
capacity and all requisite action has been taken to make this Agreement valid and binding on
Seller in accordance with its terms.
7.2 No Legal Bar. The execution by Seller of this Agreement and the
consummation by Seller of the transaction hereby contemplated does not, and on the Closing
Date will not, result in a bleach of, or default under, any indenture, agreement, lease, instillment,
obligation or the agreement of limited partnership, limited partnership certificate or related
instillments affecting the Seller, to which Seller is a party and which affects all or any portion of
the Property, or to Seller's knowledge, constitutes a violation of any Governmental Requirement.
7.3 No Defaull. To the actual knowledge of the Seller and its representatives,
Seller is not in default under an indentUl'e, mortgage, deed of trust, loan agreement, lease or other
agreement to which Seller is a party and which affects any portion of the Property.
7.4 Hazardous Materials, Seller has no actual knowledge nor has the Seller
received any written notice that there has been any discharge of hazardous material at the
Property. As used herein, the term "Hazardous Material" shall mean any substance, water or
material which has been determined by state, federal or local government authority to be capable
of posing a risk of injUl'Y to health, safety and property, including but not limited to, all of those
materials, wastes and substances designated as hazardous or toxic by the U.S, Environmental
Protection Agency, the U.S. Department of Labor, the U.S. Department of Transportation, and/or
any other state or local governmental agency now or hereafter authorized to regulate materials or
substances in the environmental (collectively "Governmental Authority(ies)"), Buyer must rely
on its Environmental reports and assessments, as Seller is not aware of Property's environmental
condition.
7.5 Litigation and Parties in Possession. To the actual knowledge of the Sellcr,
there are no actions, suits, proceedings or investigations pending or, to the knowledge of Seller,
threatened against Seller or the Property affecting any portion of the Propelty.
7.6 Buver's Remedies for Seller's Misrepresentations. In the event that Buyer
becomes aware prior to Closing that any of Seller's warranties or representations set forth in this
Agreement are not true in any material respect on the Effective Date or any time thereafter but
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prior to Closing, and in the event Seller is unable to render any such representation Of warranty
true and correct in all material respects as of the later of (i) Closing Date and (ii) thirty (30) days
after Buyer delivers to Seller written notice of such alleged incorrect representation or warranty,
Buyer may either: (a) terminate this Agreemcnt by written noticc thereof to Scller, in which
event the parties will be relieved of all fmther obligations hereunder, except for those that
expressly survive termination of this Agreement, and Buyer shall receive a refund of the Option
Fee, provided that Buyer had timely exercised the Option in the manner required under this
Agreement; or (b) elect to close under this Agreement notwithstanding the failure of such
representation and warranty, in which event the Closing shall be deemed a waiver by Buyer of
the failure of such representation and warranty.
8. Buyer's Representations. The Buyer hereby represents and warrants to the Seller
as of the Effective Date and as of the Closing Date that Buyer has full and complete authority to
enter into this Agreement and to pay the Option Fee on the ten11S and conditions set forth in this
Agreement and, subject to compliance with Chapter 166, Florida Statutes, the City of Sunny
Isles Beach and Code of Ordinances, to purchase the Property and to comply with the other
terms of this Agreement, and the execution and delivery of this Agreement by Buyer and
consummation by Buyer of the transaction hereby contemplated are within Buyer's capacity and
all requisite action has been taken to make this Agreement valid and binding on Buyel in
accordance with its terms.
9. Conditions Precedent to Closing,
9,1 Conditions to Buyer's Obligations, Each of the following events or
occurrences ("Buyer's Conditions Precedent") shall be a Condition Precedent to Buyer's
obligation to close this transaction, If the Buyer's Conditions Precedent have not been satisfied
on or before the Closing Date (as the same may be adjoun1ed pursuant to this Agreement), Seller
shall have thirty (30) days after Buyer delivers to Seller written notice of such unsatisfied
Buyer's Condition Plecedent within which to satisfy the unsatisfactory condition and should
Seller not have done so within said 3D-day period, Buyer shall have the right to either (i)
terminate this Agreement by giving notice thereof to Seller, whereupon Buyer and Seller shall be
relieved of all further obligations under this Agreement, except for those that expressly survive
termination o(this Agreement; or (ii) waive the condition and close.
(a) Representations. The representations and warranties made by Seller in
this Agreement shall be true and correct in all material respects on the Closing Date subject to
the 3D-day extension provided in.
(b) Seller's Obligations, Seller shall have performed in all material respects
all covenants, agreements, and obligations and complied in all material respects with all
conditions required by this Agreement to be performed or complied with by Seller prior to
Closing Date (as the same may be adjourned pmsuant to this Agreement) subject to the 3D-day
extension provided in Section 9,1 above.
(c) Possession. The Property shall be free and clear of any persons, tenants,
or improvements of any kind on the Closing Date, except for Seller as set forth helein and for the
improvements existing on the Effective Date.
Eric Feder
9
9.2 Conditions to Seller's Obligations. Each of the following events or
occurrences (the "Seller's Conditions Precedent") shall be a Condition Precedent to Seller's
obligation to close this transaction. If the Seller's Conditions Precedent have not been satisfied
on or before the Closing Date (as the same may be adjourned pursuant to this Agreement), Buyer
shall have thirty (30) days aner Seller delivers to Buyer written notice of such unsatisfied
Seller's Condition Precedent within which to satisfy the unsatisfactory condition and should
Buyer not have done so within said 3D-day period, Seller shall have the right to either (I) exercise
any and all remedies available under this Agreement or at law or in equity, including terminating
this Agreement and receiving and retaining all Escrow Funds, whereupon Buyer and Seller shall
be relieved of all further obligations under this Agreement, except for those that expressly
survive termination of this Agreement; or (ii) waive the condition and close:
(a) Representations. The representations and warranties made by Buyer in
this Agreement shall be true and correct in all material respects on the Closing Date subject to
the 3D-day extension provided in Section 9.2 above.
(b) Buyer's Obligations, Buyer shall have performed in all material respects
all covenants, agreements, and obligations and complied in all material respects with all
conditions required by this Agreement to be performed or complied with by Buyer on or prior to
Closing Date (as the same may be adjourned pursuant to this Agreement) subject to the I D-day
extension provided in Section 9.2 above,
10, Condition of the Property.
10.1 "AS IS" Sale. As provided in Section 4 above, Buyer will have during the
Inspection Period, the opportunity to investigate such matters pertaining to the Property and to
inspect the Property to the extent that Buyer deems necessary. Accordingly, if Buyer exercises
the Option, Buyer shall accept the Property in its "AS IS" condition on the Closing Date, "with
all faults" and specifically and expressly without any reduction in the Purchase Price fOl any
change in such condition for any reason subsequent to the date of this Agreement. Without
limiting the generality of the foregoing, no destruction, damage or casualty to the Property or any
part thereof shall in any way impair this Agreement nor relieve Buyer of its obligation to
consummate this transaction, If, prior to the Closing, any part of the Propelty is damaged or
destroyed, then, if Buyer exercises or has exercised the Option, at the Closing, Seller shall assign
to Buyer all of Seller's rights to any and all insurance proceeds payable for such casualty and
shall pay to Buyer any and all such insurance proceeds theretofore paid to Seller by reason
thereof and Buyer shall purchase the Property for the full Purchase Price pursuant to this
Agreement.
10.2 No Implied or Unwritten Representations. BUYER FURTHER
ACKNOWLEDGES AND AGREES THAT, EXCEPT AS EXPRESSLY SET FORTH IN
SECTION 7 OF THIS AGREEMENT, SELLER HAS NOT, DOES NOT AND WILL NOT
MAKE, AND HEREBY DISCLAIMS, ANY AND ALL WARRANTIES AND
REPRESENTATIONS WITH RESPECT TO THE PROPERTY, WHETHER EXPRESS OR
IMPLIED, OR ARISING BY OPERATION OF LAW, INCLUDING, BUT IN NO WAY
LIMITED TO, ANY WARRANTY OF CONDITION, MERCHANTAI3ILlTY,
HABITABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE, OR WITH
Eric Feder
10
RESPECT TO THE VALUE, PROFITABILITY, MARKETABILITY OR ACREAGE OF THE
PROPERTY, In entering into this Agrcement, Buyer has not bcen induced by and has not relicd
upon any such rcpresentations, warranties or statements, whether express or implied, written or
oral, made by Seller or any agent, employee or other representative of Seller or by any broker or
any other person representing or purporting to represent Seller. The provisions of this section
10.2 shall survive Closing and any earlier termination of this Agreement.
I I. Closing. The Closing shall occur at a mutually agreed time on or before fifteen
(15) days from Option Acceptance Date and shall take placc at the office of thc Buyer's attorney,
12. Seller's Closing Documents. At closing, Seller shall deliver the following
documents ("Scller's Closing Documcnts") to Buyer:
12.1 Quit Claim Deed, The Quit Claim Deed shall be duly cxecuted and
acknowledged by SelicI' so as to convey to Buyer good and marketable fee simple titlc to the
Property frce and clear of all licns, cncumbranccs and other conditions of title othcr than the
Permitted Exceptions and exceptions not duly objected to by Buycr.
12.2 Mechanic's Licn Affidavit. A mechanic's lien affidavit in thc customary
form, attesting that to the knowledge of Seller, (a) no individual, cntity or Governmental
Authority has any claim against the Property under the applicable mechanic's lien law, (b) no
individual, entity or Governmental Authority is either in posscssion of thc Property or has a
promissory interest or claim in the Property (exccpt Seller and Buyer), and (c) no improvemcnts
to the Property have been made for which payment has not been made.
12.3 Gap Affidavit. An affidavit in form and contcnt reasonably satisfactory to
the Title Company to facilitate the insuring of thc "gap", i.e" the deleting as an exception to the
Title Commitment any matters appearing between the effective datc of the Title Commitment
and the effcctive date of the Title Policy.
12.4 FIRPTA. A FIRPTA Non-Foreign Entity Transfer Certificate or
Exemption Certificate or document evidencing withholding, in accordance with Section 1445 of
the Internal Revenuc Code.
12.5 DR-2 I 9. DR-219 as required for recording,
12.6 Closing Statement. At least four (4) counterparts of a closing statement
for this transaction, executcd by Seller.
13, Buver's Closing Documcnts. At closing, Buyer shall deliver the following
documcnts (Buycr's Closing Documents) to Seller;
13.1 Citv Commission Approval. A certificd copy of the Resolution, Minutes
or Agenda Actions of thc pertincnt mceting of thc Commission Council showing that Buyer has
been authorized to enter into and execute this Agreement and consummate thc transaction herein
contemplated. This Agreement shall be presented to City Commission for its approval at its
regular meeting scheduled for J unc 21, 2007,
Eric Feder
II
13.2 Appraisals. Any and all appraisals required under Chapter 166 of the
Florida Statutes.
13,3 Closing Statement. At least four (4) counterparts of a closing statement
for this transaction, executed by Buyer.
] 4, Closing Procedure. The Closing shall proceed in the following manner:
] 4.1 Transfer of Funds. Buyer shall pay the Purchase Price to the Seller by
wire transfer to the account of Seller.
] 4.2 Delivery of Documents, Seller shall deliver Seller's Closing Documents
to the Buyer upon receipt of the Purchase Price. Simultaneously, Buyer shall deliver the Buyer's
Closing Documents to Seller. The foregoing may be accomplished by a mutually acceptable
escrow arrangement.
15. Closing Costs, Taxes. Prorations and Impact Fees.
15.] Ad Valorem Taxes. Seller shall comply with Section 196.295, Florida
Statutes, with respect to the payment of prorated and ad valorem taxes for the year of closing into
escrow with the Miami-Dade County Revenue Collector.
15.2 Seller's Closing Costs. Seller shall pay for the following items prior to or
at the time of Closing:
Cost of providing marketable title as provided herein; documentary
stamps on the Special Warranty Deed and any all surtax imposed by
Miami-Dade County with respect to the Special Warranty Deed.
15.3 Buyer's Closing Costs. Buyer shall pay for the following items prior to or
at the time of Closing:
Recording of Deed; title insurance premium and title search and
examination costs; survey costs, appraisal costs, costs of the Phase I
Environmental Assessment Report and other inspections performed
pursuant to this Agreement and related expenses and all costs and
expenses of any financing of Buyer's acquisition of the Property
contemplated hereby
16. Possession. Buyer shall be granted full possession of the Property at Closing.
] 7, Condemnation, ]n the event of the institution of any proceeding by any
Governmental Authority other than Buyer, which hereby agrees not to institute such a
proceeding) for the proposed taking of any material portion of the Property by eminent domain
prior to Closing, or in the event of the taking of any material portion of the Property by eminent
domain prior to Closing, Seller shall promptly notify Buyer and Buyer shall thereafter within
fifteen (]5) days after receipt by Buyel of the notice Ii-om Seller either (1) terminate this
Agreement, whereupon Seller and Buyer shall be released of all further responsibility and
Eric Feder
12
obligations hereunder other than those that expressly survive termination of this Agreement; or
(2) proceed to close this transaction. Seller hereby agrees to furnish Buyer with written notice of
a proposed condemnation within five (5) business days after Seller's receipt of notification.
Should buyer terminate this Agreement, the parties hereto shall be released from their respective
obligations and liability hereunder other than those that expressly survive termination of this
Agreement and Buyer shall receive a return of the Escrow Funds provided that Buyer had timely
exercised the Option in the manner required under this Agreement. Should Buyer elect not to
terminate this Agreement, the parties hereto shall proceed to Closing and Seller shall assign all of
its rights, title and interest in all awards in connection with such taking to Buyer.
18. Notice. Notices shall be in writing delivered by hand, or by certified mail, return
receipt requested, or overnight delivery by nationally recognized service, to the addressee at the
address set forth herein, and shall be deemed to have been delivered on the date of receipt of
such notice, if hand-delivered, or, if mailed, on the date the receipt for which the certified mail is
signed or refused, by the addressee or its unauthorized agent or employee, or if an overnight
nationally recognized delivery service, on the business day immediately following delivery to
such delivery service;, Either party may change the address for notice to that party by delivering
written notice of such change in the manner provided above, such change to be effective not
sooner than ten (10) days after the date of notice of change. If either party relies upon a hand
delivery as described herein, then the party using this median shall maintain an appropliate
receipt of delivery, in the normal course of business.
BUYER:
The City of Sunny Isles Beach
18070 Collins A venue
Sunny Isles Beach, Florida 33 I 60
Attn: John Szerlag, City Manager and
Hans Ottinot, City Attorney
With a copy to: Harold M. Rifas, P,A.
7900 Red Road
South Miami, FI 33143
SELLER: Intercoastal Management Ltd.
19950 West Country Club Drive
A ventura, Florida 33 I 80
Attn: Eric Feder, Managing Member
With a copy to:
Eric Feder
13
] 9. Miscellaneous,
19.1 Counterparts. This Agreement may be executed in any number of
counterparts, anyone and all of which shall constitute the contract of the parties, The paragraph
headings herein contained are for the purposes of identification only and shall not be considered
in construing this Agreement.
] 9,2 Amendment. No modification, amendment or waiver of this Agreement
or any provision hereof (including, without limitation, this sentence) shall be of any force or
effect unless in writing executed by both Seller and Buyer.
19.3 Attornev's Fees, In connection with any action ansll1g from or in
connection with this Agreement, the prevailing party shall be entitled to an award of its costs and
expenses, including reasonable attorneys' fees and disbursements, incurred or paid before and at
trial or any other proceeding which may be instituted, at any tribunal level.
19.4 Governing Law. This Agreement shall be interpreted in accordance with
the laws of the State of Florida, both substantive and remedial.
19.5 Entire Agreement. This Agreement sets fOlth the entire agreement
between Seller and Buyer relating to the Property and all subject matter herein and supersedes all
prior and contemporaneous negotiations, understandings and agreements, written or oral,
between the parties.
19.6 Computation of Dates. If any date computed in the manner herein set
forth falls on a legal holiday or non-business day or non-banking day, then such date shall be
extended to the first business day following said legal holiday or non-business day or non-
banking day.
] 9,7 Time is of the Essence. Time is of the essence and failure of the Buyer to
exercise the option granted hereby on or before the Option Expiration Datc shall cause this
Agreement to terminatc and be of no further force or effect, except for those provisions that are
expressly stated to survive termination of this Agreement.. The provisions herein contained shall
be strictly construed for the reason that both parties intend that all time periods provided for in
this Agreement shall be strictly adhered to,
] 9.8 No Recording. This Agreement or any notice or memorandum hereof may
not be recorded in the public records of any county in the State of Florida.
19.9 No Brokers. Seller and Buyer each represent to the other that it has not
dealt with any broker, salesperson or agent in connection with the execution and delivery of this
Agleement, and the other party shall not be required to pay any commission whatsoever with
respect to this Agreement resulting from the actions of the party making such representations.
Seller and Buyer each indemnify and hold each other harmless from and against any and all
claims, losses, costs, damages, liabilities and expenses (including without limitation, reasonable
attorneys' and paralegal fees) resulting from a breach by the indemnifying party of the foregoing
representation.
Eric Feder
14
19.10 Acceptance of Deed. The acccptance of the Deed to Buyer shall be
deemed full pcrformance and discharge of every agreement and obligation on the part of Seller
to be perfonned pursuant to this Agreement, except those which are specifically stated to smvive
delivery of the Deed and closing,
19.11 Interpretation. Should any term or provision of this Agreemcnt be subject
to judicial interpretation, it is agreed by Seller and Buyer that the comt interpreting or construing
the same shall not apply a presumption that the term or provision shall be more strictly construed
against the party who itself or through its agents and attorneys of each party have participated in
the preparation of the terms and provisions of this Agreement and that all terms and provisions
have been negotiated,
19.12 Caption, Headings. Etc. Captions, heading. section and subsection
numbers in this Agreement are for convenience and reference only, and shall have no effect upon
the meaning of any of the terms or provision hcrein.
19.13 Waiver. Failme of either party to insist upon compliance with any term or
provision hereof shall not constitute a waiver thereoC and no waiver of any term or provision of
this Agreement shall be effective unless it is in writing and signed by the party against whom it is
asserted. Any waiver of any term or provision of this Agreement shall only be applicable to the
specific term or provision and instance to which it is related, and shall not be deemed to be a
continuing or futme waiver as to such term or provision or as to any other term or provision,
19,14 No Third Partv Beneficiarv. The terms and provisions of this Agreement
are for the exclusive benefit of Seller and Buyer, and not for the benefit of any third party, and
this Agreement shall not be deemed to have conferred any rights, expressed or implied, upon any
third party.
19,15 Assignment. No assignment by Buyer of this Agreement or any of its
rights hereunder shall release Buyer from any of its obligations or liabilities hereunder.
19,16. Radon Disclosme, Buyer is hereby advised that radon is a naturally
occmring radioactive gas that, when it has accumulated in a building in sufficient quantities, may
present health risks to persons who are exposed to it over time. Levels of radon that exceed
federal and state guidelines have been found in buildings in Florida. Additional information
regarding radon and radon testing may be obtained from yom county public health unit. The
foregoing disclosure is provided to comply with state law and is for informational pmposes only.
19,17, Release. From and after closing, Seller shall protect, defend, indemnify and
hold Buyer, and its elected officials, employees and agents free and harmless from and against
all claims (including third party claims), demands, liabilities, damages, costs and expenses,
including costs and reasonable attorney's fees of whatever kind or nature arising from or in any
way connected to the charitable tax deduction. Seller's obligation of indemnity set forth herein
shall survive the closing and shall not be merged with the deed.
{Signatures on Following Pagel
Eric Feder
15
IN WITNESS WHEREOF, the parties havc executcd this Option Agrccmcnt for Purchase
and Sale of Real Property as of the respective dates indicated below,
WITNESSES:
SELLER:
9 (l,fw'k.L ~. ~
INTERCOASTAL MANAGEMENT
ASSOCIA TION
BY:
~tJ '00 ~_ W o..Qy A",-
Date Exccuted:
~~lb~
BUYER:
ATTEST:
CITY OF SUNNY ISLES BEACH,
a Florida Municipal Corporation,
~~L
JANE A. HINES, CMC
CITY CLERK
(alM)01
APPROVED AS TO LEGAL FORM
AND SUFFICIENCY
Date Executed:
BY:
,.;;<'~ AA..A..~ fll:'.r!
'liANS OTTINOT
CITY ATTORNEY
Dated:
~ ~O'1
Eric Feder
16
(,.: f !'i
I ~ : } "
......' . l-..~I
EXHIBIT "A"
LEGAL DESCRIPTION 01' THE PROPERTY
TATUMS OCEAN BEACH PARK PB 5-35 ALL THAT PORT 01' LOTS 97-98-99-100
DESCR S3501'T MIL OF N889.391'T MIL MEASURED PARR TO C/LaI' SUNNY ISLE
BLVD. LYG BETW WLY/L OF ST RD AlA R/W/L & ELYIL OF OCEAN CANNAL AKA
Location: Collins Avenue
Sunny Isles Beach, I'lorida, 33160
Eric Feder
City Commission
Norman S, Edelcup
Mayor
Lewis J. Thaler
Vice Mayor
Roslyn Brezin
Commissioner
Gerry Goodman
Commissioner
Danny Iglesias
CommIssioner
A. John Szerlag
City Manoger
Hans Ottinot
City Attorney
Jane A. Hines
City Clerk
July 13, 2007
Eric Feder
Intercoastal Management Ltd.
19950 W. Country Club Drive
A ventura, Florida 33180
Re: Option Agreement for Purchase and Sale of Real Property
Dear Mr. Feder:
At its regular meeting of June 21, 2007, the Sunny Isles Beach City Commission
adopted Resolution No. 2007-1120, which approved an Option Agreement with
Intercoastal Management, Ltd. for the purchase of real property. Attached is a copy of
the approving resolution and an original Option Agreement for your files.
Thank you.
Sincerely,
~~ QQ",-l1 'hQ JJ..PA____
Priscilla Walker,"'CMC - ,-
Deputy City Clerk
Attachments
cc: A. John Szerlag, City Manager
Hans Ottinot, City Attorney
Office of the City Clerk (305) 792-1703 Phone (305) 949-3113 Fax
Property Purch Option Agrmt Trans Ltr
TO:
FROM:
DATE:
RE:
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
(305) 947-0606 City Hall
(305) 949-311 3 Fax
(305) 947-2150 Building Department
(305) 947-5107 Fax
City Commission
Norman S. Edelcup, Mayor
Lewis J. Thaler, Vice Mayor
Roslyn Brezin, Commissioner
Gerry Goodman, Commissioner
Danny Iglesias, Commissioner
A. John Szerlag, City Manager
Hans Ottinot, City Attorney
Jane A. Hines, CMC, City Clerk
MEMORANDUM
Hans Ottinot, City Attorney
Priscilla Walker, CMC, Depury City Clerk?~
June 26, 2007
Approval of Option Agreement with Intercoastal Management, Ltd.
At its regular meeting of June 21, 2007, the City Commission adopted Resolution No. 2007-
1120, which approved an option agreement with Intercoastal Management, Ltd. for the purchase
of real property. It is agreed that the City Attorney's Office will secure the seller's signature on
the agreements and that the Office of the City Clerk will process the documents after he signs.
Attached are two Option Agreements to assist you in this regard.
Thank you.
/pw
Attachments
Property Purch From Intercoastal Mgmt Memo
TO:
FROM:
DATE:
RE:
City of Sunny Isles Beach
18070 Collins Avenue, Suite 250
Sunny Isles Beach, Florida 33160
(305) 947-0606 City Hall
(305) 949-3113 Fax
(305) 947-2150 Building Department
(305) 947-5107 Fax
City Commission
Norman S. Edelcup, Mayor
Lewis J. Thaler, Vice Mayor
Gerry Goodman, Commissioner
Roslyn Brezin, Commissioner
Danny Iglesias, Commissioner
A. .John Szerlag, CIty Manager
Hans Ottinot, City Allorney
Jane A. Hines, CMC, City Clerk
MEMORANDUM
The Honorable City Commission
Hans Ottinof, City Attorne~
June 12, 2007
Proposed Resolution Approving an Option Agreement with Intercoastal
Management Association, Ltd. for Purchase and Sale of Real Property, Folio #
31-2214-008-0350, in the Amount of $500,000
RECOMMENDATION:
This proposed Resolution Approving an Option Agreement with Intercoastal Management
Association, Ltd. for Purchase and Sale of Real Property, Folio # 31-2214-008-0350, in the
Amount of $500,000 with an Option Deposit of $50,000 for a 90-day Option, which Deposit
shall be applied to the Purchase Price if the City Proceeds to Purchase, is presented for your
consideration and approval.
REASONS:
On March 13, 2006, the City Commission held an Open Space Workshop to discuss the
development of a strategic plan for the acquisition of property for open space/park purposes.
The property identified as folio # 31-2214-008-0350, located along Collins A venue, presents a
unique opportunity for the City to purchase additional property for open space/park purposes.
Intercoastal Management Association, Ltd, is willing to accept an Option Agreement for the
purchase of said property in the amount of $500,000 with an option deposit of $50,000 for a 90-
day option, which deposit shall be applied to the purchase price if the City proceeds to purchase.
The purchase of the above property will help the City meet its open space/park objectives.
kw\t\1 ct\--e cx.VC\\\L\ \k 'IV'-. '\4. ~t t:xW\t Q.({Oi..tl-\'t. ':W .JO.. bOO'- ~f; 5J.- O~~
H a/fa
Agenda Item
Date