HomeMy WebLinkAboutReso 2008-1241
RESOLUTION NO. 2008- I~ &..II
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF SUNNY ISLES BEACH, FLORIDA, APPROVING AN
OPTION AGREEMENT IN SUBST ANTIALL Y THE SAME
FORM WITH ST. TROPEZ III, LLC, FOR PURCHASE AND
SALE OF A PARCEL OF LAND LOCATED ON SUNNY ISLES
BOULEVARD, WITH FOLIO # 31-2214-007-0050 IN THE
AMOUNT OF $1,558,419.78 WITH AN OPTION DEPOSIT OF
$50,000 FOR A 60-DA Y OPTION, WHICH DEPOSIT SHALL BE
APPLIED TO THE PURCHASE PRICE IF THE CITY
PROCEEDS TO PURCHASE, A TT ACHED 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, the City of Sunny Isles Beach (the "City") is in the process of
redeveloping the Sunny Isles Boulevard corridor of the City; and
WHEREAS, the City has allocated funding for open space and public parking in
the Sunny Isles Boulevard corridor; and
WHEREAS, the property located on Sunny Isles Boulevard with Folio No. 31-
2214-007 -0050 presents a unique opportunity for the City Commission to purchase
property for redevelopment of the City's Sunny Isles Boulevard corridor; and
WHEREAS, St. Tropez III, LLC, the owner of the property located on Sunny
Isles Boulevard, is willing to accept an Option Agreement for the purchase of said
property, in the amount of $1,558,419.78 (One Million Five Hundred Fifty-Eight
Thousand Four Hundred Nineteen Dollars and Seventy-Eight Cents) with an option
deposit of $50,000 (Fifty Thousand Dollars) for a 60-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 1. Incorporation of Recitals. The recitals set forth hereinabove are hereby
incorporated herein by reference.
Section 2. Approval of Option Contract. The Option Agreement in substantially the
same form for purchase and sale of lot located on Sunny Isles Boulevard, in the amount
of $1,558,419.78 (One Million Five Hundred Fifty-Eight Thousand Four Hundred
Nineteen Dollars and Seventy-Eight Cents) with an option deposit of $50,000 (Fifty
Thousand Dollars) for a 60-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.
Section 3. Authorization of Mayor. The Mayor is hereby authorized to execute said
Option Agreement.
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,
ATTEST:
~~L
Jane A. Hines, CMC, City Clerk
Moved by: C.h~ ~~'2.IU
Seconded by: G~ S<:...t-ttll.....L
Vote: S..,O
Mayor Norman S. EdeIcup
Vice Mayor Lewis Thaler
Commissioner Roslyn Brezin
Commissioner Gerry Goodman
Commissioner George "Bud" Scholl
v (Yes)
V(Yes)
V(Yes)
V(Yes)
----LLtY es )
_(No)
(No)
_(No)
_(No)
_(No)
OPTION AGREEMENT FOR
PURCHASE AND SALE OF REAL PROPERTY
This Option Agreement for Purchase and Sale of Real Property (hereinafter the
"Agreement"), is made and entered into as of this ~day of HQ.I?d ,2008, by and
between the City of Sunny Isles Beach, a Florida municipal corporation and/or its assigns (the
"Buyer") and St. Tropez TII LLC (the "Seller").
In consideration of the mutual agreements set forth below, the parties agree as follows:
I. Definitions. The following terms when used in this Agreement shall have the
following meaning:
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 delivelY of the Deed to Buyer concurrently with the delivery
of the Purchase Price to Seller.
1.3 Closing Date, The date of the Closing as detennined in accordance with
Paragraph II below.
1.4 Deed. A Warranty or Quit Claim Deed which conveys the Property from
Seller to Buyer.
1.5 Effective Date. The date that this Agreement is executed by the last party
to sign it.
1,6 Govemmental Authoritv. Any federal, state, county, municipal, or other
govemmental department, entity, authority, commission, board, bureau, court, agency or any
instrumental ity of any of them which has jurisdiction over the Property.
1.7 Govemmental Requirement. Any law, enactment, statute, code,
ordinance, rule, regulation, judgment, decree, writ, injunction, franchise, permit, cel1ificate,
license, authorization, agreement, or other direction or requirement of any Govemmental
Authority now existing or hereafter enacted, adopted, promulgated, entered, or issued applicable
to the Propel1y, or to any app1ll1enances, structure, use or facility, on or adjacent to, the Property.
1.8 Leasehold Interests. Any existing tenancies attached to this property as
set forth by the parties in Section 7.2 below.
1.9 Option Acceptance Date. The date upon which the Buyer notifies Seller
that Buyer has exercised the option granted by this Agreement in accordance with Paragraph 2.3
below.
I. 10 Option Expiration Date.
described hereinafter.
Sixty (60) days aller El1cctive A sooner as
Option Agreement for Milton Property on Sunny Islcs Blvd.
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1.11 Property. That cel1ain real property located in the Sunny Isles Beach,
Miami-Dade County, Florida, and more pat1icularly described in Exhibit "A" attached hereto and
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 f011h in Paragraph 3 below.
1.13 Seller. St. Tropez III LLC. Seller's mailing address is: 3211 Ponce De
Leon Blvd., Suite 30 I Coral Gables, FL 33134.
1.14 Title Commitment. A title insurance commitment issued by or written to
a title insurance company licensed to eonduct business in the State of Florida (a "Title
Company") agreeing to issue the Title Poliey to Buyer upon payment of the Purchase Priee and
recording of the Deed and execution and/or recording of other closing documents.
1.15 Title Policy. An AL T A Form B Owner's Title Insuranee 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 tenns 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 for the Option, simultaneously with the
delivery by Buyer to Seller of this Agreement executed by Buyer, Buyer shall pay by wire
transfer or check the sum of Fifty Thousand Dollars ($50,000.00) (the "Option Fee") to Chicago
Title Insurance Company, 270 I Gateway Drive, Pompano Beach, Florida 33069 Attention: Artie
Montaner, 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 non-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 Fee 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 Seller 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) tennination of this Agreement
pursuant to the provisions of Section 17 hereof due to a taking of the Property as and when
Option Agreement for Milton Property on Sunny Isles Blvd 2
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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 notice to Seller or Seller's
counsel given 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"). 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
receive 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 arc 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 One Million Five
Hundred Fifty-Eight Thousand Four Hundred Nineteen Dollars and Seventy-Eight Cents
($1,558,419.78), payable by Buyer to Seller as follows:
(a) the Option Fee in the amount of Fifty Thousand and 00/1 00 Dollars
($50,000.00), 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 One Million Five Hundred
Eight Thousand Four Hundred Nineteen Dollars and Seventy-Eight Cents ($1,508, 419.78),
payable in Acceptable Funds to Seller at the Closing, subject to adjustments and credits as
hereinafter set forth. As used in this Agreement, the tenn "Acceptable Funds" shall mean a wire
transfer of immediately available funds.
(c) Buyer and Seller acknowledge that Seller intends to take a charitable tax
deduction for the excess as detennined by such appraisal on its federal income tax return for the
year of the sale. Buyer agrees to sign IRS Fonn 8283 or other applicable fonn upon request by
Seller confirming the market value of the property and the donation.
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. After consideration of all of the foregoing, Buyer
and Seller hereby agree that in the event of Buyer's default under this Agreement (provided that
Seller 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 Agreement, then Seller's
remedies shall be limited to the right to collect the Option Fee from Buyer and to retain the
Option Agreement for Milton Property on Sunny Isles Blvd 3
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Option Fee as liquidated damages, plus reasonable attorneys' fees and costs of collection should
I itigation 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 be at any federally insured banking institution selected by the
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 failure 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 time to deposit the Option
Fee in the Account and some time to withdraw the Escrow Funds from the Account in
anticipation of the Closing contemplated under this Agreement, and that the Escrow Funds will
earn no interest during such times.
Seller represents that its correct taxpayer identification number is
Upon request by the Escrow Agent, Buyer and Seller shall each execute a Payer's Request for
Taxpayer Identification Number (IRS Form W-9) and shall deliver the same to the Escrow
Agent. All interest earned on the Option Fee shall be paid to the party to whom the Option Fee
is payable under this Agreement.
Buyer and Seller acknowledge that the Escrow Agent is serving as escrow holder
as an accommodation for the parties. The Escrow Agent shall not be liable for any actions or
refusal to take any action undertaken in good faith or upon reliance upon documentation which it
believes to be genuine. Unless the Escrow Agent has received written authorization from the
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 competent jurisdiction directing the disbursement of the Escrow
Funds, the Escrow Agent shall send to Seller and Buyer notice of any other proposed
disbursement of the Escrow Funds and not disburse such Escrow Funds until ten (10) days after
such notice is sent in order to allow for objections to such proposed disbursement. In the event
that the Escrow Agent does not receive 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 notice 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 Agent 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 the Escrow Funds.
In such event, the Escrow Agent shall be relieved of all liability with respect to the Escrow
Funds so deposited. Seller and Buyer each agree to indemnify and hold the Escrow Agent
harmless from and against any loss or liability (including reasonable attorney's fees and
disbursements and court and litigation costs) incurred by the Escrow Agent as a result of any
dispute regarding the Escrow Funds or in any way arising from the performance of its
Option Agreement for Milton Property on Sunny Isles Blvd 4
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obligations under this Agreement or otherwise with respect to the Escrow Funds, except for the
gross negligence or willful misconduct of the Escrow Agent.
4. Inspections. Buyer shall have until the Option Acceptance Date, but no later than
the Option Expiration Date (the "Inspection Period") to make 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 whether to exercise the Option.
4.1 Services and Compliance. During the Inspection Period, 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 are currently being complied with relative to the
Propel1y.
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 Problem (as defined below), (b) on or prior to the end of the Inspection
Period, Buyer delivers to Seller a notice stating that an Environmental Problem (as defined
below) exists, together with a copy of a report prepared by an appropriately licensed independent
geologist or engineer which determines that Hazardous Materials are 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
Govemmental Requirement with respect to Hazardous Materials and that the 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 after the end of the Inspection Period and Buyer
does not elect to close 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 does 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
Option Agreement for Milton Property on Sunny Isles Blvd 5
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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. I f Seller elects to, but
docs not curc and rcmcdiatc such Environmcntal Problcm on or prior to nincty (90) days after thc
end of the Inspection Period or at any time prior thereto notifies Buyer that it will no longer
attempt to do so, then this Agreement shall tenninate 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 event that this Agreement shall tenninate 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 tenninated and the parties
hereto shall be relieved of all further obligations and liabilities other than those that expressly
survive tennination of this Agreement. All environmental reports shall be considered the
confidential property of Buyer. Buyer shall not share same with Seller unless Seller requests
same. In the event Buyer requests a Phase Two audit, Seller shall have the right to terminate the
Agrccmcnt.
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.
4.4 Inspection Procedures and Indemnity. 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 hannless 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 Agrccmcnt.
4.5 Seller's Documents. Seller shall make available to Buyer no later than
thirty (30) days following the Effective Date of this Agreement, 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 pennits, 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, unrccorded developer agreements, environmental reports, surveys and prior title insurance
policics, titlc commitmcnts, and title cxceptions pcrtaining thcrcto, if any.
4.6 Confidentiality. 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
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Option Agreement for Milton Property on Sunny Isles Blvd
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not disclose any 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, attomeys
and consultants (collectively, the "Representatives") who need to know the Confidential
Information for the purpose of evaluating the potential purchase of the Property by Buyer. Buyer
agrees that the Confidential Infonnation will be used solely for the purpose of evaluating the
potential purchase of the Property by Buyer.
5. Evidence ofTitlc.
5.1 Delivery 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 bclow 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
attomey within three (3) days of receipt. Within five (5) business days of execution of this
Agreement by Seller, Seller shall be obligated to provide to Buyer a copy of the deed in its
possession that conveyed title to the subject real property to Scllcr.
5.2 Marketable Title. Seller shall convey marketable title to the Property,
subject to the Permitted Exceptions. Marketable Title shall be determined 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 havc dcfccts which rcnder title unmarketablc, Buycr shall notifY Scllcr in writing within
such fifteen-day period of any such title defects which are objectionable to Buyer (the "Title
Objections"). Time is of the 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 defect, which shall thereafter be deemed 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 remove all
Title Objections. If any Title Objections are not removed on or prior to the Closing Date, Buyer
shall have the option of either accepting title in its existing condition without any reduction of
the Purchase Price, or of terminating this Agreement by delivering to Seller a written notice of
termination at the Closing. Upon such a tennination of this Agreement, neither Buyer nor Seller
shall have further rights or obligations hereunder except for those that expressly survive
termination of this Agreement except that the Escrow Funds shall be refunded to Buyer under
these circumstances, provided that Buyer had timely exercised the Option in the manner required
under this Agreement. Seller agrees that if title is found to be unmarketable, Seller will use
diligent efforts to correct all Title Objections that are timely objected to by Buyer, within the
time provided therefore, and subject to the limitations that Seller shall not be required to bring
any action or proceeding or to incur any expense in excess of five percent (5%) of the Purchase
Price in the aggregate to cure any such Title Objections.
6. Survey, Within the time period set forth in Section 5.1 to obtain a Title
Commitment, Buyer may obtain at its expense a survey (the "Survey") of the Property showing
all improvements thereon prepared by a land surveyor or engineer registered and licensed in the
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
Option Agreement for Milton Property on Sunny Isles Blvd 7
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description but Seller shall not be required to convey any lands other than the legal description of
the Property set forth on Exhibit "A" attached hereto. Any objections must be delivered 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 the Survey which render title unmarketable
shall be treated as Title Objections in accordance with Section 5.2 hereof.
7. Seller's Representations. Sellcr hereby represents and wan-ants to Buyer as of the
Effective Date and as of the Closing Date as follows:
7.1 Seller's Authority. Seller has legal right and ability to sell the Propel1y
pursuant to this Agreement. The execution and delivery of this Agreement by Seller and the
consummation by Seller of the transaction contemplated by this Agreement is within Seller's
capacity and all rcquisitc action has been taken to make this Agreement valid and binding on
Seller in accordance with its terms.
7.2 No Leasehold Interests. Seller warrants that at the time of closing the
property will not be encumbered by any leasehold.
7.3 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 breach of, or default under, any indenture, agreement, lease, instrument,
obligation or the agreement of limited partnership, limited partnership certificate or related
instruments 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.
7.4 No Default. To the actual knowledge of the Seller and its representatives,
Seller is not in default under an indenture, mortgage, deed of trust, loan agreement, lease or other
agreement to which Seller is a party and which affects any portion of thc Property.
7.5 Hazardous Materials. Seller has no actual knowledge nor has the Seller
receivcd 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 injury 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 environment (collectively "Governmental Authority(ies)"). Buyer must rely on
its Environmental reports and assessments, as Seller is not aware of Property's environmental
condition.
7.6 Litigation and Parties in Possession. Except for certain leasehold interests
which are terminable with thirty (30) days notice, to the actual knowledge of the Seller, there arc
no actions, suits, proceedings or investigations pending or, to the knowledge of Seller, threatened
against Seller or the Property affecting any portion of the Property.
7.7 Buyer'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
Option Agreement for Milton Property on Sunny Isles Blvd 8
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Agreement are not true in any material respect on the Effective Date or any time thereafter but
prior to Closing, and in the event Seller is unable to render any such representation or warranty
true and correct in all material respects as of the later of (i) Closing Date or (ii) thirty (30) days
after Buyer delivers to Seller written notice of such alleged incorrect representation or warranty,
Buyer may either: (a) terminate this Agreement by written notice thereof to Seller, in which
event the parties will be relieved of all further obligations hereunder, except for those that
expressly survive termination of this Agreement, and Buyer shall receive a refund of the Option
Fcc, provided that Buyer had timely exercised the Option in the manner required under this
Agreemcnt; 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 walTanty.
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 terms and conditions set fOl1h in this
Agreement and, subject to compliance with Chapter 166, Florida Statutes, the City of Sunny
Isles Beach Chartcr 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 Buyer in
accordancc 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 adjourned pursuant to this Agreement), Seller
shall have thirty (30) days after Buyer delivers to Seller written notice of such unsatisfied
Buyer's Condition Precedent within which to satisfy the unsatisfactory condition and should
Seller not have done so within said 30-day period, Buyer shall have the right to either (i)
tenninate 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 oLthis 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 providcd in Section 9.1 abovc.
(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 perfom1ed or complied with by Seller prior to
Closing Date (as the same may be adjourned pursuant to this Agreement) subject to the 30-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 Seller may use the property to park
Option Agreement for Milton Property on Sunny Isles Blvd 9
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vehicles upon receiving the consent of the City. The Seller and the Buyer shall enter into a
parking agreement. The parking agreement will provide that Seller will be able to park cars at no
charge until the first to occur of (a) 90 days before the commencement of construction on the
property, or (b) the City's submission of a building permit application for construction of
improvements on the property. This condition shall survive the Closing.
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 thil1y (30) days after 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 30-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 fUl1her 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 30-day extension provided in Section 9.2 above,
(b) Buver'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 30-day
extension provided in Section 9.2 above.
(c) Authorization of the Citv Commission.
authorization from the City Commission to enter into and
consummate the transaction herein contemplated.
Buyer shall have obtained
execute this Agreement and
10. Condition of the Propertv.
10.1 "AS IS" Sale. As provided in Section 4 above, Buyer will have during the
Inspection Period, the opportunity to investigate such matters pel1aining 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 for 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 Property 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
:l:~::, :::"::"'~::Y::':~:OI~:~ :~l ~":,~:~,,~:'~:::anc~ 11 proceeds thereto fore pll id to Se lll:son
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 FORTI.I IN
SECTION 7 OF TI-lIS 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, MERCHANTABILITY,
HABITABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE, OR WITH
RESPECT TO THE VALUE, PROFITABILITY, MARKETABILITY OR ACREAGE OF THE
PROPERTY. In entering into this Agreement, Buyer has not been induced by and has not relied
upon any such representations, 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.
II. Closing. The Closing shall occur within one hundred twenty (120) days of the
execution date of this Option Agreement or no earlier than thirty (30) days after the Option
Acceptance Date and shall take place at the Sunny Isles Beach Government Center.
12. Seller's Closing Documents. At closing, Seller shall deliver the following
documents ("Seller's Closing Documents") to Buyer:
12. I Special WaITanty Deed. The Special Warranty or Quit Claim Deed shall
be duly executed and acknowledged by Seller so as to convey to Buyer good and marketable fee
simple title to the Property free and clear of all liens, encumbrances and other conditions of title
other than the Permitted Exceptions and exceptions not duly objected to by Buyer.
12.2 Mechanic's Lien Affidavit. A mechanic's lien affidavit in the customary
form, attesting that to the knowledge of Seller, (a) no individual, entity 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 possession of the Propeliy or has a
promissory interest or claim in the Property (except Seller and Buyer), and (c) no improvements
to the Property have been made for which payment has not been made.
12.3 Gap Affidavit. An affidavit in form and content reasonably satisfactory to
the Title Company to facilitate the insuring of the "gap", i.e., the deleting as an exception to the
Title Commitment any matters appearing between the effective date of the Title Commitment
and the effective date of the Title Policy.
12.4 FIRPT A. A FIRPT A Non-Foreign Entity Transfer Certificate or
Exemption Certificate or document evidencing withholding, in accordance with Section 1445 of
the Internal Revenue Code.
12.5 DR-219, DR-219 as required for recording.
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Option Agrccmcnt for Milton Propcrty 011 Sunny Islcs Blvd I 1
12.6 Closing Statement. At least four (4) counterparts of a closing statement
for this transaction, executed by Seller.
13. Buyer's Closing Documents. At closing, Buyer shall deliver the following
documents (Buyer's Closing Documents) to Seller;
13. I City Commission Approval. A certified copy of the Resolution, Minutes
or Agenda Actions of the pertinent meeting of the Commission Council showing that Buyer has
been authorized to enter into and execute this Agreement and consummate the transaction herein
contemplated. This Agreement has been be presented to City Commission for its approval at its
regular meeting scheduled on March 20, , 2008,
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.
14. Closing Procedure. The Closing shall proceed in the following manner:
14.1 Transfer of Funds. Buyer shall pay the net closing proceeds to the Seller
by wire transfer to the account of Seller.
14.2 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 anangement.
IS. Closing Costs, Taxes, Prorations and Impact Fees.
15.1 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 Buycr'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 a new 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 herein. Documentary stamps on the special warranty
deed and any surtax imposed by Miami-Dade County.
16. Possession. Buyer shall be granted full possession of the Property at Closing.
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Option Agreement for Milton Property on Sunny Isles Blvd 12
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17. Condemnation. In the event of the institution of any proceeding by any
Govemmental 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 (15) days after receipt by Buyer of the notice from Seller either (I) tenninate this
Agreement, whereupon Seller and Buyer shall be released of all further responsibility and
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, retum
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 medium shall maintain an appropriate
rcceipt of delivery, in the normal course of business.
BUYER:
The City of Sunny Isles Beach
18070 Collins Avenue
Fourth Floor
Sunny Isles Beach, Florida 33160
Attn: A. John SzerIag, City Manager and
Hans Ottinot, City Attorney
With a copy to: Harold M. Rifas, P.A.
7900 Red Road
South Miami, FI33 ]43
~
SELLER: St. Tropez Ill, LLC
C/o Joseph Milton
321 ] Ponce De Leon Blvd.
Suite 30]
Coral Gables, FL 33] 34
Miami, FL 33 ]30
Oplion Agreement for Milton Property on Sunny Isles Blvd 13
With a copy tQ;. Luis_ElD.res,_Esg,
Eidds.t.Qn..~e_LS.h_e-'lL&JleJ1h.eIg,LLR
Slmtmst Plaza,_s..lli!.QJiQl
20 I_A..hampj"'!...~ircle
CQraLGable...s,EL3JJ3_4
19. 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.
19.2 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 Attorney's Fees. In connection with any action ansmg 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 forth 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.
19.7 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 Date shall cause this
Agreement to terminate 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 constmed for the reason that both parties intend that all time periods provided for in
this Agreement shall be strictly adhered to.
19.8 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.
Option Agreement for Milton Property on Sunny Isles Blvd 14
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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
Agreement, 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.
19.10 Acceptance of Deed. The acceptance of the Deed to Buyer shall be
deemed full performance and discharge of every agreement and obligation on the part of Seller
to be performed pursuant to this Agreement, except those which are specifically stated to survive
delivery of the Deed and closing.
19.11 Interpretation. Should any term or provision of this Agreement be subject
to judicial interpretation, it is agreed by Seller and Buyer that the court 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 pm1y 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 arc for convenience and reference only, and shall have no effect upon
the meaning of any of the terms or provision herein.
19.13 Waiver. Failure of either party to insist upon compliance with any term or
provision hereof shall not constitute a waiver thereof, 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 future waiver as to such term or provision or as to any other tenll or provision.
19.14 No Third Party Beneficiary. Except as provided above, 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.
ct-
Option Agrccmcnt for Milton Propcrty on Sunny Islcs Blvd 15
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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. I 6. Radon Disclosure. Buyer is hereby advised that radon is a naturally
occurring 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 your county public health unit. The
foregoing disclosure is provided to comply with state law and is for informational purposes 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 attomey'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.
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lSi~naturcs on Followin~~
Option Agreement for Milton Property on Sunny Isles Blvd 16
IN WITNESS WHEREOF, the parties have executed this Option Agreement for Purchase and
Sale of Real Property as of the respective dates indicated below.
~~
ATTEST:
~NE~C~
CITY CLERK
Oplion Agrccmcnl for Milton Propcrty on Sunny Islcs Blvd 17
SELLER:
ST. TROL\ III, LLC.
BY: L.l:t)
JOSEPH MILTON
Date Executed: Af~ I
BUYER:
CITY OF SUNNY ISLES BEACH,
a Florida Municipal Corporation,
Date Executed:
o ~lc~
Dated: ~ 02
. ,)
EXHIBIT" A"
LEGAL DESCRIPTION OF THE PROPERTY
2ND REV BELLA VISTA PLAT BOOK 50, PAGE 76 LOT 7, AS RECORDED IN THE
PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA
Location: Sunny Isles Boulevard
Sunny Isles Beach, Florida, 33160
Option Agreement for Milton Property on Sunny Isles Blvd
'- ,~
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
(305) 947-0606 City Hall
(305) 949-3113 Fax
(305) 947-2150 Building Department
(305) 947-5107 Fax
Cify Commission
Norman S. Edelcup, Mayor
Lewis J. Thaler, Vice ,\4ayor
Gerry Goodman. Commissioner
Roslyn Brezin, CommIssIOner
George "Bud" Scholl, CommissIOner
A. John Szerlag. Cllr Manager
Hans Ottinol. Cily Arromey
,Jane A. llines, C\IC, Clly Clerk
MEMORANDUM
TO: The Honorable Mayor and City Commission
FROM: Hans Ottinot, City AttorncY~
DATE: March 12,2008
RE: Approval of Option Agreement for Purchase of Property from -. Joseph Milton
RECOMMENDA TION
It is recommended that the City Commission adopt the attached Resolution, approving an Option
Agreement for the purchase ofpropel1y from St. Tropez III, LLC., commonly known as Joseph Milton.
REASONS
The City is in the process of redeveloping the Sunny Isles Boulevard corridor of the City and, towards
that end, has allocated certain funding for acquisition of land for open space, public parking, and
roadway improvements. Mr. Milton has accepted the offer made by the City to acquire a vacant
parking lot on Sunny Isles Boulevard. The property discussed herein will help satisfy the City's open
space and public parking needs,
The St. Tropez III, LLC, the owner of the vacant lot located to the east of 287 Sunny Isles Boulevard,
is willing to enter into an Option Agreement with the City for the purchase of said property, in the
amount of $1,558,419.78 (One Million Five Hundred Fifty-Eight Thousand Four Hundred Nineteen
Dollars and Seventy-Eight Cents) with an option deposit of $50,000 (fifty thousand dollars) for a 60-
day option, Upon approval of this option agreement, staff will take the necessary steps to close on the
property. Funds are available in account number 20-600-5652.
lattachment
HO/jb
Agenda Item ~ 0 G
Date :) -?--D - ol?
City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
(305) 947-0606 City Hall
(305) 949-3 II 3 Fax
(305) 947-2150 Building Department
(305) 947-5 I 07 Fax
City Commission
Norman S. Edelcup, Mayor
Lewis J. Thaler, Vice Mayor
Roslyn Brezin, Commissioner
Gerry Goodman, Commissioner
George "Bud" Scholl, Commissioner
A. John Szerlag, City Manager
Hans Ottinot, City Allorney
Jane A, Hines, CMC, City Clerk
MEMORANDUM
TO: Hans Gttinot, City Attorney
FROM:
Priscilla Walker, CMC, Deputy City Clerk
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DATE: March 27,2008
RE: Approval of Option Agreement for Purchase of Parcel of Land on Sunny Isles
Boulevard (Folio No. 31-2214-007-0050)
At its regular meeting of March 20, 2008, the City Commission adopted Resolution No. 2008-
1241, which approved the above-referenced item in substantially the same form. Attached are a
copy of the approving resolution and the two draft original agreements to assist you in
processing this item.
Upon completion, please forward a fully executed original Agreement to the Office of the
City Clerk for the record.
Thank you.
Ipw
Attachments
cc: A. John Szerlag, City Manager (w/o attachments)
Anice Paul, Administrative Assistant to Finance Department
Property File
Siblvd Parcel (Folio /131-2214.007.0050) Purchase Merna