1988-19422 RESO
RESOLUTION NO.
88-19422
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH WAIVING PARAGRAPHS
3 (a) (1) AND 3 (b) (1) OF THE AGREEMENT ENTERED
INTO WITH OREN DEVELOPMENT CORPORATION
OCTOBER 6, 1988 AND AUTHORIZING THE MAYOR AND
CITY COMMISSION TO EXECUTE A CONSENT TO
ASSIGNMENT OF THE OCTOBER 6, 1988 AGREEMENT
BETWEEN THE CITY OF MIAMI BEACH AND OREN
DEVELOPMENT CORPORATION FROM OREN DEVELOPMENT
TO OCEAN 36 CORPORATION.
WHEREAS, on or about March 21, 1988, the City issued Request
for Proposal No. 63-87/88, requesting proposals from interested
parties to purchase the above described properties: and
WHEREAS, on or about May 4, 1988, Oren Development
Corporation filed a proposal with the City for the above
described properties offering to purchase the properties for the
sum of $535,000: and
WHEREAS, on or about October 6, 1988, the city conveyed the
following properties to Oren Development Corporation subject to
an Agreement of same date which required Oren to provide two
Letters of Credit to ensure development of the following
properties:
PARCEL A
LOTS 12, 13 AND 14, BLOCK 24, AMENDED MAP, OCEANFRONT PROPERTY,
MIAMI BEACH IMPROVEMENT COMPANY SUBDIVISION, ACCORDING TO THE
PLAT THEREOF, AS RECORDED IN PLAT BOOK 5, PAGES 7-8, PUBLIC
RECORDS OF DADE COUNTY, FLORIDA. (ALSO KNOWN AS 3516-20 COLLINS
AVENUE)
PARCEL B
LOTS 10, 11 AND 15, BLOCK 26, AMENDED MAP, OCEANFRONT PROPERTY,
MIAMI BEACH IMPROVEMENT COMPANY SUBDIVISION, ACCORDING TO THE
PLAT THEREOF, AS RECORDED IN PLAT BOOK 5, PAGES 7-8, PUBLIC
RECORDS OF DADE COUNTY, FLORIDA. (ALSO KNOWN AS 3602 COLLINS
AVENUE)
WHEREAS, the October 6, 1988, Agreement between the city and
Oren states that: the $75,000 irrevocable letters of credit in
favor of Parcels A and B shall be drawn in the event that: Oren
Development Corporation transfers, sells or conveys any or all
interests in Parcel A or Parcel B respectively, prior to the
issuance of a building permit except for a transfer to a general
or limited partnership formed to develop Parcel A or Parcel B
respectively, where Oren is a general partner with a controlling
interest in the partnership: and
1
WHEREAS, Oren Development Corporation is desirous of
transferring its title and interest in the above described
properties to a newly formed corporation named Ocean 36
Corporation, a Florida corporation wherein the sole stockholders
are Yair Oren and Isaac Sklar. and
WHEREAS, Oren Development Corporation requests that the City
waive that portion of the Agreement which prohibits Oren from
transferring, selling or conveying any or all interest in Parcel
A or Parcel B prior to issuance of a building permit, and allow
Oren to convey its title and interest in Parcel A and Parcel B to
Ocean 36 Corporation. and
WHEREAS, Or en Development Corporation is desirous of
assigning its rights and obligations under the October 6, 1988 to
Ocean 36 Corporation and Ocean 36 Corporation is desirous of
assuming those rights and obligations and an assignment has been
executed by the parties.
NOW THEREFORE, IT IS HEREBY RESOLVED BY THE CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA that the City Commission
waives, for this Assignment only, paragraphs 3(a)(I) and 3(b)(I)
of the Agreements entered into with Oren Development Corporation
on October 6, 1988 and the Mayor and the City Clerk are
authorized to execute a consent to assignment of the Agreement
dated October 6, 1988 from Oren Development Corporation to Ocean
36 Corporation.
PASSED and ADOPTED this 2nd day of November, 1988.
ATTEST:
~~/~~~
CITY CLERK
FORM APPROVED
LEGAL DEPARTMENT
C?~?? ~
Dated: t'o/z,/fJ?
/ '
JLM/rlw
2
ASSIGNMENT OF AGREEMENT
In consideration of Ten Dollars ($10.00) and other good and
valuable consideration, the receipt of which is hereby
acknowledged, OREN DEVELOPMENT CORPORATION, a Florida
corporation, does hereby assign, transfer, convey and set over
unto OCEAN 36 CORPORATION, a Florida corporation, all of its
right, title and interest in that certain AGREEMENT dated October
6, 1988 by and between the CITY OF MIAMI BEACH and OREN
DEVELOPMENT CORPORATION executed pursuant to Resolution No. 88-
19337, where in consideration of the city selling the properties
located at 3516-20 Collins Avenue and 3602 Collins Avenue to Oren
Development Corporation at a price below their appraisal values,
Oren has the obligation of furnishing two irrevocable letters of
credit drawn in favor of the City to insure the development of
the two properties.
Dated November I~,
1988.
. CORPORATION
R OREN, PRESIDENT
ACCEPrANCE OF ASSIGNMENT
OCEAN 36 CORPORATION does hereby accept the foregoing
Assignment and agrees to assume and abide by the terms and
conditions of the above described Agreement.
mber M, 1988.
AT
CONSENT TO ASSIGNMENT
THE CITY OF MIAMI BEACH, hereby consents to the foregoing
Assignment.
Dated November ~, 1988
fL~~~ ~
CITY CLERK
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ATTEST:
assioren.agm
F RM APPROVED
LEGAL DEPT.
BY~~/;'~
DIlte III/Ri