Resolution 74-14312 RESOLUTION NO. 74-14312
A RESOLUTION ACCEPTING VERDICT AND JUDGMENT
AND AUTHORIZING LOAN OF THREE MILLION
DOLLARS ($3, 000, 000) FROM MIAMI BEACH FIRST
NATIONAL BANK IN ORDER TO SATISFY AND DIS-
CHARGE IN FULL THE JUDGMENT ENTERED IN
CONDEMNATION PROCEEDINGS , AND AUTHORIZING
AND DIRECTING THE EXECUTION AND DELIVERY OF
ALL NECESSARY LEGAL INSTRUMENTS REQUIRED TO
SECURE SAID LOAN BY MORTGAGE LIEN ON THE
PARCEL OF LAND BEING THE SUBJECT MATTER OF
SAID CONDEMNATION PROCEEDINGS AND ALSO UPON
TRACT "B" , INDIAN BEACH CORPORATION SUBDIVISION.
WHEREAS , the City of Miami Beach heretofore instituted
condemnation proceedings in the United States District Court,
in and for the Southern District of Florida, against certain
land involved in said proceedings , entitled City of Miami Beach
vs . Charles P. Landt, etc . , et al. , being Case No. 73-926-Civ-
JLK, and
WHEREAS, the jury impanelled to try the issue, found
and returned a verdict of Five Million Two Hundred Sixteen Thousand
Dollars ($5, 216, 000) , and
WHEREAS , judgment has been duly entered for said amount
against the City, and the owners of said parcel of land will be
entitled to a further judgment representing attorneys ' fees and
other court costs and charges, and
WHEREAS , the City Attorney, Special Counsel John
Farrell, Mr. S . Z. Bennett, the City ' s Real Estate Consultant,
and the City Manager, have recommended that saidverdict and
judgment be accepted as final and that no appeal should be
taken therefrom, and
WHEREAS , it is determined that the best interests of
the City of Miami Beach require the acceptance of said recom-
mendation , and
WHEREAS , the City of Miami Beach has set aside funds
for the purpose of acquiring the subject property, but the funds
so provided are insufficient to satisfy and discharge said judg-
ment, and that it is necessary, in order to satisfy and discharge
said judgment, and the lien created thereby, to borrow funds for
said purpose, and
WHEREAS , the Miami Beach First National Bank has made
the offer most advantageous to the City to make such loan,
provided that the same is secured by an appropriate lien upon
the land which is the subject matter of said condemnation suit,
and
WHEREAS, the interest rate on said loan will be
reduced in the event that the City agrees to such that additional
parcel of land known as Tract "B" , Indian Beach Corporation
Subdivision, be additional security for said loan, and
OFFICE OF THE CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139
WHEREAS, the City Council of the City of Miami Beach,
Florida, deems it to be in the best interest to make such loan
from said Miami Beach First National Bank in the sum of Three
Million Dollars ($3, 000, 000) for a term of ten years, at a
rate of interest of 5-1/4 percent per annum, said loan to be
made on the basis of a 20-year factor, with the annual payments
during the term of said loan of approximately Two Hundred Forty-
Three Thousand Dollars ($243, 000) with the tenth annual payment
being One Million Eight Hundred Eighty-Four Thousand Dollars
($1,884, 000) , said loan and mortgage to be payable in whole or
in part at any time before maturity without penalty.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY
COUNCIL OF THE CITY OF MIAMI BEACH, FLORIDA, that the said loan
be made upon the terms and provisions hereinabove set forth, and
that an appropriate promissory note secured by the first
mortgage lien upon the subject matter of said condemnation pro-
ceedings, and a second mortgage lien upon Tract "B" , Indian
Beach Corporation Subdivision, and that the proceeds of the
said loan be applied to the payment and satisfaction of said
judgment and lien created thereby, and that the proper financial
officers of the City be and they are hereby authorized and
directed to make the payment called for by said mortgage loan.
PASSED and ADOPTED this 20th day of March , 1974.
% L
I C - Mayor
Attest:
City Clerk
- 2 -
OFFICE OF THE CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139
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