LTC 101-2011 Purchase and Sale Agreement with American Riviera Real Estate i
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OFFICE OF THE CITY MANAGER BFr,FivFn
NO. LTC # 101 -2011 LETTER TO COMMISSION
2011 MAY -2 PM 2:42
CITY CLERK'S OFFICE
TO: Mayor Matti Herrera Bower and
Members of the City Commission
FROM: Jorge M. Gonzalez, City Managers,
DATE: April 27, 2011
SUBJECT: Purchase and Sale Agreement with American Riviera Real Estate
The purpose of this LTC is to inform the Mayor and City Commission that the closing of the
purchase and sale agreement with American Riviera Real Estate took place on April 20,
2011.
On April 14, 2010, the Mayor and City Commission approved Resolution No. 2010- 27377,
approving an Agreement for Sale and Purchase of Real Property (the Agreement) between
the City (Buyer)) and American Riviera Real Estate Company (Seller), for the real property
located at 340 23 Street, Miami Beach, Florida (the Property), in the amount of $4,975,000
(Purchase Price) for the purpose of constructing a public parking facility.
On March 9, 2011, the Mayor and City Commission approved a second amendment to the
Purchase and Sale Agreement The terms of the revised Second Amendment included:
• a Purchase Price reduction of $100,000;
• a further extension of the Title Cure Period;
• Closing Date to occur no later than April 21, 2011;
• a provision requiring the Everbank mortgage to be satisfied or released at Closing;
and
• a general release whether the Closing occurs or not.
The next step in the development of the Collins Park Garage Project is a Request for
Qualifications (RFQ) for architectural, engineering, design, bid and award, and construction
administration services. The Administration is developing the scope of services for this RFQ,
which will be presented for approval at the May 11 City Commission meeting.
The closing of the City's purchase of this property is a significant step toward meeting one of
the top priorities of the City and this neighborhood. If you have any questions regarding this
transacti • n, please don't hesitate to contact me.
Of—
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