2016-29631 Reso RESOLUTION NO. 2016-29631
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF THE
FINANCE AND CITYWIDE PROJECTS COMMITTEE (FCWPC), APPROVING
AND AUTHORIZING THE ADMINISTRATION TO OBTAIN TWO (2) REAL
PROPERTY APPRAISALS FOR THE CITY-OWNED PROPERTY LOCATED
AT 226 87TH TERRACE, CONSISTING OF .35 ACRES OF VACANT LAND
(SUBJECT PROPERTY); SAID APPRAISALS TO BE USED IN CONSIDERING
FUTURE USES OR THE POTENTIAL SALE OF THE SUBJECT PROPERTY.
WHEREAS, the City of Miami Beach (City) is the owner of the Subject Property located at
226 87th Terrace, Folio #: 02-3202-006-0430, consisting of 15,313 square feet (.35 acres) of
vacant land; and
WHEREAS, the Subject Property is located adjacent to, and north of, 7925 Collins
Avenue, Folio #: 02-3202-006-0420, consisting of 15,312 square feet (.35 acres) of vacant land
(Adjacent Property); and
WHEREAS, the Adjacent Property is owned by 8701 Collins Development, LLC ("8701");
and;
WHEREAS, the City has received a term sheet from 8701 for the Purchase and Sale of
the Subject Property and 8701 has provided conceptual plans to the City to combine the
Subject Property and the Adjacent Property to develop approximately 20,000 square feet of
ground floor retail space and a second level parking garage containing approximately 70
spaces; and
WHEREAS, the Administration presented this matter at the October 28, 2016 Finance and
Citywide Projects Committee (FCWPC) meeting and the FCWPC recommended in favor of
obtaining two (2) property appraisals to be used in considering future uses or the potential sale
of the Subject Property.
NOW, THEREFORE, BE IT DULY RESOLVED THAT THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City
Commission hereby approve and authorize the Administration to obtain two (2) real property
appraisals for the City-owned property located at 226 87th Terrace, consisting of .35 acres of
vacant land (Subject Property); said appraisals to be used in considering future uses or the
potential sale of the Subject Property.
PASSED and ADOPTED this 9 day of "400440r 2016.
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Resolutions - C7 L
MIAMI BEACH
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Jimmy L. Morales, City Manager
DATE: November 9, 2016
SUBJECT: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF THE
FINANCE AND CITYWIDE PROJECTS COMMITTEE (FCWPC), APPROVING
AND AUTHORIZING THE ADMINISTRATION TO OBTAIN TWO (2) REAL
PROPERTY APPRAISALS FOR THE CITY-OWNED PROPERTY LOCATED AT
226 87TH TERRACE, CONSISTING OF .35 ACRES OF VACANT LAND
(SUBJECT PROPERTY); SAID APPRAISALS TO BE USED IN CONSIDERING
FUTURE USES OR THE POTENTIAL SALE OF THE SUBJECT PROPERTY.
RECOMMENDATION
Adopt the Resolution.
ANALYSIS
The City of Miami Beach (City) is the owner of the Subject Property located at 226 87th Terrace,
Folio #: 02-3202-006-0430, consisting of 15,313 square feet (.35 acres) of vacant land. The
rectangular site has a dual-corner location with road frontage and access from Collins Avenue,
87th Terrace and Harding Avenue, as depicted in Exhibit A (Aerial Photograph of Subject
Property), attached hereto. The site is currently zone GU (Civic and Government Use).
The Subject Property is located adjacent to, and north of, 7925 Collins Avenue, Folio #: 02-
3202-006-0420, consisting of 15,312 square feet (.35 acres) of vacant land (Adjacent
Property). This rectangular site has a dual-corner location with road frontage and access from
Collins Avenue, 87th Street and Harding Avenue. This site is currently zone RM-2 (Residential
Multifamily, Medium Density)and is owned by 8701 Collins Development, LLC ("8701").
The City has received a term sheet from 8701 for the Purchase and Sale of the Subject
Property, attached hereto as Exhibit B (Term Sheet). 8701 has provided conceptual plans to the
City to combine the Subject Property and the Adjacent Property to develop approximately
20,000 square feet of ground floor retail space and a second level parking garage containing
approximately 70 spaces.
FINANCE AND CITYWIDE PROJECTS COMMITTEE
The Administration presented this matter at the October 28, 2016 Finance and Citywide
Projects Committee (FCWPC) meeting. The FCWPC recommended in favor of obtaining two
Page 187 of 906
(2) property appraisals to be used in considering future uses or the potential sale of the Subject
Property.
CONCLUSION
The Administration recommends that the Mayor and City Commission accept the
recommendation of the FCWPC and adopt the Resolution in favor of obtaining two (2) property
appraisals to be used in considering future uses or the potential sale of the Subject Property.
Legislative Tracking
Tourism, Culture and Economic Development
Sponsor
Commissioner Michael Grieco
ATTACHMENTS:
Description
❑ Exhibit A-Aerial Photograph of Subject Property
❑ Exhibit B -Term Sheet
❑ Resolution
Page 188 of 906
AERIAL PHOTOGRAPH OF THE SUBJECT PROPERTY
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SLACK
Page 189 of 906 JOHNSTON
MAGENHEIMER
Purchase and Sale Agreement - 226 87th Terrace Term Sheet
1. Parties.
The City of Miami Beach (the "City") and 8701 Collins Development, LLC ("8701") intend to
enter into a purchase and sale agreement ("PSA") for 8701's purchase of Parcel 2 (as
hereinafter defined) from the City, and for the development of the Property (as hereinafter
•
defined).
2. Property.
a. 8701 is owner of that certain parcel of land located at 7925 Collins Avenue, Miami Beach,
Florida (Folio # 02-3202-006-0420), which is approximately 15,312 sq. ft. in size (Parcel
1).
b. City is owner of that certain parcel of land located at 226 87th Terrace, Miami Beach,
Florida (Folio # 02-3202-006-0430), which is approximately 15,313 Sq. Ft. in size (Parcel
2).
c. Parcel 2 is north of and adjacent to Parcel 1.
d. Parcel 1 and Parcel 2 are herein referred to collectively as the "Property."
3. Project.
The Property shall be developed and constructed for commercial uses,with approximately
22,500 square feet of commercial area on the first floor; and approximately 70 parking spaces
on the second level. Such uses in shall be hereinafter referred to as the"Project."
4. Key Terms & Provisions.
a. City will convey fee simple interest in Parcel 2 to 8701 upon Closing, as defined herein.
b. At Closing, 8701 will pay to the City a purchase price for Parcel 2 of$ [INSERT APPRAISED
VALUE].
c. 8701 will pay all Closing costs (including, without limitation, the City's outside counsel
fees for the transaction).
d. The.Closing will occur within.ninety (90) days following satisfaction of the following
conditions: (i) the issuance of all necessary final, non-appealable development
approvals, for the Project; and (ii) the City Commission's adoption of the legislative
amendments set forth in subparagraph 4(f) hereof.
Page 190 of 906
e. 8701 and the City will work cooperatively to seek approval of the design and development
of the Project. 8701 will be responsible for submitting any required applications for
development approvals,with City as co-applicant, if and as necessary, for the Project (i.e.,
Design Review Board, City Commission, Planning Board, and/or Board of Adjustment
approvals), and for securing any and all final, non-appealable development approvals and
permits for the Project.
f. The parties acknowledge and agree that, as a condition to Closing,the City Commission,
•
acting in its regulatory capacity, shall, at its discretion, consider certain actions to
accommodate 8701's proposed development plan and design for the Project. Such
actions include the following:
o An amendment to the City's Comprehensive plan to change the
Property's land use designation to CD-2.
o Rezoning of the Property to the CD-2 zoning district.
o Design Review Board approval of the Project.
o Permitting City identification sign, (see 5(a) hereof).
The City Commission and the Design Review, Board shall have no obligation to take any
(or all) of the above stated actions; provided, however, that if the above stated City
actions are not taken,then 8701 may,at its discretion,elect to terminate the PSA,without
liability to 8701. In the event of such termination, however, 8701 shall be responsible for
any attorney's fees incurred by the City with respect to the Project transaction, up to the
date of termination.
. g. Except as to involuntary transfers (as shall be defined in the PSA and which will include,
without limitation, foreclosure transfers and transfers in lieu of foreclosure), 8701 shall
not be entitled to assign or transfer its rights under the PSA until after the issuance of a
Certificate of Occupancy (CO) for the Project. Any such transferee shall assume all
remaining obligations of 8701 under the PSA.
5. Other Purchase Consideration.
•
8701 shall install, at its sole cost and expense, a "Welcome to Miami Beach" sign at the
northwest corner of the Project, the design of which shall be reviewed and approved by
the City. The City will be responsible for power, maintenance, repair and replacement for
the sign.
6. Outside Counsel Review.
8701 agrees to reimburse the City for any attorney's fees incurred by the City for outside
counsel's review and negotiation of the PSA, and related agreements, which counsel
shall be selected and approved by the City Attorney.
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Page 191 of 906
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