Resolution 4924 RESOLUTION NO, 4924
A RESOLUTION
OF
THE CITY COUNCIL OF THE CITY OF MIAMI BEACH, FLORIDA
WHEREAS, there has been presented to the City
Council of the City of Miami Beach, Florida, by PAUL SMITH
CONSTRUCTION COMPANY, an offer of sale to the City of Miami Beach
as follows:
Miami, Florida
July 24, 1940
Hon. Claude A. Renshaw
City Manager
City of Miami Beach
Miami Beach, Florida
Dear Mr. Renshaw
This letter is to confirm the offer of
Paul Smith Construction Company to convey or cause
to be conveyed to the City of Miami Beach, the
property now owned by the United States Coast Guard
and known as "The House of Refuge Property" .
The Paul Smith Construction Company is
submitting to the Secretary of the Treasury of the
United States an offer to exchange certain other
property in the City of Miami Beach for the House
of Refuge Property. If and when the offer of Paul
Smith Construction Company shall have been accepted
by the Secretary of the Treasury and title to the
property in Miami Beach proposed to be conveyed to
the United States has been duly approved and
accepted by the Attorney General of the United States,
the Secretary of the Treasury will cause to be de-
posited in escrow with the First National Bank of
Miami Beach a quit-claim deed, conveying the said
House of Refuge Property to Paul Smith Construction
Company or its assigns, . If and when the said
property shall have been conveyed to Paul Smith
Construction Company, we offer to sell and convey the
same to the City of Miami Beach for a total purchase
price of $225, 000.00 net to Paul Smith Construction
Company upon the following terms, to-wit:
$50, 000.00 in cash is to be placed by the City
of Miami Beach in escrow in the First National Bank of
Miami Beach to be paid over to Paul Smith Construction
Company upon the completion of the transaction and the
delivery of deed to the City of Miami Beach for said
House of Refuge Property. The remainder of said
purchase price, to-wit: $175, 000.00, is to be paid at
the rate of $20, 000.00 per year for eight years, and
I
*15, 000.00 at the end of the ninth year; said
deferred payments are to be evidenced by notes of
the City of Miami Beach bearing interest from the
date of delivery of deed, as aforesaid, at the rate
of 4% per annum. The said notes, secured by a
purchase money mortgage upon said House of Refuge
Property, are to be delivered in escrow in the
First National Bank of Miami Beach at the time of the
deposit of the aforesaid cash payment of S50, 000.00.
Paul Smith Construction Company will deposit deed to
said property in escrow at the same time.
It is understood and agreed that the purchaser,
the City of Miami Beach, will pay all costs of
documentary stamps to be placed upon said notes, if
any, recording fees, and such charges, including
attorney' s fees, as may/be made by the Bank to whom
the said notes and mortgage are to be sold, said
fees and charges not to exceed $500.00.
This offer is made for immediate acceptance,
as the Paul Smith Construction Company is withholding
the submission of its offer to the Secretary of the
Treasury of the United States awaiting the action of
the City of Miami Beach upon this proposal. It is
requested, therefore, that the City Council of the
City of Miami Beach take such action by ordinance,
resolution or otherwise as may be necessary to
accept the offer in due and legal form.
Respectfully submitted,
PAUL SMITH CONSTRUCTION COMPANY
J11W:M By (Signed) Paul H. Smith
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Miami Beach, Florida, that said offer be and the
same is hereby accepted, subject to the provisions of Section 26
of the City Charter of said City, and subject to the approval of
title thereof by the City Attorney, and that the Mayor and City
Clerk be and they are hereby authorized and directed to execute
such instruments as may be necessary to carry out the purpose of
this resolution.
PASSED AND ADOPTED this 26th day of July, A. B.1940.
• .a . / •
AC— NG M A Y • R
Attest:
City Clerk
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