Resolution 2024-33343 RESOLUTION NO. 2024-33343
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, DIRECTING THE CITY
ADMINISTRATION TO ENGAGE IN DISCUSSIONS WITH BERNICE
LEE, THE COURT-APPOINTED RECEIVER IN THE CASE STYLED
SECURITIES AND EXCHANGE COMMISSION V. KAPOOR ET AL.,
REGARDING THE POSSIBLE ACQUISITION BY THE CITY OF THE
PROPERTIES LOCATED AT 1234 WASHINGTON AVENUE AND 1260
WASHINGTON AVENUE; AND FURTHER, AUTHORIZING THE CITY
ADMINISTRATION TO OBTAIN AN APPRAISAL OF THE PROPERTIES'
FAIR MARKET VALUE, IF DEEMED NECESSARY AND APPROPRIATE
BY THE CITY MANAGER.
WHEREAS, the United States Securities and Exchange Commission ("SEC") has
initiated a lawsuit against real estate developer Rishi Kapoor and several affiliated
entities, including Location Ventures LLC, in connection with a $93 million real estate
fraud scheme; and
WHEREAS, Bernice Lee was appointed as the receiver to manage and liquidate
Kapoor's assets, including properties owned by Location Ventures; and
WHEREAS, among the assets currently under receivership are two parcels located
at 1234 Washington Avenue and 1260 Washington Avenue in Miami Beach, Florida,
where Kapoor had initiated a partially developed co-living condominium project; and
WHEREAS, Lee is seeking court approval for the sale of the Washington Avenue
parcels as part of the receivership's asset liquidation process, with a reported offer of
$17.5 million currently pending for the properties; and
WHEREAS, the properties are strategically located in the heart of Miami Beach
and represent an opportunity for the City to acquire key real estate that could serve a
beneficial public purpose; and
WHEREAS, it is in the best interest of the City to engage in discussions with the
receiver regarding the possible acquisition of these properties to explore their potential
use and value to the community;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City
Commission hereby direct the City Administration to engage in discussions with Bernice
Lee, the court-appointed receiver in Securities and Exchange Commission v. Kapoor et
al., regarding the possible acquisition by the City of the properties located at 1234
Washington Avenue and 1260 Washington Avenue; and further authorize the City
Administration to obtain, if necessary and appropriate as determined by the City Manager,
an appraisal of the fair market value of the properties.
PASSED and ADOPTED THIS 3o day of �CD�,P✓ 2024.
ATTEST:
7)1 NOV 0 5 202k Steven Meiner, Mayor
Rafael E. Granado, City Clerk
(sponsored by Commissioner Tanya K. Bhatt) 4
IIMCORPORkTED?
. ••g'1,f
APPROVED AS TO
FORM&LANGUAGE
&FOR EXECUTION
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City Attorney Date
Resolutions - C7 AQ
MIAMI BEACH
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: City Attorney Ricardo J. Dopico
DATE: October 30, 2024
TITLE: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, DIRECTING THE CITY ADMINISTRATION TO ENGAGE
IN DISCUSSIONS WITH BERNICE LEE, THE COURT-APPOINTED RECEIVER IN
THE CASE STYLED SECURITIES AND EXCHANGE COMMISSION V. KAPOOR
ET AL., REGARDING THE POSSIBLE ACQUISITION BY THE CITY OF THE
PROPERTIES LOCATED AT 1234 WASHINGTON AVENUE AND 1260
WASHINGTON AVENUE; AND FURTHER, AUTHORIZING THE CITY
ADMINISTRATION TO OBTAIN AN APPRAISAL OF THE PROPERTIES' FAIR
MARKET VALUE, IF DEEMED NECESSARY AND APPROPRIATE BY THE CITY
MANAGER.
RECOMMENDATION
BACKGROUND/HISTORY
ANALYSIS
The attached Resolution was prepared at the request of the sponsor, Commissioner Tanya K.
Bhatt.
FISCAL IMPACT STATEMENT •
If the City Manager determines to proceed with the appraisal, the cost of the appraisal of the two
properties is estimated to be approximately $10,000.
Does this Ordinance fequire a Business Impact Estimate? c
(FOR ORDINANCES ONLY)
If applicable, the Business Impact Estimate (BIE) was published on:
See BIE at: https://www.miamibeachfl.gov/city-hall/city-clerk/meetinq-notices/
FINANCIAL INFORMATION
CONCLUSION
Page 799 of 2497
•
Applicable Area
Citywide
Is this a "Residents Right to Know" item, Is this item related to a G.O. Bond
pursuant to City Code Section 2-17? Project?
No No
Was this Agenda Item initially requested by a lobbyist which, as defined in Code Sec. 2-481,
includes a principal engaged in lobbying? No
If so, specify the name of lobbyist(s) and principal(s):
Department
City Attorney
Sponsor(s)
Commissioner Tanya K. Bhatt
Co-sponsor(s)
Condensed Title
Authorize Discussions w/ Court-Appointed Receiver, 1234 and 1260 Washington Avenue
Properties. (Bhatt) CA
•
. 4 6
Page 800 of 2497