R7F-Term Sheet And Vacation Of 87th Terrace East Of Collins AvenueR7 - Resolutions
R7F Term Sheet And Vacation Of 87th Terrace East Of Collins Avenue
1.A Resolution Approving A Term Sheet Relating To The Preparation And
Execution Of A Development Agreement Between The City And 8701 Collins
Development, LLC (8701), Which Agreement Would Provide For The Vacation
Of That Portion Of 87th Terrace East Of Collins Avenue, ln Favor Of 8701 Collins
Avenue, LLC (The "Applicant"); And Would Among Other Terms And Conditions
(1) Grants To The City Of A Ten Foot (10') Wide Perpetual Access Easement
Across The Northern-Most Portion Of The Vacated City ROW; (2) Ensures
Applicant's Payment Of A Voluntary Monetary Contribution ln The Amount Of
$10.5 Million Dollars, To Be Used By The City For lmprovements To North Beach
Open Space Park And Such Other Public Purposes As The City May Deem ln
The Best lnterest Of lts Residents And Visitors; And (3) Such Other Terms And
Conditions As May Be lmposed By The City Commission.
A Resolution Approving The Vacation And Abandonment Of That Portion Of 87th
Terrace East Of Collins Avenue, Consisting Of A 50 Foot Right-Of-Way (ROW)
Containing Approximalely 18,042 Square Feet ln Total Lot Area, As Shown On
The Plat Of Altos Del Mar Subdivision No. 2, Recorded ln Plat Book 4, Page 162
Of The Public Records Of Miami-Dade County, ln Favor Of 8701 Collins
Development, LLC (The "Applicant"); With Such Vacation Subject To And
Contingent Upon The City's Approval, And The City And Applicant's Execution,
Of A Development Agreement Which, Among Other Terms And Conditions (1)
Grants To The City A Perpetual Pedestrian Access Easement Across A Portion
Of The Vacated City Row, And (2) Ensures Applicant's Payment Of A Voluntary
Monetary Contribution, ln The Amount Of $10.5 Million Dollars, To Be Used By
The City For Public Purposes; And With Such Vacation Further Subject To And
Contingent Upon Applicant's Satisfaction Of The Conditions Set Forth ln This
Resolution. First Readinq
(Public Works/City Attorney's Office)
(Deferred from July 23,2014 - R7E)
2.
Agenda ttem 87 I-
Date ?-i*/4594
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