131-93 RDA
RESOLUTION NO.
131-93
A RESOLUTION OF THE MIAMI BEACH REDEVELOPMENT
AGENCY AUTHORIZING THE CHAIRMAN TO EXECUTE AN
AGREEMENT WITH SUN , FUN, INC. TO PERMIT A
RESIDENTIAL APARTMENT BUILDING TO BE
REHABILITATED AT 211 COLLINS AVENUE, MIAMI
BEACH, FLORIDA, AND ESTABLISHING A BASE
PURCHASE PRICE FOR SAID PROPERTY SHOULD THE
REDEVELOPMENT AGENCY EXERCISE ITS POWER OF
EMINENT DOMAIN.
WHEREAS, Sun , Fun, Inc. has purchased property described as
Lot 10, Block 3, OCEAN BEACH FLORIDA, according to the plat thereof
as recorded in Plat Book 2 at Page 38 of the Public Records of Dade
County, Florida, commonly known as 211 Collins Avenue, Miami Beach,
for the purposes of rehabilitating a residential apartment
building; and
WHEREAS, there is a need to encourage development of
properties in the Redevelopment Area; and
WHEREAS, the Board of Adjustment of the city of Miami Beach
has approved Sun & Fun's variance requests becoming effective upon
this agreement being entered into.
NOW, THEREFORE, BE IT RESOLVED BY THE MIAMI BEACH
REDEVELOPMENT AGENCY that the Chairman is authorized to execute an
agreement with Sun & Fun, Inc. permitting a residential use to be
rehabilitated at 211 Collins Avenue, Miami Beach, Florida and
establishing terms for the acquisition of said property should the
Redevelopment Agency exercise its power of eminent domain, a copy
of said Agreement attached and incorporated hereto as Exhibit "A".
PASSED and ADOPTED this 2nd
day of
1993.
Attest:
(~/~~ 2_(~~
Secretary
Approved as to form:
By
APPROVED
ELOPMENT AGENCY
NERAL COUNSEL
JeS>
s- 11-~3
Date
JCD/jm
a: jcd\Sun&fun. res
AGREEMENT
THIS AGREEMENT is made and entered into as of the CN-fl day of
-.:JLIf\ e.
-Hay-, 1993, by and between SUN & FUN, INC. ("SUN & FUN, INC.") a
Florida corporation and the MIAMI BEACH REDEVELOPMENT AGENCY
("MBRA"), a public agency organized and existing pursuant to the
Community Redevelopment Act of 1969, found in Chapter 163, Florida
statutes, as amended.
!! H ~ B ~ A ~:
A. SUN AND FUN, INC. is the fee simple title owner of that
certain parcel of real property legally described as Lot 10,
Block 3, OCEAN BEACH FLORIDA, according to the Plat thereof,
recorded in Plat Book 2, Page 38, of the Public Records of Dade
County, Florida, and more commonly referred to by the street
address of 211 Collins Avenue, Miami Beach, Florida (the
"Property").
B. SUN AND FUN, INC. currently intends to rehabilitate a
residential apartment building on the Property ("Apartment
Building").
C. The Board of Adjustment of the city of Miami Beach
("Board of Adjustment") has, on December 4, 1992, approved SUN &
FUN, INC.'s request for certain variances (the "Variances"), under
File No. 2276, with the understanding and upon the condition that
this Agreement be entered into.
This instrument prepared by:
Lucia A. Dougherty, Esq.
Greenberg, Traurig, Hoffman,
Lipoff, Rosen , Quentel, P.A.
1221 Brickell Avenue,
Miami, Florida 33131
D. SUN & FUN, INC. has voluntarily agreed to enter into this
Agreement as a condition to its request for the Variances before
the Board of Adjustment.
NOW, THEREFORE, in consideration of the foregoing, and other
good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, it is agreed by and between SUN &
FUN, INC. and MBRA that:
1. In the event the MBRA commences any condemnation action
(or other proceeding in the nature of condemnation) with respect to
the Property from the date of this Agreement through and until
three (3) years from this date, then, and in such event, the
parties agree that the condemnation award (payment) for such taking
shall not exceed the lesser of fair market value or an amount equal
to the aggregate total of a, b, and c as follows:
(a) the original purchase price paid by SUN & FUN,
INC. for the Property, which is $195,000; plus
(b) all out-of-pocket costs and expenses of reno-
vating the Property including, without limita-
tion, both (i) the hard costs of construction
of improvements on the Property as well as
(ii) soft costs of design, architecture and
engineering for such improvements provided
however, that the amounts of (i) and (ii)
shall not exceed $930,000; less however,
(c) the amount of any actual federal tax savings
to Fun & Sun, Inc. resulting from depreciation
to the extent the same was actually realized
by SUN & FUN, INC. and is not recaptured as a
result of the condemnation.
Provided, however, anything to the contrary notwithstanding, that
to the extent the acquisition and/or construction of the Property
and improvements is financed by an institutional loan from a third
party lender, then the amount to be paid pursuant to the foregoing,
2
shall in any event, be not less than the amount necessary to fully
payoff and satisfy the loan, unless the fair market value of the
property is less than the amount of said loan, in which event the
amount paid for the property shall not exceed the lesser of fair
market value or the total of a, b, and c above.
2. The amount shall be subject to final audit by the MBRA.
SUN & FUN, INC. agrees to provide any and all documentation
reasonably required by the MBRA in the determination of the costs
addressed above, which shall include, but not be limited to, paid
invoices.
3. SUN & FUN, INC. agrees that, except as is set forth
above, it hereby waives and releases any other right to
remuneration in any condemnation proceeding brought by the MBRA
during the three (3) years, above described, including but not
limited to any right to receive the then fair market value for the
subject Property.
4. This Agreement shall be a covenant running with the
Property and shall be binding upon and inure to the benefit of the
parties hereto, and their respective successors and assigns, and
all parties claiming by, through or under them.
5. Should there be litigation to enforce or interpret this
Agreement, the prevailing party shall have the right to reasonable
attorney fees court costs at trial and all appellate levels.
6. This Agreement shall be recorded in the public records of
Dade County, Florida, at the expense of SUN & FUN, INC.
7. In the event SUN & FUN, INC., its successors and assigns,
and/or any parties claiming by, through or under them, initiates
3
any legal action to rescind the terms of this Agreement, then the
variances shall automatically become void and of no further force
or effect.
8. Anything to the contrary notwithstanding, this Agreement
shall automatically terminate, be null and void and be of no fur-
ther force or effect upon the earliest to occur of the following:
i) the third anniversary of the date hereof;
ii) any modification or other change in ordinance
or law enacted by the City of Miami Beach
which would make the Variances unnecessary;
and/ or
iii) any change in policy evidenced by formal
resolution by the Redevelopment Agency or the
City of Miami Beach not to require agreements
of this nature in similar circumstances.
IN WITNESS WHEREOF, we have hereunto set our hands and seals
as of the ~ day of ~, 1993 at Miami Beach, Dade County,
State of Florida. cf
SUN & FUN, INC.,
a Flor'da corporation
By:
r
t
.At:l~
Secre y
MIAMI BEACH REDEVELOPMENT AGENCY, an
agency organized and existing
pursuan to the Redeve ment Act of
1969, s found in Ch pter 63,
Flori Statutes as a ed.
Chairman
Attest:
~Afta,uL 8. --:p)cu;y ly It.(,~tkiL
Secretary :lll)r1fy
4
FORM APPROVED
REDEVELOPMENT AGENCY
GENERAL COUNSEL
~
By J (~
~- 2- Cf~
Date
APPROVED AS TO FORM:
General Counsel
STATE OF FLORIDA
SS:
COUNTY OF DADE
The foregoing instrument was acknowledged before me this 1:3
day of ~~ ' 1993 by Thomas Kramer as President of SUN &
FUN, I.NC.....r-a...:: lor1da corporat1on, on behalf of the corporat1on. He
~all y appeared before =Jfte;-ls PQnlnn;:t lly know~ me or
produced as identification, and [did] [did
not] take an oath.
[NOTARIAL SEAL]
Notary: ~7 ~A__"'~,.r-
Print Na~~~Em~~P;---W A ~ ~
Notary Public, State of
My commission ex~~es:
I.~ ~~.... OFFICIAL SEAL
~ .~, BETTY ROFFWARG
) \ ,:" ~ 'MY Commission Expires
) SS: 'to. ",/ April 15. 1997
~OFf~C:'" Comm. No. CC 276973
) ......."
STATE OF FLORIDA
COUNTY OF DADE
T foregoing instrument was 9Ck~pwle~ged before me this 1~~
day of , 1993 by ~~ G>-e Jbe r as Chairman
of Mia . Beach Redevelopm t Agency, an agency organ1zed and
existing pursuant to the Community Redevelopment Act of 1969, found
in Chapter 163, Florida Statutes as e they
personally appeared before me, is/are ersonally known to m~_
~uced as iden ca 1on, an [1d] ~
~ take an oath.
[NOTARIAL SEAL] ~~i~~~a e IhMIex ~ ~
Notary pu lic, state of n~1!.1 DFr
My commission expires:
~v PIJ OffICIAL NOTARY SEAL
tS~ 8(.-! Y A..ILEX MORALES
~ ~"\'A 1 "CO....ISSION NUMBER
if I ~ CC203935
\ ~ MY COMMISSION EXPo
"'OFf\.O JUNE 21996
GTH\DOUGHERTYL\108016.1\OS/12/93
5
:\.tia.'""'"'! C2aL'"'
:-'auevelopment :"'gency
, 700 Convention Center Drive
Miami Beach, Florida 33139
REDEVELOPMENT AGENCY MEMORANDUM NO. 93-16
June 2, 1993
To: Chairman and Members of the Board
of the Redevelopment Agency
From: Roger M. Carlton
Executive Direc
subject: RBSOLUTION AND AGREEMENT WITH SUN , FUN, INC. IN THE EVENT
THB MIAMI BEACH REDEVELOPMENT AGENCY EXERCISES ITS POWER OF
EMINENT DOMAIN.
ADMINISTRATION RECOMMENDATION:
The Administration recommends that the Miami Beach Redevelopment
Agency (Agency) Board adopt the attached Resolution and authorize the
Chairman to execute the attached Agreement with Sun & Fun, Inc.
BACKGROUND:
Sun & Fun, Inc. (Sun & Fun) is the fee simple title owner of the
property described as Lot 10 of Block 3, Ocean Beach Florida,
commonly known as 211 Collins Avenue. Sun & Fun intends to
substantially rehabilitate the existing sixteen (16) unit residential
apartment building.
On December 4, 1992 the Board of Adjustment of the City of Miami
Beach approved Sun & Fun's request for various variances under file
No. 2276 with the understanding and conditioned upon the above
referenced Agreement being entered into with the Agency.
ANALYSIS:
The above mentioned Agreement specifies that in the event the Agency
commences any condemnation action with respect to the subject
property within the next three (3) years, the Agency shall pay an
amount equal to the lesser of; [1] the purchase price of $ 195,000,
plus all out-of-pocket costs and expenses of renovating the property
(hard costs & soft costs) not to exceed $ 930,000 less the amount of
any federal tax savings to Sun & Fun resulting from depreciation
from this date to the date of the taking; [2] if the acquisition
and/or construction of the property and improvements is financed by
an institutional loan from a third party lender the amount to satisfy
the loan, [3] the fair market value.
In turn, Sun & Fun agrees to waive and release any other right to
remuneration, including but not limited to any right to receive the
then fair market value for the property, if the Agency brings forth
any condemnation action within the next three (3) years.
continued...
au
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Sun & Fun has voluntarily agreed to enter into this agreement as a
condition related to its request for the Variances.
CONCLUSION:
The execution of this agreement will allow Sun & Fun the opportunity
to rehabilitate their building, thereby aiding in the revitalization
of the area, without causing an undue hardship on the Agency in the
event the property has to be acquired through Eminent Domain.
RMC:JD:rd
Attachments
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