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119-92 RDA RESOLUTION NO. 11 9- 9 2 A RESOLUTION OF THE MIAMI BEACH REDEVELOPMENT AGENCY AUTHORIZING THE CHAIRMAN TO EXECUTE AN AGREEMENT WITH MORADA VENTURES, INC. TO PERMIT A RESIDENTIAL APARTMENT BUILDING TO BE REHABILITATED AT 265 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, MORADA VENTURES, INC. ("Morada") have purchased property described as Lot 16, Block 3, OCEAN BEACH SUBDIVISION 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 265 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 Morada'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 wi th Morada permi tting residential use to be rehabilitated at 265 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 PASSED and ADOPTED this 22nd hereto "1". of said Agreement attached and incorp 1992. ~ Attest: /--l(~.~(\A/\ ~-~ :'-Gy(VV~- Secretary -t/23lc; 2.. Approved as to form: -:-1- C- )t4~bA JCD/cnm boa a:morada Miami Beach Redevelopment Agency 1700 Convention Center Drive Miami Beach, Florida 33139 REDEVELOPMENT AGENCY MEMORANDUM NO. 92-22 July 22, 1992 To: Chairman and Members of the Board of the Redevelopment Agency From: Roger M. carlto~~/~J ~ J Executive Direct~/f~~ subject: RESOLUTION AND AGREEMENT WITH MORADA VENTURES, INC. IN THE EVENT THE REDEVELOPMENT AGENCY EXERCISES ITS POWER OF EMINENT DOMAIN. ADMINISTRATION RECOMMENDATION: The Administration recommends that the Redevelopment Agency's Board adopt the attached Resolution and authorize the Chairman to execute the Agreement with Morada Ventures, Inc. BACKGROUND: Morada Ventures, Inc. (Morada) has purchased the property described as Lot 16 of Block 3, Ocean Beach Subdivision, commonly known as 265 Collins Avenue. Morada intends to substantially rehabilitate the property and convert the existing Hotel into a nineteen (19) unit residential apartment building. On May 8, 1992 the Board of Adjustment of the City of Miami Beach approved Morada's request for various variances under file No. 2264 with the understanding and conditioned upon this Agreement being entered into with the Miami Beach Redevelopment Agency (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 five (5) years, the Agency shall pay an amount equal to the purchase price of $255,000, plus appreciation calculated at six-percent (6%) per annum, in addition to the portion of the improvement costs to the interior and exterior of the permanent structure, minus the amount claimed as depreciation, from this date to the date of the taking. In turn, Morada 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 five (5) years. Morada 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 Morada 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:WHH:JD:rd au . 1 AGREEMEN~ THIS AGREEMENT is made and entered into as of the 24th day of July , 1992, by and between Horada Ventures, Inc. ("Morada") and the MIAMI BEACH REDEVELOPMENT AGENCY, a publ io agency organized and existing pursuant to the Community Redevelopment Act of 1969, found in Chapter 163, Florida Statutes, as Amended ("MBRA"). W HER E A S: A. Morada is the fee simple title owner of that certain parcel of real property legally described as Lot 16, Block 3, OCEAN BEACH SUBDIVISION, according to the Plat thereof, recorded in Plat Book 2, Page 38, of the Public Records of Oade County, Florida, and more commonly referred to by the street address of 265 Collins Avenue, Miami Beach, Florida (the "Property"). B. Morada currently intends to rehabilitate a residential apartment building on the Property ("Apartment Building"). C. The Board of Adj ustment of the city of Miami Beach ("Board of Adjustment") has, on May S, 1992, approved Morada's request for certain vari.ances (the "Variances") under File No. 2264, with the understanding and upon the condition that this Agreement be entered into. D. Marada has voluntarily agreed to enter into this Agreement as a condition to its request for the Variances before the Board of Adjustment. NOW, TH~REFORE, 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 Morada 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 five (5) years from this date, then, and in such event, the parties agree that the condemnation award (payment) for such taking E X H I BIT nln ~O'd GOO'ON 1~:91 Z6,~1 lilC ~8LL-}:L9-S0}::al 3Jl~~O S.~9W All) 8W shall be an amount equal to the purchase price of $ 255,000 plus appreciation of that amount calculated at six (6') percent per annum from the date of this A9reement minus the amount claimed as depreciation of the Property by the parties of the first part. 2. The calculation of the above sums are based upon and derived from the addition of the base purchase price of $255~OOO and the portion of the cost of improvements to the interior and exterior of the subject property solely related to the permanent structure. The amount shall be finally determined by the City of Miami Beach. Morada agrees to provide any and all documentation required by the city in the determination of the costs addressed above, whioh shall include, but not be limited to, paid invoices showing payments for structural rehabilitation of the building to bring it into compliance with all state, County and Code provisions. 3. The party of the first part agrees that except as is set forth above they hereby waive and release any other right to remuneration in any condemnation proceeding brought by the Miami Beach Redevelopment Agency during the five (5) 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 assi9ns, 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 a right to reasonable attorney fees and court costs at trial and all appellate levels. 6. This Agreement shall be recorded in the publ ic records of Dade County F'or;n~: ~t t~e expense of Mo~a~~. 7. In the event Morada, their successors and assigns, and/or any parties claiming by, through or under them, initiates any legal action to rescind the terms of this Agreement, then the 2 Variances shall automatically become void and of no further force or effect. IN WITNESS WHEREOF, we have hereunto set our hands and seals as of the 24th day of July , 1992 at Miami Beach, Dade County, state of Florida. -2Uc J~ ~tness ESea Esc~r ~CLV { aA.M~ wi tn ss Margaret Garcia MORADA VENTURES, INC. BY: STATE OF FLORIDA ) ) SS COUNTY OF DADE ) The foregoing instrument was acknowledged before me this 15th day of ,July ._____, 1992 by -!2~!1!~2~0~:ho.~~~__pr0nic1p.nt who is personally known to me or ~ho h~o produced as id~ntjfic~tion and who ~/did not take an oath. WITNESS July my hand and , 1992. official seal, this 15t~ day of S~A~~I PRINT NAME: Susana B~ ~ R"",:@Z ~- _.._,-- Notary Public State of Florida My Commission Expires July 29. 1994 Bonded thru General Ins. Undo NOTARY PUBLIC state of Florida at Large CC 034435 My Commission Expires: BY: ) )SS COUNTY OF DADE ) The foregoing instrument was acknowledged before me by SEYMO~R GELBER: as Cha i rm~n of the Miami Beach Redevelopment Agency I )"hc; ,J.S person ly known to me and did n<;'t take n oath: ~'r W' ne 5 my hand and off1cial eal th ~a , 1992. My Commision Expires: (A:\BOA MORADA.AGT) KA E D. SALLIBY Notary Public, State of NOTARY PUBLIC STATE OF FLORIDA MY COMMISSION EXP MAY 21. 1994 BONDED THRU GENERAL INS UNO 3 FRa1IIlEl"~IS Sf.HLL TOI JGr.l 67.3 ??82 Ill. 1J. 1992 91T.>At1 t:1JJ P,GlJ --:,.. , 1&:1. NlJI.-'.....~ 1$3(11 Pol '-.,; '-' C1D~tn~ ~at.m.Ql I.U,lItrt C.r.1, Iftv..tm_ntft, Zn~. .' ."rlllPrl "_r.d. V.n~u~.., In~. Clg.~n. P~l.1 ".~ 2e, 19.2 Prap..'Y D..eri~t1onl l,ot 16, 11'1 Ilvl:Jk 3, 01 OctAH lEACH, .aOOI'~;l.nlil to tI,. Plat. 'her.uf, .. .r.uu~d_d ~" Plat. Jlggk Z, .t. '.u- 'e. oJ t,h!t' Pu~).:I.c ReoordM ~! Dad. Cvunty, rlorida. ~.~ ' ..~redJ.U lilt 1 ~.c.:.. 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