359-2000 RDA
RESOLUTION NO. 359-2000
A RESOLUTION OF THE CHAIRMAN AND THE MEMBERS
OF THE MIAMI BEACH REDEVELOPMENT AGENCY
APPROPRIATING $3,050,000 FROM THE PROCEEDS OF
MIAMI BEACH REDEVELOPMENT AGENCY TAX
INCREMENT REVENUE BONDS SERIES 1998 (CITY
CENTER/HISTORIC CONVENTION VILLIAGE) FOR THE
SETTLEMENT OF ALL FEES AND COSTS FOR THE
ACQUISITION OF THE ONYX PROPERTY LOCATED AT
227 - 245 22ND STREET AND 313 22ND STREET.
WHEREAS, to assemble the land neccesary to develop the Cultural Campus an Order of
Taking for the referenced property was completed in April 1998, and extended possession of the
nightclub was granted to the lessee; and
WHEREAS, the nightclub was vacated in August 1998, and a valuation hearing was pending
and the defendant provided an appraisal report and appraisal of the fixtures and equipment
estimating a $3.6 Million value; and
WHEREAS, upon City experts review of these reports, a mediation was held on April 25,
2000 and June 30, 2000, resulting in a negotiated settlement of$3,050,000 inclusive of all fees, costs
and interest and the settlement was approved by the RDA Board on July 12, 2000.
NOW THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, authorize the
Chairman and the Secretary to appropriate $3,050,000 from the proceeds of Miami Beach
Redevelopment Agency Tax Increment Revenue Bonds Series 1998 (City Center/Historic
Convention Villiage) for the settlement of all fees and costs for the acquisition of the Onyx property
located at 227 - 245 22nd Street and 313 22nd Street.
PASSED and ADOPTED this 26th day of July, 2000.
f/IlI CHAIRMAN
ATTEST: ~
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APPROVED AS 10
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& FOREXECunON
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Miami Beach
Redevelopment Agency
1700 Convention Center Drive
Miami Beach, Florida 33139
Telephone: (305) 673- 7295
Fax: (305) 673- 7772
REDEVELOPMENT AGENCY MEMORANDUM NO. bo - S-O
DATE: July 26, 2000
TO:
Chairman and Members of the
Miami Beach Redevelopment Agency
~
FROM:
SUBJECT:
A RESOLUTION OF THE CHAIRMAN AND THE MEMBERS OF THE
MIAMI BEACH REDEVELOPMENT AGENCY APPROPRIATING
$3,050,000 FROM THE PROCEEDS OF MIAMI BEACH
REDEVELOPMENT AGENCY TAX INCREMENT REVENUE BONDS
SERIES 1998 (CITY CENTER/HISTORIC CONVENTION VILLIAGE) FOR
THE SETTLEMENT OF ALL FEES AND COSTS FOR THE ACQUISITION
OF THE ONYX PROPERTY LOCATED AT 227 - 245 22ND STREET AND
313 22ND STREET.
ADMINISTRATIVE RECOMMENDATION
Adopt the Resolution.
ANALYSIS
To assemble the land neccesary to develop the Cultural Campus an Order of Taking for the
referenced property was completed in April 1998, and extended possession of the nightclub was
granted to the lessee. The nightclub was vacated in August 1998, and a valuation hearing was
pending. The defendant provided an appraisal report and appraisal of the fixtures and equipment
estimating a $3.6 Million value. Upon City experts review of these reports, a mediation was held
on April 25, 2000 and June 30, 2000, resulting in a negotiated settlement of $3,050,000 inclusive
of all fees, costs and interest. The settlement was approved by the RDA Board on July 12, 2000.
It is recommended that the RDA board adopt he attached resolution appropriating $3,050,000 from
the proceeds of Miami Beach Redevelopment Agency Tax Increment Revenue Bonds Series 1998
(City CenterlHistoric Convention Villi age ) for the settlement of all fees and costs for the acquisition
of the Onyx property located at 227 - 245 22nd Street and 313 22nd Street.
LALIC11cIPDW Irar
S()UTti V()I/IlIfff:
I:ledevelf)pment I)lstrict
Agenda Item 313
Date t- 2'=--00
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