RE.7 - Purchase Property for $6 Million

WHEREAS, the City of Miami (“City”) wishes to acquire real property identified as folio number(s) 01-4103-014-0010 and 01-4103-014-0020, located at 1702 and 1714 West Flagler Street, Miami, Florida (collectively “Property”); and

WHEREAS, Maria M. Hernandez and Teresita Hernandez, as Trustees of the Jose R. Hernandez, Family Trust (“Seller”) has agreed to enter into a Purchase and Sale Agreement (“Agreement”) with the City to sell the Property for a purchase price of Six Million and 00/100 Dollars ($6,000,000.00) (“Purchase Price”); and

WHEREAS, pursuant to Section 166.045(b), Florida Statutes, titled "Proposed Purchase of Real Property by Municipality; Confidentiality of Records; Procedure," for each purchase in an amount in excess of $500,000.00, the governing body shall obtain at least two (2) appraisals by appraisers approved pursuant to Section 253.025, Florida Statutes; and

WHEREAS, the City obtained two (2) appraisal reports from licensed State of Florida certified appraisers; and

WHEREAS, funding for the acquisition shall not exceed Six Million, Five Hundred Thousand and 00/100 Dollars ($6,500,000.00) with funds being allocated, appropriated, and awarded from the District 3 Real Estate Acquisition and Accessible Housing funds, to cover the cost of said acquisition, inclusive of the cost of surveys, environmental reports, title insurance, securing the property, demolition, project signage and all related closing costs associated with said acquisition, in accordance with the terms and conditions of the Agreement;

NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA:

Section 1.  The recitals and findings contained in the Preamble to this Resolution are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section.

Section 2. The City Commission hereby approves and authorizes the City Manager to reallocate funds in the total not to exceed amount of Six-Million, Five Hundred Thousand and 00/100 Dollars ($6,500,000.00) (“Funds”) from certain capital and special revenue project(s), and re-appropriating said Funds to current and/or future capital and special revenue projects, all as set forth in Exhibit “A,” attached and incorporated.

Section 3. The allocation and appropriation of the Funds referenced herein are subject to all federal, State, and local laws that regulate the use of such Funds and the receipt of all necessary approvals, including, but not limited to the City Attorney.

Section 4. The City Manager is authorized1 to make any changes to adjust, amend, and appropriate the City’s Operating Budget, Five-Year Financial Plan, Strategic Plan, Multi-Year Capital Plan, and any other documents as necessary and applicable, pursuant to the provisions of this Resolution.

Section 5. Certain necessary actions by the City Manager and designated City officials and departments made in order to update the Capital Plan, relevant financial controls and computer systems in connection therewith, for project close-outs, and for grants and other funding sources in progress in connection herewith are ratified, approved, and confirmed.

Section 6. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.