Reso 2022-3306 - Laserfiche WebLink

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010) RESOLUTION NO. 2022- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE PAYMENT OF $12,720,931.25 TO NDPRE #14, LLC, IN ACCORDANCE WITH THE LAND DONATION AND TRANSFER OF DEVELOPMENT RIGHTS AGREEMENT BETWEEN THE CITY AND NDPRE #14, LLC DATED JUNE 18, 2018, RELATED TO THE PROPERTY LOCATED AT 18500 COLLINS AVENUE, SUNNY ISLES BEACH, FLORIDA 33160, PLUS ASSOCIATED CLOSING COSTS; AUTHORIZING THE CITY MANAGER AND CITY ATTORNEY TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, pursuant to Resolution 2018-2840, the City of Sunny Isles Beach ("City") entered into a Land Donation and Transfer of Development Rights Agreement ("Agreement") whereby NDPRE #14 ("Navarro") agreed to donate the property located at 18500 Collins Avenue, Sunny Isles Beach (the "Property") in exchange for Transferable Development Rights ("TDRs") in the amount of 126,615 square feet and 56 dwelling units to the City at an agreed to guaranteed maximum price of $125 per square foot ("Guaranteed Maximum Price"); and WHEREAS, pursuant to the Agreement, the City agreed to sell the Navarro' s TDRs on behalf of Navarro to a willing buyer at the Guaranteed Maximum Price; and WHEREAS, at the time the parties entered into the Agreement, the parties acknowledged that the Property was subject to a Lease Agreement ("Existing Lease") with Holiday CVS, LLC ("Existing Tenant"), which lease was renewed and is scheduled to expire on or about December 31, 2026; and WHEREAS, pursuant to the terms of the Agreement, Navarro agreed to assign the Existing Lease to the City at the time of closing, and convey the Property by special warranty deed following the payment of the Guaranteed Maximum Price per square foot for the remaining unsold Navarro TDRs; and WHEREAS, pursuant to the Agreement, the closing on the conveyance of the Property from Navarro to the City was to occur on or before the earlier of (i) the date that is sixty (60) days from the date of the closing of the sale of fifty (50%) percent of the Navarro's TDRs, or (ii) December 31, 2021; and WHEREAS, the parties agreed to postpone the closing beyond December 31, 2021, to allow the City an opportunity to evaluate whether it would pay Navarro for the value of the remaining Navarro TDRs at this time, or whether to pay Navarro in five (5) equal installments through January 1, 2027; and WHEREAS, after performing its due diligence, the City Administration believes that it is in the best interest of the City to pay Navarro for the for the remaining Navarro TDRs at this time, and in exchange, receive title to the Property, and assignment of the Existing Lease; and