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<br />RESOLUTION NO. 2007- " ;c 0 <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY <br />ISLES BEACH, FLORIDA, APPROVING AN OPTION AGREEMENT WITH <br />INTERCOASTAL MANAGEMENT, LTD. FOR PURCHASE AND SALE OF <br />REAL PROPERTY, FOLIO # 31-2214-008-0350, IN THE AMOUNT OF <br />$500,000 THOUSAND DOLLARS WITH AN OPTION DEPOSIT OF $50,000 <br />FORA 90-DA Y OPTION, WHICH DEPOSIT SHALL BE APPLIED TO THE <br />PURCHASE PRICE IF THE CITY PROCEEDS TO PURCHASE, <br />ATTACHED HERETO AS EXHIBIT "A"; AUTHORIZING THE MAYOR <br />TO EXECUTE SAID AGREEMENT; PROVIDING THE CITY MANAGER <br />AND THE CITY ATTORNEY WITH THE AUTHORITY TO DO ALL <br />THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, on March 13, 2006, the City Commission held a Workshop to discuss the <br />development of a strategic plan for the acquisition of property for open space/park purposes; and <br /> <br />WHEREAS, at the Open Space Workshop the City Commission decided to create a plan that <br />would provide the framework for acquiring additional propelty for open space; and <br /> <br />WHEREAS, at the Open Space Workshop the City Commission also decided to continue to <br />pursue open space opportunities that are available, during the interim period; and <br /> <br />WHEREAS, the property located on Collins Avenue presents an opportunity for the City <br />Commission to purchase additional property for open space/park purposes; and <br /> <br />WHEREAS, Intercoastal Management, Ltd, The owner of the property is willing to accept an <br />Option Agreement for the purchase of said property, in the amount of$500,000.00 Dollms with an <br />option deposit of Fifty Thousand Dollars ($50,000) for a 90-day option, attached hereto as Exhibit <br /> <br />"A". <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Section I. Incorporation of Recitals. The recitals set forth hereinabove are hereby incorporated <br />herein by reference. <br /> <br />Section 2. Approval of Option Contract. The Option Agreement for purchase and sale of real <br />property owned by Intercoastal Management, Ltd., folio # 31-2214-008-0350 located on Collins <br />Avenue, in the amount of$500,000.00 Dollars with an option deposit of$50,000 for a 90-day option, <br />which deposit shall be applied to the purchase price if the city proceeds to purchase, attached hereto <br />as Exhibit "A", be, and the same, is hereby approved. <br /> <br />R2007-1120 Option Agreement Intercoastal Mgmt Eric Fcdcr.DocPage 1 of2 <br />