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<br />I <br /> <br /> <br />City Commission <br /> <br />Norman S. Edelcup <br />Mayor <br /> <br />March 11, 2008 <br /> <br />Lewis J. Thaler <br />Vice Mayor <br /> <br />Via Hand Delivery Only <br /> <br />Roslyn Brezin <br />Commissioner <br /> <br />Mr. Joseph Milton <br />3211 Ponce De Leon Blvd. <br />Suite 301 <br />Coral Gables, FL 33134 <br />Miami, FL 33130 <br /> <br />Gerry Goodman <br />Commissioner <br /> <br />George "Bud" Scholl <br />Commissioner <br /> <br />A. John Szerlag <br />City Manager <br /> <br />Hans Ottinot <br />City Attorney <br /> <br />Jane A. Hines <br />City Clerk <br /> <br />Re: Offer To Purchase of Parcel of Land Located on Sunny Isles <br />Boulevard, with Folio # 31-2214-007-0050 (Lot located on the east side of287 <br />Sunny Isles Blvd.). <br /> <br />Dear Mr. Milton: <br /> <br />Consistent with our recent conversations, the City of Sunny Isles Beach (the "City") hereby <br />offers to purchase the above-referenced property for One Million Five Hundred Fifty-Eight <br />Thousand Four Hundred Nineteen Dollars and Seventy-Eight Cents ($1,558,419.78). This <br />offer will be formalized in an option agreement which will require the City to proceed with <br />closing on the property after the expiration of a sixty (60) day option period to conduct <br />necessary due diligence. The City will pay an option fee of Fifty Thousand Dollars <br />($50,000.00) to Chicago Title upon the execution of the option agreement by the Seller. <br /> <br />As additional consideration, the City agrees to approve the following matters <br />administratively prior to closing: <br /> <br />(1) Deposit in the City's TDR Bank 12 units of Transfer of development Rights <br />("TD R' s") in account designated for the Seller; <br /> <br />(2) Forgive debt payment of $841 ,580.22 owed pursuant to Resolution Nos. <br />2006-959, 06-Z-1 01, which approved development project commonly known <br />as St. Tropez; and <br /> <br />(3) Extend the site plan approval for the Fourth Tower in the St. Tropez project for <br />a period of four years, commencing on the date of expiration of the existing <br />approval. <br /> <br />It is important to note that this offer is contingent upon the following conditions: (1) your <br />ability to transfer clear and marketable title with no encumbrances; and (2) approval of the <br />option agreement by City Commission; and (3) the City's ability to secure two (2) <br />appraisals to determine the overall value of the property. The City will provide Seller with <br />the use of the property for parking purpose until the City has created a development plan for <br /> <br />Exhibit "A" <br /> <br />~ <br />