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<br />RESOLUTION NO. 2011- J, 50 <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, APPROVING A LETTER OF <br />INTENT BETWEEN THE CITY OF SUNNY ISLES BEACH AND <br />THE WEINTRAUB COMPANIES FOR THE PURCHASE OF <br />18080 COLLINS AVENUE ("ALAMO PROPERTY"), IN THE <br />AMOUNT OF SEVEN MILLION FIVE HUNDRED THOUSAND <br />DOLLARS ($7,500,000.00); AUTHORIZING THE CITY <br />MANAGER AND CITY ATTORNEY TO DO ALL THINGS <br />NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, the City Commission is desirous of continuing to develop public <br />facilities/amenities to further the development of the City as a growing residential population and <br />top tourist destination; and <br /> <br />WHEREAS, in February 2008, the City acquired the Alamo site located at 18080 Collins <br />A venue (the "Alamo site") for anticipated future growth of municipal programs; and <br /> <br />WHEREAS, the City was recently presented with a unique opportunity to develop the <br />Alamo site to continue to provide essential municipal services and to stimulate the redevelopment <br />of commercial properties on the west side of Collins Avenue; and <br /> <br />WHEREAS, City staff has negotiated and proposed entering into a Letter of Intent with <br />The Weintraub Companies to purchase the Alamo property to create a first class executive and <br />professional office building that will complement the high end residential buildings of the Sunny <br />Isles Beach skyline that will be architecturally harmonious with its surrounding architecture as <br />well as environmentally friendly. <br /> <br />WHEREAS, the negotiated terms in the Letter of Intent specifies the responsibilities of <br />the parties with respect to the purchase of the property in the amount of Seven Million Five <br />Hundred Thousand Dollars ($7,500,000.00), attached hereto as Exhibit "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 1. Approval of Letter of Intent. The City Commission hereby approves the Letter of <br />Intent with The Weintraub Companies to purchase the property located at 18080 Collins A venue <br />("Alamo Property") in an amount of $7,500,000.00, attached hereto as Exhibit "A". <br /> <br />Section 2. Authorization of City Manager and City Attorney. The City Manager and City <br />Attorney are hereby authorized to do all things necessary to effectuate this Resolution. <br /> <br />Section 3. <br /> <br />Effective Date. This Resolution shall become effective upon adoption. <br /> <br />R20 11- Weintraub Co Ltr Oflntent Purchase Alamo Prop Execute Letter of Intent <br /> <br />Page I of2 <br />