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Preview Page 1 of2 City of Sunny Isles Beach 18070 Collins Avenue Sunny Isles Beach, Florida 33160 (305) 947-0606 City Hall (305) 949-3113 Fax ;MEMORANDUM TO: The Honorable Mayor and City Commission FROM: Alan J. Cohen, City Manager DATE: 7/21/2011 RE: Approving a Letter of Intent between the City of Sunny Isles Beach and The Weintraub Companies for the purchase of 18080 Collins Avenue ("Alamo Property") RECOMMENDATION: It is recommended that The Commission approve the resolution. REASONS: The offer is higher than current market value, covers all of the City's investment (past and future) in the property, the buyer has the required experience to successfully develop the project and the proposed development is consistent with the City's development plans. ADDITIONAL INFORMATION: The City and The Weintraub Companies (Weintraub) have finalized a proposed Letter of Intent (LOI) to facilitate the purchase of 18080 Collins Avenue, aka The Alamo Property, adjacent to the City Hall property. Weintraub plans to construct and operate an office building on the site, most likely as an office condominium. The structure will have an attached parking garage. Weintraub has developed a similar office condominium project in Aventura, located at 20900 NE 30th Avenue. All of the units in that building have been sold. In the proposed LOI, the City and Weintraub have agreed to negotiate a purchase agreement for the property. Under the proposed terms of the LOI, the City will sell the building for $7,500,000. A series of payments totaling $3,000,000 will be made to the City in the first two and a half years, followed by annual payments on a 25-year note for $4,500,000. The gross value of the payments made to the City will be $11,038,808 ($7,500,00 in principal and $3,538,808 in interest). The LOI does allow for an early http://sibagenda.sibfl.net/agenda/Preview.aspx?I temID=549&MeetingID=0&MeetingDate... 7/1512011