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2011-125-1518 - Reject offer on City Vacant Land City of Miami Gardens Agenda Cover Memo Council Meeting Date: July 13, 2010 Item Type: (Enter X in box) Resolution Ordinance Other x Fiscal Impact: (Enter X in box) Yes No Ordinance Reading: (Enter X in box) 1st Reading 2nd Reading x Public Hearing: (Enter X in box) Yes No Yes No x Funding Source: n/a Advertising Requirement: (Enter X in box) Yes No x Contract/P.O. Required: (Enter X in box) Yes No RFP/RFQ/Bid #: x Sponsor Name Danny Crew Department: City Manager Short Title: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MIAMI GARDENS, FLORIDA, AUTHORIZING THE CITY MANAGER TO REJECT AN OFFER SUBMITTED TO THE CITY FOR THE PURCHASE OF CERTAIN PROPERTY LOCATED AT N.W. 27th AVENUE AND N.W. 191ST STREET, AS FURTHER DESCRIBED ON THE PURCHASE AGREEMENT ATTACHED HERETO AS EXHIBIT “A”; AUTHORIZING THE CITY MANAGER TO NEGOTIATE A HIGHER PURCHASE PRICE FOR THE PROPERTY, AND IF SUCCESSFUL TO DELIVER A NEGOTIATED PURCHASE AGREEMENT TO THE CITY COUNCIL FOR APPROVAL; PROVIDING FOR THE ADOPTION OF REPRESENTATIONS; PROVIDING FOR AN EFFECTIVE DATE. Staff Summary: The City has received an offer on the 2-acre commercial parcel located at the NE corner of NW 27th Avenue and NW 191st Street. The offer is for $577,170 or approximately $285,000 per acre. An appraisal that was completed on the property prior to our acquisition valued the property in excess of $1,000,000 per acre; however, property values have dropped approximately 50% since that time. While this offer is more than the per-acre price we paid for the entire 38 acres ($250,000), these are the two most valuable acres that the City owns. Recommendation: That the City Council approves the attached Resolution ITEM L-6) RESOLUTION Rejecting an offer for the property located @NW 27th Avenue and 191st Street 1515 NW 167 Street, Building 5 Suite 200 Miami Gardens, Florida 33169 Attachment: 1. Exhibit “A” – Offer