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Resolution

No.

289

8

R E S O L U T I O N

O

HE

CHAIRMAN AND

M E M B E R S OF

THEMAM

EACH

REDEVELOPMENT

AGENCY

U T H O R I Z I N G

SETTLEMENTIN

MNENT

O M A I N

PROCEEDINGSIN

O N N E C T I O N

WTHHE

HORE REST

H O T E L ,

LOCATED

AT

535

COLLINS AVENUE,

MAMB E A C H , FL OR I DA W H E R E A S

the

iami

B e a c h

R e d e v e l o p m e n t

A g e n c y (

he

Agency ),

as

heretofore,

p u r s u a n t

to

e s o l u t i o n

N

6 9 -97,

author ized

thec q u i s i t i o n

oea

property

located a

53 5

Collins

Avenue,

i a m i

B e a c h Forida

and c o m m o n l y

knownas

the

h o r e c r e s t Hote ;nd WHE RE AS ,the

Agency

h a s i n s t i t u t e d such e m i n e n t d o m a i n

p r o c e e d i n g sin

n

a c t i o n

in

theircuit

C o u r t

othe 11th

Judicial

Circuit

in

ndfor

Dade

ounty,

l o r i d a ,

styled

Miami

Beach R e d e v e l o p m e n t A g e n c y

v

i s e l a

L i z a m a

C a r d o n a .

e.

a.,ase

o. 97-

5 5 2 0 (

CA

2),

fothe

u b l i c

purposeond

in

o n n e c t i o n

w i t h

community

r e d e v e l o p m e n t

and

r e l a t e d

a c t i v i t i e s

under

Chapter

163

Part

III

l o r i d a Satues,anda

Cty

C e n t e r / H i s t o r i c

C o n v e n t i o n

Village R e d e v e l o p m e n t and

R e v i t a l i z a t i o n

Area

hoer o j e c t ,

and

h a s p u r s u e d

suchactionwth

iligence;

and W H E R E A S ,

the

trial

o

s u c h

e m i n e n t

d o m a i n

acon

a s

set for

F e b r u a r y

23

998;

nd

W H E R E A S , p r i o r

toh e c o m m e n c e m e n to

ad

ria,

the

g e n c y received anofferoe t t l e m e n t

in

a id

eminen t

d o m a i n

action which

is

reasonable,

wllot c a u s e

the

g e n c y to

expend

anym o n i e s

above

the$0,000,

000

e r e t o f o r e

allocated

for th e

a c q u i s i t i o n

o

the

o y a l

P a l m

and

horecrest

H o t e l s

and

wll

void

thex p e n s e

oa

ra.

NOW

H E R E F O R E ,

BE

ITDULY

R E S O L V E D BY TH E

C H A I R M A N

A N D

M E M B E R S

OF

H E

MAM

B E A C H R E D E V E L O P M E N T A G E N C Y ,

that

the

e n e r a l

C oun s e l

of

thegency

is

e r e b y a u t h o r i z e d

to

o m p r o m i s e an d s e t t l eal

l a i m s a g a i n s ttheg e n c y

in

e m i n e n t domain

proceedings

fo

hearcel

k n o w n as

he

h o r e c r e s t

H o t e l ,the

a d d r e s so

w h i c h is

1535

C o l l i n s

A v e n u e , Mam

B e a c h ,

F l o r i d a ,

in

an

a m o u n t

not

to

xceed 4

690,

000.

00o

monies

ohe

Agency,

lus

the

a m o u n t

of$

1 ,

7 5 ,

000

to

be

r e c e i v e d

by

theg e n c y

from

RDP

Roya

Palm

Hote

L i m i t e d

P a r t n e r s h i p .

P S S E   O P T E

ths4h

ay

of

J

k

1998.

H A I R M A N

A T T E S T :

W ~

A ~

S E C R E T A R Y

7/26/2019 289-98 RDA

http://slidepdf.com/reader/full/289-98-rda 2/3

Miami

Beach

R e d e v e l o p m e n t

Agency

1700

o n v e n t i o n

Center

Drive

Miami

Beach,

Florida

3 3 1 3 9

Teephone (

305

6732 9 5

Fax (

305

673

772

R E D E V E L O P M E N T

A G E N C Y M E M O R A N D U M

NO

98-

6

arch

 4

1998

O

Charman

and

Members

o

the

oard

o

he

Mam

Beach

e d e v e l o p m e n t

Agency

AGREEMENT

F R O M :

Sergio

R o d r i g u e z

E x e c u t i v e

Drector

SUBJECT:

S H O R E C R E S T

R E C O M M E N D A T I O N

Approve

he

R e s o l u t i o n .

BACKGROUND

A

a rt

 o

e

f r i c a n -

American

Hote

Proect,

acquisition

o

the

h o r e c r e s t

Hotel

is

e c e s s a r y .

Authorization

to

cquire

t h r o u g h

e m i n e n t

domain

was

a p p r o v e d

b

he

C om m iss ion

a n d

Redeve lopment

 gency

Board.

A

the

ame

tm

he

  d m i n i s t r t i o n

and

partes

o

nterest

have

engaged

in

edation

and

e g o t i a t i o n s ,

and

s e t t l e m e n t

a g r e e m e n t

has

een

prepared.

A N A L Y S I S

The

settlement

a g r e e m e n t

as

presented

to

you

oday

establishes

ful

c o m p e n s a t io n

fo r

the

roperty

to

be$

 

6 5,

000

n c l u s i v e

of

attorneys fees,

e x p e n s e s

and

costs.

R

Donahue

P e e b l e s

C o m p a n i e s

nc (

e e b l e s )

is

responsible

for

a

otal

o $

1

75 ,

000

o

whch

310

000

as

been

gven

as

eposit

to

J a c o b

1 5 3 5

P r o p e r t i e s

Inc.

J a c ob

1535 ), $200

000

s

eing

held

in

escrow

by

t t o r n e y

Edward

L e v i n s o n ,

real

estate

counse

for

Jacob

1535

and$

65,

00 0

is

 

e

pa id

to

he

M i a m i

Beach   e e v e l o p m e n t

A g e n c y

RDA).

The

ettlement

a g r e e m e n t

b l i g t e s

theD A

toa y

5,

2 5 5 ,

000

hch

ncludes

the

65

0 0 0

from

7/26/2019 289-98 RDA

http://slidepdf.com/reader/full/289-98-rda 3/3

Intialy,

Peebescommtted

to

a

contribuion

of $

 1

000,

000

o w a r d

theacqustion

o

heShorecrest

hoe.

Th e

s e t t l e m e n t a g r e e m e n t

is

a

u r c h a s e

p r i c e

tha

is in

excess

o

he

o r i g i n a l

commitments

made

by

Peebles

and

he

RDA

e e b l e s

has

agreed

to

un d

the

d d i t i o n a l 75

00

in

rder

to

c h i e v e

a

ettlement

a n d

a v o i d

the

egal

e x p e n s e

o

a

ria

in

thependng

mnent

domain

p r o c e e d i n g .

The

d m i n is t r a t io n

beeves

t h a t

th e

negot i a t ions

have

resulted

in

a

urchase

price thatis

n

e e p i n g

with

the

ommitment made

to

he

Arican-

American

H o t e l

Project

as

orgnaly

r o p o s e d

in

993; the

RDA

c o n t r i b u t i o n

o $

4

90,000

togehe

wth

he$

 

1 0, 000

paid

for

the

Royal

Palm

Hote

property

fulfills

the

o m m i t m e n t

otheDAnd

the

ity to

rovide $

10

000, 000toward

the

e v e l o p m e n t

o

an

fr ican-

Amercan

owned

hotel

on

Mam

B e a c h .

C O N C L U S I O N

The

oard

s h o u l d a d o p t the