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RESOLUTION NO. 26R-08-142: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LAUDERHILL, FLORIDA, APPROVING A LETTER OF INTENT (“LOI”) ATTACHED AS EXHIBIT “A” AND PROVIDING THE CITY MANAGER WITH THE AUTHORITY TO NEGOTIATE AND EXECUTE A PURCHASE AND SALE AGREEMENT FOR THE PROPERTY LOCATED AT 1701 NW 31ST AVENUE, #G, LAUDERHILL, FLORIDA AT A PRICE NOT TO EXCEED THREE MILLION THREE HUNDRED THOUSANDS DOLLARS (“$3,300,000.00); PROVIDING THE CITY MANAGER AND CITY ATTORNEY WITH THE AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; AND PROVIDING FOR AN EFFECTIVE DATE (REQUESTED BY CITY MANAGER KENNIE HOBBS, JR.).
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Request Action:
A motion to authorize the City Manager and City Attorney to proceed with the negotiation and preparation of a Purchase and Sale Agreement between the City of Lauderhill and 1701 NW 31st, LLC, for the acquisition of the real property located at 1701 NW 31st Avenue, #G, Lauderhill, Florida 33311 (Folio No. 4942-31-00-0062) and NW 31st Avenue, Lauderhill, Florida 33311 (Folio No. 4942-31-41-0010), subject to final approval by the City Commission.
Need Summary Explanation/ Background:
The City of Lauderhill has been engaged in discussions with 1701 NW 31st, LLC regarding the potential acquisition of two parcels of real property located along NW 31st Avenue in Lauderhill. The proposed transaction is outlined in a Non-Binding Letter of Intent between the City, as Buyer, and 1701 NW 31st, LLC, as Seller. The Letter of Intent establishes the general terms for negotiating a formal Purchase and Sale Agreement and specifically provides that the transaction is subject to approval by the City Commission.
The proposed purchase price is $3,300,000. The property includes the land and associated improvements, buildings, structures, equipment, fixtures, development rights, easements, appurtenances, and other rights associated with the property.
Under the proposed terms, the City would provide an initial deposit of $10...
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