HomeMy WebLinkAboutCity of Tamarac Resolution R-2005-237Temp Reso 10862
December 5, 2005
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CITY OF TAMARAC
RESOLUTION NO. R-2005- 13 -1
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF TAMARAC FLORIDA, APPROVING AND
AUTHORIZING THE PROPER CITY OFFICIALS OF
THE CITY OF TAMARAC TO PROCEED WITH THE
PURCHASE FROM SRDE REALTY, L.L.C. THE REAL
PROPERTY AS FULLY DESCRIBED ON THE LEGAL
DESCRIPTION WHICH IS ATTACHED HERETO AS
EXHIBIT "A", FOR THE PURCHASE PRICE OF SIX
MILLION EIGHT HUNDRED SIXTY THOUSAND SIX
HUNDRED FIFTY TWO DOLLARS ($6,860,652.00),
PLUS APPLICABLE COSTS AND ATTORNEY FEES;
PROVIDING FOR CONFLICTS; PROVIDING FOR
SEVERABILITY; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the City Commission of Tamarac deems it
beneficial to proceed with the purchase from SRDE Realty, L.L.C. of
the real property consisting of a ten (10) acre tract of vacant property
as fully described on the legal description which is attached hereto as
Exhibit "A," for the purchase price of $6,860,652.00, plus applicable
costs and attorney fees; and
WHEREAS, the City Commission of the City of Tamarac on
October 11, 2005 adopted and approved resolution R-2005-201
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Temp Reso 10862
December 5, 2005
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authorizing the appropriate City Official to execute an agreement for I
Purchase and Sale of Real Property between SRDE Realty, L.L.C.,
and the City of Tamarac for the purchase price of $6,860,652.00; and
WHEREAS, in accordance with Resolution R-2005-201, the City
of Tamarac entered into a contract for purchase and sale of real
property with SRDE Realty, L.L.C. for a 10 +/- acre tract of vacant
property for the expansion of facilities within the City of Tamarac; and
WHEREAS, the City of Tamarac has conducted its due
diligence and deems the vacant ten (10) acre tract to be suitable for
expanding the City's Public services complex to provide for and
address additional departmental and facility needs within the City of
Tamarac; and
WHEREAS, pursuant to Section 166.045 of the Florida Statutes
(2005) the City has obtained two separate and independent appraisals,
each reflecting that the appraised value is less than the contract price
of $6,860,652.00, and therefore, this resolution is to be approved by a
supermajority vote four fifths (4/5) of the City Commission;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COMMISSION OF THE CITY OF TAMARAC, FLORIDA, THAT:
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Temp Reso 10862
December 5, 2005
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ISECTION 1. The foregoing "WHEREAS" clauses are true and
correct and hereby ratified and confirmed by the City Commission.
SECTION 2. The City Commission of the City of Tamarac by a
supermajority vote of four fifths (4/5) of the City Commissioners hereby
approves and authorizes the proper City officials of the City of Tamarac
to consummate the transaction with SRDE Realty, L.L.C. involving the
purchase of real property as fully described on the legal description
which is attached hereto as Exhibit 'A" for the purchase price of
$6,860,652.00, plus applicable costs and expenses plus attorney fees.
SECTION 3. The City Commission of the City of Tamarac in
approving the consummation of the real property transaction with
SRDE Realty, L.L.C. hereby directs and authorizes the proper City
officials to expend the necessary funds to accomplish the purchase of
real property.
SECTION 4. All Resolutions or parts of Resolutions in conflict
herewith, be and the same are repealed to the extent of such conflict.
SECTION 5. If any clause, section or other part of this
Resolution shall be held by any court of competent jurisdiction to be
unconstitutional or invalid, such unconstitutional or invalid part shall
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Temp Reso 10862
December 5, 2005
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be considered as eliminated and in no way effecting the validity of the I
other provisions of this Resolution.
SECTION 6. This Resolution shall become effective
immediately upon its passage and adoption.
PASSED, ADOPTED AND APPROVED this 14-1 day of
December 2005.
CITY OF7ARAC, FLORIDA
40t SCHREIBER, MAYOR
ATTEST:
RECORD OF COMMISSION VOTE:
MARION SWENSON, CMC MAYOR SCEIREIBER:
CITY CLERK DIST 1: COMM. PORTNER
DIST 2: V/M TALABISCO
DIST 3: COMM. SULTANOF
I HEREBY CERTIFY that DIST 4: COMM ROBERTS
I have approved this
RESOLUTION as to form.
SAMUEL S. GOREN
CITY ATTORNEY
HA2005\050164 TAMARAC\RESO 2005\2005-02 Revised Reso Approv Purchase from SRDE.DOC
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November 22, 2005
Jeffrey L. Miller
City Manager
City of Tamarac
7525 NW 88 Avenue
Tamarac, FL 33321
Re: City of Tamarac's Purchase from SRDE Realty, LLC
Dear Jeff.
Enclosed please find the cleanest copy I have of the fully executed Addendum to Agreement for
Purchase and Sale of Real Property regarding the above referenced matter which was faxed to
your office today; however, Robin indicated the fax was not legible. Now that the Addendum has
been fully executed our inspection Period has been extended to December 16, 2005 and our
closing date has been moved back to December 16, 2005.
Also enclosed please find the following:
Complete Appraisal - Summary Report as prepared by State Certified General
Appraiser, D. Craig Keneipp, of Florida Coastal Appraisal Services.
2. Appraisal Report of SRDE Realty Parcel as prepared by State Certified General
Appraiser, Edgar J. Woolslair, of Woolslair & Associates, Inc.
With respect to the appraisals I have the following comments.
Mr. Keneipp opines that the subject property has a current fair market value of
$5,662,750.00 or $13.00 per square foot. (Note that this figure is slightly different from the
figure I reported in my November 16, 2005 Memorandum (i.e., $5,662,761 .00) due to rounding;
however, the per square foot figure is the same as reported earlier.)
Mr. Woolslair opines that the subject property has a current fair market value of
$5,989,500.00 or $13.75 per square foot. (Note that this figure differs more markedly from the
figure I reported in my November 16, 2005 Memorandum (i.e., S6,098,358.00) because Mr.
Woolslair, in rendering his final opinion, concluded that his opinion of value was $13.75 per
square foot rather than $14.00 per square foot.)
Page I of 2
The average of the two (2) appraisals is $5,826,125.00 or $13-38 per square foot. Our
contract purchase price is $6,860,652-00 or $15.75 per square foot. The difference between
the average of the two (2) appraisals and our contract purchase price is $1,034,527.00 or
$2.37 per square foot.
As you are aware, Mr. Goren has advised that in the event the average of the appraisals is less
than the contract purchase price, in order to proceed to close this transaction under the current
contract and current Resolution, the City Conunission will need to authorize the closing of this
transaction by a super-rn4jority vote of 4 out of 5 Commissioners,
As such, I would recommend that an agenda Item be added to the Commission Workshop for
Monday, December 12, 2005 and to the Commission Meeting for Wednesday, December 14,
2005, for the Commission to discuss how they wish to proceed in fight of the appraisal results and
the final results from the Phase 11 environmental assessment activity.
I am still awaiting the results from -the Phase 11 environmental assessment work and will forward
same when received. We should have the environmental results in plenty of time prior to the
December meetings.
Should the Commission decide on December 14, 2005 to go forward with the purchase under the
current contract -1 will be prepared to close the transaction of Friday, December 16, 2005. You
might need to give your Finance Department a heads up because in the event we are going to
close on December 16' they will need to wire to my Trust Account the funds needed to close the
transaction. Should the Commission decide on December 14, 2005 not to go forward with the
purchase under the current contract we will need to give written notice of termination of the
contract to the Seller by December 16, 2005 in order notto forfeit our deposit.
At this time I have nothing filrther to offer; however, should you have and questions or concerns
please feel free to contact me at the office.
r I u
W. Craig E,�
WCE/tnt ,,
Enclosures
cc: Samuel S. Goren. Esq. without enclosures and via facsimile (954-771-4923)
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VIA FACSIMILE 954-724-2454
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TO: JEFF MILLER, CITY MANAGER, TAMARAC, FL.
FROM: NATE CAPLAN, CENMARK REALTY SERVICES, INC.
DATE: NOVEMBER 18, 2005 '
RE: APPRAISALS OF S.R-D.E. REALTY LLC PROPERTY
WITHIN THE LAST WEEK, I RECEIVED TELEPHONE CALLS FROM BOTH
MTL KENEIPP AND MR. WOOLSLAIR, THE CITY'S LAND APPRAISERS.
APPARENTLY, THEY WERE LOOKING FOR RECENT INDUSTRIAL LAND
SALES IN TAMARAC FOR COMPARISON PURPOSES.
BOTIT APPRAISERS WERE HAVING DIEFFICULTY IN FINDING ANY
INDUSTRIAL LAND SALES IN TAMARAC THAT HAS TAKEN PLACE
WITHIN THE LAST 12 TO 18 MONTHS. THEY DID REALIZE AND STATED
THAT AVAILABILITY OF VACANT LAND IN TAMARAC IS LIMITED,
WHICH WAS PROBABLY THE REASON THAT NOTHING RAS BEEN SOLD
RECENTLY- THEIR APPRAISALS CAME IN AT APPROXIMATELY $13.00
TO $14.00 PER SQUARE FOOT.
IN THE REAL — REAL ESTATE WORLD THAT I LIVE IN LISTED VACANT
LAND OF ANY SORT COMMERCIAL, RESIDENTLAJL OR INDUSTRIAL IN
TANIARAC IS PRESENTLY, TO MY KNOWLEDGE, NOT ONLY LIMITED
BUT NON E.)GSTENT, AND SALES MADE OVER ONE YEAR AGO IS
CONSIDERED ANCIENT HISTORY.
IN THE PAST 1-1/2 YEARS, AS THE EXISTING LAND INVENTORY (WHICH
WAS LOW AT THAT TIME) SHRANK EVEN FURTBIER, PRICES
ESCALATED WHILE A LARGE LIST OF ANXIOUS BUYERS GREW EVEN
LARGER.
108 &E 8'b AVE, SME 114- FORT LAUDERDAIA FL. 33301
(954)423-2100- CELL (954)383-0550. FAX (561)637-7762
E-b4AEL ncap321@bellsoudLud
PAGE 2
TEE MOST RECENT SALE IN TAMARAC WAS 1.26 ACRES ON
CONZIERCIAL BOULEVARD, AND WAS SOLD WITIHN 3 DAYS AFTER
POSTING A SIGN ON THE PROPERTY. THIS ACREAGE WAS SOLD FOR
APPROXIMATELY $18.00 PER SQUARE FOOT.
JEFF, AS YOU ARE AWARE, THE PROPOSED PURCHASE OF THE 10+/-
ACRES FROM S-R-D.E. REALTY LLC PROPERTY WAS NEVER LISTED FOR
SALE (IF IT WERE, IT WOULD HAVE BEEN LONG GONE), AND I BELIEVE
THAT THE CITY IS EXTREMELY FORTUNATE THAT THE OWNERS
AGREED TO SELL.
THIS IS A ONCE IN A LIFETrvlE OPPORTUNITY THAT SHOULD NOT BE
MISSED. THE BEST DEAL IN REAL ESTATE IS LOCATION — LOCATION —
LOCATION, AND WHAT BETTER OPPORTUNITY TO EXPAND THE CITY'S
FACILITIES THAN READY-TO-BUMD LAND ADJACENT TO THE CITY's
PROPERTY.
IN MY OPINION, THE PRICE IS RIGHT AND THE LOCATION IS PERFECT
TO SUIT THE CITY'S CURRENT AND FUTURE NEEDS -
CC: CRAIG EAJUN, P.A.
EXHIBIT,'All
LEG kL DESCRn-ION�
.4, PARCEL OF LAND BEING A PORTIONOF TRACT A. ��'ESTPDLNT SECTION -7 PLAT,
ACCORDING TO THE PLAT THEREOF RECORDED r� PLAT 1300K 162, PAGE 23, OF
THE PUBLIC RECORDS OF BROWARD COUNTY, FLOR IDA SAID PARCEL BEING
MORE PA.RTICULARLY DESCRIBED AS FOI 7 ONVS:
COMMENCE AT THE SOUThT-AST COUFER OF THE SOLITHFAST ONE -QUARTER (SW
Ii-4) OF SECTION 7, TOWNSHM 49 SOUTH, RA2'17GE 41 FAST, AS SHOWN ON SALD
PLAT�
THENCE N.01'24'48"E. ALONG THE EAST LINE OF THE SAM SOUTHE-AST QUARTER
OF SECTION 7, A DISTANCE OF 1.919 05 FEET,
THENCE S.89*19'54-%A,, A DISTANCE OF 57.51 FEET TO THE NORTHEAST CORNER OF
SAID TR.�,C`T- A. SAID POINTALSO BEING THE POINT OF 13EGLNNING:
THENCE S-03'D9'39--W,, ALONG THE EAST LINE OF SAID TRACT A. A DISTANCE OF
IS 1 80 FEET,
THENCE CONTINUE ALONG THE SAW EAST LINE S 01'24'48"E.. A DISTANCE OF
300-00 fTETl
TRENCE S.43'35'13"W,, A DISTANCE OF 104,21 FEET,
THENCE S 89'19'54"W., A DISTANCE OF 234 05 FEET TO A POINT OF CURVATURE OF
A TANGENT CLIZVE CONCAVE TO THE NORTH,
THENCE WESTFRLY AND NORTHWESTERLY ALONG.THE ARC OF SAE) CURVE,
TO THE RIGHT, HAVING A CFNTRAL ANGLE OF 15�1 T13- AND A RADIUS OF 1170.00
FEET FOR AN ARC DISTANCE OF 312.16 FEET TO A POINT OF REVERSE
CtJRVATUR,E OF A TANGENT CURVE CONCAVE TO THE SOUTH;
THENCE NORThTWESTERLY AND WESTERLY ALONG THE ARC OF SAID CURVE, TO
TU LEFT. HAVING A CENTRAL ANGLE OF 9*4 ITI - AND A RA.DrUS OF 1230.00 FEET
FOR AN ARC DISTANCE OF 207.88 FEET TO A POINT ON A NON-TANGEN'T LIN`E�
THENCE N.00'40'06"W, A DISTANCE OF 477.00 FEET, TO A POU�T ON THE NORTH
LINE OF SAM TR-ACT A I
THENCE N 89'1 9*54"E., A -LONG SAMNORTH LWE, A DISTANCE OF 827-69 FEET TO
THE PONT OF BEGD4NING.
SAID LANDS SITUATE WITHIN THE CITY OF TAMAP-tC. 13ROWARD COUNTY.
FLORIDA CONTAINING 10-00 ACRES (435,597 SQUARE FEET). MOU OR LESS.
FTi- 964 505 1