R01-024RESOLUTION NO. R01-,:,~. ,~
A RESOLUTION OF THE CITY COMMISSION OF
CITY OF BOYNTON BEACH,
AUTHORIZING THE ACQUISITION
APPROXIMATELY 3.09 ACRES OF LAND
EAST OF FEDERAL HIGHWAY
INTERSECTION OF N.E. 22Nr)
SCHAGAI, INC. FOR 3.4
DIRECTING THE CITY
CONTRACT FOR AC(
SETTING FORTH
CONTRACT; AUTHORIZIN
CLERK TO EXECUTE A
AND SALE; AND
OF
THE
FROM
DOLLARS;
TO PREPARE A
THE PROPERTY;
TERMS OF THE
rile MAYOR AND CITY
FOR PURCHASE
AN EFFECTIVE DATE.
WHEREAS, the City
land with adjacent marina
WHEREAS,
conditions
the
16~
expressed a desire to acquire 3.09 acres of
from Schagai, Inc.; and
Inc., and the City have agreed upon material terms and
acquisition of the land; and
the agreed purchase price exceeds the average of two appraisals for
thus necessitating approval by extraordinary vote pursuant to Florida Statute
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1.
Section 2.
hereby authorizes the acquisition
particularly described as folloWs:
The foregoing WHEREAS clauses are tree and correct.
The City Commission of the City of Boynton Beach
of approximately 3.09 acres more
Lot 6, and the west 326.01 feet of the south 67.29 feet of Lot 5 and the
south 1.5 feet of the north 70 feet of the west 245.39 feet of Lot 5, less
the west 94 feet for right-of-way of State-Road No. 5 of SAM
BROWN YRS. HYPOLUXO SUBDIVISION, according to the plat
thereof recorded in Plat Book 1, Page 81, of the Public Records of
Palm Beach County, Florida.
Plus adjacent submerged lands underlying the existing marina/dockage
complex.
Section 3. The City Attorney is directed to prepare a contract for acquisition
of the foregoing described property, and all improvements thereto, said Contract to
include the following material terms:
A. Purchase Price: 3.4 million dollars
B. Inspection Period: 60 days
C. Deposit: $25,000 on execution of Agreement
D. Sellers Closing Cost:
Cost of providing marketable title
Documentary stamps on Special Warranty Deed
E. Buyers Closing Cost:
Recording of Deed
Title insurance premium
Survey costs
Phase I or Phase II Environmental Assessment Report Costs
Section 4. This Resolution shall become effective immediately upon passage.
PASSED AND ADOPTED this __ day of February, 2001.
CITY OF BOYNTON BEACH, FLORIDA
Mayor
ViceMayor
Commissioner
Commissioner
Commissioner
City Clerk
(Corporate Seal)
s:caXReso\ Purchase & Sale Agr - Gondolpho
SCHGAI, INC. SALE TO CITY OF BOYNTON BEACH
3.09 ACRES
OPEN TERMS AND CONDITIONS OF SALE
ISSUE SCHGAI1 CITY z AGREEMENT
PURCHASE PRICE $3,400,000 $3,400,00
FORM OF CONTRACT FOP, OPTION TO
CONTRACT PURCHASE AND PURCHASE
SALE
DEPOSIT · $100,0000 on · $1,000 on
execution of execution of
agreement option contract
· $240,000 two day · $24,000 on
alter inspection exercise of option
period expires
DUE AT CLOSING Balance of purchase $1',000,000 at closing,
price ($3,060,000) plus with five year pay out
~ outstanding taxes, of balance, unsecured
and closing costs
INSPECTIONS 30 days: as is 60 day due diligence
BROKER'S Seller to pay $85K No buyer obligation
COMMISSION
DELINQUENT Buyer to pay ½ of Seller' obligation
REAL ESTATE $62K
TAXES
ENVIRONMENTAL Buyer to assume all Evaluate during
CONTAMINATION liability inspection period
Terms reflected in 12/6/00 Schagai draft Sale and Purchase Contract
Terms reflect last City Option to Purchase Proposal by City and Conditions of Acquisition discussed 11/8/00