HomeMy Public PortalAbout2002-01 Approving Purchase and Sale agreement between Key Biscayne Island Standard, Inc and VKBORDINANCE NO. 2002-1
AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, APPROVING PURCHASE AND SALE
AGREEMENT BETWEEN KEY BISCAYNE ISLAND
STANDARD, INC., A FLORIDA CORPORATION, AND THE
VILLAGE OF KEY BISCAYNE; PROVIDING FOR
PURCHASE OF CERTAIN LANDS AND IMPROVEMENTS
BY THE VILLAGE; AUTHORIZING VILLAGE MANAGER
TO EXECUTE THE CONTRACT ON BEHALF OF THE
VILLAGE; AUTHORIZING VILLAGE MANAGER TO TAKE
ALL ACTION NECESSARY TO IMPLEMENT THE
CONTRACT; AUTHORIZING VILLAGE MANAGER AND
VILLAGE ATTORNEY TO TAKE ALL ACTION
NECESSARY TO CLOSE THE PURCHASE AND SALE
TRANSACTION; PROVIDING FOR EFFECTIVE DATE.
WHEREAS, the Village desires to purchase certain lands and improvements from Key
Biscayne Island Standard, Inc. ("Island Standard"); and
WHEREAS, the Village Council finds that the approval of the Purchase and Sale
Agreement is in the best interest of the Village.
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS:
Section 1. That the Purchase and Sale Agreement (the "Purchase and Sale Agreement"), in
substantially the form attached hereto, between the Village and Island Standard is hereby approved
and the Village Manager and Village Clerk are authorized to execute such Purchase and Sale
Agreement, in their respective capacities, on behalf of the Village.
Section 2. That the Village Manager is authorized to finalize all exhibits to the Purchase and
Sale Agreement and to take all action necessary to implement the Purchase and Sale Agreement,
including the expenditure of appropriated funds in accordance with the requirements of the Purchase
and Sale Agreement.
Section 3. That the Village Manager and Village Attorney are hereby authorized to execute
all documents necessary to complete the closing of the purchase and sale transaction in accordance
with the Purchase and Sale Agreement, and the Village Manager is authorized to execute all closing
statements, the lease back to Island Standard and other instruments necessary to close the transaction.
Section 4. That this Ordinance shall become effective immediately upon its adoption by the
Village Council on second reading.
PASSED AND ADOPTED this 5`h day of March, 2002.
PASSED AND ADOPTED this 19th day of March, 2002.
Ai 4/a, A e
CONCHITA H. ALVAREZ, CMC, VILLAGE
APPROVED AS TO FORM AND LEGAL SUF
nal
RICHARD JAY WEISS, VILLAGE ATTORNEY
F:\103045\Ordinance Approving Contract 02-27-02.doc
MAYOR JOE I. RASCO
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