Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute Quitclaim Deeds For The Sale Of City-Owned Timeshare Interests Known As Unit 20, Weeks 31 And 32, In The Resort Facility Of Hollywood Sands Resort, Parcel Id No. 514212CJ9998, Said Property Located At 2404 North Surf Road, And Condominium Parcel 306, Unit Week 12, In The Resort Facility Of Hollywood Beach Hotel And Towers, Parcel Id No. 514213BD0130, Said Property Located At 301 Harrison Street, Subject To Approval By The Electorate At A Referendum To Be Held On March 12, 2019; And Providing For An Effective Date.
Body
Staff Recommends: Approval of attached Resolution.
Explanation:
The City owns Timeshare Interests in two separate beachfront resort facilities. The first Timeshare Interest is Unit 20, weeks 31 and 32, in the resort facility of Hollywood Sands Resort, Parcel ID No. 514212CJ9998, located at 2404 North Surf Road.
The second Timeshare Interest is Condominium Parcel 306, Unit Week 12, in the resort facility of Hollywood Beach Hotel and Towers, Parcel ID No. 514213BD0130, located at 301 Harrison Street.
Collectively, these timeshare interests are referred to as the “Units”. This item seeks approval to place an item on the March 12, 2019 referendum that will seek approval of the electorate to sell/convey/dispose of the Units, in accordance with the City Charter. The proposed ballot language is attached in Exhibits A, B and C.
City Charter Section 13.01, Sale of City-Owned Real Property, states in Section (c) that any real property which is beach or beachfront which the City proposes to sell or to otherwise dispose of, must be approved by a majority vote of the City's electors voting on such proposal.
The City Charter further states that any property which the city proposes to sell or otherwise dispose of must be appraised. However, property which is listed by the Broward County Property Appraiser as having a value of not more than twenty-five thousand dollars ($25.000.00) may be sold or disposed of without an appraisal.
Being timeshares, the value of the Unit Weeks are not listed by the Property Appraiser. The Hollywood Sands Resort Unit Weeks were purchased for the price of $15,000.00, and the estimated current value is in the range of $5,250.00 to $9,500.00, based on the prices of a similar unit currently listed by the Resort. The Hollywood Beach Tower Unit Week was purchased for the price of $5,000.00, and the estimated current value is $3,500.00 based on the prices of a similar unit currently listed by the Resort.
Recognizing that the City has not yet solicited offers to purchase the Units, this item authorizes the City Manager or his designee to determine the best offer and to sell/convey/dispose of the Units, in accordance with the City Charter.
Funding for the referenda is available in account 001.111001.51200.549930 - Elections.
If any of the referenda are approved by a majority of the electors voting, such approval shall take effect as of the day immediately following the certification of the results of the referendum. The successful bidder must provide payment within forty-five (45) days following approval by a majority of the City’s electorate on Nov. 6, 2018 and is responsible for all closing costs, including, but not necessarily limited to, recording fees with payment in the form of a Cashier’s Check, Official Check, or U.S. Postal Money Order at a closing to be held at a time and location selected by the City.
Recommended for inclusion on the agenda by:
Dr. Wazir Ishmael, City Manager
Gus Zambrano, Assistant City Manager for Sustainable Development
Shiv Newaldass, Director, Department of Development Services
Clay Milan, Community Development Manager