IN RE:
APPROVAL OF THE PLANNING BOARD, BY A 4/7THS VOTE, PURSUANT TO CITY CHARTER SECTION 1.03(b)(4), AND SECTION 118-51(11) OF THE CITY’S LAND DEVELOPMENT REGULATIONS, OF THE PROPOSED VACATION OF THAT PORTION OF (1) OCEAN TERRACE, BETWEEN THE CENTERLINE OF 74th STREET AND THE NORTHERN RIGHT OF WAY LINE OF 75th STREET AS SHOWN ON THE PLAT OF THE TOWNSITE OF HARDING, RECORDED IN PLAT BOOK 34, PAGE 4 OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY (THE “HARDING TOWNSITE PLAT”), WHICH CONSISTS OF A 60-FOOT WIDE RIGHT OF WAY CONTAINING APPROXIMATELY 25,205 SQUARE FEET IN TOTAL LOT AREA; (2) THE NORTH HALF OF 74th STREET, BETWEEN OCEAN TERRACE AND COLLINS AVENUE, WHICH CONSISTS OF A 30-FOOT WIDE RIGHT OF WAY CONTAINING APPROXIMATELY 8,880 SQUARE FEET IN TOTAL LOT AREA; AND (3) A PORTION OF 75th STREET, BETWEEN OCEAN TERRACE AND COLLINS AVENUE, WHICH CONSISTS OF A 40-FOOT WIDE RIGHT-OF-WAY (ROW) CONTAINING APPROXIMATELY 11,840 SQUARE FEET IN TOTAL LOT AREA (COLLECTIVELY, THE “CITY RIGHT OF WAY AREAS”), AS SHOWN ON THE HARDING TOWNSITE PLAT, IN FAVOR OF THE ABUTTING PROPERTY OWNERS, G & V REALTY, LLC, 7400 OCEAN TERRACE, LLC, 7410 OCEAN TERRACE, LLC, 7420 OCEAN TERRACE INVESTMENT, LLC, 7436 OCEAN TERRACE, LLC, 7450 OCEAN TERRACE, LLC, AND 7441 COLLINS AVENUE INVESTMENT, LLC (COLLECTIVELY, THE “APPLICANT” ); FURTHER, PROVIDING THAT THE FOREGOING VACATION OF THE CITY RIGHT OF WAY AREAS SHALL BE SUBJECT TO AND CONTINGENT UPON THE APPLICANT’S SATISFACTION OF CERTAIN CONDITIONS, TO BE SET FORTH IN A DEVELOPMENT AGREEMENT BETWEEN THE CITY AND THE APPLICANT, WHICH CONDITIONS SHALL, AMONG OTHER TERMS, REQUIRE THE APPLICANT TO (1) GRANT TO THE CITY A PERPETUAL UTILITY, ROADWAY AND PEDESTRIAN ACCESS EASEMENT OVER, ACROSS AND UNDER THE CITY RIGHT OF WAY AREAS; AND (2) OBLIGATE THE APPLICANT TO DEVELOP, DESIGN, AND CONSTRUCT, AT THE APPLICANT’S SOLE COST AND EXPENSE, CERTAIN PUBLIC PARK AND STREETSCAPE IMPROVEMENTS IN THE VICINITY OF OCEAN TERRACE, BETWEEN 73RD STREET AND 75TH STREET, WITH SUCH PUBLIC IMPROVEMENTS HAVING A VALUE OF NOT LESS THAN FIFTEEN MILLION DOLLARS ($15,000,000).
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