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HomeMy WebLinkAboutEmergency Item 01 Authorize staff to order appraisals for prepare Requests for Proposal for purchase of City-owned property located at the intersection of Fuller's Cross and Ocoee-Apopka Road florido AGENDA ITEM COVER SHEET Meeting Date: February 18, 2020 Item # manly-pGm ReviewedeBy: Contact Name: Craig Shadrix, ACM Department Director: Contact Number: 407.905.3111 City Manager: Subject: Authorize staff to order appraisals for and prepare Requests for Proposal for purchase of City-owned property located at the intersection of Fuller's Cross and Ocoee-Apopka Road Background Summary: In 2018, City staff received numerous offers from developers interested in acquiring and developing lands located in the Crown Point PUD (see attached map) and owned by the City. It was decided during that time that better offers would be made if the City waited on selling, and that has proven to be the case as we have received two substantial letters of intent for purchase of City-owned property within that area from Centerline Properties and Meritage Homes (attached). A new appraisal for each property will be required pursuant to the City's Charter and staff recommends that the City Commission authorize a re-appraisal of the City-owned lands within the Crown Point PUD as well as draft Requests for Proposal (RFP) for the two properties that would be advertised at the City's earliest convenience and to gain the best possible offers. The City Commission would then award the offers(likely at an April meeting) and the buyers would begin their site planning/due diligence prior to closing. The City Commission would see any rezoning/preliminary/final site plans prior to the sites being developed. Issue: Should the City Commission authorize staff to prepare Requests for Proposal (RFPs) and appraisal for City-owned properties (Parcel ID #s 062228000000056 and 062228000000005/062228000000082)? Recommendations: Staff recommends that the City Commission authorize preparation of RFPs and appraisals for City owned property located near the intersection of Fuller's Cross and Ocoee Apopka Road (Parcel ID#s 062228000000056 and 062228000000005/062228000000082). Attachments: Location maps Centerline Offer Meritage Offer Financial Impact: Parties representing both offers have agreed to pay for the reappraisals up to $5000 each for a total of$10,000. Type of Item: (please mark with an 3c') Public Hearing For Clerk's Dept Use: Ordinance First Reading Consent Agenda Ordinance Second Reading Public Hearing Resolution Regular Agenda x Commission Approval Discussion&Direction Original Document/Contract Attached for Execution by City Clerk Original Document/Contract Held by Department for Execution Reviewed by City Attorney N/A Reviewed by Finance Dept. N/A Reviewed by N/A 2 DCPA Web Map Major Roads —••—--Proposer:Roa Block LLineCommercial! J inetltutionaa Myara GottCauree • Ft-naa bavrrnnwniib Lakes and DJ turnpike PUbll6 Rcaae Mill&ick Road Lot Line lnetttutlonatI I Waste Land Rivers sal an 0 interstate a Gated Roads Rall Road Residential Commercial/ BUIWt Count)' Boundary n8 Vacant Land •- Road Under Proposed . Tall Road r-- ^.onetrUGaCn "� SIInRall ----.___ SgnaUitlRs Agnaultural A Perks © Hotsital Curmage =p l� Y y ♦,�_.•l. 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IitNll.= 011 i t `. • zoo �rrr . { w•4144, es,.�, �,.a.D,: aIII.r I �� �t��OW fWest�RA..+.i 44, ap 0 0711IP- asi ilill f II. APrie I A,f-,aity ` ���� 111 /te � �t •> oV���� r � o44 062228000000005 „' e w f �} t, r '. .tole 44 F J O :Orli1' I s ; , it--1---i l IfF1 Cr = .: 1i, -161. 1 +a -.I _ , All Eullets•Cross_Rcl poor .14/1". 7i, S AMR, 3i g.4411 At.it 4 11 I'Ike illi I Ir* . AlOWIllt ae �-- e > " m : ,...;01. —lib. 11 . 4 s. :E*E.ullers•GrasstRd` ; '1. A FWIS ��1.�.I1 11/111V— moi-. a Created:2/18/2020 14:34 Aerial 2019 his map is or reference only and is not a survey CENTERLINE CAPITAL ADVISORS February 5, 2020 The City of Ocoee c/o Craig Shadrix Asst. City Manager 150 North Lakeshore Drive Ocoee, FL 34761 Re: Fullers Cross Road&Ocoee Apopka Rd, NE corner—City of Ocoee Property Seller:The City of Ocoee Buyer: Centerline Capital Advisors LLC or its assignee/nominee Dear Craig, Centerline Capital Advisors LLC is pleased to present this Letter of Intent for the Property(as defined below).This Letter of Intent is not intended to constitute a binding agreement, but shall merely serve as the basis for negotiating and drafting a definitive purchase and sale agreement between the parties containing the terms stated in this Letter of Intent, as such terms may be further negotiated and mutually agreed upon by the parties, and such other terms and conditions to be determined and also mutually agreed upon by the parties. It is understood and agreed that this Letter of Intent does not contain all the essential terms that the parties expect will be part of a definitive purchase and sale agreement. The basic terms and conditions under which Centerline Capital Advisors is interested in negotiating and entering into a mutually agreed upon and binding purchase and sale agreement (a "Contract")are as follows: 1. PROPERTY: +/- 17.96 Gross acres, in Ocoee, FL described as parcel: 06-22-28-0000-00-056 2. PURCHASE PRICE: The purchase price for the fee simple interest of Seller in the Property is for$200,000 per net developable acre payable in cash at closing. Estimated 17ac closing price would be $3,400,000 (Three Million, Four Hundred Thousand Dollars) 15421 SW 12th Street,Suite 309 Sunrise,FL 33326 Office: (954) 769-0999 Cell: (305)979-4347 Email:jmilan@centerlineca.com CENTERLINE CAPITAL ADVISORS 3. TERMS: Bulk Closing in cash upon satisfaction of the conditions to close. 4. APPRAISAL FEE:The sum of Five Thousand Dollars ($5,000) will be paid to seller within three (3) business days of the full execution and delivery of the contract,this fee is non-refundable but shall be applied towards Purchase Price at Closing. 5. DEPOSIT:The sum of Twenty-Five Thousand Dollars ($25,000) in the form of cash, (the "Initial Deposit")will be deposited with the Escrow Agent within Five (5) business days of the full execution and delivery of the Contract.An additional deposit of Fifty Thousand Dollars ($50,000) (the "Second Deposit")will be deposited, within Five (5) business days following the end of the Inspection Period,which along with the Initial Deposit shall be considered the "Deposit".At Closing,the Deposit will be applied to the purchase price of the property. 6. INSPECTION PERIOD: Buyer shall have until the 90th day following the full execution and delivery of the Contract ("Inspection Period Termination Date")to conduct such examinations as it deems necessary with respect to the Property. Buyer shall have the right to terminate the Contract for any reason prior to the expiration of the Inspection Period and receive the return of the Deposit. Within five (5) business days following acceptance of this letter by Seller,Seller shall deliver to Buyer copies of all of the following materials relating to the Property,to the extent with Seller's possession or control: existing surveys; existing, proposed,or draft site plans, plats,and development/improvement plans,existing environmental reports; existing leases, occupancy agreements, operating agreements, and licenses; zoning stipulations, agreements, and requirements; existing archaeological, biological, soil, geological, grading, drainage, or hydrology reports and any other engineering reports and other third-party reports, contracts, and agreements of any kind. If the Contract is terminated prior to the closing, Buyer shall promptly return such documents, reports, and studies to Seller. Buyer and its agents shall be given full and complete access to the Property at all reasonable times from the acceptance of this letter by Seller and prior to any termination of the Contract in order to conduct tests, studies, and analysis as Buyer may deem desirable. 7. CLOSING: Subject to the purchase terms set forth in paragraph 3 above,the Closing shall take place within forty-five (45) days following the later of: (a)the Inspection Period Termination Date or(b) Buyer's receipt of all of the Governmental Approvals (as such term is hereinafter 15421 SW 12th Street,Suite 309 Sunrise,FL 33326 Office: (954) 769-0999 Cell: (305)979-4347 Email:jmilan@centerlineca.com CENTERLINE CAPITAL ADVISORS defined). Notwithstanding the foregoing, in no event shall the Closing occur later than eighteen (18) months following the Inspection Period Termination Date. Notwithstanding the foregoing, Buyer may extend the Closing by up to sixty(60) days by providing written notice thereof to Seller and Escrow Agent and by depositing with Escrow Agent, on or before the date then scheduled for Closing,the sum of Ten Thousand Dollars ($10,000) as a "Closing Extension Deposit"for such extension. Closing Extension Deposit shall be applicable to the purchase price. 8. CONDITIONS PRECEDENT TO CLOSING:The following approvals (collectively the "Governmental Approvals") shall be obtained in accordance with the terms of the Agreement as conditions precedent to Closing: a. The Property shall have an approved Preliminary Subdivision Plan from the City of Ocoee. b. The Property shall also have valid FDEP, SJRWMD and ACOE Permits and Final Engineering/Construction plans complete and approved by all jurisdictions,which approvals shall be the Buyer's responsibility to process and obtain, prior to Closing. 9. CLOSING COSTS: Buyer shall pay title insurance costs and customary title related searches . Seller shall pay for the recording of the deed,transfer tax(documentary stamps) and its customary closing costs. Property taxes for the calendar year of closing shall be prorated as of the date of closing. 10.TITLE COMMITMENT:Seller shall provide to Buyer a copy of its owner's title insurance policy, if any,. Buyer shall obtain an owner's title commitment, in form and from a title insurer acceptable to Buyer,for the full amount of the purchase price within 10 business days following the full execution and delivery of the Contract. Except for current taxes and assessments not yet due and other liens to be released at the time of closing,the Property shall be free and clear of all liens and encumbrances. 11. REAL ESTATE BROKERAGE COMMISSION:The parties acknowledge that no real estate broker or agent, other than Central Florida Land Brokers whose commission is to be paid by the Buyer, is involved in this proposed transaction.The parties agree to defend and indemnify each other from any claims of commissions or brokerage fees arising from Buyer or Seller's respective dealings with any other real estate broker or agent. 15421 SW 12th Street,Suite 309 Sunrise,FL 33326 Office: (954) 769-0999 Cell: (305)979-4347 Email:jmilan@centerlineca.com CANTE - INE CAPITAL ADVISORS 014 rove.444 Chip Bryan Senior Vice President 15481 SW 12th Street Suite 309 Sunrise, FL 333326 cbryan@centerlineca.com Agreed and accepted: Name: Title: 15421 SW 12th Street,Suite 309 Sunrise,FL 33326 Office: (954) 769-0999 Cell: (305) 979-4347 Email:jmilan@centerlineca.com ----01::"1:L.,_ MerutageHomes CORPORATION Letter of Intent February 18, 2019 The City of Ocoee c/o Andy Bassler 150 N Lakeshore Drive Ocoee, FL 34671 Re: 2012 Ocoee Apopka Rd—City of Ocoee Property Seller: The City of Ocoee Buyer: Meritage Homes of Florida, Inc., or its assignee/nominee Dear Andy, Meritage Homes is pleased to present this Letter of Intent for the Property (as defined below). This Letter of Intent is not intended to constitute a binding agreement, but shall merely serve as the basis for negotiating and drafting a definitive purchase and sale agreement between the parties containing the terms stated in this Letter of Intent, as such terms may be further negotiated and mutually agreed upon by the parties, and such other terms and conditions to be determined and also mutually agreed upon by the parties. It is understood and agreed that this Letter of Intent does not contain all the essential terms that the parties expect will be part of a definitive purchase and sale agreement. The basic terms and conditions under which Meritage Homes is interested in negotiating and entering into a mutually agreed upon and binding purchase and sale agreement (a "Contract") are as follows: 1. PROPERTY: +/- 16.19 Acres in Ocoee, FL described as parcels: 06-22-28-0000-00-082 and 06-22-28- 0000-00-005 2. PURCHASE PRICE: The purchase price for the fee simple interest of Seller in the Property is for a cash sum of: $1,760,000(One Million Seven Hundred and Sixty Thousand and No/100 Dollars) 3. TERMS: Bulk Closing in cash upon satisfaction of the conditions to close 4. CONTRACT FEE:The sum of Five Thousand Dollars($5,000) in the form of cash will be deposited with Shuffield Lowman &Wilson PA. (the "Escrow Agent") and released to seller within five (5) business days of the full execution and delivery of the contract. 5. DEPOSIT: The sum of Five Thousand Dollars ($5,000) in the form of cash ("Initial Deposit") will be deposited with the Escrow Agent within Five (5) business days of the full execution and delivery of the Contract. An additional deposit of Forty Thousand Dollars ($40,000) (the "Second Deposit")will be deposited, within Five (5) business days following the end of the Inspection Period.An additional deposit of Fifty Thousand Dollars ($50,000) (the "Third Deposit") will be deposited, within Five (5) business Days following Rezoning Approval,which along with the Initial Deposit, Second Deposit and Page 1 of 3 Third Deposit shall be considered the "Deposit". At Closing, the Deposit will be applied to the purchase price of the property. 6. INSPECTION PERIOD: Buyer shall have until the 90th day following the full execution and delivery of the Contract to conduct such examinations as it deems necessary with respect to the Property. Buyer shall have the right to terminate the Contract for any reason prior to the expiration of the Inspection Period and receive the return of the Deposit. Within five (5) business days following acceptance of this letter by Seller, Seller shall deliver to Buyer copies of all of the following materials relating to the Property,to the extent with Seller's possession or control: existing surveys; existing, proposed, or draft site plans, plats, and development/improvement plans, existing environmental reports; existing leases, occupancy agreements, operating agreements, and licenses; zoning stipulations, agreements, and requirements; existing archaeological, biological, soil,geological,grading, drainage, or hydrology reports and any other engineering reports and other third-party reports, contracts,and agreements of any kind. 7. If the Contract is terminated prior to the closing, Buyer shall promptly return such documents, reports, and studies to Seller. Buyer and its agents shall be given full and complete access to the Property at all reasonable times from the acceptance of this letter by Seller and prior to any termination of the Contract in order to conduct tests, studies, and analysis as Buyer may deem desirable. 8. CLOSING: Subject to the purchase terms set forth in paragraph 3 above,the Closing shall take place within fifteen (15) days following the later of: (a)the Due Diligence Termination Date or(b) Buyer's receipt of all of the Governmental Approvals. Notwithstanding the foregoing, in no event shall the Closing occur later than twelve (12) months following the Due Diligence Termination Date. Notwithstanding the foregoing, Buyer may extend the Closing by up to thirty(30) days on six(6) occasions by providing written notice thereof to Seller and Escrow Agent and by depositing with Escrow Agent, in each case, on or before the date then scheduled for Closing, the sum of Five Thousand Dollars ($5,000) (each, a "Closing Extension Deposit" and collectively,the "Closing Extension Deposits")for such 30-day extension. 9. CONDITIONS PRECEDENT TO CLOSING: The following matters shall be completed in accordance with the terms of the Agreement as conditions precedent to Closing: a. The Property shall have an approved Preliminary Subdivision Plan from the City of Ocoee. b. The Property shall also have valid FDEP, SJRWMD and ACOE Permits and Final Engineering/Construction plans complete and approved by all jurisdictions, which approvals shall be the Buyer's responsibility to process and obtain, prior to Closing. 10. CLOSING COSTS: Seller shall pay title insurance costs on the deed and its customary closing costs. Buyer shall pay for the recording of the deed, transfer tax(documentary stamps) and its customary closing costs. Property taxes for the calendar year of closing shall be prorated as of the date of closing. 11.TITLE COMMITMENT: Seller shall provide to Buyer a title commitment, in form and from a title insurer acceptable to Buyer, for the full amount of the purchase price within 3 business days following the full execution and delivery of the Contract. Except for current taxes and assessments not yet due and other liens to be released at the time of closing,the Property shall be free and clear of all liens and encumbrances. Page 2 of 3 12. REAL ESTATE BROKERAGE COMMISSION: The parties acknowledge that no real estate broker or agent, other than Central Florida Land Brokers whose commission is to be paid by the Buyer, is involved in this proposed transaction. The parties agree to defend and indemnify each other from any claims of commissions or brokerage fees arising from Buyer or Seller's respective dealings with any other real estate broker or agent. If you are interested in pursuing a final and binding agreement on the above terms, please indicate acceptance by signing this letter in the space provided below and returning it to the undersigned before 5:00 p.m., March 8, 2019. Upon Seller's acceptance, Buyer will prepare or cause to be prepared a definitive purchase and sale agreement consistent with the terms of this Letter of Intent for review and negotiations. I look forward to working with you on this project. Sincerely, C Louis Cioffi Agreed and accepted, Land Acquisition Manager Meritage Homes of Florida, Inc. a(n): 5337 Millenia Lakes Boulevard, Suite 410 Orlando, FL 32839 Name: Tel: 407-284-4173 By: Fax: 407-712-8688 Its: Page 3 of 3