HomeMy WebLinkAboutItem 10 Sale of 17.96 Acres of City-Owned Property Located at the Northeast Corner of Fullers Cross and Ocoee Apopka Road by GPK Investments, Inc44se w
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AGENDA ITEM
Meeting Date: October 20, 2020
Item #
Contact Name: Craig Shadrix, ACM
Contact Number: 407-905-3112
Reviewed By:
Department Director:
City Manager: Robert Frank
Subject: Public Hearing for Sale of 17.96 acres of City -owned property located at the northeast corner
of Fullers Cross and Ocoee Apopka Road to GPK Investments, Inc.
Background Summary:
On August 4, 2020, the City Commission directed staff to proceed with preparation of a contract for the sale of
17.96 acres of City -owned property located at the northeast corner of Fullers Cross and Ocoee -Apopka Road
(the "Agreement"). This direction followed a presentation by staff and the City Attorney of the results of the
City's Request for Proposals solicited for this Property. GPK Investments proposed the highest sales price via
assignment from Centerline Properties.
On October 6, 2020, the City Commission approved the contract of sale for purchase of the property, which has
now been executed by all parties. In accordance with Section C-8 (B) (2) of the City Charter, when any proposal
for the disposition of real property owned by the city, either by sale or by lease for a term exceeding five (5)
years, shall receive a majority vote of the members of the City Commission and the fair market value of the real
property concerned exceeds one hundred thousand dollars ($100,000.), such action shall not be effective
unless it has been acted upon by the City Commission after a public hearing preceded by at least seven (7)
days' notice of the hearing and the proposed action by publication in the manner set forth above. A legal ad ran
in the West Orange Times on Thursday, October 8, 2020, advising of the City's intent to sale.
Issue:
Request the City Commission to hold a public hearing and approve the sale of City -owned property located at the
northeast corner of Fullers Cross and Ocoee Apopka Road in accordance with the Contract for Sale.
Recommendations:
Recommend the City Commission approve the sale of City -owned property located at the northeast corner of
Fullers Cross and Ocoee Apopka Road in accordance with the Contract for Sale and approve Mayor and City
Clerk to execute all documents associated with the closing on this property.
Attachments:
Copy of Legal Ad published in the West Orange Times
Financial Impact:
The subject property was purchased in 2000 for approximately $296,000 as part of the Coca Cola property
acquisition. The sales price of 3,560,000 would provide a net profit of $3,264,000.
Type of Item: (please mark with an `Y)
x 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
Reviewed by Finance Dept.
Reviewed by
Scott Cookson City Attorney
Rebecca Roberts 10-14--20
N/A
N/A
N/A
COPY OF ADVERTISEMENT
Date Published and Media Name
Advertisement or Article