HomeMy WebLinkAbout03 Approval of Letter of Intent and Proceed to Contract to Purchase 113 W Oakland Avenue
City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761
Phone: (407) 905-3100 ▪ www.ocoee.org
STAFF REPORT
Meeting Date: April 7, 2026
Item #: 3
Contact Name: Michael Rumer Department Director:
Contact Number: Ext. 6434 City Manager: Craig Shadrix
Subject: Approval of a Letter of Intent and Proceed to Contract to Purchase 113 W. Oakland
Avenue. (Assistant City Manager Rumer)
Background Summary:
City staff has identified a time-sensitive opportunity to acquire the property located at 113 W. Oakland Avenue in
downtown Ocoee. The parcel consists of 0.288 acres and sits adjacent to the recently reconstructed W. Oakland
Avenue streetscape with a $4 million City investment, and is located near City Hall Campus and Unity Park.
Acquisition of this parcel is strategically important to the City's long-term vision for W. Oakland Avenue. Securing
this property would allow the City to guide future development in alignment with community goals, while preventing
speculative purchases or incompatible uses that could undermine the corridor's planned direction.
Per the attached LOI to Purchase, the agreed-upon purchase price is $225,000. While an appraisal is not required
by City Charter for the purchase of land, staff has initiated one to ensure due diligence; however, it will not be
available at the time of this report item. The strategic nature of this acquisition and the time-sensitive opportunity it
represents, supports moving forward prior to receipt of the formal appraisal. Delay risks losing the property to
speculative or incompatible private development.
The FY 25/26 budget provides sufficient funds for strategic property acquisition.
Issue:
Should the Honorable Mayor and City Commission approve an LOI and Proceed to Contract to Purchase 113
W. Oakland Avenue?
Recommendations:
Staff recommends the Honorable Mayor and City Commission approve an LOI and Proceed to Contract to
Purchase 113 W. Oakland Avenue.
Attachments:
1. Location Map for 113 W. Oakland Ave.
2. Signed Letter of Intent
Financial Impacts:
$225,000 to be funded by GL-316-516-00-6100 Job A000585 which has the necessary funds.
Page 46 of 812
City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761
Phone: (407) 905-3100 ▪ www.ocoee.org
Type of Item: Consent
Page 47 of 812
Page 48 of 812
Authentisign ID: 63E896EA-5B19-F111-A69A-000D3A4FF82A
Page 49 of 812
Authentisign ID: 63E896EA-5B19-F111-A69A-000D3A4FF82A
Page 50 of 812