HomeMy WebLinkAboutItem #11 Purchase of Property at 17 E. Oakland Ave.
Meeting Date: September 5, 2006
Item # II
Contact Name:
Contact Number:
Jamie Croteau
X 1503
Reviewed By:
Department Director:
City Manager:
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Subject: Purchase of Property at 17 E. Oakland Avenue
Background Summary:
Staff has been approached by Kim Crews, a City employee, regarding whether or not the City would be interested
in purchasing her property located at 17 E. Oakland Avenue. This property is adjacent to the City property on
Bluford between Mckee and Oakland. Map attached. The property would be purchased for future use due to its
proximity to the City Hall complex.
Ms. Crews is asking $330,000 for the property. She has also requested to remain on the property until July of
2007. Ms. Crews has an appraisal on the property from November of 2005 valuing the property at $280,000. In
March, Public Works requested a new appraisal. This appraisal showed the value at $262,000. However, the
square footage used for this appraisal is 300sf lower then the Property Appraisers data and the 2005 appraisal.
Therefore, staff believes the $262,000 is much lower then the actual market value of the property. Using the
Property Appraiser's square footage, and the square footage value from the most recent appraisal, would give a
property value of approximately $312,561. Although the $330,000 asking price is higher then the calculated
value, if the City waits to purchase the property or pursues the property through condemnation the cost would
most likely be higher then the current value. Therefore, Staff recommends purchasing the property for $325,000
and allowing Ms. Crews to continue to occupy the property through the end of June 2006.
Funds for the purchase could be assembled from a variety of general fund sources including the $98,000 set aside
in this years budget for the expansion of parking in downtown Ocoee.
Issue:
Should the City purchase the property located at 17 E. Oakland Avenue?
Recommendations
Staff recommends purchasing the property at 17 E. Oakland Avenue at $325,000 and allowing Ms. Crews to
remain on the property through the end of June 2007.
Attachments:
Map showing property.
Financial Impact:
Approximately $330,000
Type of Item: (please mark with an "x'J
Public Hearing
_ Ordinance First Reading
Ordinance Second Reading
Resolution
Commission Approval
X Discussion & Direction
For Clerk's Deot Use:
Consent Agenda
Public Hearing
Regular Agenda
_ 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 ( )
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N/A
N/A
N/A
2
17 E Oakland Av
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_ City-Owned Parcels
Updated: August 2006