HomeMy WebLinkAboutEmergency Item - Sale of Property to Charter Schools Development Group ■V\//dr
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AGENDA ITEM COVER SHEET
Meeting Date: October 20, 2015
Item # Emergency Item
Reviewed By:
Contact Name: Scott A. Cookson, Department Director:
City Attorney
Contact Number: 407-581-9715 City Manager: Rob Frank
Subject: Agreement of Sale of Property to Charter Schools Development Group
Background Summary:
On September 1, 2015, following an advertised public hearing, the City Commission approved an
Agreement for Sale with Charter Schools Development Group (Buyer) for the purchase of the 12
acre property located in the northeast quadrant of Clarke Road and AD Mims Road. The Buyer
intends to build a charter school on the site and the City is currently processing a Special Exception
to allow that use.
A summary of relevant provisions of the purchase and sale agreement is as follows:
Purchaser: Charter Schools Development Group
Purchase Price: $2,613,000.
Deposit: $5000.00. Initial Deposit due within ten (10) days of receipt by Buyer of a fully
executed copy of the Agreement for Sale.
$195,975.00 Second Deposit due within ten (10) days following the end of the
Inspection Period.
The Inspection Period in the Agreement for Sale is due to expire on October 16, 2015; however, on
October 13, 2015, the City's Planning and Zoning Commission recommended denial of the Buyer's
requested Special Exception. Mr. Edgar J. Hedrick, II, attorney for the Buyer, subsequently
requested additional time be allowed in the Inspection Period so that the Buyer can bring its
application for Special Exception to the City Commission.
The proposed First Amendment to the Agreement of Sale will extend the Inspection Period until a
date no later than November 3, 2015, and will allow additional time for the Second Deposit to be
placed in Escrow (until October 30, 2015).
4 Issue:
Should the City Commission approve the First Amendment to Agreement for Sale thus allowing an
extension of the Inspection Period until a date no later than November 3, 2015, and allowing
additional time for the Buyer to make the Second Deposit?
Recommendations
City Staff recommends that the City Commission approve the First Amendment to the Agreement
for Sale thus allowing an extension of the Inspection Period until a date no later than November 3,
2015, and allowing additional time for the Buyer to make the Second Deposit.
Attachments:
First Amendment to Agreement for Sale
Financial Impact:
The $195.975.00 Second Deposit will be placed in Escrow by October 30, 2015 rather than the
current date (October 26, 2015); however, all financial terms of the Agreement for Sale remain in
full force and effect, including Buyer's risk of loss of its Initial $5000.00 Deposit.
Type of Item:
[ ] Public Hearing For Clerk's Dept Use:
❑ Ordinance First Reading ❑ Consent Agenda
❑ Ordinance First Reading [ ] Public Hearing
❑ Resolution ❑ Regular Agenda
[x] Commission Approval
❑ Discussion&Direction
[x] Original Document/Contract Attached for Execution by City Clerk
❑ Original Document/Contract Held by Department for Execution
Reviewed by City Attorney Scott A. Cookson, Esq. ❑ N/A
Reviewed by Finance Dept. ❑ N/A
Reviewed by ( ) ❑ N/A