HomeMy WebLinkAboutItem #11 Approval to Execute Purchase and Sale Agreement and all Documents Incident to Closing on Parcels 17-22-28-5504-02-090 and 17-22-28-5504-02-040 Ocoee
florida
AGENDA ITEM COVER SHEET
Meeting Date: August 2, 2016
Item # 1
Reviewed By:
Contact Name: Scott Cookson, City Attorney Department Director:
Contact Number: 407-581-9800 City Manager: Robert Frank
Subject: Approval to execute purchase and sale agreement and all documents incident to
closing on parcels 17-22-28-5504-02-090 and 17-22-28-5504-02-040 (100 and 112 South Bluford
Avenue).
Background Summary:
City staff has expressed an interest in purchasing property located at 100 and 112 South Bluford Avenue
(Property). At this time, an entity called Floriday Properties, Inc. (Floriday) has the Property under
contract. Originally the purchase price was $249,900.00. However, following receipt of the appraisal,
the seller agreed to reduce the price to $225,000.00. The Floriday transaction is set to close on August
12, 2016. Floriday has agreed to sell the property to the City, following Floriday's closing on the
Property, for $225,000.00. The sale to the City would also occur on August 12, 2016. City staff has
participated in the due diligence on the Property.
As referenced above, the purchase price for the Property would be $225,000.00. The appraisal obtained
by the City for the Property placed a value on the Property at $200,000. City Staff believes that the
Property is an important component in the downtown redevelopment project and justifies paying $25,000
more than the appraised value.
Issue:
Should the City Commission authorize the City Attorney and City Manager to prepare and finalize a
purchase and sale agreement for two parcels located at 100 and 112 South Bluford Avenue and to
authorize the Mayor to execute these and all other documents necessary to complete the closing on the
Property?
Recommendation:
City Staff recommends that the City Commission approve the purchase of the two parcels located at 100
and 112 South Bluford Avenue and authorize the Mayor to execute all documents necessary to acquire
the Property and complete the closing on the Property.
Attachments:
None.
Financial Impact:
The financial impact is the cost of the property ($225,000.00) plus standard closing costs. Funding for
this acquisition will be taken from the $365,710 remaining for debt service in the Adopted FY 2016
Budget.
Type of Item: (please mark with an `x')
Public Hearing For Clerk's Dept Use:
Ordinance First Reading Consent Agenda
Ordinance Second Reading Public Hearing
Resolution x 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
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