Item 02 Approval to Close on the Property Located on Ocoee Vista Parkway to Meritage Homes of Florida, Inc. ocoee
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AGENDA ITEM COVER SHEET
Meeting Date: June 16, 2020
Item # p�
Reviewed By
Contact Name: Scott Cookson Department Director:
Contact Number: 407-581-9800 City Manager.
Subject: Approval to close on the property located on Ocoee ista Parkway to Meritage
Homes of Florida, Inc.
Background Summary:
On March 19, 2019, the City Commission approved a purchase and sale agreement so that the City
could sell 8.5 acres of property, located on Ocoee Vista Parkway, to Meritage Homes of Florida, Inc.
(Buyer). Since that time, the Buyer has been working to obtain all the governmental approvals
necessary for development of the property. Now that the preliminary/final subdivision has been
approved, the necessary governmental approvals have been obtained so that the Buyer can close on
the purchase of the property. In accordance with the purchase and sale agreement the transaction is
set to close on June 17, 2020
Issue:
Should the City Commission approve and authorize the Mayor and City Clerk to execute all
documents relating to the closing on the property?
Recommendations:
Staff recommends the City Commission approve and authorize the Mayor and City Clerk to execute all
documents relating to the closing on the property.
Attachments:
None
Financial Impact:
Sale price is $1,100,000 Per the terms of the purchase and sale agreement, the City will pay the title search
fee and title insurance premium and the Buyer will pay for the recording of the deed and documentary stamps
Type of Item: (please mark with an"x')
Public Hearing For Clerk's Dept Use:
Ordinance First Reading x Consent Agenda
Ordinance Second Reading Public Heanng
Resolution Regular Agenda
x Commission Approval
Discussion 8 Direction
Original Document/Contract Attached for Execution by City Clerk
Original Document/Contract Held by Department for Execution
Reviewed by City Attorney Dana Crosby Collier N/A
Reviewed by Finance Dept. N/A