Item #04 Approval of Ocoee Crown Point Property Sale to Mattamy Orlando LLC ocoee
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AGENDA ITEM COVER SHEET
Meeting Date: May 17, 2016
Item #
Reviewed By:
Contact Name: Scott A. Cookson, Department Director:
City Attorney
Contact Number: 407-581-9715 City Manager: Rob Fr.,, ' " _
Subject: Ocoee Crown Point Property Sale to Mattamy Orlando LLC
Background Summary:
On April 21, 2015, following an advertised public hearing, the City ^Obmmission approved an
Agreement for Purchase and Sale with Mattamy Orlando LLC for the purchase of the property
known as Crown Point. The property will be closed in two Phases, Phase 1 and Phase 2.
In the Agreement for Sale and Purchase, the parties agreed upon a closing date of January 15,
2016. In a First Amendment to Agreement for Sale and Purchase, approved by the City on July 21,
2015, the parties extended the closing date for the Phase 1 closing until June 1, 2016.
To summarize the contract terms:
Purchaser: Mattamy Orlando LLC
Purchase Price: $7,500,000 ($3,750,000 paid at the Phase 1 Closing for the Phase 1 Property
and $3,750,000 paid at the Phase 2 Closing for the Phase 2 Property).
Phase 1 Closing: No event later than June 1, 2016.
Phase 2 Closing: Eighteen (18) months after the Phase 1 Closing.
As the parties now prepare to close with Mattamy Orlando, LLC, on Phase 1 of the Crown Point
property, as depicted on the attached diagram, it is appropriate to request the City Commission
authorize the Mayor to execute all documents incident to the closing of this transaction.
Issue:
Should the City Commission authorize the Mayor to execute all documents incident to the closing of
Phase 1 of the Crown Point property pursuant to the Agreement for Sale and Purchase between
the City of Ocoee and Mattamy Orlando LLC?
Recommendations
City Staff recommends that the City Commission authorize the Mayor to execute all documents
incident to the closing of Phase 1 of the Crown Point property pursuant to the Agreement for Sale
and Purchase between the City of Ocoee and Mattamy Orlando LLC.
Attachments:
Diagram of Phase 1, Mattamy at Crown Point.
Financial Impact:
None.
Type of Item:
[ ] Public Hearing For Clerk's Dept Use:
❑ Ordinance First Reading x❑ 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
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