LEGISLATIVE ACTION ITEM
SPONSOR: Grover C. Robinson, IV, Mayor
SUBJECT:
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APPROVAL OF THE OPTION AGREEMENT BETWEEN THE CITY OF PENSACOLA AND INSPIRED COMMUNITIES OF FLORIDA, LLC (INSPIRED) FOR LOTS 4 AND 5 AT THE COMMUNITY MARITIME PARK
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RECOMMENDATION:
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That City Council approve and authorize the Mayor to execute the Option Agreement between the City of Pensacola and Inspired Communities of Florida LLC. for the exclusive right to develop Parcels 4 and 5 of the Vince J. Whibbs Jr. Community Maritime Park, until August 31, 2023 as well as allow for one 6-month extension at the Optionee’s discretion.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
In October 2018, the City entered into an option agreement with Studer Properties LLC for the exclusive right to develop and lease all of the vacant parcels at the Community Maritime Park, specifically parcels 3, 4, 5, 6, 7, 8, and 9. In March 2020, the option agreement was extended through March 31, 2021.
In October 2020, prior to the expiration of the option agreement with Studer Properties, both parties entered into a partial assignment of the option agreement with Inspired Communities of Florida for parcels 3, 6, 8, and 9. Corresponding partial assignments were also entered into with two other development groups for the remainder of the parcels - Valencia Development Group for parcel 7 and Silver Hills Development for parcels 4 and 5, with the former still in effect and the latter being no longer valid. .
The City and Inspired seek to enter into an Option Agreement that would allow Inspired to have an exclusive right to develop Parcels 4 and 5 until August 31, 2023 with the ability to extend the option for one 6-month period.
PRIOR ACTION:
October 1, 2018 - City enters into an Option Agreement with Studer Properties for all vacant lots in Community Maritime Park.
March 26, 2020 - City authorizes an Addendum to the Option Agreement with Studer Properties, extending the term through March 31, 2021.
April 22, 2021 - City Council approved the publication of the public notice for disposition of Lots 4 and 5 at the Community Maritime Park for redevelopment.
July 12, 2021 - City Council approved the scheduling of a special meeting regarding the redevelopment submitting groups and ranking
July 28, 2021 - City Council ranked the submittals for Parcels 4 and 5 and set in place a mechanism for movement to the next in line if negotiations fail.
October 14, 2021 - City Council rejected an MOU from Carson Lovell, seemingly then moving to the next in line, Inspired Communities.
FUNDING:
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FINANCIAL IMPACT:
Inspired Communities of Florida will continue to pay $3,480 monthly per the terms of their agreement. If Inspired wishes to exercise their one 6-month extension, they agree to pay to the City one non-refundable lump-sum of $60,000.
If Inspired exercises their option all lease payments will be credited towards building permit fees associated with the project
LEGAL REVIEW ONLY BY CITY ATTORNEY:
1/31/2022
STAFF CONTACT:
Kerrith Fiddler, City Administrator
Amy Lovoy, Finance Director
ATTACHMENTS:
1) IFC Maritime 45 Option Final
PRESENTATION: No end