LEGISLATIVE ACTION ITEM
SPONSOR: Jewel Cannada-Wynn, Chairperson
SUBJECT:
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AWARD OF CONTRACT FOR SALE OF 150 SOUTH BAYLEN STREET
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RECOMMENDATION:
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That the Community Redevelopment Agency (CRA) approve the award of a contract for sale of the surplus property at 150 South Baylen Street to Studer Properties in the amount of $510,000.00, and request that City Council approve the award and authorize the CRA Chairperson to execute all documents necessary for transfer.
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SUMMARY:
The Community Redevelopment Agency has stated its desire to comprehensively market available CRA-owned properties in the Urban Core Community Redevelopment Area. To date, the positioning of parcels for redevelopment has been an effective tool in the successful revitalization of Pensacola’s Downtown Urban Core. On August 9, 2016, the CRA approved a contract with NAI/Halford for Realtor Services for disposition of CRA-owned properties.
In keeping with CRA and City of Pensacola policies, the properties for disposition must be declared surplus and appraised. The Baylen property was declared surplus by the CRA on December 5, 2016. A market appraisal of determined the property’s value to be $510,000.
The disposition plan included a 30 day Notice of Disposition/RFP published on December 23, 2016 in the Pensacola News Journal, in compliance with the requirements of section 163.380 of the Florida Statues. The property was posted to the numerous multiple listing services subscribed to by NAI/Halford. Pursuant the CRA’s contract with Halford, five percent (5%) of the gross sales price will be paid for realtor commission fees from the proceeds of the property sale at.
It is recommended that of the sale of this property be approved by the CRA, and that a request for approval of the award be forwarded to City Council pursuant to the CRA’s Bylaws. It is further recommended that the CRA Chairperson be authorized to execute all documents necessary for transfer.
PRIOR ACTION:
February 9, 2015 - The CRA approved the utilization of professional real estate services to assist with marketing available CRA and/or City-owned properties within the CRA.
May 9, 2016 - The CRA approved issuing a Request For Proposals (RFP) for one realtor from the City’s list of Qualified Real Estate Professionals to market CRA-owned property.
August 9, 2016 - The CRA approved a contract with NAI/Halford for Realtor Services for disposition of CRA-owned properties.
December 5, 2016 - The CRA declared the property surplus.
December 23, 2016 - A 30 day Notice of Property Disposition/RFP was published.
FUNDING:
Budget: $ -0-
Actual: $510,000 Proceeds from Sale of Property
(25,500) 5% Realtor’s Commission
$484,500
FINANCIAL IMPACT:
The CRA will benefit from tax revenue generated as a result of returning parcels to the tax roll. The CRA will receive $510,000 in initial revenue from sale proceeds for the property, less the five percent (5%) realtor’s commission fee. The cost of realtor services will be paid from proceeds of the property sale. Additionally, the CRA will receive future revenue from increased ad valorem property values.
CITY ATTORNEY REVIEW: Yes
4/4/2017
STAFF CONTACT:
M. Helen Gibson, AICP, CRA Administrator
ATTACHMENTS:
1) Purchase Offer - 150 S. Baylen St.
PRESENTATION: No end