LEGISLATIVE ACTION ITEM
SPONSOR: Ashton J. Hayward, III, Mayor
SUBJECT:
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AIRPORT COMMERCE PARK - PROPERTY ACQUISITION E2404 - COLLEGE HEIGHTS
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RECOMMENDATION:
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That City Council authorize the purchase of E2404 (Parcel ID#141S292100260001) from MTGLQ Investors LP for $85,000, closing costs of $1,900, and a 5% contingency in the amount of $4,345 for a total amount of $91,245.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
The 2000 Airport Master Plan identified 65 acres of property adjacent to the northwest quadrant of the Airport for future land acquisition and development. In 2004, the Airport began the preliminary planning for the acquisition and development of this area for an Airport Commerce Park and performed an inventory of the properties in the designated area and held public meetings with both residential and business property owners.
The Airport contacted the property owner (MTGLQ Investors LP) of parcel E2404 and expressed an interest in purchasing the parcel located in the College Heights neighborhood. After discussions with the property owner, an offer was made based on a fair market value appraisal and a technical review appraisal performed by independent MAI certified appraisers. The offer was subsequently accepted by the property owner.
A State of Florida Department of Economic Opportunity (DEO) Grant is in place that will fund a portion of the acquisition. The remaining balance will be covered by a Florida Department of Transportation (FDOT) grant and Airport Capital Funds. There was a provision within the FDOT Grant that required the Airport to repay FDOT 25% of the amount drawn within 10 years. The FDOT authorized the Airport to use its prior capital purchases of property as an in-kind contribution to offset the 25% repayment provision.
This parcel contains an unoccupied home and therefore relocation assistance in accordance with federal relocation guidelines is not required. The purchase price, closing/miscellaneous costs, legal fees, and 5% contingency for the property on the following page.
PRIOR ACTION:
August 2006 - January 2017: City Council approved the purchase of 89 residential and 24 commercial parcels as identified on the attached site map.
FUNDING:
Budget: $ 58,505 DEO
203,970 FDOT
67,990 Airport
$ 330,465 Total
Actual: $ 85,000 Purchase Price
500 Title, Examination, and Issuance
500 Recording and Doc Stamps
400 Legal Fees
500 Estimated Survey
$ 86,900 Sub-Total
4,345 5% Contingency
$ 91,245 Total
FINANCIAL IMPACT:
Funds are available from DEO grant proceeds, FDOT grant proceeds, and the FY 2017 Airport Capital Improvement Account.
CITY ATTORNEY REVIEW: Yes
5/17/2017
STAFF CONTACT:
Eric W. Olson, City Administrator
Daniel E. Flynn, Airport Director
ATTACHMENTS:
1) Airport Commerce Park Map, Updated June 2017
2) Summary Appraisal Report, Client File #E2404
3) Deed In Lieu, #E2404
4) Technical Appraisal Review, #E2404
PRESENTATION: No end