LEGISLATIVE ACTION ITEM
SPONSOR: Ashton J. Hayward, III, Mayor
SUBJECT:
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AIRPORT COMMERCE PARK - PROPERTY ACQUISITION E2406 - COLLEGE HEIGHTS
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RECOMMENDATION:
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That City Council authorize the purchase of E2406 (Parcel ID#141S292100250001) from Shannon D. Bell for $90,000 along with relocation assistance of $18,597, closing costs of $1,900, 5% contingency in the amount of $5,525, rental re-establishment benefit $25,000, and moving costs of $5,000 for a total amount of $146,022.
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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 (Shannon D. Bell) of parcel E2406 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 Florida Department of Transportation (FDOT) grant is in place that will fund 75% of the project. There was a provision within this 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 a tenant occupied home and therefore relocation assistance in accordance with federal relocation guidelines is required. The purchase price, relocation assistance, closing/miscellaneous costs, legal fees, 5% contingency, rental re-establishment benefit, and moving costs are detailed in the estimated costs 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: $ 203,970 FDOT
67,990 Airport
$ 271,960 Total
Actual: $ 90,000 Purchase Price
18,597 Relocation Assistance
500 Title, Examination, and Issuance
500 Recording and Doc Stamps
400 Legal Fees
500 Estimated Survey
$ 110,497 Sub-Total
5,525 5% Contingency
25,000 Rental Re-Establishment Benefit
5,000 Moving Costs
$ 146,022 Total
FINANCIAL IMPACT:
Funds are available from 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 #E2406
3) Technical Appraisal Review, #E2406
PRESENTATION: No end