LEGISLATIVE ACTION ITEM
SPONSOR: Ashton J. Hayward, III, Mayor
SUBJECT:
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AIRPORT COMMERCE PARK - PROPERTY ACQUISITION N6116 - COLLEGE HEIGHTS
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RECOMMENDATION:
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That City Council authorize the purchase of N6116 (Parcel ID#141S292102000001) from Holly D. Terrell for $93,000, closing costs of $1,900, a 5% contingency in the amount of $4,745, moving costs of $5,000, for a total amount of $104,645.
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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 (Holly D. Terrell) of parcel N6116 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 the acquisition.
This parcel contains a commercial structure no longer in business and therefore relocation assistance in accordance with federal relocation guidelines is not required. The purchase price, closing/miscellaneous costs, legal fees, 5% contingency, and move costs for commercial fixtures are detailed in the estimated costs for the property on the following page.
PRIOR ACTION:
August 2006 - August 2017 - City Council approved the purchase of 91 residential and 24 commercial parcels as identified on the attached site map.
September 14, 2017 - City Council approved acceptance of an FDOT Grant in the amount of $1,396,069 and appropriated the grant funds.
FUNDING:
Budget: $ 1,396,069 FDOT
Actual: $ 93,000 Purchase Price
500 Title, Examination, and Issuance
500 Recording and Doc Stamps
400 Legal Fees
500 Estimated Survey
$ 94,900 Sub-Total
4,745 5% Contingency
5,000 Move Costs
$ 104,645 Total
FINANCIAL IMPACT:
Funds are available from FDOT grant proceeds.
CITY ATTORNEY REVIEW: Yes
9/12/2017
STAFF CONTACT:
Eric W. Olson, City Administrator
Daniel E. Flynn, Airport Director
ATTACHMENTS:
1) Airport Commerce Park Map, Updated September 2017
2) Summary Appraisal Report, Client File #N6116
3) Technical Appraisal Review, #N6116
PRESENTATION: No end