LEGISLATIVE ACTION ITEM
SPONSOR: City Council Member P.C. Wu
SUBJECT:
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APPROVAL OF REAL PROPERTY PURCHASE AND SALE AGREEMENT FOR 901 W. BLOUNT STREET
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RECOMMENDATION:
recommendation
That the City Council approve the Real Property Purchase and Sale Agreement for the purchase of the property at 901 W. Blount Street from Billiken Group, LLC in the amount of $190,500. Further, that the City Council authorize the CRA Chairperson to execute all documents necessary for purchase of the property.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
The approved FY 2017/2018 and FY 2018/2019 CRA Work Plans identify the development of the West Moreno Area Stormwater Park, including necessary property acquisition. The project will add amenities to the City’s planned stormwater pond expansion project at Lee and F Streets, creating a dual purpose, neighborhood enhancing facility.
The City has received a grant from FDEM to help abate future flooding of the localized area through expansion of the existing stormwater facility, including the acquisition of several adjacent properties. To create the dual purpose facility, the CRA will acquire four (4) adjacent parcels as depicted on the attached map.
Billiken Group, LLC, owner of the parcel at 901 W. Blount Street, was contacted and an offer was made based on a fair market value appraisal performed by independent MAI certified appraisers. The offer was accepted by the property owner. A Real Property Purchase and Sale Agreement signed by the owner is attached. Acquisition of this and the remaining three parcels needed to develop the park will be funded from the 2017 Westside Redevelopment Revenue Bond proceeds. It is anticipated that the fifth parcel will be obtained from Baptist Hospital.
PRIOR ACTION:
April 10, 2017 - CRA approved the FY 2017/2018 CRA Work Plan identifying the West Moreno Area Stormwater Park.
August 07, 2017 - CRA adopted Supplemental Budget Resolution #2017-9 appropriating funding in connection with the Westside Redevelopment Revenue Bond Issue 2017.
August 10, 2017 - City Council adopted Supplemental Budget Resolution #17-39 appropriating funding in connection with the Westside Redevelopment Revenue Bond Issue 2017.
May 7, 2018 - CRA approved the FY 2018/2019 Work Plan identifying the West Moreno Area Stormwater Park.
FUNDING:
Budget: $ 202,500
Actual: $ 190,500 Land Purchase
7,000 Acquisition Services Consultant Fee
2,200 Estimated Closing Costs
____725_ Appraisal Fees
200,425__ Sub-Total
__2,005 1% Contingency
$ 202,430 Total Estimated Cost
FINANCIAL IMPACT:
Funds are available from the Westside Redevelopment Revenue 2017 Issue Bond Proceeds.
STAFF CONTACT:
Don Kraher, Council Executive
M. Helen Gibson, AICP, CRA Administrator
Victoria D’Angelo, Assistant CRA Administrator
ATTACHMENTS:
1) 901 W. Blount Street - Purchase Agreement
2) 901 W. Blount Street - Property Appraisal
3) W. Moreno Stormwater Park Acquisition Map
4) W. Moreno Stormwater Park Concept
PRESENTATION: No