LEGISLATIVE ACTION ITEM
SPONSOR: Ashton J. Hayward, III, Mayor
SUBJECT:
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COMMUNITY MARITIME PARK OPTION AGREEMENT
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RECOMMENDATION:
recommendation
That City Council authorize the Mayor to execute an option agreement with Studer Properties, LLP through the Direct Negotiation Option for lots 3, 4, 5, 6, 7, 8, and 9 of the Community Maritime Park (CMP).
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HEARING REQUIRED: No Hearing Required
SUMMARY:
City Council Policy for disposition of properties by sale or lease allow for a Direct Negotiation Option. On August 23, 2018, an Option Agreement proposal was received by the Mayor for an 18-month period on the 7 vacant CMP parcels. In consideration, the City will receive a $271,659 non-refundable Option Payment which is 20% of the post development base rent and consistent with the City listing for the CMP parcels per NAI Pensacola listing August 10, 2018.
The Option Agreement proposes development to be consistent with the UDA 2010 CRA Plan and develop in a cohesive way, the western side of downtown. The Agreement also adopts the 2015 City Council Approved Ground Sublease Template for the CMP Parcels and the City NAI Pensacola listed market rates for post development leases.
PRIOR ACTION:
August, 21, 2010 - Policy for Disposition of City Owned Real Property
February 9, 2017 - Amendment to City Policy for Disposition of City Owned Real Property
FUNDING:
N/A
FINANCIAL IMPACT:
The City will receive $271,659 as a non-refundable 18 Month Option Payment in monthly installments of $15,092.16, over an 18-month period.
CITY ATTORNEY REVIEW: Yes
9/4/2018
STAFF CONTACT:
Keith Wilkins, City Administrator
ATTACHMENTS:
1) Community Maritime Parcel and Vicinity Map
2) NAI Pensacola CMP Listing
3) Option Agreement
PRESENTATION: Yes end