AGENDA MEMORANDUM

 

Meeting Date:           November 28, 2011

 

From:                          James Feagle, Deputy Director of Public Works

 

Subject:                      Resolution approving  a contract for sale and purchase of the Faunda property for the future Magnolia Trail extension.

 

 

Staff Recommendation:

Staff recommends approval of contract sale and purchase with Richard Faunda for the sale of real property to be acquired for the future Magnolia Trail extension.

 

Analysis:

At the April 11, 2011 Commission meeting, the Commission directed staff to obtain an appraisal of the Faunda property for the purpose of estimating the market value for purchase by the City of Leesburg for future extension of the Magnolia Trail.  Should the Commission pursue the purchase, the same property will be needed for extension of Magnolia Street out to U.S. 27.

 

On July 13, 2011 staff had the appraisal done by King Appraisal Services to estimate the market value of the property as of the appraisal date.  The report describes the property, the general neighborhood environment, and methods of approach to the valuation problems by the appraiser.  All factors have been thoroughly analyzed and investigated with the appraisal coming in at $120,000.00.

 

Options:

1.  Approve contract for sale and purchase of Faunda property; or

2.  Such alternative action as the Commission may deem appropriate

 

Fiscal Impact: 

At the April 11, 2011 Commission meeting, the Commission discussed purchasing the property with available CRA funding and $100,000 was included in the current budget.  A budget adjustment will be necessary to increase this amount to $120,000.  Funds are available in fund balance.

 

Submission Date and Time:    12/9/2011 6:38 PM12/7/2011 12:53 PM____

 

Department: _Public Works___________

Prepared by:  _James Feagle__________                     

Attachments:         Yes_X__   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes_X_  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. ______JB__________                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _016-6189-559-6110____

 

Project No. ___Z16001____________

 

WF No. ______________________

 

Budget  _____$100,000.00________

 

Available ____$120,000.00________

 

RESOLUTION NO._______________

 

RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A CONTRACT FOR SALE AND PURCHASE WITH RICHARD E. FAUNDA AND ELIZABETH K. FAUNDA FOR THE PURPOSE OF PURCHASING THE  PROPERTY FOR FUTURE EXTENSION OF THE MAGNOLIA TRAIL; AND PROVIDING AN EFFECTIVE DATE.

 

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

 

            THAT the Mayor and City Clerk are hereby authorized to execute a Contract  for Sale and Purchase with Richard E. Faunda and Elizabeth K. Faunda, for the purpose of purchasing the property for future extension of the Magnolia Trail.

 

             THAT this resolution shall become effective immediately.

 

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the 12th day of December, 2011.

 

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

__________________________

City Clerk