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.
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.
1. Approve contract for sale and purchase of Faunda property; or
2. Such alternative action as the Commission may deem appropriate
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.
Department: _Public Works___________
Prepared by: _James Feagle__________
Attachments: Yes_X__ No ______
Advertised: ____Not Required ______
Attorney Review : Yes_X_ No ____
Reviewed by: Dept. Head ________
Finance Dept. ______JB__________
Deputy C.M. ___________________
City Manager ___________________
Account No. _016-6189-559-6110____
Project No. ___Z16001____________
WF 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.