COMMUNITY REDEVELOPMENT AGENCY
Staff recommends the Commission approve the City of Leesburg Commission to enter into a 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, City 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 requested King Appraisal Services to provide an appraisal 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 the City Commission to enter into a contract to purchase of Faunda property; or
2. Such alternative action as the Commission may deem appropriate
The GLCRA budgeted the acquisition using an estimate of $100,000. 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 GREATER LEESBURG COMMUNITY REDEVELOPMENT AGENCY Commission of the City of Leesburg, Florida, authorizing the CITY COMMISSION OF THE CITY OF LEESBURG TO ENTER INTO A contract for sale and purchase with richard e. faunda and Elizabeth K. Faunda to be used for FUTURE EXTENSION OF THE MAGNOLIA TRAIL WITH PAYMENT FOR THE PROPERTY WITH FUNDS FROM THE GREATER LEESBURG COMMUNITY REDEVELOPMENT AGENCY; and providing an effective date.
BE IT RESOLVED BY THE GREATER LEESBURG COMMUNITY REDEVELOPMENT AGENCY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:
THAT the Mayor and City Clerk of the City of Leesburg Commission 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 with funds from the Greater Leesburg Community Redevelopment Agency, and
THAT this resolution shall become effective immediately.
PASSED AND ADOPTED by the Greater Leesburg Community Redevelopment Agency Commission of the City of Leesburg, Florida, at a regular meeting held the 12th day of December, 2011.