CARVER HEIGHTS/MONTCLAIR AREA

COMMUNITY REDEVELOPMENT AGENCY

 

Item No:                    3A.

 

Meeting Date:           March 26, 2012

 

From:                          Chris Edwards, CRA Project Manager

 

Subject:                      Resolution  extending the due diligence period of a fully executed contract for sale and purchase of residential properties located at 2212 Mispah Avenue and 2213 Simmons Avenue, Leesburg, Florida

 

 


Staff Recommendation:

Staff recommends approval of extending the due diligence period of a fully executed contract for sale and purchase of residential properties located at 2212 Mispah Avenue and 2213 Simmons Avenue, Leesburg, Florida.

 

Analysis:

Pursuant to Commission approval at a regularly scheduled CRA public meeting on January 23, 2012 and advise of the City Attorney, staff needs to extend the due diligence period of the fully executed contract for sale and purchase.  The subject properties includes two residential parcels, one parcel is located at 2212 Mispah Avenue, which has two triplexes (i.e. 3 residential units) and one storage unit. The other parcel is located at 2213 Simmons Avenue; it also contains two triplex units and is adjacent to 2212 Mispah Ave.  There are a total of 12 multi-family units between both properties.

 

Options:

1.  Approve the extension of the due diligence period in conjunction with a contract for sale and purchase of 2212 Mispah and 2213 Simmons Avenue; or

2.  Such alternative action as the Commission may deem appropriate

 

Fiscal Impact: 

As approved on January 23, 2012, the total purchase price is currently available in the 2008 Revenue Note.  A budget adjustment will be necessary to move the amount from the land budget for the value of the buildings to the appropriate account once the final appraisal is completed and contract approval is granted.

 

Submission Date and Time:    3/21/2012 5:04 PM____

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                 

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. __________________                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _017-6190-559-6110___

 

Project No. __170001__________

 

WE No. ____707084/1  707090/1__

Budget  ____$396,234___________

 

Available ___$389,376___________


 

RESOLUTION NO.__________

 

 

RESOLUTION OF THE CARVER HEIGHTS/MONTCLAIR AREA COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF LEESBURG, FLORIDA AUTHORIZING AN EXTENSION OF THE DUE DILIGENCE PERIOD OF THE FULLY EXECUTED CONTRACT FOR SALE AND PURCHASE WITH M & I REGIONAL PROPERTIES, LLC FOR THE PURPOSE OF THE COMMUNITY REDEVELOPMENT AGENCY PURCHASING 2212 MISPAH AVENUE AND 2213 SIMMONS AVENUE FOR REDEVELOPMENT; AND PROVIDING AN EFFECTIVE DATE.

 

 

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

 

            THAT the Community Redevelopment Agency Board is hereby authorized and directed to extend the due diligence period of  a fully executed Sale and Purchase Contract between the Carver Heights/Montclair Area  Community Redevelopment Agency and M & I Regional Properties, LLC for the purpose of purchasing 2212 Mispah Avenue and 2213 Simmons Avenue for redevelopment. 

 

             THAT this resolution shall become effective immediately.

 

PASSED AND ADOPTED by the Carver Heights/Montclair Area CRA Commission at a regular meeting held the _26th ____ day of _March____ 2012.

 

 

 

                                                                            __________________________

                                                                             Chairperson

 

ATTEST:

 

 

_____________________________________

Secretary/City Clerk