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 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.
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.
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
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.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. __________________
Deputy C.M. ___________________
City Manager ___________________
Account No. _017-6190-559-6110___
Project No. __170001__________
WE No. ____707084/1 707090/1__
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.