AGENDA MEMORANDUM
Meeting Date: August 28, 2006
From: Edward F. Smyth, Jr., Assistant City Manager
Subject: Resolution authorizing the Mayor and City Clerk to execute a Purchase Agreement with Neil J. Fischer, Jr. for the Purchase of Property in Section 22, Township 19, Range 25
Staff Recommendation:
Staff recommends approval of the resolution authorizing the Mayor and City Clerk to execute a Purchase Agreement with Neil J. Fischer, Jr. for purchase of approximately 15,852.4 square feet along with the option for an additional approximately 2,440.0 square feet, all in Section 22, Township 19, Range 25, for a purchase price of $274,386.00
Analysis:
Development between College Drive and Radio Road south of U.S. Hwy 441, and the widening of US 441, has increased traffic volume and hazards for the motoring public traveling between businesses within this corridor. Staff proposes the extension of the travel corridor between Ruby Tuesday on the west, and Midas Muffler on the east. Some of the area necessary to facilitate the proposed corridor has been acquired through dedication and developer agreement, while other portions will need to be purchased.
Mr. Fischer has agreed to sell a portion of the lot east of Microtel near the eastern end of the proposed project, and also provide an option for the City to purchase an additional 2,440.0 square feet (approximate) that may be necessary for this project’s water retention area. The property will be used for portions of the roadway, trail area, and stormwater retention.
This year, the City commissioned an appraisal of the property adjacent to Microtel. That appraisal showed a land value of $15.00 per square foot. Mr. Fischer and staff agree the value determined from this appraisal is a fair and equitable amount for the subject property. (15,852.4 sq ft + 2440.0 sq ft) x $15.00 = $274,386.00
Options:
1. Adopt the Resolution authorizing the purchase of the subject property;
2. Such alternative action as the Commission may deem appropriate.
Fiscal Impact:
Funds were not specifically appropriated in the 2005-06 adopted budget for this purpose, however funding is available from the Capital Improvement Revenue Bond Series 2004 proceeds authorized for US441/27 transportation expenses.. A budget adjustment will be available for the full amount of this purpose.
Submission Date and
Time: 8/23/2006 7:05 PM8/23/2006 1:38 PM8/23/2006 1:29 PM
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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 ________RS___________ |
Account No. _031-5112-541-61-10_
Project No. ___________________
WF No. ______________________
Budget ______$274,386._________
Available _____$274,356._________ |
RESOLUTION NO._______________
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT WITH NEIL J. FISCHER, JR., TO PURCHASE PROPERTY LYING IN SECTION 22, TOWNSHIP 19, RANGE 25; 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 an agreement with Neil J. Fischer, Jr. whose address is 32436 Crystal Breeze Lane, Leesburg, FL 34788, for the purchase of approximately 15,852.4 square feet, lying in Section 22, Township 19, Range 25, for $ 237,786.00 which is equal to the agreed upon comparable appraised value, and to accept the option for the additional approximately 2,440.0 square feet for $36,600.00.
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 _28th___ day of __August_______ 2006
______________________________
Mayor
ATTEST:
__________________________________
City Clerk