AGENDA MEMORANDUM
Meeting Date: November 13, 2006
From: Kenneth L. Thomas, Director of Housing & Economic Development
Subject: Resolution authorizing a Second Amendment to a Commercial Contract for the sale and purchase of real property located on Highway 441, lying between Ruby Tuesday and Microtel
Staff Recommendation:
Staff recommends City Commission approval to execute the Second Amendment of the Purchase and Sales Contract with Navroz F. Saju and Azim F. Saju extending the due diligence period to November 30, 2006 and closing date to January 5, 2007.
Analysis:
On September 12, 2005 the City Commission approved the sales contract to allow the Saju’s to purchase the subject property for a selling price of $600,000 contingent upon an appraisal. However the appraisal conducted by Pomeroy Appraisal Associates of Florida, Incorporated determined the property fee simple value to be $720,000. Therefore, the first amendment to the contract was made on January 23, 2006 to allow both parties consent to the new purchase price based on the appraised value.
The second amendment will allow for an extension of the due diligence period to November 30, 2006, extension of the closing date to January 5, 2007.
Options:
1. Approve the resolution to execute the Second Amendment of the Purchase and Sales Contract
with Navroz F. Saju and Azim F. Saju; or
2. Such alternative action as the Commission may deem appropriate
Fiscal Impact: No fiscal impact
Submission Date and
Time: 11/9/2006 12:22 PM11/8/2006
2:59 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. _________________
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WF No. ______________________
Budget ______________________
Available _____________________ |
RESOLUTION NO._______________
A resolution of the City Commission of the City of Leesburg Leesburg authorizing the Mayor and City Clerk to execute the Second Amendment to Contract for the sale of real property located between Ruby Tuesday and Microtel on U.S. Highway 441, to Navroz and Azim Saju; 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 Second Amendment to Contract for Sale and Purchase between the City of Leesburg and Navroz F. Saju and Azim F. Saju, whose address is 3951 NW Blitchton Road, Suite 200, Ocala, Florida 34482, for the purpose of extending the due diligence period and closing date.
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 __13th___ day of __November _______ 2006
__________________________
Mayor
ATTEST:
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City Clerk