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 ImpactNo fiscal impact

Submission Date and Time:    11/9/2006 12:22 PM11/8/2006 2:59 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 __________RS_________

 

Account No. _________________

 

Project No. ___________________

 

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:

 

 

__________________________

City Clerk