AGENDA MEMORANDUM
Meeting Date: January 8, 2007
From: Fred A. Morrison, City Attorney
Subject: Resolution authorizing execution of a warranty deed to be used in the Closing with Saju (land adjacent to Ruby Tuesday)
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Staff Recommendation:
Staff recommends approval of the form of warranty deed attached to the Resolution accompanying this Memorandum, for use in closing the sale of the subject property to Mr. Saju.
Analysis:
The City previously contracted with Mr. Saju to sell the property adjacent to Ruby Tuesday for development as a hotel. The various contingencies which have delayed the sale have now been satisfied and the buyers are ready to close. Ordinarily the City Commission does not approve a form of deed for a closing, since by approving the contract to sell it has already implicitly approved the execution of the deed and any other documents necessary to carry out that contract. However in this transaction, the contract was prepared by a real estate broker and did not deal specifically with the statutory requirement that local governments must reserve mineral rights under §270.11, Fla. Stat, unless the deed evidences otherwise. The buyers have requested that the reservation of mineral rights be waived in this instance. Due to the size and location of the site it is a near certainty that no minerals will ever be mined or recovered, therefore waiving the reservation does no harm to the City but will have a substantial beneficial effect on the buyers in terms of clearing the potential reservations from their title, which lending institutions will require as a condition of extending construction and permanent financing.
Options:
1. Approve the execution of the deed in the form presented, or
2. Such other alternative as the Commission may deem appropriate.
Fiscal Impact:
There is no negative fiscal impact on the City from the requested approval. The Resolution as proposed will permit the City to proceed witih the closing of the subject transaction and generate funds which can be applied to the benefit of the Airport as is customary with sales of real property adjacent to that facility.
Submission Date and
Time: 1/5/07 2:39 PM1/3/07 3:17
PM____
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Department: _City Attorney _______ Prepared by: _Fred A. Morrison Attachments: Yes_X___ No ______ Advertised: ____Not Required __X___ Dates: __________________________ Newspapers: _________________________________ _________________________________ 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, FLORIDA, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A WARRANTY DEED FROM THE CITY OF LEESBURG TO NAVROZ P. SAJU AND AZIM F. SAJU, FOR PROPERTY ADJACENT TO RUBY TUESDAY ON U.S. HIGHWAY 441 IN THE FORM ATTACHED AS EXHIBIT “A” HERETO, FOR THE PURPOSE OF CONVEYING PROPERTY UNDER CONTRACT FOR SALE TO NAVROZ P. SAJU AND AZIM F. 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 and directed to execute a warranty deed from the City of Leesburg to Navroz P. Saju and Azim F. Saju, for property adjacent to Ruby Tuesday on U.S. Highway 441, in substantially the form attached to this Resolution as Exhibit “A,” for the purpose of conveying to them property the City has contracted to sell to them, in order to finalize that transaction.
THIS RESOLUTION shall take effect upon its passage and adoption according to law.
PASSED AND ADOPTED at the regular meeting of the City Commission of the City of Leesburg, Florida, held on the 8th day of , 2007.
THE CITY OF LEESBURG, FLORIDA
BY:
MAYOR
Attest:
CITY CLERK