SUBJECT/RECOMMENDATION:
Title
Approve the Contract for Purchase of Real Property by the City of Clearwater, Florida (Contract) between the City of Clearwater (Seller) and Palm Bluff Development Group, LLC (Buyer); and authorize the appropriate officials to execute same, together with all other instruments required to affect closing. (consent)
Body
SUMMARY:
The subject property is located on N Garden Avenue, Clearwater, FL 33755 and identified as Parcel ID 09-29-15-25542-004-0360.
December 28, 2018, the City of Clearwater acquired the fee simple ownership of this vacant lot on N Garden Ave in foreclosure via Certificate of Title from the Circuit/County Court, Pinellas County, Civil Division.
An independent appraisal was performed on the property on June 15, 2022, by Jim Millspaugh and Associates, Inc. This appraisal report determined that the fair market value is $87,500.
August 18, 2022, City Council declared the property surplus for sale through Invitation to Bid #43-22, whereby the successful bid was required to meet the terms set by Council. Per City Charter Section 2.01, real property declared surplus shall be sold to the party submitting the highest competitive bid above the appraised value whose bid meets the terms set by the Council and whose proposed use of the property is in accordance with the Council’s stated purpose for declaring the property surplus. Accordingly, all qualifying bids were required to meet the following terms:
• Bid price shall exceed $87,500.00
• Successful bidder shall negotiate a mutually agreed upon purchase contract with the City.
. The City received one bid that met the minimum qualifications listed above.
• Palm Bluff Development Group, LLC submitted a qualifying bid with a proposed purchase price of $201,000.00.
Consistent with City Charter 2.01 referenced above, staff recommends approval of the Contract between the city and Palm Bluff Development Group, LLC, the bidder having submitted the highest competitive bid above the appraised value whose bid meets the terms set by the Council. Proceeds from sale will be deposited into the General Fund.