SUBJECT/RECOMMENDATION:
Title
Approve a contract for the sale of surplus property owned by the City of Clearwater and located at 115 S. Martin Luther King Jr. Avenue to the Clearwater Community Redevelopment Agency (CRA) with a purchase price of $300,549.11 and authorize the appropriate officials to execute same. (consent)
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SUMMARY:
In October 2003, the City of Clearwater acquired the subject property via Warranty Deed, as recorded in O.R Book 13185, Page 1820. et. seq., Public Records of Pinellas County, Florida.
An independent appraisal was performed on the property on April 18, 2018 by Jim Millspaugh and Associates. The appraisal report determined that the fair market value of the property is $415,000.00.
At the April 4, 2019 council meeting, the City Council approved the declaration of surplus property to be purchased by the CRA in the amount of $300,549.11. The City Finance Director and the CRA Director have mutually agreed to the purchase price which will make the City whole as to its investment in the property.
The CRA’s intent is to assemble the parcel with the CRA-owned parcel directly adjacent to the East for future downtown development