SUBJECT/RECOMMENDATION:
Title
Approve a Contract for Purchase of Real Property located at 601 S. Hercules Ave by the City of Clearwater of certain real property owned by Hercules Avenue Church of Christ at Clearwater, Inc., with a purchase price of $700,000 and total expenditures not to exceed $705,300; authorize the appropriate officials to execute same, together with all other instruments required to affect closing. (consent)
Body
SUMMARY:
An independent appraisal was performed on the property on April 11th, 2019 by Jim Millspaugh and Associates. The appraisal report determined that the fair market value of the property is $700,000.
Other notable terms:
The City will have 60 days to conduct due diligence.
Closing will occur within 120 days of the effective date and may be extended by either party for an additional 60 days.
Acquisition Costs:
Purchase Price $700,000
Survey 4,300
Closing Costs 1,000
TOTAL $705,300
The land will be used for building a new fire station, replacing Fire Station 47 currently located at 1460 Lakeview Road. This site was provided to the City as an option to purchase and after continuous review of nearby land, this site would diminish the overlap from the Fire Station 45 relocation, meet the response requirements for the area served, and provide space for modern fire station requirements.
APPROPRIATION CODE AND AMOUNT:
Funds are available in capital improvement project FD00190002, Station 47 Replacement, to fund this contract.
USE OF RESERVE FUNDS: N/A