SUBJECT/RECOMMENDATION:
Title
Approve the acquisition of real property located at 421 McMullen Booth Road through a public auction conducted by the Pinellas County Clerk of the Circuit Court; approve a not-to-exceed amount of $215,000 for bidding purposes with total expenditures not to exceed $235,000; establish a new CIP entitled Park Land Acquisition (CIP315-93133), in the amount of $235,000; transfer funds from Recreation Land impact fees at first quarter to cover this purchase; and authorize appropriate officials to execute instruments required to affect closing. (consent)
Body
SUMMARY:
A privately owned parcel of land located at 421 McMullen Booth Road has been foreclosed and is scheduled for sale by public auction on November 12. The property is improved with a single family residential structure. The parcel would be a strategic acquisition for the City's Parks and Recreation Department.
This parcel is adjacent to the Del Oro Park and the Ream Wilson Trail's McMullen Booth Overpass. This parcel will provide for both parking and a trailhead for the Ream Wilson Trail and the Courtney Campbell Causeway Trail (less than 1 mile away). It will also serve as much needed overflow parking for Del Oro Park and Eddie C. Moore Softball Complex.
Funding for future parking and trailhead amenities will come from Penny funds in Bicycle Paths (CIP315-93272) in Fiscal Year 2016/17.
Staff has obtained a title commitment on the property showing that conditions with respect to title are acceptable. An appraisal was performed on the property by Nash and Associates Appraisal Services, Inc. The appraised value of $215,000 is equal to the not-to-exceed bid amount requested by staff. Total expenditures not to exceed $235,000 include the bid price along with typical closing costs, fees associated with the auction process, title insurance and demolition of the existing structure.
The estimated expenses are as follows:
Not-to exceed purchase price (appraised value) $215,000
Registry of Court Fee (3% of purchase price) $6,450
Electronic auction fee $49
Title Insurance $1,150
Appraisal $350
Other closing costs $2,000
Demolition $10,000
TOTAL EXPENDITURES NOT TO EXCEED $234,999
This item supports the City's Strategic Vision to provide quality facilities (Ream Wilson Trail, Del Oro Park) and provide safe access for persons using the trail systems in Clearwater.
APPROPRIATION CODE AND AMOUNT:
A first quarter budget amendment will transfer $235,000 of Recreation Land impact fees from the Special Development Fund into project 315-93133 Park Land Acquisition to fund this contract.
USE OF RESERVE FUNDS:
N/A