11-15-1999
Agenda/eRA
11-15-99
AGENDA
Community Redevelopment Agency Meeting
Monday - November 15, 1999
1 . Call to Order
2. Approval of Minutes: 10/18/99
3. Authorize staff to exercise the Option to Purchase the Dimmitt property (two parcels,
3.48 acres) fronting on Cleveland Street, and conduct inspections, tests,
environmental & any other investigations to determine suitability for intended use of
the property
4. Executive Director (Assistant City Manager) Verbal Reports
5. Other Business
6. Adjourn
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Clearwater
Community Redevelopment
Agency
Agenda Cover Memorandum
\VO,k303ion lIe", H.
C f2.A f"'tTmi Agenda Item # :=3
Meeting Date: _I \ . l5. '1 Cf
SlJBJECT/RECOMMENDA liON:
Authorize staff to exercise the Option to Purchase the Dimmitt property (two parcels 3.48 acres) fronting
on Cleveland Street at a cost not to exceed $1,189,818.00 plus closing costs of approximately
$2,000.00; conduct inspections, tests, environmental and any other investigations to determine the
suitability for the intended use of the property; and authorize an intergovernmental loan between the
CRA and the City to provide funding to purchase the property, such loan to come from the City's Central
Insurance Fund at a term not to exceed ten years, at the cash pool interest rate.
[g] and that the appropriate officials be authorized to execute same.
SlJMMARY:
. On December 10, 1998, the City Commission approved the purchase of real property known as the
Dimmitt Property for the Town Pond Retention Project. Additionally, the City Commission approved
the Option to Purchase parcels A & B of the Dimmitt Property (see attached map); this is the property
fronting on Cleveland Street.
. The first option had no cost to the City and ran for 180 days. On June 3, 1999, the CRA Board of
Trustees approved an additional six month period (at a cost of $50,000 to the CRA) giving the CRA
more time to market the property. The Option to Purchase date expires December 5, 1999.
. The CRA must notify the Seller prior to December 5, 1999, of its intent to exercise the Option to
Purchase, or the option terminates.
. On October 18, 1999, the CRA authorized the issuance of a Request for Proposals and
Qualifications; On October 21, 1999, the Commission supported the authorization of issuing the
RFP/Q. The RFP/Q solicits proposals and qualifications for commercial, office residential and mixed
land uses. Responses are required to be submitted by November 22, 1999, at 4:00 p.m.
. Upon authorization by the CRA and the City Commission to exercise the Option to Purchase, the
CRA has sixty days to conduct inspections, tests, environmental and any other investigations to
determine the suitability for the intended use of the property. Upon a positive conclusion of the
inspection process, the CRA has thirty days to close on the property.
. The agreement allows the assignment of the Option to Purchase to a proposed developer, or the CRA
may purchase the property for land banking purposes. The cost of the two parcels is $ 1 ,189,818.00.
Reviewed by:
legal
Budget
Purchasing
Risk Mgml.
IS
AQ.1
Other
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NfA
NfA
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Originating Department:
Economic Devel~nt Team
User Departmen~
Costs:
Tolal
Commission Action:
o Approved
o Approved with Conditions
o Denied
o Continued to:
Currenl Fiscal Year
City Manager
o Printed on recycled paper
, Advertised:
Date:
Paper.
o Not Required
Affected Parties
o Notified
o Not Required
Funding Source:
o Capil,lllrnprovemenl:
o Oper.lling:
o Olher:
Attachments:
Submitted by:
Appropriation Code
Map
o None
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