AGENDA ITEM REPORT
TITLE:
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AN ORDINANCE APPROVING THE EXCHANGE OF REAL PROPERTY AGREEMENT AND APPROVING THE PURCHASE AND SALE OF REAL PROPERTY DESCRIBED THEREIN BY AND BETWEEN THE CITY OF COCONUT CREEK AND GSR RE PARTNERS, LLC, FOR REAL PROPERTY DESCRIBED AS BLOCK 15A OF THE MAINSTREET @ COCONUT CREEK DEVELOPMENT, AS FURTHER DESCRIBED IN EXHIBIT “1” TO EXHIBIT “N,” ATTACHED HERETO, WHICH IS COMPRISED OF APPROXIMATELY 6.1355 ACRES TO BE CONVEYED BY CITY TO GSR AND BLOCKS 12A, 12B, 13, AND CIVIC NODE CIRCULATION OF THE MAINSTREET @ COCONUT CREEK DEVELOPMENT, AS FURTHER DESCRIBED IN EXHIBIT “3” TO EXHIBIT “N,” ATTACHED HERETO, WHICH IS COMPRISED OF APPROXIMATELY 5.732 ACRES TO BE CONVEYED BY GSR TO CITY AND AUTHORIZING THE MAYOR TO EXECUTE THE AGREEMENT. (FIRST READING)(FIRST PUBLIC HEARING)
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BACKGROUND:
On September 22, 2022, the City Commission gave direction to the City Manager to conduct due diligence regarding the potential exchange of real property known as Blocks 15A and 12A, 12B, 13, and Civic Node Circulation of the MainStreet @ Coconut Creek Development for the purpose of increasing recreational opportunities in the City and providing space for a recreational complex, amphitheater, and public parking garage in the MainStreet Project Area (MSPA).
DISCUSSION:
Pursuant to Sections 310 f. and 310 g. of the City’s Charter, an ordinance is required to convey any lands owned by the City and to acquire any real property by purchase. According to the Exchange of Real Property Agreement (Exhibit “N”), the City intends to convey an approximately 6.1355 acre parcel to GSR RE Partners, LLC (GSR) for residential and parking use, while GSR intends to transfer four (4) parcels, with a total of 5.732 acres, to the City for public facilities. This agreement also facilitates the transfer of a small 719.39 square foot parcel from the Florida Department of Transportation (FDOT) to the City. The transaction is structured as an equal-value exchange based on appraised values and offset by GSR's commitment to complete specific infrastructure improvements for the City, secured by performance bonds. GSR is also responsible for environmental remediation on its parcels that it is conveying to the City, which will occur after closing. The Exchange of Real Property Agreement outlines detailed procedures for closing, title, and default, with closing anticipated by September 18, 2025. If GSR fails to acquire its parcels by December 31, 2025, the agreement will terminate automatically.
RECOMMENDATION:
Staff recommends approval of this ordinance.
FISCAL IMPACT:
REVENUES: N/A
EXPENDITURES: N/A
BUDGETED? Yes
NOTES: The land swap is a targeted catalyst for economic growth, aligning underused assets with new investment. Through a well-structured partnership, the transaction achieves a net-zero cost while unlocking sites for jobs and an expanded tax base.