AGENDA ITEM REPORT
TITLE:
title
AN ORDINANCE AUTHORIZING THE SALE OF REAL PROPERTY PURSUANT TO THE ATTACHED AGREEMENT BETWEEN THE CITY OF COCONUT CREEK, AS SELLER, AND VISTA GARDENS BALLROOM, LLC, AS PURCHASER, FOR REAL PROPERTY DESCRIBED AS TRACT A-1 BUFFER TOGETHER WITH TRACT “A,” ACCORDING TO THE PLAT OF “JANIS PLAT,” AS RECORDED IN PLAT BOOK 174 AT PAGE 18 OF THE PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA, LESS AND EXCEPT THE NORTH 260 FEET OF SAID TRACT “A;” AND AUTHORIZING THE CITY MANAGER, OR DESIGNEE, TO EXECUTE THE ATTACHED AGREEMENT. (SECOND READING)(PUBLIC HEARING)
body
BACKGROUND:
This item was approved on First Reading at the January 9, 2020, City Commission Meeting.
On March 5, 2019, the Broward County Commission awarded a Broward Redevelopment Program (BRP) grant in the amount of $1,000,000 to the City of Coconut Creek. The grant from Broward County was specifically for the redevelopment of Hillsboro Boulevard and prioritized property acquisition of a substandard parcel (subject property) for the purpose of assemblage with the existing Deenie’s Hideaway property for economic development purposes.
On May 9, 2019, the City Commission gave direction to the City Manager, or her designee, to conduct due diligence regarding the potential acquisition of the subject property for the purpose of increasing recreational opportunities in the City and revitalizing the Hillsboro Boulevard Corridor.
On May 15, 2019, the City, through then City Manager Mary Blasi, entered into an option purchase agreement to purchase the subject property located along West Hillsboro Boulevard, Coconut Creek, Florida 33073, specifically, property identification number 4842 06 33 0010, subject to final City Commission approval by ordinance.
On July 11, 2019, the City Commission approved Ordinance 2019-011, approving the purchase of the property, and over the last several months, staff has been working with the adjacent property owner, Vista Gardens Ballroom, LLC, who intends to redevelop the parcel with an event space, satisfying the grant award from Broward County related to economic development.
DISCUSSION:
Most recently, staff has been negotiating a sales agreement for the subject property to Vista Gardens Ballroom, LLC (buyer), which will ensure that certain conditions are met by the buyer. Specifically, prior to closing, that the buyer receive final development approvals, including plat, rezoning, special land use, and site plan from the City. Further, that the buyer grant an easement in a form acceptable to the City across the subject property sufficient to construct the required pedestrian amenities along Hillsboro Boulevard. Finally, that the buyer has been issued a final certificate of occupancy for the event space within thirty six (36) months after closing.
Adoption of the ordinance will accept and approve the sales agreement for the subject property to Vista Gardens Ballroom, LLC for $400,000.00, pursuant to the terms and conditions of the agreement. The agreement provides for $200,000.00 of the net proceeds due to the City at closing be held in escrow. When the buyer has met all conditions and obligations specified in the agreement, the full amount of the escrow proceeds shall be disbursed back to the buyer.
RECOMMENDATION:
Staff recommends approval of this ordinance.
FISCAL IMPACT:
REVENUES: $ 200,000.00
EXPENDITURES: $ 0
BUDGETED: No
NOTES: Revenues will be credited to Account 01-V38430, Sale of Land.