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Title:
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Donation of Property from White Electric and Battery Service, Inc. for Economic Development Technology Incubator Site -- Tax Parcel No. 11340-000-000; Located at 711 S.E. 21st Street
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Title
Donation of Property from White Electric and Battery Service, Inc. for Economic Development Technology Incubator Site -- Tax Parcel No. 11340-000-000; Located at 711 S.E. 21st Street
Explanation
The subject property is being donated to the City for the purposes of constructing a technology business incubator site in East Gainesville. The Incubator Project was previously approved by the City Commission on June 22, 1998, and approved by the State of Florida as part of the Community Contribution Tax Credit Program, for which the donor is eligible. A fair market valuation has been established by a State certified appraiser, Emerson Appraisal Company, Inc. on October 12, 1998, in the amount of $78,000. This donation is contingent upon the City of Gainesville receiving grant funds from the United States Economic Development Administration for said project. An acceptable environmental audit and soils evaluation have been received. In consideration of this donation, the City has agreed to pay the outstanding 1996, 1997, and 1998 ad valorem taxes and all associated closing costs. This property in conjunction with the acquisition of the adjacent 4.09 acres will constitute the total incubator site necessary to meet all regulatory requirements.
Fiscal Note
Funds for the associated closing costs and unpaid taxes incurred will be paid from the Economic Development Fund in an amount not to exceed $3,000.00.
Recommendation
The City Commission: 1) accept the donation of Tax Parcel No. 11340-000-000 consisting of approximately 4.69 acres owned by White Electric and Battery Service, Inc., a Florida corporation, and surviving corporation of the merger of Gainesville Development Company and White Electric and Battery Service, Inc. as part of the State of Florida Community Contribution Tax Credit Program Project at a fair market valuation of $78,000.00, subject to the City's payment of outstanding ad valorem taxes and closing costs; 2) authorize the City Manager or his designee to execute the appropriate closing documents and necessary Noncash Charitable Internal Revenue Service and State tax credit forms; and 3) authorize the recording of the appropriate closing documents in public records, subject to approval by the City Attorney as to form and legality.