City of Gainesville - File #: 091062.

• File #: 091062.
• Version: 0
• Name: Proposed Amendment to Airport Industrial Park Restated Declaration of Protective Covenants and Restrictions (B)
• Type: Staff Recommendation
• Status: Passed
• File created: 6/17/2010
• In control: City Manager
• Final action: 6/17/2010
• Title: Proposed Amendment to Airport Industrial Park Restated Declaration of Protective Covenants and Restrictions (B) This item proposes deletion of Article XII, Right of Repurchase, of the Airport Industrial Park Restated Declaration of Protective Covenants and Restrictions.

Date	Ver.	Action By	Action	Result
6/17/2010	0	City Commission	Approved as Recommended	Pass

Title
Proposed Amendment to Airport Industrial Park Restated Declaration of Protective Covenants and Restrictions (B)

This item proposes deletion of Article XII, Right of Repurchase, of the Airport Industrial Park Restated Declaration of Protective Covenants and Restrictions.

Explanation
In August, 2009, staff received a letter from the owner of Lot #22 in the Airport Industrial Park indicating that based upon the unprecedented crisis in the State's real estate market that he would be unable to fulfill his development obligations under the terms of the contract and Airport Industrial Park Restated Declaration of Protective Covenants and Restrictions. As a result, he requested a release of the terms of the reverter and thus the ability to sell the subject property in the private market.

In order to achieve this result, it has been determined by staff that applicable provisions of the Airport Industrial Park Restated Declaration of Protective Covenants and Restrictions, need to be amended, namely deletion of Article XII, Right of Repurchase. Amendment of these Covenants and Restrictions is contemplated within the instrument (it has been done previously) and essentially requires the consensus of Airport Industrial Park owners representing 66 2/3's% of the total acreage of the property.

Staff has received the required authorization of five current owners and presuming City approval a total of 89.5 %of Airport Industrial Park acreage would be achieved overall.

This action is in the City's interest for the following reasons:
· Although ad valorem taxes are being generated on the subject property, there has been no building activity on Lot #22 and this policy action will likely lead to more timely development of a currently vacant site and therefore greater return to the City;
· The owner has indicated an interest in allowing the City to assist with pro-actively marketing the site to a compatible and sought after New "Innovative" Economy enti...