Title
Release of Reverter Clause to Edwin Dix (B)
Explanation
In 2000, the City transferred property along Williston Road just west of Lincoln Middle School, to Edwin Dix. The property was appraised for and sold at $53,000. The deed included a reverter clause that the property would revert to the City, with the purchase amount returned to the purchaser, if it were not developed for a day care facility within a specified time period. A full chronology of the transaction is provided in the backup.
At this time, Mr. Dix desires to develop the property as mixed-income residential, and the City has rezoned the property to residential. In order for the development to move forward, the City will need to execute a quitclaim deed releasing the reverter language in the original deed.
Fiscal Note
None
Recommendation
The City Commission authorize a quitclaim deed to Edwin Dix for tax parcel number 15800-000-000, including a release of the reverter language in the original deed, and authorize the Mayor to execute the quitclaim deed and any other required documents.