Title
Execution of Lot 10 Option Agreement (NB)
Explanation
On September 15, 2008, the CRA formally rescinded agreements associated with the proposed Gainesville Greens project and approved a project scope for the issuance of a new RFP at Lot 10. At that time the CRA also authorized the Executive Director to negotiate and enter into an option agreement with the City for Lot 10. On October 16, 2008, the City Commission considered the issue and authorized the City Manager to obtain an appraisal on Lot 10 and to negotiate an option and purchase agreement with the CRA.
An appraisal was subsequently obtained, identifying the value of the property as $500,000. The City and the CRA have negotiated an option contract for the purchase and sale of land for Lot 10, with a purchase price of $500,000 (the appraised value). The option shall expire two years following its effective date.
Execution of the option agreement is one of the final elements required to issue the new RFP for redevelopment at Lot 10. CRA staff is working closely with the Attorney and with the City of Gainesville Purchasing Department in order to have the RFP "on the street" by the end of the month.
Fiscal Note
None at this time.
Recommendation
CRA Executive Director to the CRA: Authorize the Executive Director to execute the option contract for the purchase and sale of land at Lot 10.