Title
Extension of Two Year Reverter Clause and Change in Ownership - Lot #22 Airport Industrial Park (B)
This item requests an extension via Resolution by the City Commission to the two year reverter clause applicable to development and construction and a transfer of ownership on Lot #22 in the Airport Industrial Park.
Explanation
On September 12, 2005, the City Commission approved sale of Lot #22 in the Airport Industrial Park to J.A. Beguiristain Holdings, Inc. in the amount of $176,225.00. Lot 22 is located adjacent to the southwest of the existing Nordstrom's property and consists of approximately 5.3 acres. A deed of conveyance was executed by the City on November 2, 2005 with closing on the property taking place on November 4, 2005.
In addition to the J.A. Beguiristain Holdings Inc. entity, Mr. Jose Beguiristain is currently owner and operator of B-Line Apparel, a Miami based corporate wearable and custom apparel company in operation for ten years, and owns property in the Airport Industrial Park identified as the former American Poly-Steel Building. B-Line offers custom apparel manufacturing; private labeling; in-house screen printing and embroidery; a creative art department; and, a related staff of sales associates. A University of Florida alumnus and homeowner in the Duck Pond area, his stated intention has been to develop multi-flex space light industrial inventory for his business and others in the greater Gainesville area.
At the time, the Purchaser's stated intention was to develop a portion of the B-Line Apparel business in the area as well as additional light industrial space to fill gaps in the area's light industrial building and land inventory.
Since sale of the property, Mr. Beguiristain has been working on development options however, due to recent volatility in the real estate market, a financial hardship associated with the failure of a former partner to meet previously stated financial hardships and challenges associate...
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