Title
Request to Purchase Property Located at 1503 NE 8th Avenue (B)
Explanation
Traffic improvements are needed at the intersection of NE 8th Avenue and NE 15th Street. Any improvements to this intersection will require additional right-of-way. To that end, City staff has negotiated with Issac and Gloria Bethea to acquire their property located at 1503 NE 8th Avenue and known on the Property Appraiser's Records as Tax Parcel 11005-000-000.
This parcel was appraised on February 5, 2003 for $54,000. In early summer of 2004, Mr. Michael Adnot, the original appraiser, recommended that an inflation factor of 6% be used to make the appraisal current. This would yield a current appraisal of $57,240. The Bethea's have agreed to sell the property to the City for $57,250.
Fiscal Note
The adopted FY 2005 General Capital Projects Fund budget includes $57,250 for the purchase of this property.
Recommendation
The City Commission: 1) approve the acquisition of Tax Parcel 11005-000-000 located at 1503 NE 8th Avenue from Issac and Gloria Bethea in the amount of $57,250; 2) authorize the Interim City Manager to prepare and execute a Purchase and Sale Agreement for the purchase of Tax Parcel 11005-000-000 from Issac and Gloria Bethea; and 3) authorize the Interim City Manager to prepare a Warranty Deed to convey the property from Issac and Gloria Bethea to the City of Gainesville.