City of Gainesville - File #: 090452.

• File #: 090452.
• Version: 0
• Name: Extension of Two Year Reverter Clause - Lot #22 Airport Industrial Park (B)
• Type: Resolution
• Status: Adopted
• File created: 10/15/2009
• In control: City Commission
• Final action: 10/15/2009
• Title: Extension of Two Year Reverter Clause - 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 Lot #22 in the Airport Industrial Park.

Date	Ver.	Action By	Action	Result
10/15/2009	0	City Commission	Adopted (Resolution) and Approved the Recommendation	Pass

Title
Extension of Two Year Reverter Clause - 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 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. Proceeds of the sale were forwarded to the Gainesville Alachua County Regional Airport Authority (GACRAA) per prior controlling agreement between the City and GACRAA.

In October, 2007, the City Commission extended the terms of the two year reverter for an additional two years to allow the property owner further opportunities to develop the property. In addition, the City Commission approved the ability of the property owner to transfer ownership of the property to a new corporate entity in which he holds a majority interest.
In August, 2009, staff received a letter from Mr. Berguiristain indicating that based upon the unprecedented crisis in the State's real estate market that he would be unable to fulfill his obligations under the terms of the contract and Airport Industrial Park Covenants and Restrictions. As a result, he is requesting a release of the terms of the reverter and potentially the ability to sell the subject property in the private market.
In order to achieve this result, it has been determined that the provision of the original contract, as well as the applicable provisions of the Airport Industrial Park Covenanats and Restrictions, need to be amended. Because this will take some time, it is recommended that the City Commission initially extend the terms of the reverter an a...