title
AIRPORT INDUSTRIAL PARK SALE OF PROPERTY (B)
A Resolution of the City Commission of the City of Gainesville requesting release of certain real property from certain terms, conditions, reservations, obligations and restrictions contained in or referred to in existing grant agreements and instruments of transfer as they may relate to the property for purposes of sale and agreeing to use proceeds of such sale for developing and improving the Gainesville Regional Airport; and providing an immediate effective date.
recommendation
The City Commission adopt the proposed resolution.
explanation
On April 24, 1995, the Gainesville-Alachua County Regional Airport Authority (GACRAA) and the City of Gainesville entered into a Real Property Purchase Option Agreement with the Kenneth O. Lester Company (KOLC), related to land in the Airport Industrial Park. On April 14, 1997, the agreement was amended to revise the total acreage included in the option agreement and to reduce the number of acres that must be purchased in each option period. KOLC purchased 2.01 acres of the optioned property on July 28, 1998, and subsequently expanded their distribution center. Subsequently, KOLC purchased an additional 3.0 acres of the optioned property. Pursuant to the option agreement, KOLC has exercised their final option to purchase 3.72 additional acres to provide room for further expansion. Prior to completing a sale, a Deed of Release must be obtained from the FAA. As part of that process, resolutions are required from GACRAA and the City of Gainesville requesting the release, identifying the purpose of the sale and agreeing to use the proceeds of such sale for developing and improving the Airport. Following receipt of the Deed of Release from the FAA, the real estate closing will be accomplished.
GACRAA adopted a similar resolution on March 14, 2002, recommending the sale for the same reasons and under the same conditions. Although the City Attorney's Offi...
Click here for full text