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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, GACRAA and the City of Gainesville entered into a Real Property Purchase Option Agreement with the Kenneth O. Lester Company (KOLC), related to the 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. Pursuant to the option agreement, KOLC has exercised their option to purchase 3.0 additional acres to provide room for a further expansion. Prior to completing a sale, a Deed of Release must be obtained from 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 FAA, the real estate closing will be accomplished.
GACRAA is scheduled to adopt a similar resolution on November 9, 2000, recommending the sale for the same reasons and under the same conditions. Although the City Attorney's Office no longer represents the Airport Authority, the City Attorney has examined the underlying documentation on behalf of the City as ow...
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