Title
City Parking Lot # 10 - Contract for Sale and Purchase (B)
This item involves requesting City Commission approval regarding the contract for City Parking Lot # 10.
Explanation
Staff released a Request for Proposals (RFP) for Lot #10 on September 20, 2017 and received three (3) proposals of which two (2) were invited to participate in final oral presentations which were held in December, 2017.
Staff evaluators found both final proposals strong and substantive in their own right as each pursued the goals of the RFP albeit in a different manner. Staff recommended the following ranking:
1) EDA Engineers-Surveyors-Planners, Inc.
2) Concept Construction Inc., a subsidiary of Concept Companies, Inc.
The purchase price offered for Lot #10 by EDA Engineers-Surveyors-Planners, Inc. is $2,340,000 which is based upon the latest market appraisal. The second ranked proposal offered a purchase price of $750,000 based upon comparable sales in the area.
On January 18, 2018, the City Commission directed staff to enter into contract negotiations with EDA Engineers-Surveyors-Planners, Inc. and 1+1=3 of Gainesville, LLC for development of City Parking Lot #10 into a mixed use hotel and restaurant use.
On August 18, 2018, the City Commission reviewed the status of contract negotiations and provided the following staff direction:
· Authorize staff to go back and complete negotiations with 1+1=3 of Gainesville, LLC to create an escrow account up to 20% of the purchase price, with clearly defined conditions on how that escrow could be accessed
· Do not pursue the funding of storm water utility fees
· In the future, discuss with RTS the optimal placement of the existing bus shelter
· Work with the developer on diversity in artwork displayed
Since receiving that direction, staff has further negotiated and reviewed several iterations of a proposed contract with the project developer whose features at this juncture are as follows:
· Purchase price of $2,340,000 (th...
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