Title
Contract for Purchase and Sale of Real Property - Airport Industrial Park (B)
This item seeks City Commission approval of a Contract for Purchase and Sale of Real Property in the City’s Airport Industrial Park to facilitate the relocation of a small package and sorting distribution center.
Explanation
On February 7, 2019, the City Commission directed that staff prepare a Contract for Sale and Purchase of Real Property for property in the City’s Airport Industrial Park (AIP) based upon a Letter of Interest received by staff on December 21, 2018.
The proposed acquisition of the subject property (Parcel ID # 08162-006-000) would be to facilitate the relocation and development of a new small package and sorting distribution center.
Proposed terms of the Contract are as follows;
1. Purchase price of $296,000 for the 8.45 acre lot (Lot #6) or $35,000 per acre
2. Acceptable Title/Survey
3. City/Airport approval of proposed site plan and building permits
4. Seller agrees to indemnify Buyer for pre-existing environmental condition
5. 150 day due diligence period (with up to two 60 day extensions)
6. Closing to occur 30 days following due diligence period
7. Reverter provision requiring project commencement
In terms of background, the City of Gainesville over time has sold property fee simple in the Airport Industrial Park to assist in retaining, expanding and attracting industrial development.
The Airport Industrial Park represents an economic development partnership between the City and Airport and per prior agreement proceeds of the sale of property go to the Airport with the City benefitting from proceeds derived from increases in ad valorem revenue over time associated with development of the property and the related creation of jobs.
The development of the subject property would be in keeping with the City’s development review process/procedures and the recorded Airport Industrial Park Deed Restrictions. The Gainesville Alachua County Regional ...
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