Title
Contract for Purchase and Sale of Real Property - Laurel Ridge Acquisitions, LLC (B)
This item seeks City Commission approval of a Contract for Purchase and Sale of Real Property within the City of Gainesville’s Airport Industrial Park.
Explanation
In May, 2022, staff was approached by an agent with a Purchase and Sale Agreement on behalf of Laurel Ridge Acquisitions LLC regarding the acquisition of 6.3 acres of land in the Airport Industrial Park.
The Buyer is planning to build a 25,000 - 30,000 SF warehouse that will serve as a distribution center for wholesale roofing supplies (this is a local roofing supply company currently located in the Northwood Industrial Park).
This location will employ 20-30 people (possibly an additional 10 jobs net) with an average wage of $20/hr. Monthly sales at the location will be in the range of $1.5 million of which nearly all will generate additional revenue in the form of sales tax. There may be room to build a second warehouse of similar size on a speculative basis without a current tenant lined up. It would be expected that a similar number of people would employed at this location as well.
The Gainesville Alachua County Regional Airport Authority (GACRAA) was provided with an initial briefing on the proposed contract at their June 23, 2022 regular meeting.
As is the case with other surrounding properties, the subject property has been signed as available for purchase for several years and per agreement between the City of Gainesville and GACRAA and therefore it has been competitively placed per the City Commission’s existing Real Estate policies.
Proposed terms of the Contract are as follows:
Purchase price of $244,000 (per appraisal) for 6.3 acre to Gainesville Regional Airport
$10,000 initial deposit
Acceptable Title/Survey by Buyer
City/Airport approval of proposed development plan and building permits
180 day due diligence period (with up to 90 day extension)
Closing to occur 30 days followi...
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