Title
Heartwood Home Sales (NB)
Explanation
The Heartwood neighborhood currently has four market-rate homes under contract and the closing dates are approaching. The market-rate buyers have executed a purchase and sales agreement with the City. This contract requires a construction contract to be executed between the buyer and the builder within 45 days of the effective date of the purchase and sales agreement.
The closing process requires City Commission authorization for the City Manager and Mayor to execute required documents, and the terms are defined below in the recommendation. A reverter provision was also added to provide a path for cash buyers.
Strategic Connection: This project is connected to Goal 3: A Great Place to Live and Experience, and Goal 4: Resilient Local Economy in the City’s Strategic Plan and is a high priority item.
Fiscal Note
None.
Recommendation
For closing on the sale and conveyance of all City lots in the Heartwood Subdivision: 1) authorize the City Manager or designee to execute the contract for sale and purchase of real property, and addendums thereto, and all other closing related documents (e.g., settlement statements, closing agreements, affidavits, etc.) subject to the review and approval of the City Attorney’s Office as to form and legality. 2) authorize the Mayor, or designee, to execute and deliver, and the City Clerk, or designee, to attest the Special Warranty Deed conveying fee simple title in and to the City lots; 3) authorize and direct pursuant to 270.11, Fla. Stat. that the Special Warranty Deeds include a release and discharge of all of the City’s oil, gas, and mineral rights in such lots; and 4) authorize and direct for cash purchases of vacant lots that the Special Warranty Deeds reserve an option to exercise a right of reverter if within 18 months following the lot closing date, a certificate of occupancy for a single-family residence has not been issued for the subject lot.