Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Execute A Purchase And Sale Agreement, Special Warranty Deed, And Required Closing Documents, And Fund All Related Expenses For The Purchase Of Property Located At 1101 Diplomat Parkway In An Amount Not To Exceed $2,575,000.00; Amending The Fiscal Year 2026 Capital Improvement Plan.
Strategic Plan Focus
Infrastructure & Facilities
Body
Staff Recommends: Approval of Resolution
Explanation:
The Department of Public Utilities operates and maintains the City's stormwater system and continues to proactively implement measures to mitigate the impacts of recurrent flooding. As part of these efforts, the Department initiated a comprehensive Storm Water Master Plan ("SWMP"), which the City Commission adopted on June 18, 2025.
The SWMP identifies priority long-term capital improvement projects. These initiatives demonstrate the City's commitment to coordinated infrastructure planning and to flood mitigation.
Allan Babaian is the owner of 1101 Diplomat Parkway. The property is a .27-acre vacant lot that abuts the DeSoto Waterway. The City has determined that acquiring this property is necessary because it can be used for stormwater mitigation.
The City and Mr. Babaian have determined that the proposed transaction is mutually beneficial and have negotiated a sale price of $2,550,000.00 and the terms and conditions of a Purchase and Sale Agreement. Two appraisals have been obtained.
Inspections, title insurance, and closing fees are estimated not to exceed $25,000.00, exclusive of the purchase price.
Staff is seeking approval to have the appropriate City Officials execute the agreement and related documents for the purchase and to fund all related expenses for the purchase of the property.
The agreement provides for a five-day due diligence period during which the City's $100,000.00 deposit is fully refundable. The closing would occur 20 da...
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