Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Execute The Attached Agreement For Purchase And Sale Between The Community Redevelopment Agency (Purchaser) And The City Of Hollywood (Seller) For Sale Of Former Fire Station No. 40 At 2211 N. Ocean Drive / 327 Nebraska Street Based On A Sale Price Of $1,771,667.00, A Cash Down Payment Of $885,883.50, And A Purchase Money Loan Payable in Two Installments Of $442,916.75 Plus Interest On October 1, 2014 and $442,916.75 Plus Interest On October 1, 2015.
Body
Staff Recommends: Approval of the attached resolution.
Explanation:
The city is the owner of property at 2211 N. Ocean Drive / 327 Nebraska Street formerly used as Fire Station No. 40 and now used for a temporary location by Beach Maintenance / Public Works.
The subject property consists of approximately 5,000 square feet of garage bay and air conditioned work space situated on a +/- 0.58 acre parcel with asphalt parking, concrete walks, and fencing.
Given the age and condition of the building, the highest and best use of the property would be as vacant land for commercial development or part of an assemblage of land for a larger project.
Given the shortage of public parking on the beach, the public and area businesses would be better served by development of a public parking garage on the site rather than a private commercial development.
The city and the Community Redevelopment Agency (CRA) both agree that a public parking garage at Ocean Drive and Nebraska would be highly desirable.
As the first step in the process for a new garage, the city proposes to sell the property to the CRA.
The City's Code of Ordinances Sec. 13.01 Sale of city-owned real property part (a) provides that any property which the city proposes to sell must be appraised by one independent appraiser and if the property value exceeds $250,000.00 a second appraisal shall be required; provide...
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