Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Sale Of City-Owned Property Located At 1936 Garfield Street, To Wales Village, Inc. In The Amount Of $165,000.00; Authorizing The Appropriate City Officials To Execute The Residential Contract For Sale And Purchase Along With A Warranty Deed.
Body
Staff Recommends Approval of Attached Resolution.
Explanation:
On April 3, 2015, the City acquired the real property located at 1936 Garfield Street consisting of a duplex residence from Sean Cononie by Special Warranty Deed.
On November 15, 2017, the City Commission passed and adopted Resolution No. R-2017-330 which approved and authorized the issuance of Blanket Purchase Order No. B003071 with Real Estate Asset Disposition Corp. ("READ") to provide real estate services to the City.
City staff determined that READ would market the Garfield Street property for sale and it would be sold "As Is" with all closing costs to be paid by the buyer.
READ's efforts have resulted in receipt of an offer to purchase the property "As Is" from Wales Village, Inc. of Hollywood, Florida, in the amount of $165,000.00, along with an initial deposit in the amount of $5,000.00 from the Buyer. A copy of the "As Is" Residential Contract for Sale and Purchase is attached.
Pursuant to Section 13.01(a), of the City Charter, entitled Sale of City-Owned Real Property, any property which the city proposes to sell or otherwise dispose of must be appraised by one (1) independent, qualified appraiser. If the appraiser values the property in excess of two hundred fifty thousand dollars ($250,000.00), a second independent appraisal is required. If the two appraisals differ by more than 25%, a third independent appraisal is required.
An independent appraisal of the property was conducted on July 28, 2017 by The Urban Group, Inc., and the appraised valued of the property in its "As Is" condition was determine...
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