Title
ORDINANCE NO. 24O-02-108: AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF LAUDERHILL APPROVING THE COMMERCIAL CONTRACT AMONGST THE CITY OF LAUDERHILL, THE LAUDERHILL COMMUNITY REDEVELOPMENT AGENCY, AND TOBOLSKI, LLC. FOR THE PROPOSED PURCHASE OF THE COMMERCIAL REAL ESTATE LOCATED AT 1451 N.W. 31ST AVENUE, LAUDERHILL, FLORIDA INCLUDING THE EQUIPMENT AND FIXTURES IN THE AMOUNT OF $2,150,000.00 PLUS THE SELLER’S CLOSING COSTS CONTINGENT UPON THE RESULTS OF THE DUE DILIGENCE AND ENVIRONMENTAL STUDY; AUTHORIZING THE CITY MANAGER, CRA EXECUTIVE DIRECTOR, AND CITY ATTORNEY TO NEGOTIATE ANY MODIFICATIONS DEEMED NECESSARY DEPENDING UPON THE RESULTS OF THE DUE DILIGENCE AND ENVIRONMENTAL STUDY FINDINGS; PROVIDING THAT THE CITY MANAGER AND CRA EXECUTIVE DIRECTOR ARE AUTHORIZED TO EXECUTE ANY DOCUMENTS NECESSARY TO GIVE EFFECT TO THIS ORDINANCE; PROVIDING FOR AN EFFECTIVE DATE (REQUESTED BY CITY MANAGER, DESORAE GILES-SMITH).
Body
Request Action:
An Ordinance approving the Commercial Contract for Purchase between the City of Lauderhill, the Lauderhill Community Redevelopment Agency (CRA) and Tobolski, LLC for the proposed purchase of the commercial real estate located at 1451 N.W. 31st Avenue, Lauderhill, Florida including the equipment and fixtures in the amount of $2,150,000.00 plus the Seller's closing costs contingent upon the results of the due diligence and environmental study.
Need:
To approve the Commercial Contract for a proposed purchase of commercial real estate located at 1451 N.W. 31st Ave.
Summary Explanation/ Background:
The City of Lauderhill, in conjunction with the Lauderhill Community Redevelopment Agency (CRA), have proposed to purchase the commercial real estate located at 1451 N.W. 31st Avenue, Lauderhill, Florida including the equipment and fixtures in the amount of $2,150,000.00 plus the Seller's closing costs contingent upon the results of the due diligence and environmental y. If the results are not favorable, the City and CRA will have the right to terminate and have any deposits returned to it. The City Manager has the authority to sign any documents necessary to give effect to this Ordinance. The acquisition will also include the assignment of the business leases on premises which will result in an additional source of income to the City/CRA.
Attachments:
Commercial Contract
Letter of Intent from CRA
Cost Summary/ Fiscal Impact:
$2,150,000 plus Seller's costs of closing
Estimated Time for Presentation:
Master Plan:
Goal 1: Clean, Green Sustainable Environment
[ ] Increase mass transit ridership [ ] Reduce City energy consumption
[ ] Reduce water consumption
Goal 2: Safe and Secure City of Lauderhill
[ ] Crime in lower 50% in Broward [ ] Residents feel safe in neighborhood
[ ] Reduce emergency fatalities
Goal 3: Open Spaces and Active Lifestyle for all ages
[ ] Increase participation in youth sports [ ] Add new park land and amenities
[ ] Increase attendance at cultural programs and classes
Goal 4: Growing Local Economy, Employment and Quality of Commercial Areas
[ ] Increase commercial tax base [ ] Increase employment in Lauderhill businesses
[ ] Decrease noxious and blighted uses in commercial areas
Goal 5: Quality Housing at all Price Ranges and Attractive Communities
[ ] Neighborhood signs and active HOAs [ ] Housing & streets improved, litter reduced
[ ] Increase proportion of single family homes and owner occupied housing
Goal 6: Efficient and Effective City Government, Customer Focused & Values Diversity
[ ] Improves City efficiency [ ] Increase use of Information Technology
[ ] Increases residents perception of Lauderhill as an excellent place to live