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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE A CONTRACT FOR SALE AND PURCHASE BETWEEN THE CITY AND P.I.W. RESTAURANT, INC. IN THE AMOUNT OF $840,000 FOR PROPERTY LOCATED AT 201-203 MCNAB ROAD, FOR THE PURPOSE OF SUPPLEMENTING PROPERTY NEGATIVELY IMPACTED BY THE MCNAB ROAD BRIDGE PROJECT, AND TO EXECUTE A LEASE BETWEEN THE CITY AND THE SELLER ALLOWING THE SELLER TO OCCUPY THE PROPERTY UNTIL AUGUST 31, 2021; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $840,000)
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(Staff Contact: Cassandra LeMasurier)
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Summary Explanation/Background:
Property owner P.I.W. Restaurant, Inc. has indicated a desire to sell the property identified as Broward County Property Appraiser (BCPA) folio 494201000720 (“P.I.W. property”), located at 201-203 E McNab Road, Pompano Beach, FL 33060 to the City of Pompano Beach for $840,000.00, which is just under 5% over the appraised value. The property is a 1,139 square foot building operated as the Cypress Nook Restaurant and an 864 square foot residential unit on a 16,517 square foot lot, zoned Residential Multi-Family 20 (RM-20). The BCPA information and aerial of the property is included as Exhibit 1 in the agenda backup.
The purchase of this property is needed due to the McNab Road bridge replacement approved G.O. Bond Project. Florida Department of Transportation (FDOT) regulations require that the bridge be elevated a minimum of four (4) feet. The elevation of the bridge will result in a change to the off-ramp design of the bridge and necessitate relocation of access to certain private properties that abut McNab Road, specifically the southern parking area of the Cypress Landing Condominiums located directly east of the P.I.W. property. The structures on the P.I.W. property will be demolished so parking with access to McNab Road can be provided to the Cypress Landing Condominiums. A rendering showing a conceptual parking design is included as Exhibit 2. The appraisal is included as Exhibit 3.
Origin of request for this action: Staff
Fiscal impact and source of funding: $840,000.00 from General Fund fund balance with attached budget adjustment.
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