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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 OF POMPANO BEACH AND OT PROPERTY GROUP, LLC, FOR THE PURCHASE OF PROPERTY LOCATED AT 134 NE 3RD STREET; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $5,000,000 - Parking Fund)
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(Staff Contact: Cassandra LeMasurier)
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Summary Explanation/Background:
Staff is requesting City Commission approval of a contract for purchase of the property located at 134 NE 3 Street, Pompano Beach, FL 33060, further identified as Broward County Property Appraiser ("BCPA") folio 484235250080), from OT Property Group, LLC, ("Seller") for $5,000,000, for use as public parking to meet the parking demand in Old Town.
The property is a 40,757 sq. ft. vacant lot, located on the west side of NE 2nd Avenue between NE 2nd Street and NE 3rd Street. It is zoned Transit-Oriented within the Downtown Pompano Beach Overlay District (TO/DPOD) with a Use Designation of Mixed-Use Residential (MUR), a Density Designation of Residential Required 36 - 80 dwelling units per acre (RR 36-80) with a maximum height of 105 feet.
The City has obtained two (2) independent appraisals that range in fair market value from $5,200,000 to $6,100,000. The Seller has also obtained an independent appraisal valuing the property at $6,100,000. The purchase price of $5,000,000 is under the appraised fair market value.
The property would be used in the short-term as a surface parking lot with up to 85 parking spaces, with the final development proposed to be a structured parking garage to provide public parking.
Origin of request for this action: Staff
Fiscal impact and source of funding: $5,000,000 - Parking Fund Budgetary Retained Earnings.
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