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A RESOLUTION APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE A CONTRACT FOR SALE AND PURCHASE BETWEEN NATIONAL RETAIL PROPERTIES LP AND THE CITY OF POMPANO BEACH FOR THE PURCHASE OF PROPERTY LOCATED AT 2671 N. FEDERAL HIGHWAY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $1,800,000)
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(Staff Contact: Cassandra LeMasurier)
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Summary Explanation/Background:
Property owner National Retail Properties LP has indicated a desire to sell the property located at 2671 N Federal Highway to the City of Pompano Beach for $1.8 million. The property is a 42,385 square foot lot, zoned B-3, with a parking lot and 5,872 square foot building which was formerly a Denny's restaurant.
The City intends to use the property to increase the site area for the Charlotte J. Burrie Civic Center which is being constructed at 2669 N Federal Highway, directly south of the property to be purchased. Purchase of this property will almost double the site size for the Civic Center from 46,688 to 89,073 square feet. This will allow for an additional 35 parking spaces, a covered shaded area at the north entrance of the building, a landscaped play area for children and a second entrance and exit for vehicular traffic as shown on the conceptual plan included as backup for this item.
An appraisal has been completed to verify the City is purchasing the property at or less than the appraised value. Staff is requesting City Commission approval to enter into a purchase contract with National Retail Properties LP for $1,800,000.00 to purchase the property located at 2671 N Federal Highway.
Origin of request for this action: Staff
Fiscal impact and source of funding: $1,800,000 from account 001-9910-599.61-00 with the attached budget adjustment
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?Strategic Plan Initiative
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Goal 1 Preferred Place to Live
Item 2. Build livable neighborhoods with quality infrastructure
I...
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