PLACEMENT: Departmental
TITLE:
title
DISCUSSION FOR THE BOARD TO PROVIDE DIRECTION ON NEXT STEPS FOR THE PALM CITY PROPERTY PURCHASED IN OCTOBER 2023
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EXECUTIVE SUMMARY:
executive summary
The purpose of this item is for Board discussion to provide staff direction regarding the property approved for acquisition on October 10, 2023 in Palm City. The Board directed staff to acquire the property for $4,028,000 (which included closing costs) and establish an inter-fund loan from the General Fund as a bridge until a bank loan is secured, which is to be repaid via District 5 MSTU (Municipal Service Taxing Unit) and Old Palm City CRA (Community Redevelopment Agency) Tax Increment Financing (TIF) funds. Additionally, the Board directed staff to review options for public use of the property.
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DEPARTMENT: Administration
PREPARED BY: Name: Don G. Donaldson, P.E.
Title: County Administrator
REQUESTED BY:
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
On August 8, 2023, the Board of County Commissioners (Board) directed staff to negotiate and sign a Contract, with financing options, contingent upon final Board approval for the JAMSZ property located in Old Palm City Redevelopment Area on the North side of SW Martin Highway between SW Palm City School Avenue and Danforth Creek and provides legal access to Oakbrooke Estates via SW Newberry Court. The property borders Danforth Creek, which is a major drainage flow way for Palm City and Palm City Farms.
On October 10, 2023, the Board authorized the purchase of the Palm City parcel and directed staff to fund the purchase utilizing an inter-fund loan from the General Fund as a temporary bridge to a bank loan that was to be repaid by the District 5 MSTU and Old Palm City TIF funds. The anticipated inter-fund loan term is estimated to be five years, with repayment of District 5 MSTU funding for years 1 and 2, and Old Palm City CRA TIF Fund revenues for years 3 through 5.
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