SUBJECT
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Approve an Asset Purchase Agreement between Millennial Property Investments Corp., Blue Falcon Operations Corporation and Polk County for the sale of the Rohr Home ($5,000,000 one-time revenue)
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DESCRIPTION
The County is the owner and operator of a 60-bed skilled nursing facility known as the Rohr Home located at 2120 Marshall Edwards Drive in Bartow. In late 2022, the County issued a solicitation seeking bids from licensed nursing home operators interested in purchasing and privatizing the Rohr Home to continue providing these critical services within the community.
Following unsuccessful negotiations with multiple bidders, Millennial Property Investments Corp., a Florida nonprofit corporation, submitted a Letter of Intent to the County on March 14, 2023, proposing to purchase the Rohr Home property and operations for $5,000,000. On March 17, 2023, the Board directed staff to negotiate the sale to Millennial, without further consideration of the remaining bid submittals, based on Millennial’s status as a local nonprofit entity organized for the purpose of owning and, together with Blue Falcon Operations Corporation, an affiliated non-profit entity (collectively, the “Buyer”), operating skilled nursing and long-term care facilities throughout Central Florida for the promotion of community interest and welfare.
The Buyer’s nursing home administrator, Daniel J. Jones, has been licensed since 2011 and has operated facilities in Polk, Orange, Brevard, Hillsborough, and Osceola counties. Mr. Jones is a Bartow native, graduated from Bartow High School in 1995, and is familiar with the local physicians, staff and community. The Buyer will have 60 days following the Effective Date of the proposed Asset Purchase Agreement to make inspections and conclude its due diligence. Closing of the transaction shall occur on the later of 30 days thereafter or 10 days following Buyer’s receipt of the license approvals from the Florida Agency for Healthcare Administration. At Closing, the County will grant an ingress/egress easement to Buyer for access to the property, and the County will retain a utility easement across the property for its fiber optic line(s), both as further described in the proposed agreement.
The County Attorney, Real Estate Services Administrator, and Health and Human Services Director have reviewed the proposed Asset Purchase Agreement and recommend approval.
RECOMMENDATION
(1) Approve the Asset Purchase Agreement between Polk County, Millennial Property Investments Corp., and Blue Falcon Operations Corporation, and (2) authorize the Real Estate Services Administrator to execute, on behalf of the County, closing documents pertaining to the proposed transaction, including, without limitation, affidavits and closing statements.
FISCAL IMPACT
Net proceeds from the sale will be deposited into the General Fund.
CONTACT INFORMATION
Sandra Howard
Deputy County Attorney
863-534-6437
R. Wade Allen
Real Estate Services Administrator
863-535-2275