SUBJECT
title
Approve a Land Purchase Agreement between Polk County and Peninsula Residential LLC in conjunction with the Thompson Nursery Road Phase 2 Project. ($382,000 one-time expense)
body
DESCRIPTION
The County has a Community Investment Project to improve Thompson Nursery Road to a four-lane corridor from W. Lake Ruby Drive to US Highway 27 known as Thompson Nursery Road Phase 2. To allow for construction of the roadway, the County will need to acquire additional right-of-way from impacted property owners. The project is in the final stages of the alignment phase and full engineering design for the roadway is forthcoming; however, alternative storm water retention pond sites have been identified for the project. One such pond site alternative is located along the north side of Thompson Nursery Road within the upland portion of the parcel identified as Parcel ID Number 272918-000000-014040 and it was recently discovered that the parcel was listed for sale. The parcel is a trapezoidal shaped parcel containing a total of approximately 6.45-acres of which approximately 3.5 acres is uplands that can be utilized for the stormwater retention pond and the parcel can potentially be utilized for mainline right-of-way for the project.
The County hired an independent appraiser to establish a value for the property and the owner, Peninsula Residential LLC, through the listing agent, rejected the County’s offer. Subsequent negotiations with the owner’s agent, have resulted in a proposed purchase amount of $375,000 for the property. The owner has not incurred any attorney fees or expert costs in conjunction with this acquisition. The County Attorney’s Office and the Real Estate Services Administrator have reviewed the agreement and recommend approval. The alternative of acquiring this parcel in the future through condemnation litigation would result in substantial cost to the County. Approving the Land Purchase Agreement, authorizing the issuance of funds for the purchase and closing costs and hiring American Government Services Corporation to close the acquisition will allow the County to close the transaction and take ownership of the parcel for the project.
RECOMMENDATION
Request Board approve the aforementioned Land Purchase Agreement and authorize the issuance of funds in the amount of $375,000 for the purchase. Also, request Board approve hiring American Government Services Corporation to close the acquisition of the property and approve paying closing costs in the estimated amount of $7,000 for a total amount of $382,000.
FISCAL IMPACT
Funds are budgeted and available for the purchase along with applicable closing costs in the Transportation Trust Fund.
CONTACT INFORMATION
R. Wade Allen, Administrator
Real Estate Services
863-534-2577