SUBJECT:
Title
Request Approval to Authorize the County Administrator to Execute an “As Is” Residential Contract for Sale and Purchase with Addenda Associated with the SW 49th Avenue - North Phase Road Improvement Project (STC073814) (Budget Impact - Expenditure up to 10% above the approved appraisal amount, surcharge and closing costs as approved in FY 21/22 budget)
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INITIATOR: |
DEPARTMENT: |
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H. Elton Holland, P.E., County Engineer |
Office of the County Engineer |
DESCRIPTION/BACKGROUND:
This is a request to grant the County Administrator authority to execute an “As Is” Residential Contract for Sale and Purchase with Addenda for an early acquisition associated with the SW 49th Avenue - North Phase Road Improvement Project up to the approved appraisal amount, surcharge and closing costs. This is an improved whole take residential parcel consisting of 0.44 acres along with a 1,832 square foot, three (3) bedroom, two (2) bath, single family residence built in 2001, an attached two (2) car garage, two (2) screened porches, a screen enclosed pool, concrete driveway and septic system. This property is involved with a bankruptcy, which includes the sale of the subject property. The final agreement will be reviewed and approved by the County Attorney’s Office prior to County Administrator’s signature.
The final purchase amount will include a Homeowner’s Association Estoppel Fee up to $400 and a surcharge equal to five percent (5%) of the final negotiated purchase price, which is a Bankruptcy Court requirement allowing them to negotiate with other Creditors of the seller to apply towards any outstanding judgments of record. There will be a cost savings to purchase the property through the Bankruptcy Court such as avoiding a private citizen purchasing the property and Marion County acquiring the property from them in the future.
BUDGET/IMPACT:
Expenditure of up to 10% above the appraisal and surcharge (plus closing costs) (STC073814-VJ738541-561301)
RECOMMENDED ACTION:
Recommended action
Motion to approve the form of the “As Is” Residential Contract for Sale and Purchase, and to authorize the Right of Way / Property Manager to submit bids to acquire the subject property up to 10% above the appraisal and surcharge (plus closing costs), and if the County’s bid is accepted, to authorize the County Administrator to sign all documents related to the closing of the transaction.
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