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Community Redevelopment Agency September 12, 2013 Page 2 of 4 He said that Mr. Triece has determined the following: 1. After several failed attempts to connect with Young's Auto (Cochran's) and the Savoie property (Fox Glass) indications are that they are most likely not interested in selling. 2. The optimal window to purchase property on State Road 436 may be during the construction phase of the flyover. 3. The Morse property on the east side of US Highway 17/92 (Casselberry Meat Market) is available for purchase at $800.000. The current tenant has a lease until 2021. It is believed that they have the first right to purchase the property upon the expiration of the lease. 4. The Carr property (Floors Direct) is available for $2 million. 5. The church has lowered their asking price from $499,000 to $350,000. Mr. Dudgeon and Mr. Steve Triece, The Triece Company, presented a PowerPoint Presentation (a copy is attached and made a part of the minutes). Mr. Dudgeon said that the purchase prices shown in the presentation are projected costs for the properties. Mr. Triece said that the church property could be used for special purpose, retail or office but the parking is very limited. He said it does have potential for change if it meets the zoning requirements. Mr. Triece explained that the Jarrett property has a small building with 2 tenants that are on a month to month lease basis. He said there is also an adjoining residential lot that has a vacant house that has some asbestos issues, He said he was able to review Ms. Jarrett's recent appraisals and her purchase price is based on the appraised value. Mr. Triece thought that there was some room for negotiation, Mr. Triece said that the Lu Rae Motel property owner purchased the property approximately one year ago for $500.000 and is willing to sell it for $1 million. Mr. Triece urged the CRA Board to consider applying their resources to opportunities with motivated sellers. He said if the Board intends to stay in the market in the future, you don't want to start setting extraordinary high "floors ". A brief discussion ensued regarding the access to sites along US Highway 17/92. Mr. Dudgeon said when the CRA initially engaged in this strategy, it was not to look at parcel by parcel but to look at it holistically in order to acquire and aggregate parcels to alleviate these problems. Mr. Triece felt that there will be some redevelopment at Triplet Lake Drive and Plumosa after the completion of the State Road 436/US Highway 17/92 flyover project. A discussion ensued regarding the Cambridge Oaks outparcel and that there is no direct access from US Highway 17/92. In response to the Board's question regarding the purchase price for Lu Rae Motel, Mr. Triece thought that $600,000 would be a good starting price with the CRA paying all closing costs. Mr. Triece felt that the Lu Rae Motel site had the