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CASSELBERRY CITY COMMISSION Minutes of February 9, 2015 — Regular Meeting Page 7 of 14 A. Resolution 15 -2701 — Contract for Purchase and Sale of 141 Quail Pond Circle, Parcel ID #08- 21- 30- 514 -QB00 -0240 & Related Budget Amendment #15 -024 The City Clerk read Resolution 15 -2701 by title as follows: "A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA APPROVING A CONTRACT FOR PURCHASE AND SALE AGREEMENT BETWEEN ROCKIE AND PATRICIA BROCK AND THE CITY OF CASSELBERRY FOR THE PROPERTY LOCATED AT 141 QUAIL POND CIRCLE; PROVIDING FOR CONFLICTS, SEVERABILITY AND AN EFFECTIVE DATE." Staff Presentation: City Manager Randy Newlon gave a brief overview, explaining that Resolution 15 -2701 was requesting Commission approval to purchase the property located at 141 Quail Pond Circle which was contiguous to the property located at 131 Quail Pond Circle which had previously been purchased by the City. He advised that this was a good opportunity to expand Lake Concord Park. He added that the negotiated price was $205,000; however, the total cost would be approximately $224,100 with the addition of closing costs and consulting fees. He noted that the parcel was approximately 7/10 of an acre in size, was fairly rectangular in shape and very flat, which would lend itself well to the uses the City would anticipate having for it. He advised that both Mr. Steve Triece, the City's real estate advisor who had negotiated the proposed contract, and Mrs. Patricia Brock, one of the current property owners, were both in the audience to address any questions the Commission might have. Budget Impact: The approval of this Contract for Purchase and Sale has a budgetary impact for the City of Casselberry. The purchase price for the property is $205,000. Closing costs are estimated to be an additional $15,000 and $4,100 for other consulting services. The total budget for this acquisition is $224,100 and it will be charged to the Land Account for the Parks and Facilities Division (001- 0410 - 572.61 -07). The source for funding will be General Fund -Fund Balance Reserve. BA #15 -024 Explanation of Request: This item seeks City Commission approval for the acquisition of 141 Quail Pond Circle. This property has recently become available for purchase and the City currently owns the adjacent property (131 Quail Pond Circle). Therefore, it is advantageous to obtain this property for the City's purposes. The breakdown for the land acquisition is $205,000 for the property, $15,000 closing costs and $4,100 for consulting services. Account Number Account Description Amount Increase: 001- 0000 - 389.90 -00 Other Non - Operating Sources $224,100 001- 0410 - 527.61 -07 Land Acquisition $224,100 Recommendation: The City Manager recommended approval of Resolution 15 -2701 and related Budget Amendment 15 -024.