25-001 Purchase Agreement - 161 Quail Pond Circle

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RESOLUTION 25-001 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF CASSELBERRY, FLORIDA, MAKING FINDINGS; AUTHORIZING THE CHAIRMAN TO EXECUTE A PURCHASE AND SALE CONTRACT FOR THE PROPERTY LOCATED AT 161 QUAIL POND CIRCLE; PROVIDING FOR CONFLICTS, SEVERABILITY, AND EFFECTIVE DATE. WHEREAS, the City of Casselberry and the Casselberry Community Redevelopment Agency (CRA) adopted a Redevelopment Plan in 1995, which was updated in 2006, 2014 and 2016; and WHEREAS, the CRA has been working diligently toward the goal of bringing the adopted Redevelopment Plan, as amended, to reality; and WHEREAS, the CRA's goal, as expressed in the Redevelopment Plan, is to revitalize the Community Redevelopment District corridor along U.S. Highway 17-92 and a portion of S.R. 436, recognizing that revitalization occurs through the aggregation of properties for unified development, demolition of blighted and under-utilized structures, and construction of infrastructure improvements; and WHEREAS, one of the specific goals of the CRA, as expressed in the Redevelopment Plan, includes the acquisition of real property located around Quail Pond Circle for the purpose of expanding the existing Lake Concord Park; and WHEREAS, Fla. Stat. § 163.370 allows a Community Redevelopment Agency to purchase real property located in a Community Redevelopment District for redevelopment purposes, if the purchase is in accordance with the CRA Redevelopment Plan; and WHEREAS, James G. Martin ("Seller") has offered to sell the property located at 161 Quail Pond Circle, Casselberry, Florida, as more thoroughly described in Exhibit "A" ("Property") for $470,000.00 (the "Contract"); and WHEREAS, the City received an appraisal of the property dated February 13, 2025, and prepared by Forbes B. Preston, Jr., of Meridian Residential Appraisal, LLC, valuing the property at $432,000, which was shared with the owner, and pricing, terms, and conditions were reviewed; and WHEREAS, to incentivize the sale, the City is offering approximately 8% more than the appraised value; and WHEREAS, the CRA finds that the Contract price is fair due to the strategic location of the Property for aggregation purposes, and to extend the existing Lake Concord Park to the north Resolution No. 25- 001 Page 1