AGENDA REPORT
DATE: July 28, 2025
TO: City Commission
FROM: Bill McDaniel, City Manager
SUBJECT: Resolution approving Real Estate Purchase Agreement with Lakeside Station, LLC, and Agreement regarding letter of credit or other adequate security, and authorizing the City Manager to execute same on behalf of the City.
EXECUTIVE SUMMARY:
On February 24, 2025 the City Commission adopted Resolution No. 51-2025, which approved a Grant from the Department of Commerce for the purchase of property from Lakeside Station, LLC for a portion of a road within Lakeside Station. The road has now been completed, and was inspected and approved by the City Engineer. This resolution approves the form of the Real Estate Purchase Agreement with Lakeside Station, LLC, authorizes the City Manager to execute the agreement on behalf of the City, and further authorizes the City Manager to execute any documents necessary to effectuate the purchase transaction.
The resolution also approves the form of the Agreement with Lakeside Station, LLC regarding letter of credit and other adequate security, and authorizes the City Manager to execute same on behalf of the City.
RECOMMENDATION:
That the City Commission adopt resolution approve the form of the Real Estate Purchase Agreement and Agreement regarding letter of credit and other adequate security with Lakeside Station, LLC, authorizing and directing the City Manager to execute same on behalf of the City, and further authorizing the City Manager to execute any documents necessary to effectuate the purchase.
FISCAL IMPACT:
The purchase price of the real property is $5,500,000.00, which will be paid by the City. Pursuant to the Grant Agreement, it is anticipated that the City will be reimbursed by the Department of Commerce for the entire purchase price within four (4) months.
Prepared by: Kenneth W. Buchman