Agenda Item Name:
Title
Lake Santa Fe - Padgett Tract Option Contract to Purchase Real Property
End
Presenter:
Charlie Houder / (352) 264-6804
Description:
Request for the Board of County Commissioners (BoCC) to approve and exercise the Option to purchase the 323.82-acre Lake Santa Fe property from the Padgett family. The approval to exercise this Option is the final BoCC action on the acquisition of this project.
Recommended Action:
Recommended Action
Approve and exercise the Option to purchase the Lake Santa Fe - Padgett Tract, subject to the County's rights to conduct due diligence inspections and notice Seller of Title Defects and Environmental Defects as set forth in the Option Contract. Authorize and direct County staff to accept the Title Defect consisting of easement rights of ingress and egress for parcels 16994-001-000, 16994-002-000, 16993-002-000 as shown in Exhibit 3 and as presented by staff, and authorize staff to execute additional documents as necessary to close the transaction.
Approve any necessary budget transfers required for the Lake Santa Fe - Padgett Project acquisition.
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Prior Board Motions:
On April 24, 2018, the BoCC placed Lake Santa Fe - Padgett Tract on the Active Acquisition List (Full Price).
Fiscal Consideration:
Fiscal Consideration
The amount of the option payment is a non-refundable $1,000.00. However, if the option is exercised, the $1,000.00 will be applied to the final purchase price.
Total acquisition costs are estimated to be $599,066.97 for the land plus $66,103.10 for due diligence and closing services. The basis for these estimates is detailed below. The final purchase price will be based on $1,946.16 per/acre multiplied by the surveyed acreage as defined in the Option Contract. A precise determination of the Lake Santa Fe - Padgett Tract total acres will not be known until a boundary survey is complete. The acreage of the lake bottom has been excluded in the calculation of the estimated purcha...
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