Agenda Item Name:
Title
Purchase of Budget Inn located at 4401 SW 13th Street, Gainesville, FL-Tax Parcel # 07222-000-000 & # 07222-001-000
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Presenter:
Ramon Gavarrete, P.E. and Claudia Tuck, LCSW
Description:
Request approval of Option to purchase of Budget Inn as a part of the Permanent Supportive Housing Program
Recommended Action:
Recommended Action
Exercise the option to purchase real property for $2,300,000 pursuant to the Option Contract to Purchase Real Property; authorize the Chair to execute the Notice of Exercise of Option; approve the closing and other transactional costs, and authorize the Chair or County Manager (or her designee) to sign any additional documents, approved by the County Attorney, necessary to complete this transaction; and approve budget amendment moving budget from General Fund Reserves.
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Prior Board Motions:
October 6, 2020
Fiscal Consideration:
Fiscal Consideration
Purchase Price of Budget Inn: $2,300,000
Building Condition Due Diligence Report: $ 35,800
Appraisal (Santangini Appraisals, LLC): $ 7,600
Appraisal (Pinel & Carpenter, Inc.): $ 8,500
Attorney's Fee: $ 900
Title Insurance Premium and Search Fees: $ 8,825
Recording Costs: $ 80
Estimated Total Costs $2,361,705
The budget amendment for the purchase is currently being proposed to be funded with General Fund Reserves. Alternatively, the $1,000,000 FY21 budget for housing programs as we transition away from Grace Marketplace could be used to assist.
Additionally, the attached preliminary operations budget includes estimated revenues of $274,816 and estimated expenditures of $207,976 in operating expense and $66,841 in appropriated reserves. Staff will bring a final proposed operational plan to the Board for approval at a future meeting along with a budget amendment to fund the operational plan operational plan, a budget amendment will be presented at a future meeting.
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