File #: 20-1089    Version: 1
Type: Action Items -11:30 AM Status: Agenda Ready
File created: 11/30/2020 In control: Board of County Commissioners
On agenda: 12/8/2020 Final action:
Title: Budget Inn Acquisition Due Diligence
Attachments: 1. Budget Inn Budget Proposal-Revision #1.pdf, 2. Budget Inn Due Diligence Report ADDENDUM 112320.pdf, 3. 2020-510A--Supplemental Environmental Services Proposal Rev. 1.pdf, 4. 201102 BUDGET INN FINAL SURVEY.pdf, 5. Amendment to Contract v2 ___.pdf, 6. Option Contract - fully executed.pdf, 7. FY21 Reserves and Adjustments.pdf, 8. Journal 2021-793 Budget Inn - Part 2.pdf
Related files: 23-0682, 23-0198, 23-0089, 22-0259
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Agenda Item Name:
Title
Budget Inn Acquisition Due Diligence
End

Presenter:
Ramon D. Gavarrete, P.E. and Claudia Tuck, LCSW

Description:
Request Board direction regarding findings and costs discovered in property due diligence

Recommended Action:
Recommended Action
That the Board approve one of the following three options: (1) direct staff to proceed with the acquisition of the Budget Inn pursuant to the terms and conditions of the Option Contract and approve the budget amendment; (2) Authorize staff to re-negotiate the Purchase Price with the Seller to be the average of the two appraisals ($2,162,500), authorize the Chair to sign the attached Amendment to Contract that revises the purchase price to be $2,162,500, and authorize the County Manager to close the transaction provided that the cost of the work to remove a possible underground tank does not to exceed $25,000.00 and the cost to construct fire, life-safety and accessibility improvements does not exceed $200,000.00; or (3) determine that the property is not suitable for the County's intended use based on the current condition of the property and direct staff to terminate Option Contract.
End

Prior Board Motions:
October 6, 2020 and November 10, 2020

Fiscal Consideration:
Fiscal Consideration
Estimated cost of updating the fire safety system is $117,000.00, plus any additional costs disclosed by the life safety inspection to be performed by the Alachua County Building Department and the Fire Marshal. Addition of fire hydrant is not included in the estimated cost. Cost of removing or collapsing a possible septic tank on the back portion of the property could cost up to $25,000.00. At its November 10, 2020 meeting the Board approved a budget amendment for funding this acquisition in the amount of $2,361,705. The budget amendment was proposed to be funded with General Fund Reserves. Attach is a budget amendment in the amount of $138,295.00 that will bring the total amount to $2,500,000...

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