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AGENDA ITEM:
DATE:
SUBMITTED BY:
BACKGROUND:
CITY OF ATLANTIC BEACH
CITY COMMISSION
STAFF REPORT
Property Purchase near Intracoastal Waterway Park
August 19, 1999
David E. Thompson, City Manager
When the Tresca property was being purchased by Atlantic Beach,
it was recognized that there was property adjacent to the land that
would be a welcomed addition to the park. There were six (6) lots
owned by Mr. William Blake that would be essentially surrounded
by City property. However, at that time, Mr. Blake was not
inclined to sell the property.
Since that time, Mr. Blake has decided that he would be willing to
sell the property. He would like to see this beautiful piece of
property preserved for people to enjoy in its natural state, even
though there are developers interested in the land. He feels that the
,addition of this property to the Intracoastal Waterway Park will
assure that he and others will be able to enjoy it and its natural
beauty.
In my discussions with Mr. Blake, we have settled on a price of
$90,000 for the City to purchase the properly.
Please see the attached maps showing where this property is
located. The property is virtually surrounded by City park
property, and it will help to preserve the natural state of the park.
If City Commissioners have not already done so, I recommend that
they visit this property.
The only appraisal of the property suggested a value of
approximately $27,000. After reviewing this property and
discussing this price with real estate and development
professionals, this appraisal appears to be grossly out-of--line with
its market value. The fact that this lot is surrounded by park
property makes it more valuable. And additional consideration is .
the fact that a developer could purchase this land and build six
homes on the property, requiring utilities and a roadway through
the area.
Relative to funding, the City has a variety of options. This
purchase would be an appropriate expenditure of the $100,000 of
convention development tax money that was originally
appropriated for a building in Russell Park, and then earmarked for
Bull Park. ~ Since this money has not been encumbered and the
utilization of the money is limited, it is available for this purchase
if the City Commission decides to use it.
With the existing cash reserves, the City Commission may also
decide to. simply use the reserves to make this purchase. Staff
explored several grant options, but none of the funding sources
believed that grant money would be available for this transaction.
RECOMMENDATION: Staff recommends of the purchase of this property for $90,000.
ATTACHMENT: See Map of the property proposed for purchase
REVIEWED BY CITY MANAGER:
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