City staff is seeking City Commission authorization to sell a 4.54-acre surplus parcel on Capital Circle NW through open market solicitation, utilizing the services of a real estate broker under an existing City term contract.
The City has received interest from multiple parties regarding the potential purchase of this property, and staff recommends proceeding with marketing the site for sale through the contracted broker. According to staff, broker assistance would allow the property to be professionally marketed and advertised to a greater number of potential buyers.
Any resulting sale agreement will be brought back to the City Commission for final approval.
The vacant property was purchased from Talquin Electric Cooperative in 2004 using City department enterprise funding. The City’s acquisition cost basis from the 2004 purchase was $1,181,214.50, which included a purchase price of $1,250,000 plus closing costs of $5,864.50, less $74,650 paid by the Florida Department of Transportation to Talquin Electric Cooperative for right-of-way acquisition associated with FDOT’s State Road 263 project. City Electric & Gas has approved a surplus sale of this property. No other City department has indicated a current or future need for this property.