MEMORANDUM TO: Land Acquisition and Disposition Committee Commissioner Glenn Higgins, Chairman Mayor Ralph L. Fletcher Commissioner Justin M. Troller CITY ATTORNEY'S OFFICE September 18, 2009 LCRA Sale to Lakeland Habitat for Humanity, Inc. 714 East Magnolia Street
FROM: DATE: RE:
Attached hereto for your consideration is a proposed Contract for Sale and Purchase between the Lakeland Community Redevelopment Agency (LCRA) and Lakeland Habitat for Humanity, Inc. for the sale of property located at 714 East Magnolia Street. This is a vacant lot owned by the LCRA which lies within the Mid Town Community Redevelopment Area. Lakeland Habitat for Humanity, Inc. was the sole respondent to Request for Proposals No. 9194 which was issued by the City of Lakeland’s Purchasing Department in June, 2009. Lakeland Habitat’s proposal is to acquire the property for the purpose of constructing a single-family residence for sale as part of the neighborhood stabilization efforts outlined in the Mid Town CRA Redevelopment Plan and the Parker Street Conceptual Master Plan. Purchase prices and development procedures under the LCRA’s Model Block Program will be consistent with the City of Lakeland’s existing Urban Homesteading Program. Lots are sold for the current assessed value as provided by the Polk County Property Appraiser’s office. Under the proposed Contract, the lot will be sold for the amount set forth below. Lakeland Habitat for Humanity, Inc. will pay $1,000.00 at closing, and the balance due on the purchase price shall be secured against the property in the form of a 10-year deferred payment lien. This deferred payment lien shall be forgiven at the rate of 10% per full year of occupancy by the ultimate homebuyer. Property Address 714 East Magnolia Street Purchase Price $8,536.00 Lien Amount $7,536.00
It is recommended that the appropriate City officials be authorized to execute this Contract. attachment