Fort Walton Beach Ordinance — 1690 sale excess property 55 hill — reading text

READING DATE 1st .) - rX3" 06 2nd 06 7'''' 3"'/ ORDINANCE 1690 AN ORDINANCE OF THE CITY OF FORT WALTON BEACH AUTHORIZING THE SALE OF EXCESS REAL PROPERTY SITUATED AT 55 IDLL AVENUE, FORT WALTON BEACH, FLORIDA; PROVIDING AUTHORITY; PROVIDING FACT; FINDINGS OF PROVIDING CITY COUNCIL APPROVAL OF THE CONTRACT FOR SALE AND PURCHASE AND CONVEYANCE OF THE PROPERTY TO BSU 2005 FAMILY TRUST; AUTHORIZING AND DIRECTING CLOSING BY THE MAYOR AND CITY CLERK; AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA: SECTION I. AUTHORITY. The authority for this Ordinance is Section 166.021, Florida Statutes, and Section 2. 00. 05, et. seq., of the City Code. SECTION II. FINDINGS OF FACT. The City Council has previously found that the real property situated at 55 Hill Avenue, Fort Walton Beach, Florida, is excess real property, unneeded for immediate or future development or use by the City. The City has no existing or projected development or use for the property. The best price and utilization has been negotiated and the proposed utilization of the property and its development are for use benefiting the City and its citizens. SECTION III. EXCESS REAL PROPERTY SALE APPROVAL. The Contract for Sale of Residential Property between the City and Paul S. Hsu, Exhibit A, for the excess real property owned by the City described as 55 Hill Avenue NW, Fort Walton Beach, Florida, and more particularly described in the Contract, is approved and conveyance of the land by the City pursuant to the Purchase Agreement is authorized. Purchaser shall comply with all conditions stated in the deed and Staff Report as approved by the Council. The Mayor and City Clerk are authorized to execute and deliver such deeds and other documents as are necessary to close the sale. SECTION IV. EFFECTIVE DATE. This Ordinance shall take effect immediately upon approval by Council and signature by the Mayor. ADOPTED: 4d/fj ~mh k~ Mike Anderson, Mayor Approved as to form and legal sufficiency. Codification Instructions: Not Codified. Warranty Deed The State of Florida) County of Okaloosa ) This indenture, made on 2006, between City of Fort Walton Beach, Florida of 107 Miracle Strip Parkway SW, Fort Walton Beach Okaloosa County, Florida, 32548 "Grantor," and Hsu 2005 Family Trust, Majes Hsu, Trustee 819 Choctaw Lane, Shalimar, Okaloosa County, Florida 32579, "Grantee," Witness: That the Grantor, for and in consideration of the sum of $ 10, to it in hand paid by the Grantee, the receipt of which is acknowledged, has granted, bargained and sold to the Grantee, its heirs and assigns forever, the following described land: ParcellD No.: 17-25- 24-0000- 0001- 0180 That part of the Northeast Quarter of Section 17, Township 2 South, Range 24 West in the City of Fort Walton Beach Commerce and Technology Park, Okaloosa County, Florida, being more particularly described as follows: Commence at the 4 inch by 4 inch concrete monument marking the northeast comer of said Section 17 for the point of reference; thence proceed North 87 degrees 27 minutes 20 seconds West ( Reference Bearing) along the north line of said section a distance of 80. 00 feet to a point on the west line of an 80 foot strip of City property; thence South 02 degrees 37 minutes 00 seconds West along said west line a distance of 649. 90 feet to the Point of Beginning of the land to be described; thence continue South 02 degrees 37 minutes 00 seconds West along said west line a distance of 884.38 feet; thence North 87 degrees 23 minutes 00 seconds West a distance of 806. 13 feet to a point on the east right-of-way of Hill Avenue ( 100' RIW), said right- of-way line being a curve of radius 4708. 28 feet concave to the West; thence proceed along said curve a distance of 287. 37 feet with a chord bearing of North 10 degrees 49 minutes 37 seconds East and chord distance of 287. 33 feet; thence South 87 degrees 23 minutes 00 seconds East a distance of 474. 30 feet; thence North 02 degrees 37 minutes 00 seconds East a distance of 300. 00 feet; thence North 87 degrees 23 minutes 00 seconds West a distance of 10.26; North 02 degrees 37 minutes 00 seconds East a distance of 300.00 feet; thence South 87 degrees 23 minutes 00 seconds East a distance of 301. 06 feet to the Point of Beginning. The above described tract containing 9. 19 acres, more or less. RESERVING to the City of Fort Walton Beach, Florida, its successors and assigns, a ten foot easement for the installation, maintenance, repair and servicing of utilities for the benefit of the City Fort Walton Beach, Florida, along the west property line of the above described property, which adjoins the east right- of-way line of Hill Avenue. SUBJECT TO all existing easements of record. Reserving to the City, that If at anytime in the first 24 months after the closing of the sale, Purchaser transfers, sells, or conveys title to the property, for a sales price that exceeds the purchase price under this contract by more than five percent (5%), Seller shall be entitled to an additional amount of 150/0 of the gross sales price that exceeds the 5% profit amount. And the Grantor fully warrants the title to said land, and will defend the same against the lawful claims of aU persons whomsoever. In witness, the party of the first part, Grantor, has executed this deed on the date first above written.  CONTRACT FOR SALE OF REAL PROPERTY . 1-4 This agreement is made at Okaloosa County, Florida, on 12br~ IS 2006 by City of Fort Walton Beach, Florida, a municipal corporation, with its principaJ place of business located at 107 Miracle Strip Parkway, Fort Walton Beach, Florida 32548, and its mailing address at Post Office Box 4009, Fort Walton Beach, FL 32549-4009, " Seller," and Paul S. Hsu, Ph.D, Chairman of the Board of Total Parts Plus, with its Principal place of business at 709 Anchors Street NW, Fort Walton Beach, Florida 32548, " Purchaser" 1. Seller is the owner of the real property situated at 55 HilI Avenue, Fort Walton Beach FL 32548, and better descnoed in Exlnoit A. The real property consists of an unimproved parcel that is currently zoned as M-2 Industrial Park property, " Property." 2. Seller desires to sell and Purchaser desires to buy property, for the purchase price and on the terms and conditions in this contract. Therefore, the parties agree: SECTION I. PURCHASE PRICE AND TERMS OF PAYMENT. The purchase price for the property is 380,000.00, and the property is being sold " As Is." Purchaser shall pay the fuII price, plus all costs and appropriate credits, on the date of closing, in cash. Purchaser has made an Eamest Money Deposit of $1 , 000.00 to Seller, receipt of which is acknowledged by Seller. SECTION IL TITLE. Title to the property to. be conveyed by Seller shall be good and marketable title, clear of all liens, encumbrances, defects, and burdens, except: any covenants and easements of record and other exceptions determined by the title company. Title shall be evidenced by a standard form policy of title insurance issued by a title company acceptable to Purchaser, doing business in Okaloosa County, Florida. Such policy shall be issued as of the date of closing, shall be in the amount of the purchase price, and shall be a joint owner-mortgagee policy insuring Seller and Purchaser as their interests may appear. Seller shall convey title at close of the transaction to " Paul S. Hsu,Ph. D". SECTION IlL COSTS. All closing costs shall be borne by the Purchaser. Property taxes shall be prorated to the date of closing, if necessary. Purchaser shall be responsible for an attorney' s fee of $500, payable directly to Seller, on the day of closing, and for reimbursement of the cost of the appraisal, $2, 300. 00. SECTION IV. INSURANCE. Risk of loss or damage to property by fire, stonn, burglary, vandalism, or other casualty, between the date of this agreement and closing, shall be borne by Seller. No such loss or damage shall void or impair this contract. If the improvements or personal property, or both, are damaged or destroyed, in whole or in part, by casualty prior to closing, the contract shall continue in full force and effect, and Pw-chaser shall be subrogated to Seller's right of coverage with respect to any insurance carried by Seller. All existing property insurance now in effect shall be continued by Seller. All such policies shall be exhibited immediately to Purchaser, who may secure additional insurance on property, or any portion thereof, if so desired. Any such additional insurance shall name Seller and Purchaser as co-insureds as their interests appear. SECTION V. TRANSFER OF PROPERTY. Seller shall maintain the property in its present condition pending the closing of this transaction. Property shall be transferred to Purchaser, as is and in such condition as the property existed on the date of execution of this contract. Possession of property shall be transferred to Purchaser on the date of closing. SECTION VL TIME OF ESSENCE; CLOSING. Time is expressly declared to be of the essence of this contract. The contract shall be executed and presented to the City Council of Fort Walton Beach, Florida, with the appropriate ordinance, on February 28, 2006, and again on March 14, 2006, and the sale closed, within 30 days of final adoption of the ordinance approving the sale and transfer. Each party shall fully perform all obligations to insure closing within the period herein specified SECTION VIL OTHER CONDITIONS OF SALE; DISCWSURE; RESERVATION OF EASEMENTS. Other conditions of the sale, disclosure, and reservation of easements are set forth in the Addendum to Contract for Sale and the Deed, attached to this document and incorporated by reference. Additionally, if at anytime in the first 24 months after the closing of the sale, Purchaser transfers, sells, or conveys title to the property, for a sales price that exceeds the purchase price under this contract by more than five percent ( 5%), Seller shall be entitled to an additional amount of 15% of the gross sales price that exceeds the 5% profit amount. SECTION VID. REMEDIES OF PARTIES. (1) If Purchaser fails or refuses to comply with the conditions assumed, or to perform all obligations hereunder, Seller has the option to: ( a) hold and retain the initial deposit money and any additional funds paid or deposited by Purchaser, as liquidated damages for breach of this contract, and cancel and terminate the contract, whereupon all rights and obligations hereunder shall cease; or (b) enforce this conttact by appropriate action, including an action for specific performance, or for damages for breach, and retain all money paid or deposited by