The City is the owner of the following parcels: (1) 266 87th Terrace (Folio 02-3202-006-0430); (2) the vacant property located at Commerce Street and Jefferson Avenue (Folio 02-4203-009-2140); and (3) the vacant property located at Pine Tree Drive and 63rd Street (Folio 02-3211-014-0050) (the “City Properties”). On February 19, 2021, the Finance and Economic Resiliency Committee (“FERC" or “Committee”) discussed potential revenue sources to supplement the City's capital and operating budgets including the possible disposition of City-owned properties, in their “as-is” condition. At the June 11, 2021 FERC meeting, the Administration presented five (5) vacant parcels identified for disposition by CBRE’s City Asset Inventory. Subsequently, at the July 23, 2021, FERC Budget Briefing, the Committee discussed the item and voted by acclamation to favorably move forward, directing staff to proceed with a procurement of these sites whether it be with RFP or listing, and present these before Commission.

The City is currently under contract with CBRE, Inc. ("CBRE") to provide a range of brokerage services to the City. On July 28, 2021, the Mayor and Commission adopted Resolution No. 2021-31826, accepting the recommendation from FERC to engage CBRE for brokerage services to list these three (3) properties among others for sale. The Administration conducted appraisals for all three parcels to determine their value. Following the recommendation, the Administration engaged CBRE for brokerage services for the competitive listing of these properties. Consequently, CBRE has secured the following offers from various prospective buyers at the appraised or highest value:

1. The first offer for parcel located at 266 87th Terrace is valued at $4,600,000.
2. The second offer for the parcel located at the vacant property located at Commerce Street and Jefferson Avenue, is valued at $1,503,400.
3. The third offer for the parcel located at Pine Tree Drive and 63rd Street is valued at $3,650,000.

The sale of these three (3) vacant land parcels would have a positive impact to supplement the City's FY 2022 capital and operating budget in the amount of $9,753,400.  A summary of these offers and valuations are attached hereto as Exhibit A.

At the March 30, 2022 Finance and Economic Resiliency Committee, the Committee favorably recommended the City consider sale of the City Properties, provided that the proceeds of any sale be dedicated to capital projects determined by the City Commission.  With respect to 6181 Pine Tree Drive, as any sale of that property requires voter referendum approval, the Administration and City Attorney's Office need direction on whether the City Commission would like to proceed, in view of upcoming Elections-related deadlines for either the August 23, 2022 (Resolutions due to the County Supervisor of Elections by May 27, 2022) or November 8, 2022 (Resolutions due to the County Supervisor of Elections by July 29, 2022) election.