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Resolution Approving Payment of Buyer’s Commission on Previously Approved Contract for Sale and Purchase With Brooksville Commercial Properties, LLC, and Oak Tree Lane, LLC, for Property Located at 671 South Broad Street and 699 South Broad Street for Central Government Annex Building; Authorizing Expenditure Up to $82,500.00 to be Funded From FY 2026 Bond Funds
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BRIEF OVERVIEW
On July 28, 2026, the Board of County Commissioners approved and entered into a contract to purchase the property commonly known as Brooksville Plaza from Brooksville Commercial Properties, LLC, and Oak Tree Lane, LLC (Key Nos. 146292 and 146354), for the price of $5,500,000.00, plus closing costs, which will be paid from the proceeds of Hernando County’s FY 2026 bond issuance (LS 17562).
According to the County’s standard contract provision (27), it stated that “the Buyer shall not pay or be liable for any brokerage fee or commission in connection with this matter.” However, Mr. Buckner began negotiations for this purchase on Hernando County’s behalf during the term of County’s brokerage agreement with Robert A. Buckner & Associates, Inc. (Contract No. 22-R00060) and continued to represent the County throughout those negotiations through their ultimate completion.
Therefore, Robert Buckner & Associates, Inc. has earned a commission on Hernando County’s purchase of Brooksville Plaza. Robert Buckner, in an email to the county’s property manager, Lisa Morgan dated August 13, 2026, has agreed to reduce his commission on the transaction to 1.5% of the purchase price which equates to $82,500. Since the approved purchase agreement did not allow for a commission, a resolution must be adopted to authorize it.
STRATEGIC PLAN INITIATIVES
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FINANCIAL IMPACT
Funding for this transaction in the amount of $82,500.00 as associated closing costs/fees will be funded from FY 26 Bond funds along with the previously approved purchase. This purchase is part of CIP 112320 - Central Constitutional Annex Building and Renovation.
The financial plan for the property shows the costs of purchase and maintenance will be approximately equal to the savings from reducing other leased properties and income from rental units.
LEGAL NOTE
The Board has the authority to act on this matter pursuant to Chapter 125, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board take public comment on the request, approve and authorize the Chairman’s signature on the related resolution, after which it will be recorded in the Public Records of Hernando County, Florida.