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Contract for Sale and Purchase of Real Estate With NNN Reit, LP, for Property Located at 18885 Cortez Boulevard for Development Services Department Expansion and Associated Budget Amendment (Key #1211281)
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BRIEF OVERVIEW
Hernando County Development Services is currently located at 789 Providence Boulevard. Due to operational growth and increased space requirements, additional space is needed for effective service. The former Badcock Furniture store, Parcel Key No. 1211281 on Cortez Boulevard has recently become available for purchase and is located in front of Development Services’ current location. Acquiring this parcel will provide the required space for expansion, enhancing operational efficiency and supporting long-term departmental needs.
Staff recommends the contract to purchase property located at 18885 Cortez Boulevard, owned by NNN Reit LP, in the amount of $1,710,000.00, be approved. The purchase would facilitate the expansion of Hernando County Development Services. The legal description is as follows:
Lot 4, Grubbs Commercial Tract #2, Less That Portion Described In The Order Of Taking Recorded In Or Book 1179, Page 872 For Road Right- Of-Way, According To The Map Or Plat Thereof As Recorded In Plat Book 25, Page 26, Public Records Of Hernando County, Florida.
Parcel ID No.: R29 222 19 1865 0000 0040
Key No.: 1211281
FINANCIAL IMPACT
Funding for this property acquisition and associated closing costs/fees in the amount of $1,850,000.00 will be available in:
Fund: 4611 - Hern Co Development Svcs, Department: 07811 - Building Division, Account: 5626101 - Land Acquisition with approval of the attached budget amendment.
LEGAL NOTE
While the proposed purchase agreement is legally sufficient, the seller has added a number of provisions that the County would not normally accept. Whether the County should accept those conditions, however, represents a question of policy, not the law.
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 approve and authorize the Chairman’s signature on the attached Contract for Sale and Purchase of Real Estate with NNN Reit, LP for Parcel Key No. 1211281. It is further recommended that the Board approve the attached associated budget amendment and authorize the County Attorney to sign all documents on behalf of the County which are necessary to close the transaction.