TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: Discussion and Possible Action Regarding Request to Sell City of North Port Commercial Property Located on Market Way, Venice, FL, Parcel Identification Number 0783070090.
Recommended Action
Discussion and possible action regarding request to sell City of North Port commercial property located on Market Way, Venice FL, Parcel Identification Number 0783070090.
City Commission Options
Option 1:
Pros:
Cons:
Option 2:
Pros:
Cons:
Background Information
During the City Commission Regular Meeting held on April 11, 2023, the Commission adopted Ordinance No. 2023-03, which included the adoption of City Commission Policy No. 2023-01 Inventory, Disposal, and Acquisition of Real Property. Section II. C. 4.a of Policy No. 2023-01 states: “Within a reasonable time after receipt, and prior to negotiating, the City Manager must present to the City Commission any offer or request to purchase City-owned commercial property.”
The Department of Public Works has received two Letters of Intent (LOI) requesting a discussion regarding potential purchase of the City owned commercial property located at 2400 Commerce Parkway.
The first LOI was received on September 17, 2024, from Sentinel Fund I, LLC with a purchase offer of $800,000.00.
The second LOI was received on September 26, 2024, from Hadoraba, LLC with a purchase offer of $826,700.00.
This parcel is zoned ILW - Industrial Light & Warehousing and is approximately +/- 2.11 acres.
In accordance with Commission Policy No. 2023-01, the Department of Public Works is seeking direction from the City Commission on potential negotiations regarding the sale of this property to include, but not limited to the following topics:
Purchase price
Intended use and economic impact alignment with City’s Strategic Vision
Development timelines
Infrastructure contributions
Reversion clauses to include performanc...
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