TO: Honorable Mayor & Members of the North Port Commission
FROM: Jason Yarborough, ICMA-CM, City Manager
TITLE: Approve the Close Out Agreement for Contract No. 2005-261, an Interlocal Agreement Between the City of North Port and Sarasota County Regarding Escheated Real Property
Recommended Action
Approve the Close Out Agreement for Contract No. 2005-261, an Interlocal Agreement Between the City of North Port and Sarasota County Regarding Escheated Real Property.
Background Information
On February 22, 2005, the City of North Port and Sarasota County entered into an Interlocal Agreement in Settlement of Case, related to Case No. 2004-CA-002015-NC, in Sarasota County Circuit Court concerning the disposition of 2,282 lots which had been escheated to the County for non-payment of property taxes.
Pursuant to the terms of the Interlocal Agreement, the lots were to be designated for environmental or archeological preservation purposes, governmental purposes, or sale. Once lots were identified and designated for preservation or governmental purposes, the remaining lots would be sold and proceeds split between the City and the County once all of the lots were sold.
The County has completed the sale of the remaining lots with gross proceeds amounting to $911,202.00. Pursuant to the terms of the Interlocal Agreement, the County owes the City 55% of the proceeds, equaling $501,161.10. Per the Close Out Agreement, the County will pay the City the amount of $501,161.10 within 45 days of the Effective Date of the Agreement. Upon receipt of payment, all responsibilities and obligations of the Interlocal Agreement will be deemed satisfied.
The agreement has been reviewed by legal as to form and correctness.
Strategic Plan
Efficient and Effective Government
Financial Impact
The City will receive the amount $501,161.10 in revenue account number 001-0000-369.90-00.
Procurement
Attachments:
1. Close Out Agreement for Contract No. 2005-261
2. Contract No. 200...
Click here for full text