Title
MOTION TO APPROVE A DECLARATION OF RESTRICTIVE CONVENANTS FOR THE APPROXIMATELY 3.35 ACRE PARCEL OF LAND LOCATED WEST OF PALM AVENUE AND SOUTH OF PINES BOULEVARD AND TO AUTHORIZE THE PROPER OFFICIALS TO EXECUTE ALL NECESSARY DOCUMENTS.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. Earlier on tonight's agenda, proposed ordinance 2018-28 was heard on second and final reading.
2. Proposed ordinance 2018-28 authorized the sale of +/- 3.15 acres of unimproved real property to Providence One Investments, LLC (purchaser).
3. The purchaser, due to their level of investment in the property, is requesting a Declaration of Restrictive Convenants on the adjacent City owned property, located directly west of the purchasers property.
4. The purchaser is requesting that the City prohibit any assisted living, congregate living, memory care, continuous care retirement community or nursing home on the directly adjacent property. The proposed declaration of restrictive convenants only applies to the adjacent +/- 3.35 acre site; not the remaining portions of City Center.
5. The Declaration of Restrictive Convenants would be executed as part of the real estate closing on the site and run with the land.
6. Administration does not have an objection to this request.
7. Adminstration recommends approving the declaration of restrictive convenants and authorizing the proper City Officials to execute the documents in conjunction with the closing with Providence One Investments subject to the adoption of proposed ordinance 2018-28 on second and final reading.
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial Cost: None
b) Amount budgeted for this item in Account No: Not Applicable
c) Source of funding for difference, if not fully budgeted: Not Applicable
d) 5 year projection of the operational cost of the project Not Applicable
e) Detail of additional staff requirements: Not Applicable