Title:
title
Approve and authorize the Chairman to execute a Purchase Agreement related to Project Parcel #2-841 for a drainage easement necessary for the Midway Drainage Improvement Project (19,334.74 ± SF) between Riverside Reserve Homeowners Association, Inc. and Seminole County for $142,500.00, as full settlement and any other claim for compensation from which Seminole County might be obligated to pay relating to the parcel. District5 - Herr (Jean Jreij, P.E., Public Works Director)
end
Division:
division
Public Works - Engineering
body
Authorized By:
Jean Jreij, P.E., Public Works Director
Contact/Phone Number:
Neil Newton/407-665-5711
Background:
This parcel (#2-841) has been identified as being needed for a drainage easement necessary for the Midway Drainage Improvement Project. The owner (Riverside Reserve Homeowners Association, Inc. / Tax ID #33-19-31-514-0C00-0000) of the property located on the north side of Lincoln Street between Beardall Avenue and Deepwater Avenue has agreed to sell and convey this drainage easement to Seminole County for the sum of $142,500.00, inclusive of all fees and costs.
The property is a portion of a private open space and landscaping tract that is part of the Riverside Reserve subdivision. The owner is essentially donating the easement; however, the County is providing compensation for the cost to cure to make the owner whole. The County’s valuation of the cost to cure is $90,200.00. The County’s incentivized offer amount was $123,640.00. After discussion with the owner a settlement was reached at $142,500.00, inclusive of all fees and costs. The additional compensation includes the costs incurred by the owner, as a homeowners’ association, to enter into this transaction. These costs include the property manager’s effort to obtain the necessary lot owners’ consents, replacement of trees, landscaping within the tract, replacement of their plat corner monuments, and the owner’s attorney’s fees to ensure owner’s compliance with its corporate documents in entering into this transaction.
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute a Purchase Agreement related to Project Parcel #2-841 for a drainage easement necessary for the Midway Drainage Improvement Project (19,334.74 ± SF) between Riverside Reserve Homeowners Association, Inc. and Seminole County for $142,500.00, as full settlement and any other claim for compensation from which Seminole County might be obligated to pay relating to the parcel.