Pursuant to Chapter 13, Section 7 of the Charter of the City of Orlando, notice was given in the Orlando Sentinel regarding this hearing concerning the proposed acquisition and disposition by the City of Orlando of two properties identified below. 

The City of Orlando would like to acquire the 1.87 acre park site, commonly known as Constitution Green, located at 301 S. Eola Dr., the northwest intersection of S. Summerlin Ave. and E. South St.  See attached Location Map.  The property is owned by Mabel Groves, LLLP.  The estimated market value of the Constitution Green property is $6,625,000.

The purchase price for Constitution Green is $5,850,000.00, consisting of a $3,343,000 cash payment to Mabel Groves funded by the City’s Community Redevelopment Agency; and the conveyance to Mabel Groves of the City-owned Bank Property located at 129 E. Gore St., the northeast intersection of S. Orange Ave. and E. Gore St.  See attached Location Map.

The City leases the Bank Property to BMO Harris Bank, that is in the process of being acquired by Seacoast Bank. For purposes of the property exchange, the Bank Property is valued based upon the appraiser’s lease analysis and income approach value indication of $2,507,000.  The appraiser’s market value for the Bank Property is $2,650,000.