Items Types:
For Meeting of:
April 20, 2015
District: 5,6 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

Sale of two (2) multi-family apartment complexes to Lift Orlando, Inc.


In 2013 Fannie Mae (FNMA) foreclosed and took control and ownership of seven (7) multi-family apartment complexes in Orlando, whose neglect and disrepair has contributed to blight in the Greater Washington Shores and Mercy Drive neighborhoods. On March 9, 2015 City Council approved the City's purchase of the seven (7) multi-family apartment complexes, and the transaction was closed on April 15, 2015.  Also on March 9, 2015, City Council approved a Contract of Sale for three (3) of the apartment complexes (Orange Manor, Washington Shores, and Nichols) to LIFT ORLANDO, INC., a Florida non-profit (LIFT), for redevelopment.  LIFT has informed the City that it is no longer able to purchase the Nichols property.  Due to this change, and other minor changes to the previously-approved contract, including the extension of the closing date to May 1, 2015, the parties have negotiated a First Amendment to the Contract of Sale for presentation to City Council.
LIFT is purchasing the properties at the same price the City acquired them. 
The apartment locations are depicted on the attached Location Map.
Per Ch. 13, Section 7 of the City Charter the disposition of the two (2) complexes to LIFT requires a majority vote of all members of City Council at a duly-noticed public hearing. 
The 2 complexes are summarized below along with the recent appraised values and negotiated sale prices.

Apartment Name/Units        Address                                 Market Value     Sale Price

Orange Manor/64                2205 Orange Center Blvd.      $  616,000.00    $   637,411.52

Washington Shores/256      2021 Orange Center Blvd.      $2,115,000.00    $2,188,515.19

                                                                                             --------------------    ------------

                                                                                             $2,731,000.00    $2,825,926.71

Fiscal & Efficiency Data: See attached FIS

Recommended Action:
Approval of the sale of the two (2) apartment complexes to Lift Orlando, Inc., and 
Approval of the First Amendment to Contract of Sale and authorization for the Real Estate Manager to execute same, and to execute all agreements, addenda and documents necessary to close the sale transaction, subject to review by the City Attorney's Office, and 
Approval of the Development Agreement attached as an exhibit to the First Amendment and authorization for the Mayor and City Clerk to execute same, subject to review by the City Attorney's Office.

Agenda Item attachment(s) on file in the City Clerks Office.

Note: All agenda items must be in the City Clerk's office by Noon Friday, six(6) business days prior to the regular Monday City Council meeting.

Contact: Wesley Powell
Approved By:

Department Date and Time
Budget Outside Routing Approval 4/10/2015 9:57 AM
City Clerk 4/10/2015 10:08 AM

Name: Description: Type:
Lift_Charter_Hearing_Map_-_Revised.jpg Location map_Property sale to Lift Backup Material
Fiscal_Impact_Statement_Apartment_Dispositions_04_09_15.doc Fiscal Impact Statement_Property Sale to Lift Backup Material
First_Amendment_to_Lift_Sale_Contract.pdf First Amend to Lift Sale Contract Backup Material

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