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 disposition by the City of Orlando of 53.756 acres, more or less of vacant industrial land.  The land is generally located south of 8^th Street (Dowden Road) and east of Family Camp Road; all just west of the Orlando International Airport. See attached Location Map.

The property is owned by the City of Orlando and will be conveyed to Triple Bogey Partners, LLC (Brian Mulvaney) or assigns. The estimated market value of the real property based upon an independent appraisal is $4,570,000 and the contract price is $4,321,215.00.    

The City will retain an 1,800 square foot, more or less, lift station area that previously served the property, along with necessary easements.

In preparation for sale of the property, the City rezoned the property from Residential to Industrial and prior to that, the City demolished the former Navy housing apartment buildings.

The City engaged CBRE, Inc., as one of its approved vendors, to market the property locally and nationally to secure a Buyer who can close on and develop the property. CBRE will collect a 3.5% sales commission directly from the Buyer.

The Buyer owns the property surrounding and abutting the City property to the east and south.  The Buyer's adjacent property is the former Navy-owned Boggy Creek Golf Course site that closed in 2007. The Buyer will assemble the City property with their current holdings and redevelop the combined parcel into a large, high quality industrial complex.  

As part of the former McCoy Air Force Base/Annex for the Naval Training Center, the City will net approximately 25% of the sales proceeds. Approximately 75% will be remitted to the United States Government after deducting certain expenses including the City's demolition costs.