Submitted By: Danielle Phillips
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Presentation By: Darren Park
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Department: Public Works
FORMAL TITLE:
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Purchase and Sale Agreement for approximately 6.65 acres of real property located east of NW Martin Luther King, Jr. Ave., identified by Parcel ID: 25502-000-00, in an amount not to exceed $550,000
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OCALA'S RELEVANT STRATEGIC GOALS:
Quality of Place
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
Parcel No. 25502-000-00 consists of approximately 6.65 acres (289,674+ square feet) of vacant land located east of NW Martin Luther King, Jr. Avenue, with easement access from the terminus of NW 18th Street (please refer to the attached Aerial and Case Maps). The property is currently owned by Stavola Investments LLC (Stavola).
Adjacent uses include vacant land to the north and west, city-owned property (William James Walking Trail) to the south, and the Railyard One property to the east. NW 18th Street extends east from NW Martin Luther King, Jr. Avenue as a two-lane paved interior street and then continues north and east as an unpaved dirt road towards the subject site. Although an aerial map provided by the Marion County Property Appraiser's Office indicates the right-of-way for SW 18th Street (50-feet wide) extends in an east/west direction from NW Martin Luther King, Jr. Avenue, the roadway physically begins within a city-owned property (Parcel ID No. 25489-000-00) adjacent south of the aforementioned right-of-way. It then turns north to the right-of-way and continues east to another city-owned parcel (Parcel ID No. 25491-001-00) that provides easement access to the northwest corner of the subject property. NW Martin Luther King, Jr. Avenue is a connector that extends from NW 35th Street to SW 17th Street (SR 464).
Stavola used the property to reduce tree debris and storage.
FINDINGS AND CONCLUSIONS:
Using the Sales Comparison Approach and analyzing six comparable land sales and four listings, the appraiser determined market value ...
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