Subject:
Title
Approval of Assignment of Real Estate Contract for the Purchase of Property in County-Owned Commerce Park in Titusville
End
Fiscal Impact:
Funds from the purchase would be placed in a restricted account for park improvement expenditures only, per Ordinance No. 2013-08.
Dept/Office:
County Manager’s Office
Requested Action:
Recommendation
The North Brevard Economic Development Zone (NBEDZ) formally requests that the Board of County Commissioners (BOCC) approve an assignment of a real estate contract for the purchase of industrial land (approximately 11.89 acres) in the county-owned Spaceport Commerce Park in Titusville for $416,150 from North American Properties Florida LLC, an Ohio limited liability company, to North American Properties (NAP) Commerce A LLC, an Ohio limited liability company, and authorize the BOCC chair to execute all documents in connection thereof.
End
Summary Explanation and Background:
NAP is an Ohio-based real estate development firm that maintains real estate holdings throughout the nation. In May of 2021, the BOCC, acting upon a recommendation from the NBEDZ district board of directors, approved a request by the company to enter into a two-year real estate option agreement for the purchase of 11.89 acres in the county-owned Spaceport Commerce Park.
On April 18, 2023, the BOCC approved NAP’s request to amend the real estate contract, to permit it to purchase the property and undertake site improvements on the parcel; these activities would include the clearing and grading of the property to accommodate a new 25,000 sq. ft. building.
However, as the project approached real estate closing, the company wanted to assign its contract to a newly created Ohio-based limited liability corporation (LLC) under the NAP name. Assignments are required to be approved by the BOCC. The new entity will take over all of NAP’s rights and obligations. The assignor owns and holds all right, title, and interest in the Assignee.
The request to assign the contract to NAP Commerce A LLC was approved by the NBEDZ district board at its meeting held on July 14, 2023, per Ordinance No. 2013-08 (establishing the NBEDZ as the county’s authorized agent for developing and/or inducing the development of lots within the county-owned business park). The NBEDZ is now requesting that the BOCC also approve the proposed assignment to the real estate contract, noting that the NBEDZ’s strategic plan (as approved by the BOCC) specifically calls for facilitating the creation of prepared/pad-ready industrial sites.
Clerk to the Board Instructions:
Memo from Clerk on Board Action.