Subject:
Title
Approval of Resolution and Real Estate Contract for Sale of Property in County Owned Commerce Park in Titusville
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Fiscal Impact:
Net proceeds from the sale would be deposited into a NBEDZ account for use on park-related expenditures only, as 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 a Resolution and Real Estate Contract permitting the sale of approximately 4.5 acres of land in the county-owned Spaceport Commerce Park in Titusville for $225,000.00 (or $50,000.00 per acre) to the company known as Olympian LED, Inc., and authorize the BOCC chair to execute all documents in connection thereof.
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Summary Explanation and Background:
Olympian LED, Inc., is a manufacturing and design firm that produces LED displays in exterior signage for a variety of businesses and institutions. The company currently occupies 4,000 sq. ft. of leased space on Hopkins Street in Titusville, where it employs approximately five people.
As the demand for LED displays has grown, so has the company's need for space; it has now reached the point where it can no longer operate efficiently in its current, leased premises. The company has identified an industrial lot within the Spaceport Commerce Park in Titusville as a suitable location for the construction of an approximately 15,000 sq. ft. manufacturing and warehouse building, a lot with enough acreage to permit a future expansion that could double the footprint of the initial building. With this new capital expenditure project, estimated to cost more than $2 million, the company anticipates adding approximately five new job positions over the next three years.
The NBEDZ, acting as the county's authorized agent for developing and/or inducing the development of lots within that county-owned business park, formally received and revi...
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