Subject:
Title
Approval of Resolution and Real Estate Contract for Sale of Property in County-Owned Spaceport Commerce Park in Titusville
End
Fiscal Impact:
Net proceeds from the sale would be deposited into a NBEDZ restricted account for use on park-related expenditures, as per Ordinance No. 2013-08.
Dept/Office:
County Manager's Office
Requested Action:
Recommendation
The North Brevard Economic Development Zone (NBEDZ) Special District formally requests that the Board of County Commissioners (BOCC) approve a Resolution and Real Estate Contract permitting the sale of approximately three (3) acres of industrial land in the county-owned Spaceport Commerce Park in Titusville for $150,000 (or $50,000 per acre) to the company known as Olympian LED Displays, Inc, and authorizing the Chairman to execute all documents in connection thereof.
End
Summary Explanation and Background:
Olympian LED Displays, Inc., is a manufacturing and design firm that produces LED displays in exterior signage for a variety of businesses and institutions. The company purchased a four-acre lot in the Spaceport Commerce Park in late 2023 for the construction of two metal industrial buildings (measuring approximately 30,000 sq. ft. each) to facilitate its growing business needs.
As the company began work on a site plan for the placement of buildings on the lot, it became evident that additional land would be required to accommodate the development. Building code requirements from the City of Titusville on setbacks and tree canopy preservation meant that the company had less available land for its development than originally comprehended. The city's requirement that industrial lots construct storm water detention ponds on site further reduced the amount of buildable land.
To remedy the situation, the company approached the NBEDZ, as the county's authorized agent for developing and/or inducing the developments of county-owned lots in the park, and presented an offer to purchas...
Click here for full text