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County Attorney's Report 10. 4.

BCC Regular Meeting

Action

Meeting Date:	05/16/2019
Issue: Agreement for Sale and Purchase - Navy Federal Credit Union
From:	ALISON ROGERS
Department:	County Attorney's Office
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Agreement for Sale and Purchase - Navy Federal Credit Union.

That the Board take the following action:

A. Authorize the sale of up to 100 acres adjacent to Navy Federal Credit Union's campus on Nine Mile Road in accordance with the terms and conditions of the Agreement for Sale and Purchase; and

B. Waive the retention of the fractional interest in the phosphates, minerals, metals, and petroleum in the property to be conveyed by the County, in accordance with Section 270.11(3), Florida Statutes; and

C. Authorize the Chairman or Vice-Chairman to execute the Agreement for Sale and Purchase and other documents necessary to complete the transaction.

[THE PROPOSED AGREEMENT TO BE PROVIDED UNDER SEPARATE COVER].

BACKGROUND:

On April 4, 2019, the Board adopted Resolution No. R2019-42, authorizing negotiation for sale to Navy Federal Credit Union (NFCU) of up to 100 acres of the County-owned land at the former Navy Outlying Landing Field Eight (NOLF-8) for expansion of its existing campus, pursuant to the Board's economic development powers under Section 125.045, Florida Statutes.

The Agreement for Sale and Purchase contains the terms of the sale proposed by NFCU. NFCU will require the County to convey all of its interest in the phosphates, minerals, metals, and petroleum in the property to facilitiate any future development. As such the County will not be retaining its fractional interest in these rights, which is otherwise required by Section 270.11(3), Florida Statutes.

BUDGETARY IMPACT:

N/A

LEGAL CONSIDERATIONS/SIGN-OFF:

Upon approval, the County Attorney's Office will coordinate the real estate closing for this property.

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

N/A

Attachments
No file(s) attached.