Subject:
Title
Contract for Purchase and Sale with CD ICOT Properties, LLC.
label
Recommended Action:
Recommended Action
Approval of the Contract for Sale and Purchase (Contract) with CD ICOT Properties, LLC (Seller) to purchase approximately 21.155 acres located at 13600 Icot Boulevard, Clearwater, Florida, inclusive of improvements as depicted in Exhibit A (Property).
• Contract purchase price is $33,280,970.00.
• Appraised value of Property inclusive of market values aligning with recent legislation, Live Local Act, is $33,200,000.00.
• Parcel is centrally located at the northwest corner of Icot Boulevard and Ulmerton Road.
• Property is intended for future County facilities.
• Funding is budgeted in the Fiscal Year 2024 Capital Improvement Plan, under project 004176A Future Facilities, funded by the General Fund.
Authorize the Chairman to sign and the Clerk of the Court to attest.
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Strategic Plan:
Deliver First-Class Services to the Public and Our Customers
5.2 Be responsible stewards of the public’s resources.
5.3 Ensure effective and efficient delivery of county services and support.
5.4 Strive to serve the needs of all Pinellas County residents and customers.
Summary:
Summary
Acquisition of the Property will allow Pinellas County to provide future County facilities in a central location, thereby optimizing citizen access to public-facing services and improving operational efficiencies of County departments.
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Background Information:
This property is being acquired for potential use for future County facilities.
Following a series of studies of the existing facilities and future space needs, a preliminary plan was introduced to the Board of County Commissioners (Board) on August 31, 2023, identifying challenges in conducting County business in the existing downtown Clearwater campus; offices not centrally located to the County’s weighted population center resulting in inconvenient citizen service delivery, services spread across 14 different facilities, and facilities that are functionally obsolete and will cost the County $146.0M in required deferred maintenance costs.
The opportunity to redevelop the County’s service delivery method will reduce the current square footage of the downtown Clearwater campus by approximately 45%, improve the constituency customer experience with a one-stop shop, gain operational efficiencies through business-unit adjacencies under one roof, as well as cost savings in occupancy costs by decreasing square footage, and sharing resources such as training and meeting spaces.
The relocation from downtown Clearwater Campus will provide the City of Clearwater with the opportunity to expand its property tax base, provide economic development opportunities through new investment, jobs and attractions, and provide mixed complimentary uses that will serve to draw new residents and visitors and expand the workforce in downtown Clearwater.
The County obtained two appraisals that valued the property at $26,960,000.00 and $27,000,000.00. These appraisals were based on the value of the land and improvements, not including the future value of leases of the facilities located on the property. Also, no attempt was made to assign value arising from the recent adoption of the “Live Local Act” (SB 102) that provides the potential for developing a portion of the land for affordable housing.
The “Live Local Act” stipulated that a county must authorize proposed multifamily and mixed-use residential projects as an allowable use in any area zoned for commercial, industrial, or mixed use if at least 40% of the residential units are affordable for at least 30 years, among other requirements.
The purchase price is for $33,280,970.00, based on an appraisal provided by the Seller, which values the property at $33,200,000.00, inclusive of potential development opportunities afforded under the “Live Local Act.”
Fiscal Impact:
Funding is budgeted in the FY24 Capital Improvement Plan, under project 004176A Future Facilities, funded by the General Fund.
Purchase price is $33,280,970.00.
Staff Member Responsible:
Kevin Knutson, Assistant County Administrator
Partners:
N/A
Attachments:
Contract for Purchase and Sale
Exhibit A
Location Map
County Appraisal 1
County Appraisal 2
Seller’s Appraisal
Stantec Final Report Summary Conceptual Plan
CBRE Redevelopment Plan