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ITEM: DIRECTION ON PURCHASE AND SALE AGREEMENT FOR K-PARK
REQUEST: Direction on Purchase and Sale Agreement for the K-Park site.
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EXPLANATION: On April 26, 2023, the Village of Wellington received a non-binding Letter of Intent from W&W VII, LLC (James Ward, Manager) for the purchase of the K-Park property (PCN 73-42-43-27-05-026-0011), located at 10400 Stribling Way, Wellington, FL, 33414, in the amount of $54,000,000.00. The offer has been extended until negotiations are completed and/or a purchase and sale agreement is executed.
Staff is seeking direction on entering into the purchase and sale agreement for the K-Park site with W&W VII (James Ward, Manager) in the amount of $54,000,000.
Recent appraisals conducted by Calloway & Price and Anderson Carr averaged approximately $43,000,000.00.
BUDGET AMENDMENT REQUIRED: NO
PUBLIC HEARING: NO QUASI-JUDICIAL:
FIRST READING: SECOND READING:
LEGAL SUFFICIENCY: YES
FISCAL IMPACT: No fiscal impact until a contract is executed.
WELLINGTON FUNDAMENTAL: Responsive Government
RECOMMENDATION: Direction on Purchase and Sale Agreement for the K-Park site.