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Item Q04 BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: June 16. 2004 Division: BOCC Bulk Item: Yes No-L Department: DISTRICT 5 AGENDA ITEM WORDING: Approval to direct staff to offer a reduced amount to owner of commercial property located in Big pine for the benefit of Habitat for Humanity. ITEM BACKGROUND: Staffhas discovered some concrete spalling and grounds contamination on the commercial property for Habitat in Big Pine. Since time is of the essence to acquire approx- imately $300,000 in FEMA funds for restoration of the existing building, staff should be directed to make a reduced offer to seller to cover repair costs. Once title is conveyed to Monroe Co., the county will provide a 20-year lease to Habitat for Humanity stating that lease holder is to make all repairs and improvements at lease holder's expense. Differential between asking price and sale price will be made available to improve the commercial property leased by Habitat for Humanity. All funds provided by county and FEMA will be made available to Habitat for Humanity to make necessary improvement. PREVIOUS RELEVANT BOCC ACTION: CONTRACT/AGREEMENT CHANGES: STAFF RECOMMENDATIONS: TOTAL COST: BUDGETED: Yes No COST TO COUNTY: SOURCE OF FUNDS: REVENUE PRODUCING: Yes No AMOUNTPERMONTH_ Year APPROVED BY: County Arty _ OMB/Purchasing _ Risk Management _ ~~~~ ~/dJ~ MAYOR MURRAY E" NELSON DIVISION DIRECTOR APPROVAL: DOCUMENTATION: Included ~ To Follow Not Required_ DISPOSITION: AGENDA ITEM # CPI L/ LATE BACK UP DOCUMENTATION FOR AGENDA ITEM Qd Mayor Murray Nelson BACK UP - REPLACEMENT COST Cost to replace one acre of industrial fenced scarified property - 1 acre = $495,000. Cost to acquire 13,000 square feet ofNROGO building rights- 13,000 sq. ft. x $50.00 per sq. ft. = $676,000. Cost to replace 13,000 square feet of concrete three-story building 13,000 sq. ft. x $200.00 per sq. ft. = $2,600,000. 1 acre fenced industrial - 13,000 sq. ft. @$50. sq. ft. - Replace bldg. 13,000 sq.ft. x $200 sq.ft. = $ 495,000. 676,000. 2.600.000. $ 3,771,000 HABITAT FOR HUMANITY BIG PINE KEY BUILDING ~O/~~/,~~~ ~~.~O ~~~o~~~~o~ r~UJ.lCoI~ I ~ML.. "COY ~~J.ICo r rM\;ICo t:Jllt:JL . Prudential Prud"ntial Keywide Propllrties 91951 OverRAlilS Highway Tavernier, FL 33070 Bus 305 853.1100 600663-9955 Fllx 305 f.l53.1 DBO June 4, 2004 Honorable Mayor Murray Nelson By fax to 852 7162 Mr. Mayor, I have searched MLS records for industrial zoned property sold within the last year. There are no sales reported under industrial, however there are 3 as mixed use or suburban commercial. It could be extrapolated from these sales that se zoned land is worth at least $250,000 per acre if it is scarified. There are 2 sales at that figure. One could assume that the value of industrial land in the keys would be significantly higher. Commercial square footage is bringing well over $150.00 per square foot. Building costs for commercial are generally being quoted as around $200 per square foot. Again, industrial square footage should be higher. Current quotes for TOR's on commercial square footage are $45-50 per square foot. If the question is: What is a Monroe County acre with 13,000 square feet of industrial space worth? The answer is land: $300,000...$350,000. development rights: $585,000- $650,000. and building: $1,950,000 existing - $3,250,000 new. That's a range of $1 ,225,000 for the cheapest possible existing structure in need of repair, to $4,250,000 for the same building new on the best land. GI All indBDsnd!lntlv llWIII!d And n(V!mted Olombyr of The F'rudsrrriAI R/1O' (slatr A/liliares. In~. 1,-,........... '-'4i U"",- 2 In summary, the only existing example is that property under consideration by the County. If asked to perform a market analysis for the seller, I would suggest a range of $2.5- $3.25 million dollars with a market time of 5..6 months. The low figure would take into account the need for repairs and possible environmental cleanup (as-is), and the higher figure would be with repairs made by the seller, The difference in the two figures is not meant to represent the cost of repairs or cleanup but; rather, it indicates the additional value inherent in llpeace of mind", Please let me know if I may be of further assistance. BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: June 16. 2004 Division: BOCC Bulk Item: Yes No-L Department: DISTRICT 5 AGENDA ITEM WORDING: Approval to direct staff to offer a reduced amount to owner of commercial property located in Big pine for the benefit of Habitat for Humanity. ITEM BACKGROUND: Staffhas discovered some concrete spalling and grounds contamination on the commercial property for Habitat in Big Pine. Since time is of the essence to acquire approx- imately $300,000 in FEMA funds for restoration of the existing building, staff should be directed to make a reduced offer to seller to cover repair costs. Once title is conveyed to Monroe Co., the county will provide a 20-year lease to Habitat for Humanity stating that lease holder is to make all repairs and improvements at lease holder's expense. Differential between asking price and sale price will be made available to improve the commercial property leased by Habitat for Humanity. All funds provided by county and FEMA will be made available to Habitat for Humanity to make necessary improvement. PREVIOUS RELEVANT BOCC ACTION: CONTRACT/AGREEMENT CHANGES: STAFF RECOMMENDATIONS: TOTAL COST: BUDGETED: Yes No COST TO COUNTY: SOURCE OF FUNDS: REVENUE PRODUCING: Yes No AMOUNTPERMONTH_ Year APPROVED BY: County Atty _ OMB/Purchasing _ Risk Management _ '~~~. ~~/dJL> MAYOR MURRAY E. NELSON DIVISION DIRECTOR APPROVAL: DOCUMENTATION: Included To Follow X Not Required_ DISPOSITION: AGENDA ITEM #-W- FRll'1 : OO~~..f'~~E (3Dll) ~1 Mayor Murray E. Nelson Dam.ron BuDding, Suite 2 99198 Overseas Highway Key Largo, FL 33037 PHONE (305) 852-7175 FAX (305) 852-7162 EMAIL: ~1.50monroecounty-fl.gov FAX NO. :8527162 Jun. 15 2004 11:42AM Pi (',~'""- IOARQ ~ SPJHTY' COMMTUTnN!RS ~ MJ.rrav E. NelsOn, DIs'Iric:t 5 Mayor Pro Tem DaVId P. RIce, DIsb1ct 4 Dbde M. Speh.r, DIsb1c:t 1 George Neugent, D1str1(:1; 2 OIartes "Soi'lny" McCoy, Dfstr1ct -: FAX TRANSMITTAL TO f/3()( L. J -,lLu IlDrY\ . DATE: (; ..- /5 -Df.; . ' Co ~J....';'R ~ Fax # Phone tJ . # ofNes including cover sheet , FROM: Donna Hanson, Executive Assistant to Mayor Murray E.Nelson MESSAGE ~ '1"~"'O~S , . ( 5~~).5) + , I.TfM ~~/ b~~~A~K (:J.. (j 5) -~ .. Monroe County Web Page -l\'WW.MonroeCountv-Fl.Gov FROM : FAX NO. :8527162 Jun. 15 2004 11:42AM P2 LATE BACK UP DOCUMENTATION FOR AGENDA ITEM !M Mayor Murray Nelson ~ .~ ' ~. .. ' A , . FROM : FRX NO. :8527162 Jun. 15 2004 11:42RM P3 BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: JUDe 16. 2004 Division: Doce Bulk Item: Yes No -2L Department: DISTRICT 5 AGENDA ITEM WORDING: Approval to direct staff to oller a reduced amount to owner of commercial property located in Hil Pine for the benefit 01 Babltst for Humanity. ITEM BACKGROUND: Staffhas discovered some concrete spalling and grounds contaminlltinn on the commercial property for Habitat in Big Pine. Since time is of the essence to acquire approx- imately $300,000 in FEMA funds for restoration of the existing building, staff should be directed to make a reduced offer to seller to cover repair costs. Once title is conveyed to Monroe Co., the county will provide a 20-year lease to Habitat for Humanity stating that lease holder is to make all repairs and improvements at lease holder's expense. Differential between asking price and sale price will be made available to improve the commercial property leased by Habitat for Humanity. All funds provided by county and FEMA will be made available to Habitat for Humanity to make necessary improvement. PREVIOUS RELEVANT DOCe ACTION: CONTRACT/AGREEMENT CHANGES: STAFF RECOMMENDATIONS: TOTAL COST: BUDGETED: Yes No COST TO COUNTY: SOURCE OF FUNDS: REVENUE PRODUCING: Yes No AMOUNT PER MON'fH~ Year APPROVED BY: County Atty _ OMBlPurchasing _ Risk Management_ DIVISION DIRECTOR APPROVAL: ~iiA ( fJ7...1-4e-..- I dL MAYOR MU Y E. NELSON ...-- DOCUMENTATION: Included X ToFollow_ NotRequired_ DISPOSITION: AGENDAlTEMN4'" FROM : FAX NO. :8527162 Jun. 15 2004 11:43AM P4 BACK UP - REPLACEMENT COST Cost to replace one acre of industrial fenced scarified property - 1 acre = $495,000. Cost to acquire 13,000 square feet ofNROGO building rights - 13,000 sq. ft. x $50.00 per sq. ft. = $676,000. Cost to replace t 3,000 square feet of concrete three-story building 13,000 sq. ft. x $200.00 per sq. ft. = $2~600~000. 1 acre fenced industrial - $ 13,000 sq. ft. @$50. sq. ft. - Replace bldg. 13,000 sq.ft. x $200 sq.ft. = 495,000. 676,000. 2,600~OOO. $ 3,771,000 HABITAT FOR BUMANITY BIG PINE KEY BUILDING 86/84/2eB4 13:46 385B531080 FRX NO. :8527162 Jun. 15 2004 11:43AM P5 PRUDENTIAL KE\'SlDE P PAGE 81/02 FROM: <8 Prudential Pn.r.till ....... ......... 91951 o..I'lI1I8S Hi!#JWiV TlMlrnisr. R 33070 IkIs 305 853.1100 800 663-9855 FilM 305 8>>1000 June 4, 2004 Honorable Mlyor Murray Nelson By fax to 8527162 Mr. Mayor, I have searched MLS records for industrial zoned property sold within the last year. There are no sales reported under industrial, however there are 3 as mixed use or Buburban commercial. It could be extrapolated from these sales that SC zoned land is worth at least $250,000 per acre if it is scarified. There are 2 aales at that figure. One could assume that the value of industrial land in the keys would be significantly higher. COmmerc;al square footage is bringing well over $150.00 per square foot. Building costs for commercial are generally being quoted as around $200 per square foot. Again, industrial square footage should be higher. Current quotes for TDR's on commercial square footage are $45-60 per square foot. If the question 18: What is a Monroe County acre with 13,000 square feet of industrial space worth? The answer is land: $300,000-$350,000. development rights: $585,000- $850,000. and building: $1.950,000 existing - $3,250,000 new. That's a range of $1,226,000 for the cheapest possible existing structure In need of repair, to $4,250,000 for the same building new on the best land. III An ind~y _~ ... IIp!mh:d 1l11l1'1l1l1r"'11w fINIIlnIIIll "lOl teI1\11 Mfi..... Jill:. FROM : FAX NO. :8527162 Jun. 15 2004 11:43AM P6 B6/04/2004 13:46 3058531880 PRUDENTIAL KEVSIDE P PAGE 02/82 2 In summary. the only existing example is that property under consideration by the County. If asked to perform 8 market analysis for the seller, I would suggest a renge of $2.5 - $3.25 million dollars with a market time of 6..8 months. The low figure would take into account the need for repairs end possible environmental cleanup (as-is), and the higher figure would be with repairs made by the seller. The difference in the two figures is not meant to represent the cost of repairs or cleanup but; rather, it indicates the additional value inherent in "peace of mind". Please let me know if I may be of further assistance.