On June 19, 2018 the CRA entered into an Option to Purchase Agreement with Hacienda Hotel Florida Corporation (HHFC) for the property located at 5621 Main Street, commonly known as The Hacienda Hotel.  In the agreement, the CRA granted HHFC the exclusive right and option to purchase the property for $800,000 to be paid in annual installments.

The purchase price will be paid in annual installments commencing one (1) year from the date a Certificate of Occupancy is issued and continuing on the anniversary of said date as follows:

Year 1    $75,000

Year 2    $85,000

Year 3    $90,000

Year 4    $100,000

Year 5    $110,000

Year 6    $110,000

Year 7    $110,000

Year 8    $120,000

The parties agreed that there could be some flexibility in the installment schedule set forth above based on the buyers annual cash flow in connection with the operation of the property; however, by the tenth anniversary of the issuance of the Certificate of Occupancy, buyer shall have paid the full purchase price in the amount of $800,000 to the City.   

Title and ownership of the hotel have not been transferred from the CRA to HHFC and a Certificate of Occupancy has not been issued as the renovations and restoration are still in progress.

In light of the recent pandemic impacting commerce and the national, regional and local economies, HHFC is seeking assistance in securing a bank loan to continue the renovation and restoration of the Hacienda Hotel.  In order to receive a bank loan, the obligation to the City must be subordinated to the bank loan.  A letter to that effect is included in the packet.  In order to receive the bank loan, ownership of the property would have to be transferred to HHFC.  Upon transfer of Title, the CRA's agreement would be converted to a mortgage that would be subordinated to the bank loan.