The purpose of this workshop is to update the City Council of the progress of property acquisition for those properties located along the Cotee River identified by City Council for acquisition, and to get direction as to whether to continue negotiations.  

6348 River Road

This parcel is an income producing property that has a first floor office (currently leased by a Pediatrician's office) and second floor apartment.

According to the Pasco County Property Appraiser, the Taxable value is $388,132.  Staff had the property appraised and the value was determined to be $410,000.  Staff made an initial offer of $410,000, which was rejected.  The property owner countered with a price of $1 Million.  Staff counter offered $600,000, with the possibility of financing on a land contract term and that offer was rejected as well.  In an effort to move things forward a review appraisal was ordered, the results of which are expected to be available by the date of the work session.

6356 River Road

This is a .61 acre vacant lot. According to the Pasco County Property Appraiser, the Taxable Value is $122,197.  Staff had the property appraised and the value was determined to be $170,000. Staff made an initial offer of $170,000, which was rejected.  Staff made another offer of $200,000, which was also rejected.  The property owner made a counter offer of $330,000. The property owner questioned the validity of our appraisal but did not get his own appraisal to substantiate his claim as to the value of his property.  We had a review appraisal conducted and it was determined that the current market value is $270,000. If the property is still of interest, staff plans to meet with the property owner to make a final attempt at negotiating a purchase amount for the property.

5432 Acorn Street  

This parcel is an income producing property with a small home utilized for short-term rentals. According to the Pasco County Property Appraiser the Taxable Value is $117,367. Staff ordered an appraisal of the property and the value was determined to be $190,000. The owner, at that time, wanted $250,000. Staff made an offer of $210,000, which was rejected due to an offer by the current owner of $250,000, which ended our negotiations. The current owner is willing to sell the property to the City for $260,000 which is equal to the amount the he purchased the property for along with some expenses that he has incurred since he purchased the property in July of 2020. As I am sure you may recall, the purpose associated with the acquisition of this property is to construct a boat ramp and kayak launch. A copy of the conceptual plan is attached for reference.