Resolution approving the Real Property Purchase and Sale Contract by and between the City of Daytona Beach ("Seller") and Indigo International, LLC ("Buyer"), P.O. Box 10809, Daytona Beach, Florida 32120 concerning the LPGA International Golf Course. At the present time, Indigo International, LLC is the current Lessee of the Golf Course by Lease Agreement dated August 28, 1977 with modifications and amendments consisting of approximately 657 acres. Consideration for the purchase of the property is $1,590,000 to be paid by the Buyer at the time of closing no later than December 31, 2016. Additional considerations will be as follows:
- An annual surcharge to be paid by Buyer in the amount of $1 per round of golf with a minimum annual payment of $70,000 and a maximum aggregate payment of $700,000.
- Simultaneous transfer from Buyer to the City of Daytona Beach at closing of approximately 14.28 acres of land adjacent to Municipal Stadium.
Gary Shimun, Deputy City Manager/Administrative Services, to report.
Recommendation: Deputy City Manager/Administrative Services
recommends adoption of the Resolution.
Action: Motion to adopt the Resolution.