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CRA board approves sale of Longleaf parcels to UniK Fenestration for $663,050
Summary
The City of Lake Wales CRA board approved a letter of intent and authorization for staff to finalize sale documents with UniK Fenestration for $663,050 for four Longleaf business park lots, with milestone clauses requiring permitting activity within 18 and 36 months.
The City of Lake Wales Community Redevelopment Agency board voted to accept a proposal from UniK Fenestration and authorized the executive director to sign a letter of intent and subsequent sale-and-purchase agreement for Longleaf business park parcels.
Staff presented three responses to RFP 20 and recommended UniK Fenestration because, staff said, the company is ready to set up a local operation and is offering market-rate payment for the parcels. "They're paying market rate," a staff member said during the presentation, adding that UniK intends to buy four of the five remaining lots and initially use one lot for an inventory warehouse with later plans for light manufacturing.
The recommended sale price is $663,050. The contract will include milestone provisions: UniK must apply for building permits and start the permitting process for a warehouse within 18 months of closing and begin permitting for a manufacturing facility within 36 months, or the CRA may reclaim the property, staff said. Proceeds would be deposited into the CRA trust fund; staff noted the transaction, together with a recent hotel sale, would account for more than $900,000 in recent lot sales.
Board members asked about job creation and capital investment. Staff said UniK had not provided firm employment or investment figures because those depend on the company's due diligence and eventual building footprint. "They won't know until they do their architecture and figure out what the building footprint can even be to know those numbers," the staff member said.
During discussion commissioners confirmed SVN Saunders performed market-comparative work for the city; staff said two of the competing proposals did not come through SVN and that one proposer made an offer on all five lots. The board approved the staff recommendation by roll call; the vote was recorded as unanimous.
The board noted one lot remains available at the business park and said staff and the city's broker will continue marketing the remaining property.
Votes at a glance Approve sale to UniK Fenestration — Approved. Sale price: $663,050; buyer to purchase four of five lots; milestone permitting requirements: warehouse permitting started within 18 months, manufacturing permitting started within 36 months; proceeds to CRA trust fund.
