INSIDE: Legal Notices
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Wednesday, August 7, 2024
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City and CRA looking to partner on $40 million land buy in the South Cape By VALARIE HARRING
vharring@breezenewspapers.com
The city of Cape Coral and its Community Redevelopment Agency are looking to partner on a $40 million, 43parcel land buy in the South Cape. Resolution 259-24 calls for the city to enter into a contract for the sale with Bimini Center of Cape Coral LLC, TCJBN LLC and Four Palms Condominium
Association to purchase Bimini East to “further stimulate redevelopment in the downtown core of the City” at a contract price of $40,089,504. The parcels are within the eastern portion of the CRA's Bimini Basin District. The resolution, part of the city's consent agenda, also states “the City may incur additional costs to cause Bimini East to be marketable to prospective developers and
may expend additional funds to purchase surrounding property in the CRA area...” The city and CRA “acknowledge that the acquisition of Bimini East and surrounding property in the CRA Area is essential for the redevelopment and economic future of the City and its residents and visitors.” According to the resolution, the city would purchase the parcels, could expend
Cape Coral Tractor Supply to host pet treat tasting event
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See LAND BUY, page 4
City staff requests hearing for P3 proposals for Jaycee Park be postponed
NEWS OF NOTE
Tractor Supply Company is hosting a pet treat tasting event in Cape Coral. Planned for this Saturday, Aug. 10, from 10 a.m. until 3 p.m., this event will give pets the chance to sample a variety of pet treats available at Tractor Supply Company. In addition to the tasting, attendees will have the opportunity to enjoy Pet Care 101 and Dog Wash. This event is open to the public and will take place at 2050 S.W. Pine Island Road. For more information, please contact the Cape Coral Tractor Supply at 239-283-5701. The rural lifestyle retailer, which is a one-stop shop for all things pet, including a wide variety of food, treats, toys, crates, carriers, training tools and health supplements, will help alleviate needs and support important program initiatives. For additional information about Tractor Supply, please visit www.tractorsupply.com.
additional funds to make the property marketable to prospective developers and, upon the subsequent sale, use the proceeds to pay down the principal for the "commercial paper" that would be issued to buy the properties. “For any Commercial Paper remaining following the application of proceeds, the
By MEGHAN BRADBURY
news@breezenewspapers.com
Purchase of old golf course acreage on City Council agenda By MEGHAN BRADBURY
news@breezenewspapers.com
Cape Coral City Council is expected to vote on the purchase the former Palm Tree Boulevard golf club property at tonight’s meeting. The contract calls for the purchase of the acreage at 4003 Palm Tree Blvd. for $10,400,000 plus half the closing costs, estimated not to exceed $55,000. The golf club, which closed in 2006, has an estimated 175 acres. The source funds includes $5,395,643 – if approved by the Cape Coral Community Redevelopment Agency, $4,055,000 from the general fund and $1,004,35 from stormwater. The closing on the property shall occur on Oct. 10, but the city could elect to close sooner. According to an appraisal by Hendry Real Estate Advisors, the property was valued at
$8,760,000 on March 1, 2024. According to the appraisal, the property is vacant, but was constructed in 1963 and used as the Cape Coral Golf and Tennis Resort. It states the site was improved with an “18-hole golf course, a clubhouse/pro shop, a 100-unit hotel, tennis courts and internal paths and walkways.” Barth Wolf, part of the Save Our Recreation group, said they are extremely happy that this may be finally coming to a conclusion. “We always thought the city was a good
See PURCHASE, page 2 The green area bordered in blue shows the former golf club property. CITY OF CAPE CORAL GRAPHIC
City staff will request today that Cape Coral City Council continue and defer the second and final public hearing related to the redevelopment of Jaycee Park from Aug. 7 to Aug. 21. This continuance on Resolution 209-24 for the unsolicited public-private partnership proposal for the Jaycee Park Improvement Project is necessary to allow additional time for finalizing the legal documents related to the P3 proposal, a release from the city issued Tuesday states. These documents include a comprehensive agreement with Fortress Secured and a concessionaire’s agreement with the Reef Cape Coral LLC. “The continuance will also provide Council members and the public adequate time to review the finalized documents before taking action. This ensures transparency and a better opportunity for informed discussion and decisions,” the release states. If Council continues the public hearing to Aug. 21, there will be no discussion or vote today on Resolution 209-24, officials said. According to the meeting agenda, a pair of public-private partnership proposals related to the redevelopment of Jaycee Park were to come forward — one for a Comprehensive Agreement with Fortress Secured, LLC; the other a Concessionaire’s Agreement with Reef Cape Coral LLC.
See P3 PROPOSALS, page 4