Consideration of the Purchase and Sale Agreement for 101 NW 4th Street

The property located at 101 NW 4th Street is a key acquisition due to its proximity to the BBCRA properties located at West Boynton Beach Boulevard and I-95 (see Attachments I & II).

An appraisal was prepared on January 1, 2026, using the sales comparison approach, which valued the property at $702, 000.00 for .53 acres (23,086.80 sq. ft.) (see Attachment III). Based on the appraised value BBCRA staff and the Sellers negotiated the sales price to $835,000.00 which is 16% above appraised value. The Sellers executed the Purchase and Sale Agreement with the request that the BBCRA pay for the closing costs and that the closing would take place on or before December 15, 2026 in order to allow enough time to relocate (see Attachment IV).

A comparable worksheet, with key property information, has been provided as Attachment V. The comparison includes this property and BBCRA owned commercial properties along the Boynton Beach corridor.

FY 2026-2027 Budget, Project Fund, Line Item 02-58200-401 - $835,000.00

2016 Boynton Beach Community Redevelopment Plan - Boynton Beach Boulevard Corridor

1. Approve the purchase of the property located at 101 NW 4th Street, authorize the BBCRA Chair to execute the Purchase and Sale Agreement, and authorize any necessary extensions of the closing date to be handled administratively.

2. Do not approve the purchase of the property located at 101 NW 4th Street.

3. Provide alternative direction.