1980-01
80-1
AGREEMENT
On this /ofh day of January, 1980, the COOPER MEMORIAL LIBRARY, INC.,
hereinafter referred to as LIBRARY and the CITY OF CLERMONT, hereinafter referred
to as CITY, for valuable consideration, which is hereby acknowledged, agree as
fo 11 ows :
1. CITY shall exercise an option to purchase the real property on
the terms and conditions as stated on the attached Motion.
ein
2. LIBRARY shall furnish the option consideration and shall participate
the negotiations of the terms of the option.
3. Upon the obtaining of the option, LIBRARY shall commence to solicit
funds to enable LIBRARY to amortize the debt, meet the additional operating
expenses, and pay the difference between the debt amount and the purchase price
plus repairs and improvements.
4. CITY shall grant LIBRARY the right to use the property in perpetuity
for a library or library related functions.
5. LIBRARY shall make all payments on the debt and shall be responsible for
the interior maintenance of the bui lding.
6. CITY shall make available to LIBRARY the property now used by the LIBRARY
to assist in the purchase or improvement of the new building. This availability
may be through proceeds of a sale, use of the property in an exchange, or funds
equivalent to the value of the property.
7. Should LIBRARY have the apparent ability to meet the obligations under
this Agreement, CITY shall execute all necessary documents to purchase the building
at the option price and terms.
8. CITY shall have the sole discretion as to whether the LIBRARY has the
apparent ability to meet the obligations under this Agreement.
CITY OF CLERMONT
.
By: ~~
CLAUDE E. SMOAK, JR., - ayor
ATTEST:
JD,t2."ze . } k/. C,<1AJl,c
DOLORES W. rARROLL - City C erk
COOPER MEMORIAL LIBRARY
By: /oJ :;UdtA
ALICE-TILDEN - Chairman, Library Board
-
.
STATE OF FLORIDA )
SSe
COUNTY OF LAKE )
The foregoing instrument was acknowledged before me this /5'1JJ day of
1980, by 9.1.~~;C)v, (J~1a:.
LAKE COUNTY.
~I!- '
of THE EXCHANGE NATIONAL BANK OF
.Q6x~/VcY? /Ob,a)
Notary Public
My Commission Expires:
NOTARY PUBLIC ST.\1E or FlOi:/DA AT LAQ
MY COMMI~Slm' ,....,"1.".' """1" 2n
"... '''-J. v~. "" 19 a 3
PONDED JHRU ~f:~U:AL 1;"15. UN[)t:~';IRITERS
HOVIS AND BAIRD. 'ATTORNEYS AT LAW, P.O. DRAWER 848, CLERMONT, FLORIDA 32711
e
.
AGPEE1~NT #80-1
LIBRARY MOTION
I move that the City of Clermont authorize the City Manager,
City Attorney, or Mayor to execute on behalf of the City of
Clermont, an option to purchase real property known as the "Old
Exchange B~nk Building" on the corner of Montrose Street and Lake
Avenue and further described as follows:
Lots 1, 3, 5, and the East 31 feet of r~t 7;
Lots 4 and 6, less the West 31 feet; Lot 2,
less the West 31 feet of the South 40 feet;
and the East 31 feet of the North 10 feet of
Lot 8, all in Block 77 of Clermont, Florida.
The terms of the option shall be agreeable with represen-
tatives of the Cooper Memorial Library Board and consistent with
the best interests of the City of Clermont but not to exceed the
following:
1. A purchase price of $95,000.00.
2. A financing arrangement which would make the City liable
for 90% of the total of the purchase price plus expected improve-
ments and repairs, the total not to exceed $125,000.00.
3. An amortization of the debt at the rate of 5-1/2% inter-
est over a period of over at least 15 years.
.
.
.'
A PROPOSAL FROM THE BOARD OF THE
COOPER MEMORIAL LIBRARY
TO
THE CLERMONT CITY COUNCIL
December 1979
/
.
(
1.
Why does Clermont need a new Library?
.
The oldest portion of the present Library Building was
constructed in 1914. Additions were added in 1954 and 1974.
As Clermont has grown, so has the Library until today we have
over 19,000 books in approximately 2,500 square feet of
space. According to current Library requirements, (The Small
Library Building, 1962), we are blessed with more than the
required number of books due to the generosity of gifts from
library patrons. However, books require shelving, and
shelving takes up space. So we are below the necessary
requirements in reader space. The reference, reading and
meeting rooms, staff offices, workrooms and storage a~eas are
all inadequate. We are close to capacity in shelving and we
think we are already at capacity regarding the amount of
weight the wooden floor will bear. We are below the
recommended all-over floor space and there is no more room to
expand internally.
We are giving the CI,ermont area good service. The use of the
Library and book circulation has grown through the years and
we want to continue that trend along with Clermont's growth.
But we are limited by space and money.
2. Assuming that Library expansion is a good idea, what can be
done?
The Board
natives.
purchase
Montrose
has considered and researched several alter-
The most promising and most economical move is to
the old Exchange Bank Building on ~he corner of
and Lake. The building offers' several advantages:
A.
At the present rate of growth, the'
building would meet Library require-
ments for 20 years, to the year 2000.
B. It offers badly needed patron space,
office space, workroom and storage
,space, a room large enough for our
summer children's programs and other
meduim-sized group programs.
C. It offers a large convenient parking
lot for patrons use.
D. It has an excellent location and as a
Library it would be an asset to
Clermont.
3.
Didn't the City have a study made of that building?
.
I.
-1-
.
.
The City of Clermont had a building survey made in 1976 by
Fiske-Gay Associates, Inc., engineer/architects from Orlando.
It covered the architectural, mechanical, and electrical
condition of the building at that time. We have a copy of
that survey and have used it to determine the repairs
necessary to put the building into usable condition.
4. How much would the repairs cost?
According to the verbal estimates received from local
contractors, we anticipate that the necessary repairs will
cost between $15,000.00 and $25,000.00. ·
/
5. What is the asking price of the building.
The Exchange Bank will sell the building and land for
$95,000.00 at 5 1/2% interest for 15 years. The 5 1/2%
interest rate is contingent upon the purchase by a municipal
governing body.
6. Wouldn't it be cheaper to expand the present Library building?
We have considered expansion of the present building as an
alternative. Important considerations ar~:
A.
Remodel ing or new construction' costs start at a
low of $35.00 per square foot and costs are
rising at the rate of 12% per year,. To add an
addition large enough to make the present build-
ing comparable in size to the bank building
(6,100 sq. ft.) would cost approximately
$126,000.00. This total amount would have to be
raised by funding or contributions, whereas the
,.purchase of ihe bank building can be partially
offset by the sale of the existing building and
lots.
B.
A decision would have to made considering the
frame portion of our present building (con-
structed in 1914). We have been informed that
the old building will give us the most trouble
regarding fire hazard and maintenance. If it is
torn down, that cost would be in addition to the
$126,000.00.
C.
If we expand the present building, we will not
have adequate off-street parking facilities.
/
-2-
.
.
7. What do you want from the City Council?
We ~ ~ asking the City for more money.
At the present time, the City owns the Library building and
land. Mr. Forbes and Mr. Baird assure us that the legal
points involving past contracts between the Library Board and
the City concerning land use can be worked out. We need:
A.
City permission in order to get a 60-90 day
option on the Bank building for $500.00 which
would come from the Library.
.
B. City willingness to sell the present building
and lots and apply that money toward the
purchase of the Bank building~
C. City willingness to sign the promissory note and
mortgage. .
D. City willingness to grant the Library perpetual
use of the building for the Library.
8. What will the Board do?
We pledge ourselves to raise $25,000.00 within the option
period from the community in the form of donations and
pledges. If this amount is not raised or pledged, the City
and Library Board would reconsider the 'purchase.
We pledge ourselves to use present assets of $5,000.00 and
future assets expected to be $15,000.00 plus fund drives to
meet the mortgage payments so that the City would not have to
assume that obligation. The amount to be financed has not
been determined, but the monthly payment on $100,000.00 would
be $817.09.
9. When do we need a Counoil decision?
As soon as possible.
/
~3-
.
.
EXCHANGE BANK BUILDING
BUILT: 1958
Additions: 1960 and 1965
SIZE: 1st floor - 5,418 sq. ft.
2.nd floor - 700 sq. ft.
TOTAL - 6,118 sq. ft.
PARKING for at least 40 spaces
.
ASKING PRICE: $95,000.00 @ 5 1/2% interest for 15 years.
FINANCIAL ESTIMATES:
Bank asking price:
$95,000.00
Estimated repairs:
Roof
$1,500.00 to repair, $5,000.00 to replace.
$5,000.00 to repair.
$5,000.00
-0- to $10,000..00 .
$15,000.00 to $25,000.00
$110,000.00 to $120,000.00
A/C
Interior renovations
Miscellaneous
TOTAL Repair estimate:
Estimated total cost:
Estimated value of present Library
Building applied to total cost:
(including 2 lots)
$40,000.00 to $60,000.00
Monies needed:
$50,000.00 to $80,000.00
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POPULATION STATISTICS
Oct. 1979
Clermont (Within City <Limits)
Win tar population served
Market area (vi thin 5 mUe ratius)
5600
10600
14000
(Source: Clermont Chember of Commerce)
.
Minneola
Grovel an d
Mascotte
Schools:
Clermont: Elementary 515
Junior High 418
High school 585
Minneola: Elementary 290
Total Students in Clermont Areal 1728
.
.
1000
2200
1603
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