The City of Stuart Redevelopment Agency has historically acquired property within its boundaries to accelerate its redevelopment. The City Commission adopted Resolution 18-2019 which authorized the City Manager to enter into due diligence investigations for properties located at 301 SE Ocean Blvd; 325 SE Ocean Blvd., and 330 Osceola Street. After vetting the opportunity, the City Commission adopted Resolution 64-2019 authorizing the City Manager to enter a binding Real Estate Purchase Agreement for all of the properties.
The City currently has a contract which encompasses all three lots as a single transaction. However, a community redevelopment opportunity exists on the eastern sites at 325 SE Ocean Blvd, and 330 Osceola Street. Rather than consolidating all three properties into one parcel/transaction, it is a better opportunity for the Community Redevelopment Area if the eastern portions of the property are acquired separately so they can be redeveloped.
To successfully redevelop the property within the parameters of the CRA Plan, the Board will need to authorize the expenditure of One Million dollars from the CRA fund balance for the purchase and acquisition of 325 SE Ocean Blvd, and 330 Osceola Street which have been identified as redevelopment opportunities. The specifics related to the actual redevelopment of each parcel will be brought back to the CRB/CRA at a future date for approval.
While there are still conditions in the purchase contract authorized by Resolution 64-2019 that may prevent the ultimate purchase the authorization from the CRA remains necessary to move forward and align funding accordingly.