Title of Item:
PURCHASE OF WELLS FARGO PROPERTY (RC):
RESOLUTION No. 06-2020 CRA; A RESOLUTION OF THE BOARD OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF STUART, FLORIDA, AUTHORIZING BUDGET AMENDMENT #2 TO THE FY 2020 CRA BUDGET TO TRANSFER FUNDS FROM THE CRA FUND BALANCE FOR THE PURCHASE AND ACQUISITION OF 325 SE OCEAN BOULEVARD AND 330 SE OSCEOLA STREET IN THE AMOUNT OF $1,000,000 FOR THE REDEVELOPMENT OF THE PROPERTIES; PROVIDING FOR CONFLICTS; SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE, AND FOR OTHER PURPOSES. Summary Explanation/Background Information on Agenda Request:
The City of Stuart Community Redevelopment Agency has historically acquired property within its boundaries to accelerate redevelopment activity within the Community Redevelopment Area. The City Commission adopted Resolution No. 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 SE Osceola Street. After vetting the opportunity, the City Commission adopted Resolution No. 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 located at 325 SE Ocean Blvd. and 330 SE Osceola Street. Rather than consolidating all three properties into one parcel/transaction, it is a better opportunity for the CRA 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 staff is requesting the Board 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 SE 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.
On June 2, 2020, the Community Redevelopment Board recommended approval to purchase the two properties with CRA funds.
Funding Source:
FROM: CRA Fund Balance – $1,000,000
TO: Acquisition of two parcels – $1,000,000
Recommended Action:
Approve Resolution No. 06-2020 CRA, a budget allocation in the amount of $1,000,000 for the purchase and acquisition of two properties located at 325 SE Ocean Blvd and 330 SE Osceola Street for redevelopment opportunities within the CRA. |