ACTION ITEM
SPONSOR: Teniade Broughton, Chairperson
SUBJECT:
title
RESOLUTION NO. 2022-03 CRA - ACQUIRING REAL PROPERTY AT 2700 DR. MARTIN LUTHER KING JR. DRIVE
end
RECOMMENDATION:
recommendation
That the Community Redevelopment Agency (CRA) adopt Resolution No. 2022-03 CRA.
A RESOLUTION OF THE CITY OF PENSACOLA, FLORIDA COMMUNITY REDEVELOPMENT AGENCY RELATING TO COMMUNITY REDEVELOPMENT WITHIN THE EASTSIDE COMMUNITY REDEVELOPMENT AREA; PROVIDING FINDINGS; APPROVING AND AUTHORIZING THE EXPENDITURE OF CITY AND CRA FUNDS TO ACQUIRE CERTAIN REAL PROPERTY THEREIN LOCATED AT 2700 DR. MARTIN LUTHER KING, JR. DRIVE IN FURTHERANCE OF THE PURPOSES ESTABLISHED IN CHAPTER 163, PART III, FLORIDA STATUTES AND THE EASTSIDE REDEVELOPMENT PLAN; AND PROVIDING AN EFFECTIVE DATE.
end
body
SUMMARY:
The adopted Eastside Community Redevelopment Plan and approved Fiscal Year 2022 Community Redevelopment Agency (CRA) Work Plan identifies affordable housing redevelopment as a key redevelopment activity.
Acquisition of the property located at 2700 Dr. Martin Luther King, Jr. Drive will support the CRA and City’s affordable housing objectives, under the 500 homes in 5 years initiative, by securing land to be used for future affordable housing redevelopment.
A fair market value appraisal was performed on this property by an independent MAI certified appraiser. The appraised value is $190,000. An offer has been made to the seller in the amount of the appraised value. The seller has accepted the offer.
Upon acquisition of the property, the property shall be utilized by the City solely for the affordable housing purposes contemplated by the adopted community redevelopment plan and Chapter 163, Part III, Florida Statutes.
PRIOR ACTION:
August 9, 2021 - The CRA approved the FY2022 CRA Work Plan for the Urban Core, Eastside and Westside community redevelopment areas.
May 9, 2022 - The CRA approved implementation of the City of Pensacola Attainable Housing Infill Policy for infill development.
FUNDING:
Budget: $ 91,121 2017 Eastside Bond Proceeds
108,379 Eastside TIF
199,500
Actual: $ 190,000 Land Purchase
9,500 Est. Closing Costs
199,500
FINANCIAL IMPACT:
Funds are available from the 2017 Eastside Redevelopment Bonds and the Eastside TIF Fund.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
7/8/2022
STAFF CONTACT:
David Forte, Deputy City Administrator - Community Development
Sherry Morris, Development Services Director
M. Helen Gibson, AICP, CRA Manager
Victoria D’Angelo, CRA Assistant Manager
Deana Stallworth, Property Lease Manager
ATTACHMENTS:
1) Resolution No. 2022-03 CRA
2) Property Appraisal - 2700 Dr. Martin Luther King, Jr. Dr.
3) ESCPA Record - 2700 Dr. Martin Luther King, Jr. Dr.
PRESENTATION: No end