Title
8th?& Waldo Project Update?(B)?
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Explanation??
The Capital Assets Planning and Economic Resilience (CAPER) Office provided an 8th & Waldo Road project update to the GCRA Advisory Board on September 21. This agenda item is to report out on work completed since September and discuss next steps as related to the following items:
A.The?City of Gainesville 2020-2025-2035 Strategic?Plan?identified?8th?& Waldo Land Acquisition as a High Priority, and the 2019?Gainesville Community Reinvestment Area (GCRA) 10-year Reinvestment Plan?identified the?8th?& Waldo area as an?Economic Development Initiative Core. To meet these goals and maximize the impact of the 36-acre City-owned?8th?& Waldo?project?area, Colliers International negotiated on behalf of the City a purchase agreement with Segovia Ventures for the Ace Check Cashing site, located at the NW corner of Waldo Road and NE 8th Ave, on 806 NE Waldo Road, Gainesville, FL 32641 (Tax Parcel# 10515-002-000).
On 9/21/21, the GCRA approved an amount of up to $210,000 for the purchase of the property, as well as $8,520 for property due diligence, including property appraisal, boundary survey, and Environmental Assessment Phase 1.
Staff will update the Board about the results of the property appraisal and the sale negotiations so far.
B. A Phase?I?Environmental Assessment (ESA), conducted?by Water & Air research, Inc., revealed evidence of Recognized Environmental Conditions (RECs)?within the property, in the areas west of NE 14th Street. A Phase II ESA was recommended to further investigate the RECs. No further environmental investigation is needed in?the geographic area within the GCRA portion of the site.
A General Fund source was used for funding the Phase II ESA. The complete report is included in this item backup.
C. A Market Feasibility Analysis will be conducted to help assess future appropriate uses for the site. A General Fund source will be used for funding the Market Feasibility Analysis.
The Mark...
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