Title
Approval of the Purchase and Sale Agreement for the Tackle Box Property (NB)
Explanation
At the December 2004 CRA meeting, the Board authorized the Executive Director to negotiate a price for the purchase of the Tackle Box property for redevelopment into a gateway feature as specified in Plan East Gainesville. Since that time, staff has been working with the owner to come to terms on a sale price. An appraisal has been completed and a Phase 1 Environmental study is expected prior to the CRA meeting.
The original asking price for the property was $189,000. The CRA obtained an appraisal for the property with a value of $180,000. The negotiated price for the property is $170,000.
The property is part of a fully funded State remediation program; however, it is ranked fairly low and will not likely be cleaned up for a number of years. Once acquired, the CRA can work with DEP to move the project forward on the list, consider remediation of the contamination and seek reimbursement; or could move forward with the landscaped gateway feature and remediate when the funding is available from the State. Given the anticipated use of the property as a gateway feature, and the potential State funding, staff recommends the acquisition of this key property.
The City has included $300,000 for this project in their most recent bond issues and has entered into an inter-local agreement with the CRA so that those funds can be used for acquisition and development of this project. The Eastside CRA will make annual debt service payments for the project over the next fifteen years.
The CRA is using the services of John Haswell to handle this transaction and once approved a quick closing is anticipated.
Fiscal Note
The CRA has borrowed $300,000 from recent City bond proceeds for this project.
Recommendation
Interim Executive Director to the CRA: 1) Approve the Purchase and Sale agreement for the Tackle Box property with a cost of $170,000; and 2) authorize the Interim Executive Director to execute any and all required documents.