Title
Lot for Sale at 802 NW 5th Avenue (NB)
Explanation
The intent of the Community Redevelopment Plan is to identify redevelopment objectives, programs, and capital projects to be undertaken to reverse blighting trends within the Fifth Avenue/Pleasant Street District. One of the Opportunities in the FAPS district is to re-establish thriving commercial/cultural corridor along 5th Avenue. The framework for this redevelopment of the NW 5th Avenue Corridor is land acquisition. CRA Staff is proposing the purchase of Parcel #13809-001-000, 802 NW 5th Avenue, which is for sale. The lot is 85 ft N & S 70 ft E & W. The City of Gainesville owns parcel #13807-000-000, which is adjacent to this lot. Staff will outline a Request for Proposal for this site, which is currently, zoned MU-1 (Mixed Use). The site is located in the Enterprise Zone recognized by the City of Gainesville and State of Florida, offering numerous incentives ranging from a 50% reduction in price of building permits, development fees, and occupational licenses to free training programs for employees located within the zone.
The CRA and the City of Gainesville Economic Development Department are committed to the success of the businesses, that will reside on the first floor of the building and will extend start up help to the business in various forms such as Incentives and retail business incubators; an entity that house several businesses under one roof, and offer residents companies reduced rent, shared services and, in many instances, formal or informal financing. The CRA believes that this mixed-use building will be a successful venture that will ultimately achieve the goal of revitalizing the NW 5th Avenue and the surrounding areas.
Upon request from the Fifth Avenue / Pleasant Street Advisory Board, staff contacted Sam Bridges land Rights Coordinator who negotiated a contract with the owner contingent of approval from the FAPS Advisory board and the CRA. The FAPS board at their October 23, 2007 meeting unanimously voted to purchase parcel #13809-001-000, 802 NW 5th Avenue The total price of the 802 NW 5th Avenue will be $30,000 plus doc stamps, and recording fees. The buyer will pay closing cost.
Fiscal Note
The CRA has budgeted $18,900 in the Option/Acquisition account (#613-790-W503-5520-4120) Additional funds from the NW 5th Avenue Streetscape account, # 613-790-W508-5520 can be used for the balance of the purchase price, document stamps and recording fees, not to exceed a total of $33,000 from both accounts.
Recommendation
Executive Director to CRA: 1) Approve the purchase of the property located at 802 NW 5th Avenue for a purchase price of $30,000; 2) approve the transfer of a not to exceed amount of $14,100 from account #613-79-W508-5520 to cover the balance of the purchase price and associated recording fees; and 3) authorize the Executive Director to execute all necessary documents.