Title
Seminary Lane (B)
Explanation
Seminary Lane was a multifamily low-income housing development located on NW 5th Avenue. The property is approximately 5.9 acres in size; it is owned by the Gainesville Florida Housing Corporation (GFHC) and was managed by the Gainesville Housing Authority (GHA). The development was constructed in the same era as Kennedy Homes, and was deconstructed due to severe deterioration of the buildings which left the development largely uninhabitable. The property is located midway between Downtown and the University of Florida, in the heart of the Fifth Avenue community. It is cleared/ vacant, and its condition, large size, and central location provide great redevelopment potential. The CRA has long expressed interest in the long term vision for the property, and has communicated willingness to participate and assist in the development should the Gainesville Florida Housing Corp. and GHA desire to move forward with redevelopment of the site.
In April 2010 CRA staff and the Gainesville Housing Authority (GHA) staff presented an item to the CRA Board regarding the former Seminary lane property. CRA staff and GHA requested that we partner in the redevelopment of the former Seminary Lane properties. At the conclusion of the item the CRA board moved to "authorize staff to participate in the discussions with the Gainesville Housing Authority".
In the following years discussion regarding the redevelopment of the property stalled, and the site has remained vacant and undeveloped. In June of 2013 CRA staff met with the Gainesville Florida Housing Corporation (GFHC) and the GHA to again discuss the possibility of partnering on the redevelopment of the site. This meeting led to GHA and GFHC sending a formal request of assistance to the CRA to aid in the redevelopment of the site. Subsequently, CRA staff sent a letter of response to both organizations outlining a tentative partnership agreement.
On July 19th, CRA staff presented a proposed structure for a partnership agreement at the GFHC board meeting, the board unanimously voted to support the execution of a formal agreement through the creation of a Memorandum of Understanding and real estate option contract on the former Seminary Lane property. Staff also presented the partnership agreement to the GHA board on July 23rd, where they voted in support of the agreement.
In August 2013 staff came before the CRA Board requesting that the Board approve the CRA Executive Director negotiate a real estate option agreement with the Gainesville Florida Housing Corporation subject to approval by the CRA Attorney as to form and legality. Upon negotiating the option agreement bring back the completed agreement to the CRA Board for review and approval.
Since the August 2013 CRA meeting staff has held ongoing negotiations with GFHC as well as the GHA. During this period the CRA obtained a real estate option on 3 City Owned parcels which are contiguous to the former Seminary lane property (City Parking Lot, Tot Lot, & Moms Kitchen Property). CRA staff has also developed two conceptual master plans that incorporate many of the shared goals the CRA, GFHC, and GHA have for the property. These conceptual master plans were presented to both the GFHC Board and the GHA and both boards voted unanimously in support of the vision of the plans.
In January of 2015 CRA staff and GFHC wrapped up negotiations on a proposed option agreement on the former Seminary Lane property. The Option Agreement (see back up) provides GFHC with $25,000 in consideration for the property; it states that the CRA and GFHC will work together on the predevelopment/due diligence and vision for the property. The option agreement also provides the CRA with the Right of First Refusal, the ability to assign the option, as well as three optional one year renewals.
Fiscal Note
None at this time
Recommendation
CRA Executive Director to the CRA: Authorize the CRA Executive Director to execute an Option Agreement with the Gainesville Florida Housing Corporation subject to approval by the CRA Attorney as to form and legality.