Title
Capital Projects for the Eastside CRA District (NB)
Explanation
At present, the Eastside CRA District has $87,281 (if Design and Technical Standards are approved) reserved for projects within the district. The increment figure for this year was $156,284, which is $53,680 more than budgeted, for a new total of $140,961 available for projects. Several projects have been suggested for the district including landscaping the medians along University Avenue from Waldo Road to the end of the CRA district at Northeast 21st Street and funding towards the purchase of the Tackle Box property.
The University Avenue Median project would include landscaping and irrigation for seven medians between Waldo Road and Northeast 21st Street. The two medians between Waldo Road and Northeast 15th Street would be landscaped, but could not support trees. The five remaining medians would have palm trees, landscaping and irrigation. This would create a significant visual impact along the corridor. The estimated cost for the project would be $100,000. If funded there would be $40,961 remaining for other projects.
There would be some annual maintenance costs associated with the project with that would become an ongoing expense for the Eastside; this is normal for landscaping improvements. The cost of maintenance will depend on the landscape design.
The other project suggested is the acquisition of the Tackle Box property. The asking price for the Tackle Box property is $189,500. The tax-assessed value is $99,600 and the property sold in 1991 for $100,000. There have been discussions that this property should be acquired, demolished and used as an entrance feature to the Eastside District. The location would be challenging for redevelopment as a business location given the difficulty accessing the site and acquisition would eliminate a prominent substandard development. The Eastside Board recommends that the CRA direct staff to negotiate the purchase the property with a mortgage payment to be made from Eastside TIF. As the TIF in the Eastside grows the mortgage could be paid off in several years.
Fiscal Note
The CRA has $87,281 budgeted for projects and an additional $53,680 increment that was not budgeted for a total of $140,961.
Recommendation
Eastside Redevelopment Advisory Board to the CRA: 1) Recommend that the CRA fund the University Avenue medians from Waldo Road to Northeast 21st Street with a not to exceed budget of $100,000; and 2) direct the Executive Director to negotiate a price for the purchase of the Tackle Box property using a conventional mortgage to be paid off with TIF from the Eastside CRA district.