Title
8th & Waldo Project Update (B)
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 Market Feasibility Analysis is undergoing and expected to be completed in early 2022.
D. Staff of Communications & Engagement, Office of Equity, and CAPER developed a Community Engagement Plan, which was shared with the Board in a memo dated 5/5/21. Community engagement will begin in early 2022, once the Market Feasibility Analysis is complete. The GCRA Advisory Board advised CAPER to pursue community engagement and approved the allocation of $4,000 for this task.
Fiscal Note
$796,000.00 is available in the Economic Development/8th & Waldo fund #PR_0201.
The GCRA Advisory Board approved on 9/21/21 an amount of up to $218,520 for the due diligence and purchase of 806 NE Waldo Road; Gainesville, FL 32641 (Tax Parcel# 10515-002-000). $2,700 are used to cover the property appraisal fees. The rest of the funds have not been spent yet and are pending per the Board’s recommendation for next steps on this item.
Recommendations
Staff recommends that the GCRA not pursue the purchase of the property located at 806 NE Waldo Road, (Tax Parcel# 10515-002-000) at this time.