Title
Sale of Model Block Site D - 418 NW 4th Avenue (B)
Explanation
The Model Block Program is a joint housing initiative of the Gainesville Community Redevelopment Agency and the National Trust for Historic Preservation dedicated to the restoration of historic properties, compatible new home construction, and home ownership. Model Block Site D, located at 418 NW 4th Avenue, was acquired as part of the Model Block Project. Rehabilitation has now been completed and the home is ready to be sold for homeownership. The property is a contributing structure to the Pleasant Street Historic District, which was listed in the National Register of Historic Places in 1989. The building was dilapidated and vacant when procured by the CRA. The living area was 1,257 square feet and consisted of a series of small rooms, most without closets, no living room, no dining room and no functional kitchen. After rehabilitation, the historic footprint will be maintained at 1,257 square feet and now contains three bedrooms, a living room, dining room, one and half baths and a kitchen. The property has been rehabilitated in accordance with the Secretary of Interior Standards for Rehabilitation, which defines the appropriate guidelines for rehabilitating projects located in historic districts. The CRA borrowed funds from the National Trust for Historic Preservation through their Inner City Venture Fund line of credit and the loan will be repaid with the sale of this property.
A ribbon cutting ceremony took place on November 14, 2007. Many city and county officials attended the ceremony. The house will be available for viewing at an Open House on Saturday, December 1st and Sunday, December 2nd, between 1:00 p.m. and 4:00 P.M. The Model Block Homes are available only for homeownership and can not be purchased for rentals.
The next Model Block project will be new infill construction located at Site C, 412 NW 4th Avenue, estimated to be 1,570 square feet and another loan will be procured with the existing Inner City Venture Fund line of credit through the National Trust for Historic Preservation. A tentative construction date will be spring of 2008.
Fiscal Note
Site D of the Model Block, located at 418 NW 4th Avenue will be sold for a minimum of $217,197.20 (construction costs only) plus an additional $25,000 potentially forgivable second mortgage for a minimum total bid of $242,197.20.
Recommendation
Executive Director to the CRA: 1) Hear presentation from staff on the final project.