Title
1018 NW 5th AVE Lot Purchase (B)
Explanation
The Community Redevelopment Agency is committed to the economic growth and vitality of the Fifth Avenue Pleasant Street community. In recent years through the vision of the Community Redevelopment Agency and the Fifth Avenue Pleasant Street advisory board we have undergone several redevelopment projects in an effort to continue with the mission of eliminating blighted conditions.
The Fifth Avenue corridor is currently undergoing redevelopment; projects, which include the 802 NW 5th Avenue commercial building, 5th Ave Hardscape project as well as the redevelopment of the property formerly known as Seminary Lane. One of the frameworks for redevelopment is land acquisition of vacant land as described in the FAPS Redevelopment Plan. The FAPS Advisory Board identified the targeted acquisition of 1018 NW 5th Ave as the #6 priority in the FAPS Redevelopment Plan. 1018 NW 5th Ave is a vacant parcel (zoned Mixed-Use Low Intensity MU-1) on 0.14 acre. The property abuts another City-owned property (parking lot) to the West and the former Moms Kitchen property directly to the East, providing the CRA and the City with the opportunity to control a contiguous parcel of land along the 5th Avenue corridor. If purchased, the 1018 NW 5th Ave property, along with the two City owned properties, provides the CRA and the City with the potential to add significant benefit to the Seminary Lane redevelopment project. Staff is proposing the purchase of 1018 NW 5th Avenue for $35,000. The CRA has received a purchase contract from the listing agent. In January 2008, the CRA purchased a similar-sized lot (802 NW 5th Ave) for $30,000.
Fiscal Note
$39,361.00 is currently budgeted and available for property acquisitions (acct# 613-W503-366).
Recommendation
Fifth Avenue Pleasant Street Advisory Board to the CRA: 1) Approve the purchase of the property located at 1018 NW 5th Avenue for a purchase price and associated ...
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