File #: ID 2025-010    Version: 1 Name:
Type: Resolution Status: Agenda Ready
File created: 1/7/2025 In control: Community Redevelopment Agency
On agenda: 1/15/2025 Final action:
Title: APPROVING A CONTRACT FOR THE PURCHASE AND SALE OF PROPERTY LOCATED 5713 PARK DRIVE
Attachments: 1. RESOLUTION, 2. AGREEMENT, 3. BACKGROUND: ADDENDUM TWO, 4. BACKGROUND: BCPA, 5. BACKGROUND: BCPA AERIAL MAP, 6. BACKGROUND: APPRAISAL
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TO:                     Margate CRA Chair and Members of the Board

 

FROM:                     Cale Curtis, CRA Executive Director

 

DATE:                     January 15, 2025

 

 

Title

APPROVING A CONTRACT FOR THE PURCHASE AND SALE OF PROPERTY LOCATED 5713 PARK DRIVE

 

Body

 

BACKGROUND:                     The MCRA has contracted with Mirab LLC to purchase the property at 5713 Park Drive.  A copy of the Commercial Contract, Addendum No. 1 and 2 are attached.  A deposit has been placed in escrow through Weiss Serota and due diligence is underway.  The appraisal of the property is completed and attached.  The sale of this property is contingent upon successful completion of due diligence and any requirements outlined in Addendum No. 1.

 

The property is located directly south of Chevy Chase Plaza, on the north side of Park Drive, just west of US 441 and east of N.W. 9th Court and currently has a multi-family duplex on it divided into two units.  The MCRA owns the property immediately west, south and north of the property - see attached map for reference.  The assemblage of properties for the future development of the City Center area is part of the MCRA’s land acquisition strategy.

 

In accordance with the 2017 Margate Community Redevelopment Plan, Part 3, Section B - Redevelopment Policy, Goal III reads, “encourage the acquisition, demolition, and reuse of those properties, which by virtue of their location, condition, or value no longer function at their highest potential economic use, are blighting influences or have a negative effect on revitalization efforts.”  Further, a stated objective is, “The Agency will regularly evaluate its approach to land acquisition to ensure that future acquisitions provide the greatest impact on fulfilling the objectives of the redevelopment program.”

 

In addition, the closing is set for July, 1, 2025.   If any tenant has not vacated the property as of the Closing Date, the closing may be extended up to 60 days to ensure all units are vacated. 

 

 

RECOMMENDATION:                     Approval of the agreement to purchase the property located at 5713 Park Drive

 

FISCAL IMPACT:                     Funding of $875,000 is available in Land Acquisition and Fees account #341-0510-512.61-05

 

CONTACT PERSON:                      Cale Curtis, CRA Executive Director