TO: Margate CRA Chair and Members of the Board
FROM: Cale Curtis, CRA Executive Director
DATE: September 10, 2025
Title
AMENDING THE FY24-25 BUDGET BY TRANSFERRING $1,000,000 FROM THE CIP CONTINGENCY ACCOUNT TO THE LAND ACQUISITION ACCOUNT FOR THE EXPENDITURES ASSOCIATED WITH THE SALE AND PURCHASE OF PROPERTY WITHIN THE MCRA REDEVELOPMENT AREA
BACKGROUND: The assemblage of properties for the future development of the City Center is part of the MCRA’s land acquisition strategy. The MCRA has made four strategic property acquisitions in the last twelve months: 1100 North State Road 7, 6012 N.W. 9th Court, 5915 Park Drive and 5713 Park Drive.
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, “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.”
The budget transfer will provide for expenditures associated with the sale and recent purchase of 5713 Park Drive.
RECOMMENDATION: For Board Approval
FISCAL IMPACT: $1,000,000 budget transfer from CIP Projects-Contingency account #340-0510-590-91-02 to Land Acquisition account #340-0510-512-61-05.
CONTACT PERSON: Cale Curtis, CRA Executive Director