TO: Chair and Members of the Board
FROM: Diane Colonna, Executive Director
DATE: June 10, 2015
Title
AGREEMENT TO PURCHASE PROPERTY LOCATED AT 5717-5721 PARK DRIVE
Body
BACKGROUND:
The MCRA has been assembling property for redevelopment as the City Center project since 2004. The agency currently owns approximately 36 acres of land in the vicinity of Margate Blvd. and State Road 7. Several additional properties that are contiguous to the City Center site have been identified as good candidates for acquisition and eventual incorporation into the project. One of those properties is an 8-unit single story apartment building adjacent to the Chevy Chase plaza and the City Hall/Fire Department parking lot (see attached aerial photo). The property includes approximately 16,000 sq. ft. of land and 4,400 sq. ft. of building in two structures. The owners have agreed to a sale price of $785,000, and the purchase is subject to the CRA obtaining a satisfactory appraisal and inspection reports. If approved, the goal is to clear the property and ultimately incorporate it into the City Center redevelopment project.
The acquisition and disposition of real property in conjunction with the City Center project is included in the 2009 Community Redevelopment Plan, Part VI, Section 4.
RECOMMENDATION: Approve the Agreement to Purchase the Property located at 5717-5721 Park Drive
FISCAL IMPACT: Funds are available in Account #341.0510.512.61-05
CONTACT PERSON: Diane Colonna, Executive Director