TO: Chair and Members of the Board
FROM: Diane Colonna, Executive Director
DATE: October 14, 2015
Title
AGREEMENT TO PURCHASE PROPERTY AT 1150 NW 58TH AVENUE (FORMER PARTY CATERERS) FROM TD BANK, NA.
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 the former Party Caterers building at 1150 NW 58th Avenue (see attached aerial photo). The property includes approximately 10,865 sq. ft. of land and a 2,450 sq. ft. building. The building has been neglected and is in need of repairs and upgrades. The property was recently the subject of a foreclosure and is currently owned by TD Bank, NA. TD Bank has agreed to a purchase price of $295,000. The purchase is subject to the CRA obtaining a satisfactory appraisal and inspection reports. If approved, the property will either be cleared and incorporated into the City Center project or the site will be upgraded and the building renovated for reuse.
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.
NOTE: The Agreement is still being reviewed and will be added to the back up on Monday October 12th .
RECOMMENDATION: Approve the Agreement to Purchase the Property located at 1150 NW 58th Avenue.
FISCAL IMPACT: The purchase price is $295,000, plus additional funds will be needed for appraisal, inspections and closing costs. Funds are available in Account #341.0510.512.61-05
CONTACT PERSON: Diane Colonna, Executive Director