File #: ID 2021-162    Version: 1 Name:
Type: Discussion and Possible Action Status: Agenda Ready
File created: 4/8/2021 In control: Community Redevelopment Agency
On agenda: 4/14/2021 Final action:
Title: ACQUISITION OF REAL PROPERTY LOCATED AT 1303 NORTH STATE ROAD 7
Attachments: 1. BACKGROUND: PURCHASE & SALES AGREEMENT
Date Ver.Action ByActionResultAction DetailsMeeting DetailsAudio/Video
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TO:                     Margate CRA Chair and Members of the Board

 

FROM:                     Cale Curtis, CRA Executive Director

 

DATE:                     April 14, 2021

 

 

Title

ACQUISITION OF REAL PROPERTY LOCATED AT 1303 NORTH STATE ROAD 7

Body

 

 

BACKGROUND:                     On March 15, 2021, the MCRA entered into a sales and purchase agreement for the potential acquisition of real property located at 1303 North State Road 7, subject to final approval by the MCRA Board. A copy of the sales contract is attached. On behalf of the MCRA, James Nardi, Advanced Asset Management, has been coordinating due diligence efforts and he will provide an update with respect to the due diligence findings at the April 14th MCRA meeting.

 

The acquisition and disposition of real property is provided for in the 2017 Community Redevelopment Plan, part III, Section B, Goal III.

 

RECOMMENDATION:                     For discussion and Board direction

 

 

FISCAL IMPACT:   The purchase price is $1,645,000. Funding is available in the Land Acquisitions and Fees account #341-0510-512.61-05.                     

 

 

CONTACT PERSON: Cale Curtis, CRA Executive Director