PLACEMENT: New Business
TITLE:
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CRA PROPERTY ACQUISITION - 1226 NE CHARLOTTE STREET, RIO
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EXECUTIVE SUMMARY:executive summary
The Rio CRA is interested in purchasing the property at 1226 NE Charlotte Street. It has the CRA Center Future Land Use designation and its zoning subdistrict is Core.
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BACKGROUND/RELATED STRATEGIC GOAL:
The Rio CRA has a long-term vision of a livable, walkable Town Center, specifically in the roundabout area at Martin Avenue and the close surrounding area. This property would greatly increase support for this vision as well as encourage new development and redevelopment in the Town Center area. It is adjacent to two properties owned by the CRA and the County, which increases its potential for positive and significant redevelopment.
Rio has a property acquisition strategy and process to help build the Rio Town Center as detailed in the Rio Community Redevelopment Plan. This strategy was approved by the CRA on February 25, 2019 and allows the Agency to respond to properties when they become available and specifically target those that are considered "key" to building the vision of a Rio Town Center. ("Key" property graphic attached).
An appraisal was completed on October 26, 2020, which valued the property at $45,000. The property has one mobile home dwelling on a 5,160 square foot lot. The property owner asked for $75,000, the CRA offered $50,000, which is 10% above the appraised price. The draft Contract and Resolution are attached to this Item and the contract has been provided to the Seller. Staff anticipates having the executed Contract back in time for the meeting.
The Rio Capital Improvement Plan includes a Property Acquisition fund with sufficient funds for this purchase.
LEGAL SUFFICIENCY REVIEW:
To the extent this item contains legal issues, it has been reviewed for legal sufficiency.
RECOMMENDED ACTION:
Move that the Agency approve the purchase of real property at 1226 NE Charlotte Street in Rio.
Move ...
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