TO: CRA Board of Commissioners
FROM: Jeff Costello, CRA Executive Director
DATE: October 9, 2018
Title
DISCUSSION - CRA LAND ACQUISITION STRATEGY
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Recommended Action:
Recommendation
Provide direction with regard to future acquisitions within the first blocks north and south of W. Atlantic Avenue.
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Background:
The West Atlantic Redevelopment Plan is described in Section II Community Redevelopment Agency Projects and Programs in the adopted Community Redevelopment Plan (GROUP 1: AREAWIDE AND NEIGHBORHOOD PLANS - # 1.1: West Atlantic Avenue Redevelopment Plan). The Project Description of the Program states the following:
ยท A major component of the program shall be site acquisition, assembly and resale for redevelopment; the CRA may also acquire property for construction of centralized parking facilities to service the surrounding areas; the parking lots constructed under this program may be municipal lots entirely for public use, may be sold or leased to private entities or may be a combination of both; Appendix "D" of the Community Redevelopment Plan contains the Land Acquisition Maps for the overall area, and maps of specific blocks that were identified as priorities for redevelopment purposes.
Although opportunities exist for private redevelopment of existing structures and vacant property along West Atlantic Avenue, it has been difficult for the private sector to initiate such efforts without public assistance with land assemblage and business development. Rapidly rising property values has led to speculative investments and has in some cases stalled redevelopment activity as investors hold onto blighted properties for the maximum return. This program represents the CRA's intent to continue the elimination of slum and blight in the area and facilitate successful redevelopment projects.
Several properties in the CRA Sub-Area #3 - West Atlantic Avenue Neighborhood of The Set have recently become available for acquisition and CRA ...
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