HomeMy WebLinkAboutCRA-R-11-0031 06-21-2011 Cover MemoSEOPWBoard ofCommissioners Meeting
June 27.2011
SOUTHEAST OVERTOVVN/R4FlKWEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANPUM
To: Board Chair Richard P.Dunn U
and Members of the CRA Board
From: Pieter A.Bockwog
Executive Director
Subject: Purchase of Commercial and Land
located at 402 NW 8th Street and 728 to 734
NW 0 Avenue
Enclosures: Supporting Documentation; Legislation
BACKGROUND:
It is recommended that the Board of Commissioners of the Southeast West Community
Redevelopment Agency ("GEOPVV CRA") approve and adopt the attached Resolution authorizing the purchase
of commercial building and two parcels of land in an amount not to exceed $247.500. located sd4D2 NW-8 th
Street and 728 to 734 NW 4 th Avenue in the Redevelopment Area in the furtherance of the Board's commitment
hoprovide low income affordable housing.
On October3O. 2006. the Board of Commissioners, passed and adopted Resolution No. CRA-R-00'0045. which
directed the Executive Director to budget$30.000.008 over the next five (5)years for |oxv incomm, affordable,
and workforce housing to be built in the redevelopment area. In May 2009. the boundaries of the 8EOPVV CRA
were expanded. The Westerly portion ofthat expansion stretched to Northwest 7 Avenue. The purchase of
these properties will be the beginning of the redevelopment effort in the newly expanded boundaries.
JUSTIFICATION:
The Real Estate market "bubble bursting" has provided significant opportunities for the CRA to purchase and
consolidate properties for possible development. Property values within the redevelopment area have declined
such that assembly of large parcels can be done at reduced pr|oao. The purchase of the subject properties will
provide the CHA with the opportunity to begin addressing one ofthe more needy areas with new mixed -use
development.
Section 2, Goal 3/Principle 2, at pages 11 and 14, of the Southeast C}vertmvvn/Pork VVaot Community
Redevelopment Plan lists "Creating infiU housing," and "The neighborhood has to retain access toaffordable
housing," as stated objectives
This Resolution carries out these objectives.
FUNDING: $247.500 from 3EOPVV Tax Increment Fund "Land Acquisition," Account Code No.
10050.920101.861000.0000.00000.