TONIGHT: Special meeting of Lake Worth Community Redevelopment Agency (CRA). See agenda below.

The regularly scheduled monthly meeting of the CRA was last Tuesday, August 14th.* And tonight (August 21st) is another meeting. The CRA meets at The HATCH located at 1121 Lucerne Ave. Meetings begin at 6:00 and are open to the public.

For public comment there is a three (3) minute limit. Please be nice and charming to CRA executives, staff and volunteer board members. Follow the rules and even say nice things if you feel like it.

There is only one (1) item on the agenda tonight:

Memorandum.

To: Chair, Vice Chair and Members of the Board.
From: Joan C. Oliva, Executive Director.
Date: August 21, 2018.

Subject: Purchase of Privately Owned Property on South ‘M’ Street.


Explanation:


The acquisition of key pieces of property in and around the District allows the CRA to provide opportunities for private redevelopment efforts. As a CRA we are tasked with attracting both investment and people to our growing downtown region. An opportunity has arisen in an area that we have invested before, however, this particular assemblage allows for much needed growth and activity.

In November of last year, the CRA purchased 16 S. ‘L’ Street. This lot is adjacent to two other CRA owned parking lots. In July of this year, and in cooperation with the City, the CRA was able to also purchase 24, 26, 30 and 32 S. ‘L’ Street. In recent weeks, it came to Staff’s attention that 17 S. ‘M’ Street was for sale. We contacted our broker, Anderson and Carr, and discussed a strategy with them that would facilitate the purchase of not only 17 S. ‘M’ but 23 S. ‘M’ as well. By securing these two additional downtown parcels, the CRA would own 1.56 acres in the Downtown. This assembly would provide ample space for both a downtown parking garage and another development that could include downtown dwelling units. Maps of the aforementioned lots are included for your review as Exhibit “A”.† Opinion of values provided by Anderson and Carr are also included as Exhibit “B”.‡

 While the addition of surface parking spaces in the downtown would be beneficial to the downtown, the addition of spaces and people living in downtown is what is needed to spur future growth. These additional units would provide customers to downtown and Dixie Highway businesses, contribute to the attraction of tenants in the currently empty downtown storefronts and spur future redevelopment of the downtown area.

The contracts for the properties, already reviewed by our attorney, David Tolces, are included for your review and consideration as Exhibit “C”.‡ Although the exact cost breakdown, City versus CRA, for the purchase of these parcels is yet to be determined, funds for the purchase will come from both entities. The future use of these parcels will be determined by both the CRA and City, working in tandem, providing possibilities for the attraction of both private investment and public use.


Request:


Staff requests the Board approve the purchase of 17 and 23 South ‘M’ St. and authorize the Chair, Vice Chair and/or Director to sign all necessary documents relating to the sale.

End of Memorandum.

*To learn more about the CRA meeting held on August 14th and an interesting item about Wayfinding on the agenda and, “Due to unforeseen requirements from FDOT. . .”.

†To look over this exhibit on the agenda click on this link to download.

‡Ibid. Latin. “[I]n the same book, chapter, page, etc., literally, in the aforementioned place.”