Land Acquisiting
On October 12, 2023, the CRA approved Task Order #1 with CBRE, Inc., for due diligence and contract negotiations on a property located at 160-190 10th St North. This is the first property acquisition under consideration by the CRA. The acquisition of real property in the CRA may be for the purpose of parking, affordable housing, or other use consistent with the Community Redevelopment Plan. The CRA budget FY 2023-24 allocates $2 million for affordable housing projects and $3 million for land acquisition/parking lot development. The CRA budget as presently configured does not have sufficient appropriations within any one project line to accommodate the total purchase price of $4.9 million. However, the CRA can decide to transfer between projects to fund the purchase should that be the desire of the CRA and Council.
The staff continues to maintain the property owned, and the CRA provides direction on the property use.
