COCOA COMMUNITY REDEVELOPMENT AGENCY AGENDA ITEM
Memo Date: November 22, 2023
Agenda Date: December 4, 2023
Prepared By: Charlene Neuterman, Community Services Director
Through: Stockton Whitten, City Manager
Requested Action:
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Approve a Resolution Amending the FY24 Budget, BAF# 24-029-A in the amount of $86,000 for the purchase of land at 203 Orange Street, including the closing costs and boundary survey for the purposes of workforce housing in Cocoa CRA.
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BACKGROUND:
At the October 2, 2023 Cocoa CRA meeting, the Agency authorized the City Manager and Agency Attorney to negotiate the sale of the property at 203 Orange Street. The sale price for the property is $75,000. The additional $11,000 requested is for a boundary survey and closing costs. These costs are estimates until the closing is completed, and all fees are assessed during the sale. Staff is currently working with the Seller to finalize a written contract for the sale and purchase of the property.
After the sale, Staff will work towards the goal of completing an affordable/workforce housing project.
Staff are requesting approval of the Budget Resolution and BAF in the amount of $86,000 for the purchase of the land at 203 Orange Street.
BUDGETARY IMPACT:
Budgeted No
If not budgeted, is amendment/transfer attached? Yes
Amount Requested $86,000
Account Number 110-0000-389.99-50
Account Name Cocoa CRA Fund Balance
Amount Requested $86,000
Account Number 110-3230-559-61-00 CR24OS
Account Name Cocoa CRA Land
Source of Funds: Fund Balance
PREVIOUS ACTION:
October 2, 2023 - Agency approved the negotiated purchase of the property at 203 Orange St.
RECOMMENDED MOTION:
Recommendation
Approve a Resolution Amending the FY24 Budget, BAF# 24-029-A in the amount of $86,000 for the purchase of land at 203 Orange Street, including the closing costs and boundary survey for the purposes of workforce housing in Cocoa CRA.