Subject:
Title
Contract for Sale and Purchase to acquire a 1.19 acre parcel of land located at 5000 Main Street North, St. Petersburg, located within the Lealman Community Redevelopment Area.
label
Recommended Action:
Recommended Action
Approve the purchase of the parcel of land at 5000 Main Street North, St. Petersburg, located within the Lealman Community Redevelopment Area (CRA), and accept title to the property as owner.
Body
Strategic Plan:
Practice Superior Environmental Stewardship
3.3 Protect and improve the quality of our water, air, and other natural resources
Foster Continual Economic Growth and Vitality
4.2 Invest in communities that need the most
4.3 Catalyze redevelopment through planning and regulatory programs
4.4 Invest in infrastructure to meet current and future needs
Summary:
This action will allow for the purchase of the property located at 5000 Main Street North, St. Petersburg, located within the Lealman target area. The property will be purchased in an effort to further Planning’s land assembly goals within the Lealman CRA. There are a variety of potential uses for this property that will benefit the CRA, including but not limited to: regional stormwater treatment or retention, workforce training, storage, commercial or other large scale uses.
Background Information:
The property is adjacent to the CSX rail line and the 54th Avenue Commercial Corridor, which have been identified for future consideration for a Complete Streets revitalization project in partnership with Forward Pinellas, in its role as Metropolitan Planning Organization. The property is an improved industrial site is approximately 1.19 acres (51,875 square feet) and is improved with a single 3,155 square foot building in poor condition. The building is not considered to contribute to the property’s market value.
Zoning for the site is divided into two zoning classifications M-1 (Light Industrial) and M-2 (Heavy Manufacturing District). Uses specific to the M-2 zoning classification (i.e. concrete manufacturing; fiberglass processing) are not permitted in the Industrial Limited Future Land Use Map (IL FLUM) category, therefore only M-1 permitted uses are currently allowed. The M-1 designation includes a variety of light industrial, business and other ancillary uses.
The future use of the property will be determined based upon identified facility needs, infrastructure improvements, market demands and/or redevelopment opportunities. Such improvements may be governed by the Lealman CRA Plan. The use of General Fund monies will provide the greatest flexibility in potential uses of the property.
The property was appraised by a State licensed appraiser on April 16, 2016 for $195,000.
Fiscal Impact:
The contract sales price is $195,000.00.
Property acquisition will be funded by the Community Development Grant Special Fund. Funds have been transferred from the General Fund to support administrative and non-grant-eligible expenses.
Staff Member Responsible:
Renea Vincent, Planning Director
Andrew W. Pupke, Real Estate Management, Director
Partners:
Lealman CRA Association
Attachments:
Contract for Sale and Purchase
Memorandum to Mark Woodard
Location Map