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CRA authorizes contract to buy Tropicana parcel at 1001 Ninth Ave. E. for $900,000; 45‑day due diligence included
Summary
The CRA authorized execution of a purchase contract for a 2.5‑plus acre Tropicana parcel at 1001 Ninth Avenue East for $900,000 with a $25,000 deposit and a 45‑day due diligence window for appraisal and environmental review.
The Community Redevelopment Agency authorized execution of a purchase contract for a 2.5‑plus acre parcel at 1001 Ninth Avenue East (owned by Tropicana Manufacturing Company, Inc.) at a purchase price of $900,000 with an initial deposit of $25,000. CRA Manager Chris Mignon told the board the site is in the Downtown CRA, zoned urban commercial core, and could support residential development and affordable housing options.
Mignon described redevelopment options including placing the land into a community land trust, partnering with developers on affordable units, or holding the parcel for a future CRA project. He and staff noted the parcel’s size and location offer an opportunity for an "impactful affordable housing project;" the presentation cited a planning estimate that the site could accommodate roughly 32 housing units under certain development scenarios.
Several board members asked about demonstrated fair market value and appraisals. Staff said no current appraisal had been completed; they reported Manatee County property appraiser figures for nearby or similar parcels but committed to performing due diligence. The board unanimously approved execution of the contract while relying on the contract’s 45‑day due diligence period to obtain an appraisal, a Phase I environmental review and other investigations. Staff also indicated SHIP (State Housing Initiatives Partnership) funds are expected to be available for eligible units and that the city is arranging environmental review.
Action and vote: Motion to approve the vacant land purchase contract with Tropicana Manufacturing Company, Inc., for the property located at 1001 Ninth Avenue East and authorize the CRA chair to execute documents passed unanimously. Staff noted that the 45‑day due diligence period gives the board options to renegotiate or withdraw if appraisal or environmental due diligence reveals material issues.
Next steps: Staff will schedule environmental and appraisal work as part of the 45‑day due diligence, explore SHIP eligibility for units, and return to the board with due‑diligence findings and recommendations before closing.
