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CRA confirms closing on Country Haven Motel as public commenter questions appraisals; property manager reports four tenants late on July rent
Summary
Margate CRA staff said closing is scheduled for the Country Haven Motel at 1100 N. State Road 7; a public commenter alleged appraisals were below the purchase price. The CRA's property manager reported four tenants were late on July rent as of the July 8 meeting.
The Margate Community Redevelopment Agency said on July 8 it is scheduled to close on 1100 North State Road 7, known as the Country Haven Motel, and heard public comment criticizing the purchase price and appraisal timing.
A member of the public who identified himself as Mr. Kraljek, a Margate resident, raised concerns during the public-comment period and questioned the CRA's $3,800,000 purchase of a motel property. He said appraisals he referenced were lower than the purchase price, stating the executive director had mentioned an appraisal for $3,500,000 and that a second appraisal came in at about $3,460,000. He also suggested the CRA was overpaying and said, “Nobody in the right mind would do that if they were paying with their own money, unless, of course, they weren't using their own money to make the purchase, but instead the taxpayer's money.” The CRA made no additional appraisal or valuation claims on the record during the meeting.
Separately, Jim Nardi of Advanced Asset Management, the CRA's property manager for certain holdings, reported at the meeting that four tenants across two plazas were late on July rent as of July 8. Nardi said two tenants in the front Chevy Chase Plaza and two tenants in the Ace Plaza were owing rent; he said one tenant, Sneaker Connect, paid one and a half months of the owed two months and that Eagle Electric had not yet paid.
Staff confirmed a closing date for the motel purchase (staff said the closing was scheduled for the next day). Board members present said they are satisfied the purchase will allow the property to be included in future city-center plans.
Why it matters: the motel property sits where the city plans to extend downtown redevelopment; public concerns about appraisal values and use of CRA funds were aired during public comment and recorded on the transcript. The property-manager update indicates short-term revenue collection issues in CRA-owned commercial properties.
Ending: Staff said they would perform final walkthroughs before closing; the CRA did not take additional formal action on the purchase during the July 8 meeting.
