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Tamarac proposes $1.83 million land purchase on State Road 7 to assemble more than two acres for economic development
Summary
Deputy city manager presented a proposed $1,830,000 acquisition of a parcel adjacent to two city-owned parcels on State Road 7; funds would come from the city economic reserve and the acquisition is intended to support coordinated development of the corridor.
TAMARAC, Fla. — City staff presented a proposal to acquire a parcel on State Road 7 for $1,830,000 to assemble it with two adjacent city-owned parcels and create a development site of more than two acres.
At the July 7 staff review, the deputy city manager said the purchase is consistent with the city’s strategy of assembling property along major thoroughfares to influence future development and improve corridor design. The parcel is adjacent to two properties the city already owns on State Road 7 (also known locally as U.S. 441), and staff said the assembled site would total more than two acres.
The presenter said the city would pay $1,830,000, which matched the appraisal staff cited in the meeting, and that the original asking price had been approximately $2.6 million. City staff said the funds would come from the city’s economic reserve fund, which staff stated is approximately $5,000,000.
The deputy city manager said staff followed appraisal procedures and that the purchase price equals the lower market value appraisal obtained during negotiations. The item will be presented to the commission for formal approval; staff signaled support for the acquisition as a means to shape redevelopment along a major corridor.
