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RDA approves authorization to acquire 65–67 Craft Street and asks council for $1.5M TID contribution
Summary
The Redevelopment Authority authorized acquisition of 65 and 67 Craft Street (asking price $1,150,000) to expand the River Point District and voted to support a council resolution requesting $1.5 million in TID 18 funds to cover the purchase and reserve funds for an adjacent parcel.
The Redevelopment Authority voted in open session to authorize acquisition steps for 65 and 67 Craft Street as part of a planned River Point District expansion. Andrea, city staff, told members the seller is a 360 real estate entity and that staff had toured the building; the asking price noted on the record for 65/67 Craft Street is $1,150,000.
Andrea said the parcels are north of 63 Craft Street (which the RDA already owns) and that acquiring the additional parcels would allow about a three‑acre development area and alignment of Craft Street to improve connectivity. She asked the RDA to approve authority to acquire the property and to authorize Chair Adam and staff to sign sale documents if the city council approves funding at its February meeting.
On a related item, the RDA voted to support a city council resolution to transfer Tax Incremental District (TID) 18 funds to the RDA as a contribution toward acquisition. Andrea said the request to the RDA for consideration is for $1,500,000 — that amount would cover acquisition of 65/67 Craft Street and reserve additional funds to purchase 126 Causeway later. The council has final authority on the transfer; the RDA’s vote registered support of the staff recommendation.
Members asked for clarification about adjacency and intended uses; Phil Ostrom (new RDA member) asked what the long‑term intention for the parcel would be and Andrea reiterated the plan to incorporate these parcels into Phase 5 of River Point District. Several members moved and seconded the motions and the RDA approved both the acquisition authorization and the recommendation supporting the TID transfer.
The RDA noted some of the acquisition items were noticed for closed session but proceeded in open session for the authorizing votes. The transfer of TID funds will proceed to the full city council for final approval.
