Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Property Sale 1342 Mlk topic
No spam. Unsubscribe anytime.
CRA approves sale of 1342 MLK Blvd. to American Legion Post 424 with SPARK conditions
Summary
The CRA voted 5-0 to approve the sale of CRA parcel 1342 MLK Boulevard to American Legion Post 424 at 10% of comparable market price (approximately $6,100), subject to SPARK program eligibility, stamped building plans and legal review; applicants said investors are in place and SPARK requires a three-year build timeline.
The Panama City CRA on Aug. 4 approved the disposition of CRA-owned property at 1342 MLK Boulevard (parcel 17367-000-000) to American Legion Post 424 under a staff recommendation that sets the purchase price at 10% of comparable market price and ties closing to satisfaction of SPARK program eligibility and receipt of stamped, approved building plans.
Staff advised the board that the city appraisal indicated a comparable market price of about $61,000, making 10% equal to roughly $6,100; the applicant submitted a letter offering $8,923.40 but staff recommended following the 10%-of-comparable-market rule subject to SPARK conditions. During public comment Michelle Bridal, representing the American Legion interest, asked that the board apply the SPARC/SPARK discount matrix and said investors are ready to fund the planned redevelopment. ``The appraisal from the city property came back at $44.06 $1.07,'' she said when describing differing valuations; board members clarified the recommended disposition is 10% of comparable market price and that SPARK includes a three-year completion requirement to prevent flipping.
The motion to accept staffs recommendation, with legal review and SPARK eligibility conditions, passed 5-0. Board members emphasized ensuring guide rails in the SPARK terms to require construction and prevent quick resale.
