At the October 26, 2022, City Commission meeting, at the request of Mayor Dan Gelber, a referral (item C4 D) to the Land Use and Sustainability Committee (LUSC) was approved to discuss the current development opportunities for this site, in relation to the immediate area. Additionally, the item’s sponsor requested that LUSC provide recommendations on the following potential options for the Property.
1. A potential change in zoning from the current classification of RS to a residential multi-family zoning district (e.g. RM-1) or to a commercial zoning district (e.g. CD-2). Under this option, the City would have first right of refusal if the property owner decided to sell the Property.
2. The potential purchase of the Property by the City, and the reclassification of the Property to a GU district.
The item was initially discussed at LUSC on November 18, 2022 with a continuance to discuss at January’s LUSC meeting.
Following the referral to LUSC, on November 16, 2022, the Mayor and City Commission approved, at the request of Commissioner Kristen Rosen-Gonzalez, the referral of item C4 A, to the Finance and Economic Resiliency Committee to discuss the City’s potential purchase of the site for the sole purpose of dedicating the Property as part of the adjacent Altos del Mar Park. The City must consider evaluating what budgetary, financial and zoning implications would be inherited to determine if the purchase of the site makes economic sense. An appraisal of the site should be conducted to determine the market value. According to the Property Appraiser, the current assessment values this Property at $1.7 million (Exhibit A). This may be substantially lower than an actual property appraisal.