Murdock Village Redevelopment Initiative

24. How much does the County plan on initially funding the purchase of lands within the Murdock Village redevelopment Area?

The cost to acquire land within the Murdock redevelopment Area has been estimated to be between $70 million and $75 million. To date the County has committed to expend $33 million in the acquisition process. The County's real estate professionals have estimated that the $33 million now committed will allow the County to consolidate under single ownership the western half of the Murdock Village Community Redevelopment Area. [Click here to view a map of the Murdock Village Community Redevelopment Area.]

The County is underwriting these expenditures on a short term basis in several ways. Initially, the project was funded with $3 million in sales tax funds. In June 2003 the County borrowed an additional $5 million using sales tax funds to fund interest for a period of five (5) years. In October 2003 the County authorized an additional $15 million in acquisition funding funded by a short term loan with Bank of America payable in one year with interest only payments. Bank of America and other institutions have expressed interest in this redevelopment project and its financing needs. In February 2004 the County approved an additional $10 million to further the acquisition process so that a single contiguous piece of land (approximately 500 acres) could be assembled in the western portion of the Murdock Village Community Redevelopment Area.

In other words, the County is using short term financing approaches to continue the acquisition process until a long term financing structure is developed in conjunction with a selected redevelopment partner. [Click here to learn more about how the County expects to recover its investment in redevelopment within the Murdock Village Community Redevelopment Area.]

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Web Site of the Charlotte County Board of County Commissioners
Administrative Complex * 18500 Murdock Circle * Port Charlotte, Florida 33948 * 941.743.1200