HomeMy WebLinkAboutSEOPW-CRA-R-01-0020ITEM 23
RESOLUTION NO. 0 1 _ 2
A RESOLUTION OF THE BOARD OF DIRECTORS
OF THE SOUTHEAST OVERTOWN PARK WEST
COMMUNITY REDEVELOPMENT AGENCY ("CRA")
AUTHORIZING TEMPORARY RELOCATION
FINANCIAL SUPPORT, IN AN AMOUNT NOT TO
EXCEED $2,500.00 FOR EACH BUSINESS
TENANT OF THE NEW ARENA SQUARE
APARTMENTS AT 275 NW 10 STREET OF THE
NW THIRD AVENUE CORRIDOR, FOR PURPOSES
OF COMPLETELY REDEVELOPING THE
APARTMENT RESIDENTIAL AND BUSINESS
UNITS BY THE OWNER SAID REDEVELOPMENT
BEING PARTIALLY FUNDED BY THE CRA
SUBJECT TO AVAILABLE FUNDS.
WHEREAS, the City of Miami approved and adopted
the Southeast Overtown/Park West Community Redevelopment
Plan (the "Redevelopment Plan"); and
WHEREAS, the CRA is responsible for carrying out
community redevelopment projects and activities in the
Southeast Overtown/Park West Redevelopment Area (the
"Redevelopment Area") established pursuant to the
Redevelopment Plan; and
WHEREAS, the Southeast Overtown/Park West
Community Redevelopment Agency redevelopment plan requires,
as mandated by the Community Redevelopment Act of 1969, the
CRA to assure that there will be replacement housing for
the relocation of persons temporarily or permanently
displaced from housing facilities within the community
redevelopment area, for community redevelopment projects,
of the redevelopment plan; and
WHEREAS, the C
trust fund revenues in an
moving business occupants
Square Apartments Building
redevelopment of existing
apartment housing units of
RA desires to use redevelopment
amount not to exceed $2,500 for
temporarily from the New Arena
to make way for the extensive
business units and all of the
the Project, which is partially
being funded by the CRA; and
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WHEREAS, the CRA will as a condition of the
funding of a portion of the redevelopment of the New Arena
Square Apartments Project, approved by the CRA, subject to
available funds, requires the Project developer (Salomon
Yuken) of the redevelopment Project of the New Arena Square
Apartments, to assure that there will be replacement
housing for the relocation of rental persons that will be
temporarily or permanent displaced from their apartment
units, as required for community redevelopment housing
Projects of the redevelopment plan being financed or not
financed by the CPA.
NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Resolution are incorporated herein as if
fully set forth in this Section.
Section 2. The Board of Directors of CRA hereby
approves the temporary relocation financial support in an
amount not to exceed $2,500.00 to each of the commercial
tenants of the New Arena Square Apartments Project, that
serve the residents of the Project, and the customers of
the NW Third Avenue Corridor business area of the CRA.
Section 3. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 26 day of February 2001.
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CITY OF MIAMI, FLORIDA
• INTER -OFFICE MEMORANDUM
TO: Chairman Teele and
°ATE February 20, 2001
Members of the CRA Board
SUBJECT: Allocate Funds to
Temporarily Relocate
Business. Tenants of
FROM Dipak M. Parekh ;
REFERENCES: Arena Square Apartments
Executive Director
ENCLOSURES: Resolution
•
•
RECOMMENDATION
FILE :
It is recommended that the CRA Board of Directors approve the attached Resolution authorizing
temporary relocation financial support of $2,500.00 for each of the five (5) business or tenants the
Arena Square Apartments commercial units being displaced for the construction of the
redevelopment of the apartments and commercial units.
BACKGROUND
The SEO/PW CRA has authorized a grant of $1.17MM to the developer of the approved New
Arena Square Apartments Project of the CRA redevelopment plan and further authorized the
Executive Director to enter into a grant agreement with Salomon Yuken, owner of the New Arena
Square Apartments (the developer of the Project) in a form acceptable to the City Attorney,
subject to approval of a loan application from Fannie Mae or other available revenue sources of
the CRA redevelopment trust fund as approved by the Board of Directors.
This assistance has been the practice of the CRA to assist the movement of business entities of a
redevelopment plan project and is a requirement of the CRA redevelopment plan for
displacement of housing residents by the developer of housing redevelopment in the CRA. The
construction of the Project due to the extensive redevelopment of the five (5) commercial retail
units and the (75) residential units currently requires the temporary displacement of the business
lessees within the Third Avenue Business Corridor. In this regard, the CRA believes that it is
appropriate for the CRA to assist each of the five business tenants in their funding of a portion of
the moving cost of businesses in their amount of $2,500.00.
Funding Source: N/A
Account Number: N/A
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