HomeMy WebLinkAboutCRA-R-19-0048Southeast Overtown/Park West
Community Redevelopment Agency
Legislation
CRA Resolution: CRA-R-19-0048
File Number: 6950
Final Action Date:12/16/2019
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING ADDITIONAL FUNDING TO TOWN PARK PLAZA SOUTH, INC.
IN AN AMOUNT NOT TO EXCEED $1,602,658.00 FOR THE COMPLETION OF
THE AFFORDABLE HOUSING REHABILITATION PROJECT AT TOWN PARK
PLAZA SOUTH; AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE
ALL DOCUMENTS NECESSARY FOR SAID PURPOSE; FURTHER
AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS, AT HIS
DISCRETION, ON A REIMBURSEMENT BASIS OR DIRECTLY TO VENDORS,
UPON PRESENTATION OF INVOICES AND SATISFACTORY
DOCUMENTATION; ALLOCATING FUNDS FROM THE SEOPW CRA BOND
SERIES 2014 AND THE SEOPW CRA, "OTHER GRANTS AND AIDS,"
ACCOUNT CODE NO. 10050.920101.883000.0000.00000.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("SEOPW
CRA") is a community redevelopment agency created pursuant to Chapter 163, Florida Statutes, and is
responsible for carrying out community redevelopment activities and projects within its Redevelopment
Area in accordance with the 2009 Southeast Overtown/Park West Redevelopment Plan ("Plan"); and
WHEREAS, Section 163.335(6), Florida Statutes, found and declared that there exists "... a
severe shortage of housing affordable to residents of low or moderate income, including the elderly...
[and] such condition[s] affect the health, safety and welfare of the residents ... and retards their growth
and economic and social development...."; and
WHEREAS, Section 2, Goal 3, on page 11 of the Plan lists "creating infill housing, diversity in
housing types, and retaining affordable housing" as a stated redevelopment goal; and
WHEREAS, Section 2, Principle 2, on page 14 of the Plan also provides that "the neighborhood
has to retain access to affordable housing even as the neighborhood becomes more desirable to
households with greater means" as a stated redevelopment principle; and
WHEREAS, Section 2, Principle 3, on page 14 of the Plan further provides that "there must be
variety in housing options" as a stated redevelopment principle; and
WHEREAS, Town Park Plaza South, Inc. ("TPPS") requests additional funding in an amount not
to exceed $1,602,658.00, to underwrite costs associated with the completion of the rehabilitation of 116
affordable housing units at Town Park Plaza South, located at 1798 N.W. 7t' Avenue, Miami, Florida
33136 (Folio 9: 01-3136-066-0001) ("Project"); and
WHEREAS, on June 29, 2015, pursuant to Resolution No. CRA-R-15-0025, the Board of
Commissioners authorized a grant in the amount of $10,000,000.00 for the Project; and
WHEREAS, on July25, 2016, the Board of Commissioners, by Resolution No. CRA-R-16-0037,
authorized additional funding in an amount not to exceed $3,500,00.00 for a total of $13,500,000.00; and
City of Miami Page 1 of 3 File ID: 6950 (Revision:) Printed On: 1211712019
File ID: 6950 Enactment Number: CRA-R-19-0048
WHEREAS, the Project is 70% complete, however, additional funding is needed to finalize the
Project primarily due to increased relocation costs as a result of limited housing availability and increased
rental expenses. Also, this additional funding request represents less than 15% of the total budget for the
Project. In most cases, the SEOPW CRA allocates a 15% contingency, but in this instance, the SEOPW
CRA did not allocate a 15% contingency due to budgetary constraints. This additional funding request is
within that 15% contingency range; and
WHEREAS, TPPS seeks additional funding in the amount of $1,602,658.00, for a total overall
grant amount of $15,102,658.00, which will be sufficient to complete the remaining 30% of the Project,
without further funding requests of the SEOPW CRA. Completion of the Project ultimately increases the
affordable housing stock in the Redevelopment Area; and
WHEREAS, the Board of Commissioners wishes to authorize additional funding to TPPS, in an
amount not to exceed $1,602,658.00, to underwrite costs associated with the completion of the Project;
and
WHEREAS, the Board of Commissioners finds that authorizing this Resolution would further the
aforementioned redevelopment goals and objectives.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated herein as if fully set forth in this Section.
Section 2. The Board of Commissioners hereby authorizes additional funding to Town Park
Plaza South, Inc. in an amount not to exceed $1,602,658.00, to underwrite costs associated with the
completion of the affordable housing rehabilitation project at Town Park Plaza South, located at 1798
N.W. 7t1i Avenue, Miami, Florida 33136.
Section 3. The Executive Director is authorized to execute all documents necessary for said
purpose.
Section 4. The Executive Director is authorized to disburse funds, at his discretion, on
reimbursement basis or directly to vendors, upon presentation of invoices and satisfactory documentation.
Section 5. Funds to be allocated from two funding sources as follows: (1) $478,255.60
allocated from the SEOPW CRA Bond Series 2014, and (2) $1,124,402.40 allocated from the SEOPW
CRA Tax Increment Fund, entitled "Other Grants and Aids" Account No.
10050.920101.883000.0000.00000.
Section 6. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
City of Miami Page 2 of 3 File ID: 6950 (Revision:) Printed on: 1211712019
File ID: 6950
Enactment Number: CRA-R-19-0048
Cam,. s iver, E cutive Director 12/10/2019
City of Miami Page 3 of 3 File ID: 6950 (Revision:) Printed on: 1211712019