HomeMy WebLinkAboutCRA-R-08-0002 Cover Memo•
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SEOPW & Omni Boards of Commissioners Meeting
January 28, 2008
Item # 4
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
'i o: Board Chair Michelle Spence -Jones
and Members of the CRA Board
From: James H. Villacorta_�
Executive Director
Date: January 18, 2008 File: 08-00095
Subject: Resolution Authorizing a Grant to JINT
Holdings, LLC for Rental Rehab
References:
Enclosures: Supporting Documentation; Legislation
BACKGROUND:
The attached Resolution authorizes a grant, in an amount not to exceed $165,000, to JINT Holdings, LLC for the
rehabilitation of a nine (9) unit apartment building at 1201 N.W. 2nd Avenue in Overtown.
On December 18, 2006, the Board of Commissioners directed the CRA to identify housing units in need of
rehabilitation. These units are in dire need of rehabilitation. JINT Holdings, LLC has requested a grant to
rehabilitate the units, and provided quotes from three (3) contractors. The building is subject to rent -restrictions
through programs administered by the City of Miami's Department of Community Development. In exchange for
the grant, JINT Holdings, LLC has agreed to execute a restrictive covenant requiring compliance with the
Department of Community Development's rent -restrictions for a period of five (5) years.
JUSTIFICATION:
Section III.B, at page 13, of the Southeast Overtown/Park West Redevelopment Plan lists "rehabilitation of
existing housing, replac[ing] dilapidated housing, [and] [p]rovid[ing] opportunities] for residents to continue to
live in Overtown" as stated objectives. This Resolution accomplishes the objectives of the Redevelopment Plan
and the direction of the Board of Commissioners.
JHV/pk