HomeMy WebLinkAboutCRA-R-08-0003 Cover Memo•
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SEOPW & Omni Boards of Commissioners Meeting
January 28, 2008
Item # 5
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones
and Members of the CRA Board
Date: January 18, 2008 File: 08-00093
Subject: Resolution Authorizing Settlement with
Greater Miami Neighborhoods, Inc.
From: James H, Villacort .r' References:
Executive Director
Enclosures: Legislation
BACKGROUND:
The attached Resolution authorizes execution of a settlement agreement in the case of Southeast
Overtown/Park West Community Redevelopment Agency v. Greater Miami Neighborhoods, Inc., Case No. 07-
39455 CA (22), in the Circuit Court of the Eleventh Judicial Court of Florida, in and for Miami -Dade County.
On January 10, 2001, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA") issued a
grant to Greater Miami Neighborhoods, Inc. ("GMN") to purchase the property at 1163 N.W. 3rd Avenue. In
return for the grant, GMN agreed to develop the property as a national fast-food franchise. The deed to GMN
allowed the seller to repurchase the property before March 31, 2008 at the greater of the sale price or its
assessed value.
GMN was unable to develop the property and the CRA brought suit against GMN on November 14, 2007 for
breach of contract, imposition of an equitable lien, and to establish that the property was being held in a
constructive trust. GMN has agreed to enter into a settlement agreement, settling all claims and transferring the
property to the CRA. The seller has indicated her intention to exercise the right to repurchase.
JUSTIFICATION:
This settlement agreement returns the property purchased with a CRA grant to the CRA for redevelopment
subject to the seller's right to repurchase.
JHV/pk