HomeMy WebLinkAboutCRA-R-08-0014 Cover Memo•
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SEOPW & Omni Boards of Commissioners Meeting
February 25, 2008
Item # 4
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: February 25, 2008 File: 08-00193
and Members of the CRA Board
Subject: Authorizing the Purchase of Land
From: James H. Villacort J References:
Executive Director
Enclosures: Legislation
BACKGROUND:
The attached Resolution authorizes the purchase of land within the Southeast Overtown/Park West
Redevelopment Area in furtherance of the Board's commitment to providing low income, affordable, and
workforce housing, provided that the purchase price of any parcel shall not exceed 10% of the appraised value.
Further, the Resolution provides funding, in an amount not to exceed $2,000,000, from funds budgeted for the
Board's commitment to said housing.
JUSTIFICATION:
The Board of Commissioners, by Resolution No. CRA-R-06-0045, passed and adopted on October 30, 2006,
directed the Executive Director to budget $30,000,000 over the next five (5) years for low income, affordable,
and workforce housing to be built in the Redevelopment Area. The purchase of property in the Redevelopment
Area will facilitate various projects and further the Board's commitment to providing low income, affordable, and
workforce housing.
FUNDING: $2,000,000, from SEOPW Tax Increment Fund, entitled "Construction in Progress," Account Code
10050.920101.670000.0000.00000.
JHV/pk