HomeMy WebLinkAboutCRA-R-08-0030 Cover Memo 05-19-08SEOPW &Omni Board of Commissioners Meeting
May 19, 2008
item # 5
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
1NTER-OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: May 09, 2008 File: 08-00549
and Members of the CRA Board
Subject: Resolution Authorizing a Grant to JINT
Holdings, LLC for Rental Rehab
From: James H. Villacorta t,.References:
Executive Director.
Enclosures: Supporting Documentation, Legislation
BACKGROUND:
The attached Resolution authorizes a grant, in an amount not to exceed $475.000, to JINT Holdings, LLC for the
rehabilitation of a twenty-four (24) unit apartment building at 149 N.W. 11' Street 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 provide quotes frorn three (3) contractors. The building is subject to rent restrictions
through programs administrated 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 seven (7) 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]roved(ing] opportunit[ies] for residents to continue to
five in Overtown" as stated objectives. This Resolution accomplishes the objectives of the Redevelopment Plan
and the direction of the Board of Commissioners.
FUNDING: $475.000, from SEOPW Tax Increment Fund, entitled "Construction in Progress," Account Code
No. 10050,920101.670000.0000.00000
JHV/pk