HomeMy WebLinkAboutCRA-R-08-0037 Cover memoSOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
SEOPW & Omni Boards of Commissioners Meeting
June 30, 2008
Item # 8
To: Board Chair Michelle Spence -Jones Date: June 20, 2008 File: 08-00759
and Members of the CRA Board
From: James H. Villacort
Executive Director
Subject: Authorizing Execution of a Development
Agreement for UDG's Jazz Village
Project
References:
Enclosures: Supporting Documentation;
Legislation
BACKGROUND:
The attached Resolution authorizes execution of a development agreement, in substantially the attached form,
with UDG V, LLC ("UDG") for its Jazz Village at Little Broadway Project ("Jazz Village Project"). The Project
consists of three buildings containing 41 affordable and workforce condominium units, 70-77 affordable rental
units, and a 300-space parking garage. The highlights of this agreement are set forth in the Executive Summary
accompanying this item.
On April 30, 2007, the Board directed the reissuance of a Request for Proposals ("RFP") for the development of
CRA parking lot P-3 at the corner of Northwest 3rd Avenue and Northwest 10th Street ("P-3"). The RFP was
issued on May 10, 2007, and four proposals were received on June 8, 2007. A committee consisting of Mr.
Jose Cintron, Mr. Larry Spring, and Ms. Chelsa Arscott, recommended UDG's revised Jazz Village Project.
On July 30, 2007, the Board, by Resolution No. CRA-R-07-0027, directed the CRA to negotiate a development
agreement in accordance with this recommendation and present any proposed agreement to the Board for its
approval. On January 15, 2008, UDG formally advised the CRA that the following changes to its proposal were
necessary for the Jazz Village Project to proceed: (1) the CRA must immediately purchase land for the project
that UDG had proposed to purchase or have donated; (2) the 41 condominium units would be a part of a lease -
to -own program; and (3) UDG would construct one building for the condominium and rental units, rather than
separating the housing uses in individual buildings.
In response, on February 25, 2008, the Board, by Resolution No. CRA-R-08-0014, authorized the purchase of
the required parcels. On March 19, 2008, the CRA closed on the property. Negotiations continued and UDG
has agreed to the attached agreement for the development of P-3.
JUSTIFICATION:
Support for this Resolution is consistent with the redevelopment objectives of: "[r]eplac[ing] dilapidated housing;
[p]roviding opportunities] for residents to continue to live in Overtown; [p]romot[ing] homeownership and
new housing for moderate income families and encourage[ing] an income mix in all housing" as provided in
Section III.B., at Page 13 of the 1982 SEOPW Redevelopment Plan, as amended.
FUNDING: A total expenditure of $6,000,000 allocated as follows:
$971,017.40 from FY '08 SEOPW Tax Increment Fund, entitled "'Construction in Progress," Account Code No.
10050.920101.670000.0000.00000. (Previously expended pursuant to Resolution No. CRA-R-08-0014, passed
and adopted on February 25, 2008.)
$2,000,000 from FY '09 SEOPW Tax Increment Fund, entitled "Construction in Progress," Account Code No.
10050.920101.670000.0000.00000.
$3,028,982.60 from FY '10 SEOPW Tax Increment Fund, entitled "Construction in Progress," Account Code No.
10050.920101.670000.0000.00000.
JHV/pk