HomeMy WebLinkAboutCRA-R-08-0050 Cover Memo•
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SEOPW & Omni Board of Commissioners Meeting
September 3, 2008
Item # 14
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: August 22, 2008 File: 08-00945
and Members of the CRA Board
From: James H. Villacorta»?Li/
Executive Director'
Subject: Resolution Authorizing Purchase of the
Property at 1201-1221 N.W. 3rd Avenue.
References:
Enclosures: Supporting Documentation;
Legislation
BACKGROUND:
It is recommended that the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("CRA") approve and adopt the attached Resolution authorizing the purchase of the
property at 1201-1221 N.W. 3`d Avenue, Miami, Florida ("Property"), for amount not to exceed $550,000, plus
customary closing costs, adjustments, and prorations.
The Board of Commissioners, by Resolution No. CRA-R-08-0014, passed and adopted on February 25, 2008,
allocated $2,000,000 for the purchase of land within the Southeast Overtown/Park West Redevelopment Area in
furtherance of the Board's commitment to provide low income, affordable, and workforce housing.
The residential units and most of the commercial space at this Property are vacant and unsafe. The property is
having a blighting effect on the area, and is generating complaints from residents. The CRA retained Quinlivar
Appraisal, P.A. who has appraised the property at $550,000, and the owner has agreed to sell the property for
the appraised value, which is below its assessed value for ad valorem tax purposes. After acquisition, the
property would be redeveloped as an affordable mixed -use project.
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. Acquisition of the Property would allow
development of affordable housing and commercial space fronting on N.W. 3rd Avenue in furtherance of the
Board's commitment.
FUNDING: $550,000 from SEOPW Tax Increment Fund, entitled "Construction in Progress," Account No.
10050.920101.670000.0000.00000.
JHV/pk