HomeMy WebLinkAboutCRA-R-08-0050 Legislation•
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City of Miami
Legislation
CRA Resolution
City Half.
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 08-00945 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING THE PURCHASE OF THE PROPERTY AT 1201-1221 N.W. 3RD
AVENUE, MIAMI, FLORIDA, FOR AN AMOUNT NOT TO EXCEED $550,000, PLUS
CUSTOMARY CLOSING COSTS, ADJUSTMENTS, AND PRORATIONS;
AUTHORIZING SUCH INSPECTIONS AND DUE DILIGENCE DEEMED
NECESSARY BY THE EXECUTIVE DIRECTOR; AUTHORIZING THE EXECUTIVE
DIRECTOR TO EXECUTE ALL DOCUMENTS NECESSARY FOR SAID PURPOSE,
IN A FORM ACCEPTABLE TO SPECIAL COUNSEL; FUNDS TO BE ALLOCATED
FROM SEOPW TAX INCREMENT FUND, ENTITLED "CONSTRUCTION IN
PROGRESS," ACCOUNT CODE NO. 10050.920101.670000.0000.00000 AS
PREVIOUSLY APPROPRIATED BY RESOLUTION NO. CRA-R-08-0014.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA")
is responsible for carrying out community redevelopment activities and projects in the Southeast
OvertownlPark West Redevelopment Area in accordance with its Redevelopment Plan; and
WHEREAS, 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; and
WHEREAS, 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 providing low
income, affordable and workforce housing, provided that the purchase price of any parcel shall not
exceed 110% of the appraised valued; and
WHEREAS the residential units and most of the commercial space at 1201-1221 N.W. 3rd
Avenue, Miami, Florida are vacant, the property is having a blighting effect on the area, and is
generating complaints from residents; and
WHEREAS, acquisition of the property at 1201-1221 N.W. 3rd Avenue, Miami, Florida, would
allow development of affordable housing and commercial space fronting on N.W. 3rd Avenue; and
WHEREAS, the CRA retained Quinlivan Appraisal, P.A. who has appraised the property at
$550,000; and
WHEREAS, the owner has agreed to sell the property at the appraised value; and
WHEREAS, the Board of Commissioners wishes to authorize the Executive Director to
purchase said property;
City of Miami
Page 1 of 2 Printed On: 8/27/2008
File Number: 08-00945
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
111 SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated herein as if fully set forth in this Section.
Section 2. Purchase of the property at 1201-1221 N.W. 3rd Avenue, Miami, Florida, for an
amount not to exceed $550,000, plus customary closing costs, adjustments and prorations is
authorized.
Section 3. The Executive Director is authorized to perform such inspections and due
diligence deemed necessary.
Section 4. The Executive Director is authorized to execute all documents necessary for
said purpose, in a form acceptable to Special Counsel.
Section 5. Funds are to be allocated from the SEOPW Tax Increment Fund, entitled
"Construction in Progress," Account Code No. 10050,920101.670000.0000.00000 as previously
appropriated by Resolution No. CRA-R-08-0014.
Section 6. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
411 JULIE O. BRU
GENERAL COUNSEL
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City of Miami
Page 2 of 2 Printed On: 8/27/2008