HomeMy WebLinkAboutCRA-R-08-0064 Cover Memo•
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SEOPW & Omni Boards of Commissioners Meeting
November 24, 2008
Item # 6
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: November 14, 2008 File: 08-01332
and Members of the CRA Board
Subject: Resolution Authorizing Execution of an
Agreement with Dev-Con Urban Partners
& Affordable, LLC for the Development of
CRA Parking Lot P-2.
From: James H. Villacort References:
Executive Director
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 execution of an
agreement, in substantially the attached form, with Dew -Con Urban Partners & Affordable, LLC ("Dev-Con") for
development of parking lot P-2 at 229-247 N.W. 12`h Street, Miami, Florida ("CRA parking lot P-2").
On April 28, 2008, the Board of Commissioners directed the issuance of a Request for Proposals ("RFP") for the
development of CRA parking lot P-2. Two (2) responses to the RFP were received by the Clerk of the Board on
June 5, 2008. A selection committee was formed to evaluate the responses and recommended negotiation with
Dev-Con. The Board of Commissioners, by Resolution No. CRA-R-08-0044, passed and adopted on
September 3, 2008, directed the Executive Director to attempt to negotiate an agreement for the development of
CRA parking lot P-2 with Dev-Con in accordance with the proposal.
In accordance with the proposal, the parties have negotiated an agreement for the development of CRA parking
lot P-2. The development consists of: 40 affordable rental units (87% of which are two and three bedroom
units); replacement of 20 existing public parking spaces; and 8,000 square feet of commercial/retail space. The
developer is required to reserve the units for renters in the following categories: 1/3 for renters whose gross
income is between 60°/0 - 80% of the Miami -Dade County Median Income; 1/3 for renters whose gross income is
between 80.01% - 120% of the Miami -Dade County Median Income; 1/3 for renters whose gross income is
between 120.01% - 150% of the Miami -Dade County Median Income. The developers are seeking a subsidy of
$1,400,000 during construction, and no T1F revenues over the life of the project.
JUSTIFICATION:
Section III.B., at Page 13, of the 1982 SEOPW Redevelopment Plan, as amended, lists "[r]eplac[ing] dilapidated
housing; . . . "[p]rovid[ing] opportunit[ies] for residents to continue to live in Overtown; and [p]romot[ing]
homeownership and new housing for moderate income families and encourage[ing] an income mix in all
housing" as stated redevelopment objectives. This Resolution accomplishes these objectives.
FUNDING: $1,400,000, from SEOPW Tax Increment Fund, "Construction In Progress," Account Code No.
10050.920101.670000.0000.00000.
J HV/pk