HomeMy WebLinkAboutCRA-R-09-0009 Cover MemoSEOPW & Omni Boards of Commissioners Meeting
January 26, 2009
Item # 11
SOUTHEAST OVERTOWNIPARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones
and Members of the CRA Board
Date: January 16, 2009 File: 09-00035
Subject: Resolution Authorizing a Grant to JINT
Holding, LLC for Rehabilitation of 33 Units at
1232 N.W. 1st Place, Miami, Florida.
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 a grant, in an amount
not to exceed $620,000, to JINT Holdings, LLC to rehabilitate a thirty-three (33) unit apartment building at 1232
N.W. 1st Place, Miami, Florida.
On December 18, 2006, the Board of Commissioners directed the CRA to identify housing units in need of
rehabilitation. JINT Holdings, LLC owns a thirty-three (33) unit apartment building at 1232 N.W. 1st Place,
Miami, Florida. The building is subject to rent -restrictions through programs administered by the City of Miami's
Department of Community Development. The units are in need of rehabilitation and JINT Holdings, LLC has
requested a grant to rehabilitate the units. 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 seven (7) years.
JUSTIFICATION:
Section III.B., at page 13, of the 1982 Southeast Overtown/Park West Community Redevelopment Plan, as
amended, lists "... rehabilitation of existing housing, [r]eplac[ment of] dilapidated housing, .. [and p]rovid[ing]
opportunities] for residents to continue to live in Overtown" as stated redevelopment objectives. This
Resolution accomplishes these objectives.
FUNDING: $620,000 from SEOPW Tax Increment Fund, "Construction in Progress," Account Code No.
100 50.9 20101.670000.000 0.00000 .
JHV/pk
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