HomeMy WebLinkAboutCRA-R-09-0019 Cover Memo•
•
•
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
SEOPW & Omni Boards of Commissioners Meeting
March 30, 2009
Item # 5
To: Board Chair Michelle Spence -Jones Date: March 20, 2009 File:
and Members of the CRA Board
From: James H. Villacort
Executive Director:
Subject: Resolution Authorizing Reimbursement to
Bayview Towers Associates, LLC for
Conveyance of Property and Improvements
to the 9th Street Pedestrian Mall.
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 reimbursement, in an
amount not to exceed $600,000, to Bayview Towers Associates, LLC ("Bayview") for conveyance of property
and a portion of the cost of renovating the 9`h Street Pedestrian Mall.
The CRA owned the property beneath the Bayview Towers Apartments at 800 North Miami Avenue ("Property"),
and had entered into a 99-year ground lease for said property with Bayview. In February of 2003, as part of a
planned conversion to condominiums, Bayview submitted a proposal to the CRA for the purchase of fee simple
title to the Property. After issuance of a Request for Proposals, the Board of Commissioners, by Resolution No,
CRA-R-05-0007, passed and adopted on January 31, 2005, authorized the sale of the Property to Bayview.
As a condition of the sale, on September 2, 2005, the CRA and Bayview entered into a Covenant Running with
the Land Agreement, which provided, among other things, that in addition to paying the CRA 7% of gross sales,
Bayview would be obligated to expend not less than Three Hundred Thousand Dollars ($300,000.00) in hard
construction costs for renovation of the 9th Street Pedestrian Mall. Bayview ultimately expended in excess of
$1,200,000 on the renovation of the 9`h Street Pedestrian Mall. While performing the renovation, it was
determined that a portion of the north and south sides of the 9th Street Pedestrian Mall was constructed on
property owned by Bayview. To allow completion of the renovations, Bayview conveyed this property to the
City of Miami.
Bayview has requested that the CRA compensate Bayview for its conveyance of additional property for the 9th
Street Pedestrian Mali and provide funding assistance for a portion of the cost of renovating the Mall. Bayview
requests a contribution of $300,000, and an offset of an additional $300,000 against future amounts due the
CRA from sales of the units.
JUSTIFICATION:
Section IV.D., paragraph 1(a), at page 31, of the 1982 Southeast Overtown/Park West Community
Redevelopment Plan, as amended, recommends development of the 9`11 Street Pedestrian Mall as a project of
the SEOPW CRA. Opened in December of 1994, the 9th Street Pedestrian Mall was in need of major renovation
by 2005. This Resolution compensates Bayview for contribution of land and additional expense associated with
renovation of this CRA project.
FUNDING: $600,000 From SEOPW Tax Increment Fund, "Construction In Progress," Account Code No.
10050.920101.6700000.0000.00000.