HomeMy WebLinkAboutCRA-R-11-0031City of Miami
Legislation
CRA Resolution: CRA-R-11-0031
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 11-00556 Final Action Date: 6/27/2011
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("CRA")
AUTHORIZING THE PURCHASE OF A COMMERCIAL BUILDING AND TWO
PARCELS OF LAND LOCATED AT 402 NW 8TH STREET AND 728 TO 734 NW
4TH AVENUE WITHIN THE REDEVELOPMENT AREA IN FURTHERANCE OF THE
CRA'S COMMITMENT TO DEVELOP LOW INCOME, AFFORDABLE HOUSING,
PROVIDED THAT THE PURCHASE PRICE IS SUBSTANTIATED BY NO LESS
THAN TWO (2) APPRAISALS FROM A CERTIFIED MEMBER OF THE APPRAISAL
INSTITUTE, AUTHORIZING FUNDING IN AN AMOUNT NOT TO EXCEED
$247,500,000; 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 "LAND ACQUISITION" CONSTRUCTION IN
PROGRESS," ACCOUNT CODE NO. 10050.920101.6610000.0000.00000.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA")
is responsible for carrying out community redevelopment activities and projects within its
Redevelopment Area in accordance with its approved Redevelopment Plan; and
WHEREAS, Section 2, Goal 3/Principle 2, at pages 11 and 14, of the Southeast
Overtown/Park West Community Redevelopment Plan lists "Creating infill housing," and "The
neighborhood has to retain access to affordable housing," as stated objectives; and
WHEREAS, the CRA, 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 purchase of property in the redevelopment area will facilitate various projects
and further the CRA's commitment to providing low income, affordable, and workforce housing; and
WHEREAS, the Board of Commissioners wishes to authorize the CRA's purchase of property
within the redevelopment area provided that the purchase price is substantiated by no less than two
(2) appraisals from a certified Member of the Appraisal Institute ("MAI") appraiser; and
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
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. The Executive Director is authorized to purchase a commercial building and two
City of Miami Page 1 of 2 File Id: 11-00556 (Version: 2) Printed On: 11/17/2022
File Number: 11-00556 Enactment Number: CRA-R-11-0031
parcels of land located at 402 NW 8th Street and 728 to 734 NW 4th Avenue within the
redevelopment area in furtherance of the CRA's commitment to providing low income, affordable and
workforce housing, provided that the purchase price is substantiated by no less than two (2)
appraisals from a certified MAI appraiser.
Section 3. The expenditure of funds is authorized, in an amount not to exceed $247,500,000.
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.
Section 6. This resolution shall become effective immediately upon its adoption.
City of Miami Page 2 of 2 File Id: 11-00556 (Version: 2) Printed On: 11/17/2022