HomeMy WebLinkAboutCRA-R-12-0012 02-27-12 Cover MemoSEOPW Board of Commissioners Meeting
February 27, 2012
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones
and Members of the CRA Board
From: Pieter A. Bockweg
Executive Director
Date: February 17, 2012 File: 12-00171
Subject: Purchase of Property and Land located at 921
NW 2nd Court and 925 NW 2nd Court, Miami
Florida
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 the purchase of the
property and land, in an amount not to exceed $235,000 plus closing costs, located at 921 NW 2nd Court and
925 NW 2nd Court in the Redevelopment Area in the furtherance of the CRA's commitment to provide low
income affordable housing.
JUSTIFICATION:
The Real Estate market "bubble bursting" has provided significant opportunities for the CRA to purchase and
consolidate properties for possible development. Property values within the redevelopment area have declined
such that assembly of large parcels can be done at reduced prices. The purchase of the subject properties will
provide the CRA with the opportunity to begin addressing one of the more needy areas with new mixed -use
development.
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
This Resolution carries out these objectives.
FUNDING:
Funds to be allocated from SEOPW Tax Increment Fund "Land Acquisition," Account Code No.
10050.920101.661000.0000.00000.