HomeMy WebLinkAboutCRA-R-12-0013 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: 12-00172
Subject: Funding to Town Park Village No 1, Inc. for
repairs, improvements, and 40-year
recertification
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 a grant, in an amount
not to exceed $295,000, to Town Park Village No 1, Inc., to underwrite costs for the repairs, improvements and
40-year recertification of the affordable housing structure at 1680 NW 4th Avenue, Miami, Florida 33136.
JUSTIFICATION:
Town Park Village No 1, Inc., is a residential building comprising of 149 residential units, in the Southeast
Overtown/Park West CRA area. This structure does not meet the requirements for the 40-year recertification
and is in need of immediate repairs to preserve this affordable housing structure and to bring the structure up to
City of Miami City Code.
The Southeast Overtown/Park West Community Redevelopment Plan, goal 3, Principals 2 and 3, at page 14,
state that neighborhoods should retain access to affordable and strive to provide a mix of market rate and
affordable housing units and types, including rental units...to accommodate existing and future residents of the
redevelopment area.
This Resolution carries out these objectives.
FUNDING:
Funds are to be allocated from SEOPW Tax Increment Fund, "Construction in Progress," Account Code No.
10050.920101.670000.0000.00000.