HomeMy WebLinkAboutCRA-R-12-0043 Cover MemoSEOPW Board of Commissioners Meeting
June 25, 2012
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: June 15, 2012 File: 12-00595
and Members of the CRA Board
From: Clarence E. Woods, III 6A-
Executive Director
Subject: Resolution authorizing a development
agreement with Gatehouse Development
Corporation.
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 Executive Director
to enter into the development agreement, in substantially the attached form (the "Development Agreement"),
with Lyric Village LLC, a Florida liability company which is an affiliate of Gatehouse Development Corporation,
for the development of a mixed -use development on portions of Blocks 25 and 36, Miami, Florida, as more
particularly described in the Development Agreement consisting of between 90 and 100 affordable rental units
with ground floor commercial space along NW 2"d Avenue ("Phase I"), approximately 80 to 120 residential units
on a portion of Block 25 ("Phase II"), a public parking garage containing approximately 300 parking spaces on a
portion of Block 36 ("Parking Garage") and approximately 25,000 to 37,000 square feet of commercial space to
be located on a portion of Block 36 ("Phase IV"), which Development Agreement includes the making of a grant
in an amount not to exceed $10,000,000.00 with respect to Phase I and a grant in an amount not to exceed
$3,000,000.00 with respect to the Parking Garage; authorizing the Executive Director to disburse the grant, at
his discretion, in accordance with the terms of the Development Agreement;
On October 16, 2007, the CRA issued a Request for Proposals ("RFP") for the development of property owned
by the CRA, Blocks 25 and 36. Seven (7) responses were received by the Clerk of the Board on November 16,
2007. A selection committee was formed to evaluate the responses. Gatehouse Development Corporation was
the highest rated proposer, as ranked by the selection committee.
The CRA Board, by Resolution No. CRA-R-07-0058, passed and adopted on December 12, 2007, authorized
the Executive Director to negotiate a development agreement with Gatehouse Development Corporation.
JUSTIFICATION:
The 2009 Amended and Restated Southeast Overtown/Park West Redevelopment Plan lists, as one of the main
goals for eliminating slum and blight conditions, the creation of infill housing. While there has been demolition of
old, decrepit, and outdated multifamily complexes, there is a void that must be filled. The many vacant lots have
provided opportunities for newly built green mixed -use buildings that will include retail and office space with a
host of amenities. This project will breed new life into the local economy by providing additional density that will
patronize the enduring businesses. The temporary construction jobs will provide needed resources to the
residents. Although there will not be a significant amount of permanent jobs, new permanent positions will be
created as a result of this project.
Section 2, Goal 3/Principles 2 and 3, at pages 12 and 14, of the 2009 Amended and Restated Southeast
Overtown/Park West Redevelopment Plan, lists "[c]reating infill housing," and "variety in housing options," as
stated redevelopment goals.
Section 2, Goal 4/Principle 4, at pages 12 and 14, of the 2009 Amended and Restated Southeast
Overtown/Park West Redevelopment Plan, lists "[c]reating jobs within the Community," as stated redevelopment
goals.
This Resolution carries out these objectives.
FUNDING: This Resolution is subject to the availability of funds.