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HomeMy WebLinkAboutCRA-R-12-0056 07-30-2012 Cover MemoSEOPW Board of Commissioners Meeting July 30, 2012 SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM To: Board Chair Michelle Spence -Jones Date: June 20, 2012 File: 12-00823 and Members of the CRA Board Subject: Resolution authorizing the Executive Director to execute housing rehabilitation agreements the associations of Town Park Village, Town ��AA Park South, and Town Park North. From: Clarence E. Woods, III 040 References: Executive Director 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, with Attachment(s), authorizing the Executive Director to execute (i) a grant agreement (the "Town Park North Grant Agreement") with Town Park Plaza North Condominium Association, Inc., a not -for -profit Florida corporation ("Town Park North") in connection with the rehabilitation of a 20 building, 168 unit affordable condominium housing project built in 1973 (the "Town Park North Project"); (ii) a grant agreement (the "Town Park South Grant Agreement") with the Town Park Plaza South, Inc., a Florida corporation ("Town Park South") with respect to the rehabilitation of the 17 building, 116 unit affordable cooperative housing project built in 1971 (the "Town Park South Project"); and (iii) a grant agreement (the "Town Park Village Grant Agreement"; together with the Town Park South Grant Agreement and the Town Park North Grant Agreement, each a "Grant Agreement") with Town Park Village No 1, Inc., a Florida corporation ("Town Park Village"), in connection with renovation of the 19 building 147 unit affordable cooperative housing project built in 1970 (the "Town Park Village Project"). Each Grant Agreement will be in form and content acceptable to the Executive Director and require the following: (i) retention of a contractor through a competitive selection process approved by the Executive Director; (ii) approval of the scope of work to be performed by the contractor in connection with the rehabilitation of the respective project by the Executive Director; (iii) approval of the budget for the renovation of the respective project by the Executive Director; (iv) evidence that sufficient funds are available, taking into account the grant from the CRA, to complete the renovation of the respective project contemplated by the respective Grant Agreement; (v) require a mechanism for payment of the rehabilitation costs based upon draw requests approved by the Executive Director, lien waivers and architecture certifications as to the completion of the work in a good workmanlike manner in accordance with the renovation plans; and (vi) compliance with the requirements associated with the anticipated CRA Bond Issue including the requirement that each project be restricted to affordable housing for a period of 30 years. Each grant shall be in the amount of $3,333,333.33. JUSTIFICATION: The 2009 Amended and Restated Southeast Overtown/Park West Redevelopment Plan lists, goal 3, Principals 2 and 3, at page 14 of the Plan that neighborhoods should retain access to affordable housing 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 project will eliminate slum and blight conditions by curing the visible deterioration as evidenced by structural cracks in some units, broken windows, loose railings on upper floors, sewer backups, water Teaks from decrepit plumbing, existence of mold, wood rotting in doors and fascia of roofs, as well as outdated electrical wiring. In addition the construction will provide, although temporary, needed jobs to the residents. This Resolution carries out these objectives. FUNDING: This Resolution is subject to the availability of funds.