HomeMy WebLinkAboutCRA-R-12-0082 11-26-12 Cover MemoSEOPW Board of Commissioners Meeting
November 26, 2012
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones Date: November 19, 2012 File: 12-01376
and Members of the CRA Board
From: Clarence E. Woods, Ili
Executive Director
Subject: Resolution Authorizing Funding for the
Purchase of Land in the Redevelopment
Area.
References:
Enclosures: 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 funding in an amount
not to exceed $500,000 for the purchase of land within the Redevelopment Area in furtherance of the stated
redevelopment objectives of the 2009 Southeast Overtown/Park West Redevelopment Plan, provided that the
purchase price of any parcel shall not exceed 10% of the appraised value, and said funding shall also include
costs associated with appraisals and closing costs.
The CRA is responsible for carrying out community redevelopment activities and projects within its
Redevelopment Area in accordance with its 2009 Southeast Overtown/Park West Community Redevelopment
Plan ("Plan"). The Plan envisions that the purchase of land by the CRA as a means of furthering the various
stated redevelopment goals, principles, and objections, such as the promotion of housing and commercial
development throughout the Redevelopment Area.
JUSTIFICATION:
The 2009 Southeast Overtown/Park West Redevelopment Plan contains a variety of principles and objectives
that, if met, will establish the Redevelopment Area as a safe, economically thriving and diverse neighborhood of
the City of Miami. This Resolution will enable the CRA to coordinate land uses within the Redevelopment Area,
and attract future development. Said development is anticipated to include various housing and commercial
options, while expanding economic and employment opportunities by providing a broad and diverse offering of
activities that attract and engage residents and visitors. This Resolution carries out these objectives.
FUNDING:
$500,000 from SEOPW Tax Increment Fund, "Construction in Progress," Account Code No.
10050.920101.670000.0 000.00000 .