HomeMy WebLinkAboutCRA-R-13-0008 Cover Memo-1-28-2013SEOPW BOARD OF COMMISSIONERS MEETING
January 28, 2013
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
TO: Board Chair Michelle Spence -Jones Date: January 22, 2013 File:13-00098
and Members of the CRA Board
From: Clarence E. Woods, III e
Executive Director
Subject: Resolution authorizing the
Executive Director to enter into
Grant Agreements with Town
Park Plaza, Inc. and Town Park
Village No. 1, Inc. and
ratification of the Development
Agreements previously
authorized with Island Living
Apartments, Ltd., Lyric Housing,
Ltd., St John Plaza Apartments,
LLC and AMC HTG 1, Ltd.
References
Enclosures: Legislation with attachments
BACKGROUND:
It is recommended that the Board of Commissioners of Southeast Overtown/Park West
Community Redevelopment Agency ("CRA") approve and adopt the attached resolution
authorizing the Executive Director to: (i) enter into a grant agreement (the "Town Park Plaza
Grant Agreement") with Town Park Plaza South, Inc. for a grant in the amount of $3,333,333.33
for the rehabilitation of Town Park Plaza South cooperative apartment project; (ii) enter into a
grant agreement (the "Town Park Village Grant Agreement") with Town Park Village No. 1, Inc.
a grant in the amount of $3,333,333.33 for the rehabilitation of the Town Park Village
cooperative apartment project ("Town Park Village") and the Board of Commissioners ratify and
reaffirm the Development Agreements previously authorized by the Board of Commissioners
with Island Living Apartments, Ltd., Lyric Housing, Ltd., St John Plaza Apartments, LLC and
AMC HTG 1, Ltd.
JUSTIFICATION:
The CRA is responsible for carrying out community redevelopment activities and projects within
the Redevelopment Area. The Board of Commissioners determined that it was in the best
interest of the CRA to issue bonds to finance redevelopment activities. In anticipation of such
debt financing, the Board of Commissioners pursuant to CRA Resolution CRA-R-12-0028
passed on April 30, 2012 approved the list of projects (the "Projects") to be finalized using the
proceeds of the bonds. The projects described above are all projects which were previously
approved by the Board of Commissioners in connection with bond issue which Projects are to be
funded utilizing the proceeds of the bond issue. Approval of the attached resolution allows the
CRA to proceed with the bond validation process which is required to enable the CRA to issue
the bonds.
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