HomeMy WebLinkAboutCRA-R-13-0015 Cover MemoSEOPW Board of Commissioners Special Meeting
March 14, 2013
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
Board Chair Michelle Spence -Jones Date: March 8, 2012 Fir. 13-00335
and Members of the CRA Board
Clarence E. Woods, III kW f w
Executive Director
Subject: Resolution Authorizing Application for
Funding from the Federal Home Loan Bank of
Atlanta
References:
Enclosures: Resolution
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 apply for funding from the Federal Home Loan Bank of Atlanta, in connection to the rehabilitation of Town
Park North, a 20-building, 169 unit affordable condominium housing complex in Overtown.
On July 30, 2012, the Board of Commissioners, by Resolution No. CRA-R-12-0056, authorized the issuance of
a grant, in an amount not to exceed $3,333,333 to Town Park Plaza North Condominium Association, inc. for
the rehabilitation of Town Park North, a 20-building, 169 unit affordable condominium housing complex in
Overtown ("Town Park North Project"). Thereafter, on September 17, 2012, the Board of Commissioners, by
Resolution No. CRA-R-12-0061, authorized the issuance of tax increment revenue bonds to finance or refinance
the acquisition and construction of community redevelopment projects, which included the Town Park North
Project. While the Town Park North Project was initially identified as a project for which bond proceeds would
be used to fund the remaining rehabilitation work not covered by the $3.3 million grant, bond counsel has
advised recommended that tax increment revenue bonds should not be used for the Town Park North Project.
Specifically, CRA staff has identified the Federal Home Loan Bank of Atlanta as a potential funding source for
the Town Park North Project in lieu of utilizing bond proceeds. However, formal application for said funding
opportunities is required.
JUSTIFICATION:
The 2009 Southeast Overtown/Park West Redevelopment Plan lists the "creati[on of] infill housing, diversity in
housing types, and retaining affordable housing," as a stated redevelopment goal. Said Plan also lists
"improving the quality of life for residents," as a stated redevelopment goal. This Resolution enables the CRA to
carry out these redevelopment goals.
FUNDING:
This Resolution does not require funding.