HomeMy WebLinkAboutCRA-R-13-0068 Cover MemoSEOPW Board of Commissioners Special Meeting
October 24, 2013
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones
and Members of the CRA Board
From: Clarence E. Woods, Ill
Executive Director
Date: October 18, 2013 File: 13-01209
Subject: Resolution Authorizing Grant to Town Park
Plaza North
References:
Enclosures: Supporting Documentation; Legislation
BACKGROUND:
The attached Resolution of the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("CRA") authorizes the issuance of a grant, in an amount not to exceed $3,333,333, to
Town Park Plaza North Condominium Association, Inc. ("Town Park Plaza North") for the renovation and
rehabilitation of residential units and commons areas at 475 NW 19 Street, Miami, Florida (Folio No. 01-3136-
083-0870).
Town Park Plaza North is a residential housing complex built in 1973, and consists of 20 buildings and 168
condominium units ("Town Park Plaza North"). The condition of Town Park Plaza North poses significant risk of
health and safety to its occupants, and in turn, extensive rehabilitation is needed, as evidenced by structural
cracks, unsecured railings, deteriorating plumbing, rotting wood, and outdated electrical wiring.
On April 30, 2012, the Board of Commissioners, by Resolution No. CRA-R-12-0028, authorized the CRA to seek
a non -recourse bond issue to finance redevelopment activities, including the rehabilitation of Town Park Plaza
North, as well as the similarly situated residential complexes of Town Park Plaza South ("Town Park South")
and Town Park Village No. 1, Inc. ("Town Park Village"). On September 17, 2012, the Board of Commissioners,
by Resolution No. CRA-R-12-0061, provided for the issuance of tax revenue bonds ("Series 2012 Bonds") to
finance, among other things, the construction or rehabilitation of affordable housing, including Town Park Plaza
North, Town Park South, and Town Park Village.
Upon the recommendation of the CRA's bond counsel, the Board of Commissioners, by Resolution No. CRA-R-
13-0025, passed and adopted on March 25, 2013, amended CRA-R-12-0061, to clarify that proceeds of the
Series 2012 Bonds would not be used to pay for the costs associated with Town Park Plaza North, while funding
for Town Park South and Town Park Village from the Series 2012 Bonds remained.
JUSTIFICATION:
Section 2, Goals 3 and 6, at page 11, of the 2009 Southeast Overtown/Park West Community Redevelopment
Plan ("Plan") lists the "creati[on of] infill housing, diversity in housing types, and retaining affordable housing," as
well as "improving the quality of life for residents" as stated redevelopment goals. Also, Section 2, Principle 2, at
14, also provides that "[t]he neighborhood. .. retain access to affordable housing ...."
FUNDING:
$3,333,333 are to be allocated from SEOPW Tax Increment Fund, entitled "Other Grants and Aids" Account
Code No. 10050.920101.883000.0000.00000.