HomeMy WebLinkAboutCRA-R-14-0004 Cover MemoSEOPW Board of Commissioners Meeting
January 27, 2014
SOUTHEAST OVERTOWNIPARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Keon Hardemon
and Members of the CRA Board
Date: January 17, 2014 File: 14-00034
Subject: Resolution Authorizing Additional Funding to
Mt. Zion for Carver Apartments and Shoppes
From: Clarence E. Woods, III 0- References:
Executive Director
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 $60,000, to
MTZ Carver, LLC ("MTZ") to underwrite costs associated with the renovation and rehabilitation of the building at
801 NW 3rd Avenue, Miami, Florida.
In 2011, MTZ submitted a proposal for a grant to underwrite costs associated with the redevelopment of the
property at 801 NW 3rd Avenue, Miami, Florida (the "Carver Project" or "Property") which consists of the
rehabilitation of approximately 3,900 square feet of commercial space, and ten (10) residential units. MTZ has
invested in excess of $191,000, and has secured additional funding in the amount of $1.12 million to fund the
rehabilitation of the ten (10) affordable apartment rental units at the Property (the "Residential Project Phase").
MTZ requested a grant from the CRA to underwrite the costs of demolition work, structural and interior framing,
installation of plumbing and HVAC systems, electrical rewiring, cabinetry, asbestos abatement, and
landscaping; associated with the complete rehabilitation of the ground floor commercial units (the "Commercial
Project Phase") and a portion of the Residential Project Phase. In turn, on July 25, 2011, the Board of
Commissioners, by Resolution No. CRA-R-11-0034, authorized the issuance of a grant, in an amount not to
exceed of $670,000, to MTZ to underwrite costs associated with the Commercial Project Phase and Residential
Project Phase.
The Carver Project is near completion; however, MTZ seeks additional funding, in the amount of $60,000 to
complete the Carver Project due to unforeseen construction cost overruns in connection with, among other
things, the structural conditions of the building.
JUSTIFICATION:
Section 2, Goal 3 and 4/Principles 2 — 4, at pages 11, 12 and 14, of the 2009 Southeast Overtown/Park West
Community Redevelopment Plan ("Plan") lists creating infill housing, developing a variety of housing options, the
"creati[on of] jobs within the community," and providing "variety in job options," as a stated redevelopment goals
and objectives. Additionally, Principle 1, at page 13, of the Plan provides that "neighborhood -serving
commercial uses, such as pharmacies, grocery stores, bank branches, dry cleaners, restaurants, day care
facilities, and entertainment establishments ... should be incorporated into the neighborhood fabric to serve the
population." Lastly, Principle 6, at page 15, of the Plan provides that in order to "address and improve the
neighbor economy and expand economic opportunities of present and future residents and businesses[,]... [it is
necessary to] support and enhance existing businesses and ... attract new businesses that provide needed
services and economic opportunities...."
FUNDING:
$60,000 are to be allocated from SEOPW Tax Increment Fund, entitled "Other Grants and Aids" Account Code
No. 10050.920101.883000.0000.00000.