HomeMy WebLinkAboutCRA-R-14-0007 Cover MemoSEOPW Board of Commissioners Meeting
January 27, 2014
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Kenn Hardemon
and Members of the CRA Board
Date: January 17, 2014 File: 14-00038
Subject: Resolution Authorizing Development
Agreement with Sawyer's Walk, Ltd. and
Poinciana Village of Miami, Ltd. for
�J�'� Block 46.
(N From: Clarence E. Woods, III ) 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 Executive Director to execute a development agreement, in
substantially the attached form, with Sawyer's Walk, Ltd. and Poinciana Village of Miami, Ltd. (collectively
referred to as the "Developer") for the development of Block 46.
On June 27, 2013, the CRA issued Request for Proposal No. 13-004 for property consisting of an unimproved
parcel (Folio No. 01-0104-0606-1010) containing 53,733 sq. ft. ("Vacant Parcel"), which was intended to be
developed as Phase II of the Poinciana Village Condominium project, and Block 46 (collectively referred to as
the "Property"). However, only one proposal was jointly submitted by Sawyer's Walk, Ltd. and Poinciana Village
of Miami, Ltd. (collectively referred to as the "Developer").
The proposed Project consists of 64 units residential units on the Vacant Parcel, and between 175 to 250
residential units on Block 46, with a minimum of 10,000 sq. ft. of ground floor commercial space, recreational
facilities, and amenities. For your convenience, enclosed please find an Executive Summary reflecting material
terms and conditions of the proposed development agreement, including the CRA's commitment to funding pre -
development expenses in an amount not to exceed $500,000, and the CRA's agreement to remit 50% of the tax
increment revenues generated from the Project to the Developer.
JUSTIFICATION:
Section 2, Goal 3/Principles 2 and 3, at pages 12 and 14, of the 2009 Southeast Overtown/Park West
Community Redevelopment Plan lists creating infill housing, and developing a variety of housing options as
stated redevelopment goals. Section 2, Goal 3/Principle 4, at pages 12 and 14, of the Plan also includes the
creation of jobs within the community as a stated redevelopment goal.
FUNDING:
$500,000 are to be allocated from SEOPW Tax Increment Fund, entitled "Other Grants and Aids" Account Code
N o . 100 50.920101.88300 0.0000.00000.