HomeMy WebLinkAboutCRA-R-14-0030 Cover Memo (2)SEOPW Board of Commissioners Meeting
March 31, 2014
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Keon Hardemon
and Members of the CRA Board
Date: March 21, 2014 File: 13-01215
Subject: Resolution Authorizing Grant for Renovation
of Dunn and Josephine Hotel, 1028 NW 3'1
Avenue, Miami, Florida.
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 issuance of a grant, in an amount not to exceed $850,000, to
J.E.J. Properties, Inc. ("J.E.J.") to underwrite costs associated with the renovation and rehabilitation of the Dunn
and Josephine Hotel, 1028 NW 3n' Avenue, Miami, Florida (Folio No. 001-0101-040-1020).
The Property consists of two buildings built in 1938 and 1947, respectively. The owner of the Property, J.E.J.
has requested assistance in renovating the Property to operate as a "bed and breakfast" establishment. The
development of such an establishment would further the tenets and objectives of the 2009 Southeast
OvertownfPark West Community Redevelopment Plan in that a historically significant property is being
preserved and renovated to enhance promotion of the area as a tourist destination. Additionally, renovation of
the Property would serve to enhance the tax base, as well as to create employment opportunities in connection
with the operation of the proposed "bed and breakfast" establishment.
In exchange for the grant, J.E.J. has agreed to record a restrictive covenant providing for the reimbursement of
the grant in the event the Property is sold, transferred, or otherwise conveyed to a third party during a 10-year
period.
JUSTIFICATION:
Section 2, Goal 1, at page 11, of the 2009 Southeast Overtown/Park West Community Redevelopment Plan
("Plan") lists the "preserv[ation] of historic buildings and community heritage" as a stated redevelopment goal.
Additionally, Principle 8, at page 15, of the Plan provides for the restoration of older buildings that embody the
area's cultural past. Lastly, Section I, subsection 6, at page 93 of the Plan, encourages the promotion of the
area as a tourist destination by increasing the number of commercial and cultural attractions, restaurant and
hotel accommodations, and historical sites.
FUNDING:
$850,000 are to be allocated from SEOPW Tax Increment Fund, entitled "Other Grants and Aids" Account Code
No. 10050.920101.883000.0000.00000.