HomeMy WebLinkAboutCRA-R-14-0052 Cover MemoSEOPW Board of Commissioners Meeting
July 30, 2014
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Keon Hardemon
and Members of the CRA Board
\P
From: Clarence E. Woods, III ' -
Executive Director
Date: July 18, 2014 File: 14-00695
Subject: Resolution Authorizing Acceptance of a Grant
from the Federal Home Loan Bank of Atlanta
for use in Town Park Plaza North Project.
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 acceptance of a grant, in the amount of $150,000, from the
Federal Home Loan Bank of Atlanta ("FHLB-Atlanta") for use in connection with the rehabilitation of Town Park
Plaza North, 475 NW 19th Street, Miami, Florida (Folio No. 01-3136-083-0870) ("Town Park Plaza North").
Town Park Plaza North a 20-building, 169-unit affordable housing complex in the Redevelopment Area. 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rotting wood, and outdated electrical wiring.
In an effort to address these conditions, the Board of Commissioners, by Resolution No. CRA-R-12-0061,
passed and adopted on September 17, 2012, authorized the issuance of tax increment revenue bonds to
finance or refinancethe acquisition and construction of community redevelopments projects, which included the
Town Park North Project. Notwithstanding, the CRA, upon the advice of bond counsel, sought alternative
funding sources in lieu of utilizing the tax increment revenue bonds for the Town Park North Project. In turn, on
March 14, 2013, the Board of Commissioners, by Resolution No. CRA-R-13-0015, authorized the Executive
Director to apply for funding from FHLB-Atlanta in connection with the Town Park Plaza North Project.
On October 24, 2013, the Board of Commissioners, by Resolution No. CRA-R-13-0068, authorized the issuance
of a grant, in an amount not to exceed $3,333,333.00, for the rehabilitation of Town Park Plaza North. In an
effort to assist the CRA with leveraging its own funding support of Town Park Plaza North, the CRA also applied
for grant funding from the Federal Home Loan of New York, and was awarded funding in the amount of
$600,000.00 for the Project. On June 15, 2014, the CRA received notice that FHLB-Atlanta approved the CRA's
application for grant funds for the Town Park Plaza North Project, and has agreed to issue a grant award, in the
amount of $150,000, for the rehabilitation of 15 owner -occupied units in Town Park Plaza North. The Board's
acceptance of this grant from FHLB-Atlanta will reflect a total of $750,000.00 in third party grant funds to be
allocated towards the Town Park Plaza North Project.
JUSTIFICATION:
Section 163.370(2)(g), Florida Statutes, allows a community redevelopment agency to "to borrow money and to
apply for and accept advances, loans, grants, contributions, and any other form of financial assistance from the
Federal Government. Section 2, Goals 3, at page 11 of the 2009 Southeast Overtown/Park West Community
Redevelopment Plan ("Plan") 'lists "creati[on of] infill housing, diversity in housing types, and retaining affordable
housing," as a stated redevelopment goal. Section 2, Principle 2, at page 14, of the Plan provides that "[tjhe
neighborhood ... retain access to affordable housing ...."
FUNDING: