HomeMy WebLinkAboutCRA-R-15-0020 Cover Memo (2)SEOPW Board of Commissioners Meeting
June 11,2015
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Keon Hardemon
and Members of the CRA Board
Date: May 28, 2015 File: 15-00627
From: Clarence E. Woods, III 112)References:
Executive Director
Subject: Resolution Authorizing a Grant to Charles
Lowell Realty Investment & Development,
LLC for Rehabilitation of Property at 1767
N.W. 3rd Avenue.
Enclosures: Supporting Documentation; Legislation
BACKGROUND:
The attached Resolution of the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("CRA") authorizes a grant, in the amount not to exceed $585,000, to Charles Lowell
Realty Investment & Development, LLC ("Owner") for the rehabilitation of property at 1767 N.W. 3rd Avenue,
Miami, Florida ("Property").
The building on the Property was built in 1959, and has 18 residential units with a placement on a 12,289
square foot lot. The Owner has requested assistance from the CRA in order to undertake the rehabilitation of
the Property.
Should the Board authorize the issuance of a grant, the Owner would record a restrictive covenant wherein the
Owner agrees to maintain the units as affordable housing for a period of fifty (50) years.
JUSTIFICATION:
Section 2, Goal 3, at page 11, of the 2009 Southeast Overtown/Park West Community Redevelopment Plan lists
the "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 "[t]he neighborhood ... retain
access to affordable housing .. , ."
FUNDING:
$585,000 allocated from SEOPW Tax Increment Fund, entitled "Other Grants and Aids" Account No.
10050.920101.883000.0000.00000.