HomeMy WebLinkAboutCRA-R-15-0055 Cover MemoSEOPW Board of Commissioners Meeting
December 14, 2015
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Keon Hardemon
and Members of the CRA Board
Date: December 4, 2015 File: 15-00928
Subject: Resolution Authorizing an Amendment to the
Grant to Charles Lowell Realty Investment &
Development, LLC for Rehabilitation of
Property at 1767 N.W. 3rd Avenue.
From: Clarence E. Woods, IIIAti)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 an amendment to the grant to Charles Lowell Realty investment &
Development, LLC ("Owner") for the rehabilitation of property at 1767 N.W. 3rd Avenue, Miami, Florida
("Property").
On June 11, 2015, the Board of Commissioners, by CRA-R-15-0020 authorized a grant, in the amount not to
exceed $585,000, to the Owner for the rehabilitation of the Property. The Resolution further authorized the
Owner to record a restrictive covenant wherein the Owner would be required to maintain the units within the
Property as affordable for a period of fifty (50) years. Owner has requested to that the affordability period be
reduced from fifty (50) years to fifteen (15) years, It is recommended that the Board of Commissioners approve
this amendment.
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:
This Resolution does not commit funding.