HomeMy WebLinkAbout6706 ResolutionSoutheast Overtown/Park West
Community Redevelopment Agency
Legislation
819 NW 2nd Ave
3rd Floor
Miami, FL 33136
www.seopwcra.com
CRA Resolution:
File Number: 6706 Final Action Date:10/28/2019
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE OF A GRANT TO 1767 NW 3RD AVE APTS
LLC, IN AN AMOUNT NOT TO EXCEED $435,000.00, FOR ADDITIONAL
FUNDING TO UNDERWRITE COSTS ASSOCIATED WITH THE REPAIR AND
REHABILITATION OF 18 AFFORDABLE HOUSING UNITS AT 1767 NW 3RD
AVENUE, MIAMI, FLORIDA 33136; AUTHORIZING THE EXECUTIVE DIRECTOR
TO EXECUTE ALL DOCUMENTS NECESSARY FOR SAID PURPOSE;
FURTHER AUTHORIZING THE EXECUTIVE DIRECTOR TO DISBURSE FUNDS,
AT HIS DISCRETION, ON A REIMBURSEMENT BASIS OR DIRECTLY TO
VENDORS, UPON PRESENTATION OF INVOICES AND SATISFACTORY
DOCUMENTATION; ALLOCATING FUNDS FROM SEOPW, "OTHER GRANTS
AND AIDS," ACCOUNT CODE NO. 10050.920101.883000.0000.00000.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency
("CRA") is a community redevelopment agency created pursuant to Chapter 163, Florida
Statutes, and is responsible for carrying out community redevelopment activities and projects
within its Redevelopment Area in accordance with the 2009 Southeast Overtown/Park West
Redevelopment Plan ("Plan"); and
WHEREAS, Florida Statutes, Section 163.335(6) of the Community Redevelopment Act
found and declared that there exists "... a severe shortage of housing affordable to residents of
low or moderate income, including the elderly... [and] such condition[s] affect the health, safety
and welfare of the residents ... and retards their growth and economic and social development
and
WHEREAS, Section 2, Goal 3, at page 11 of the 2009 Southeast Overtown/Park West
Community Redevelopment Plan ("Plan") lists "creating infill housing, diversity in housing types,
and retaining affordable housing" as a stated redevelopment goal; and
WHEREAS, Section 2, Principle 2 at page 14 of the Plan also provides that "the
neighborhood has to retain access to affordable housing even as the neighborhood becomes
more desirable to households with greater means" as a stated redevelopment principle; and
WHEREAS, Section 2, Principle 3, at page 14 of the Plan further provides that "there
must be variety in housing options" as a stated redevelopment principle; and
WHEREAS, 1767 NW 3RD AVE. APTS LLC ("Grantee") requests additional funding to
underwrite costs associated with the repair and rehabilitation of 18 affordable housing units at
1767 NW 3rd Avenue, Miami, Florida 33136 ("Property"); and
WHEREAS, on June 11, 2015, pursuant to Resolution No. CRA-R-15-0020, the Board of
Commissioners authorized a grant in the amount of $585,000.00 for the rehabilitation of 18
affordable housing units at the Property; and
City of Miami Page 1 of 3 File ID: 6706 (Revision:) Printed On: 9/2/2025
File ID: 6706 Enactment Number:
WHEREAS, the actual costs amounted to 1.74 million dollars due to significant
unforeseen conditions, delays and additional costs that provided for a premium product; and
WHEREAS, Grantee is seeking additional funding in the amount of $435,000.00, for a
total overall grant amount of $1,020,000.00, or 58% of the total construction costs, to offset the
actual costs incurred in the rehabilitation of 18 affordable housing units, and maintain housing
affordability for the residents of the Redevelopment Area; and
WHEREAS, in exchange for additional funding, the Grantee has agreed to the following
terms and conditions, which will ultimately provide additional affordable housing units for
residents of low -to -moderate income in the Redevelopment Area:
(1) Grantee has agreed to lease nine (9) two -bedroom units for below the prevailing monthly
rental rate, for a period of 24 months to the CRA, the total of which the CRA will pay at the
commencement of the lease period. The units will be used for the temporary relocation of
residents at Town Park Plaza North and Town Park Village.
(2) Upon the expiration of the 24 months, the Grantee has agreed to the following rental
restrictions:
a. Four (4) units at 60% of the Miami -Dade County area median income ("AMP')
b. Two (2) units at 50% of the AMI
c. Twelve (12) units at 80% of the AMI
(3) The current agreement and restrictive covenant will be amended to reflect that the
aforementioned rental restrictions will be in place until 2042; and
WHEREAS, the Board of Commissioners wishes to authorize additional funding in the
amount of $435,000.00 to underwrite costs associated with the repair and rehabilitation of 18
affordable housing units at 1767 NW 3rd Avenue, Miami, Florida 33136; and
WHEREAS, the Board of Commissioners finds that authorizing this Resolution would
further the aforementioned redevelopment goals and objectives.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated herein as if fully set forth in this Section.
Section 2. The Board of Commissioners hereby authorizes additional funding to
1767 NW 3RD AVE. APTS LLC, in an amount not to exceed $435,000.00, for a total overall
grant amount of $1,020,000.00, to offset the actual costs incurred in the rehabilitation of 18
affordable housing units at 1767 NW 3rd Avenue, Miami, Florida 33136, and maintain housing
affordability for the residents of the Redevelopment Area.
Section 3. The Executive Director is authorized to execute all documents necessary
for said purpose.
Section 4. The Executive Director is authorized to disburse funds, at his discretion,
on a reimbursement basis or directly to vendors, upon presentation of invoices and satisfactory
documentation.
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File ID: 6706 Enactment Number:
Section 5. Funds to be allocated from SEOPW Tax Increment Fund, entitled "Other
Grants and Aids," Account Code No. 10050.920101.883000.0000.00000.
Section 6. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
C ornrGilt!is fiver, Executive Director 10/22/2019
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