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Home My WebLink AboutCRA-R-23-0057 MemorandumSEOPW Board of Commissioners Meeting November 16, 2023 SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM To: Board Chair Christine King Date: February 12, 2024 and Members of the CRA Board File: 15053 From: James McQueen Executive Director Subject: Purchase of Property at 939 N.W. 5th Avenue, Miami, Florida, 33136; 720 N.W. 4th Avenue, Miami, Flor Enclosures: File # 15053 - Exhibit A File # 15053 - Exhibit B File # 15053 - Exhibit C BACKGROUND: A Resolution of the Board of Commissioners of the Southeast Overtown/Park West Community Redevelopment Agency ("SEOPW CRA") with attachment(s), retroactively approving and ratifying the Executive Director to enter into a Purchase and Sale Agreement ("Agreement") (Exhibit "A"), and further authorizing the General Counsel to engage Weiss Serota, et al, as outside Counsel for the representation of the SEOPW CRA on all matters related to a Title Commitment and Policy, a Phase I Environmental Site Assessment Report (and Phase II if required), a survey, and representation at closing (Exhibit `B") in a form acceptable to General Counsel, between the SEOPW CRA and Frontier Fuels Inc., as trustee ("Seller"), for the acquisition of the real properties located at 939 N.W. 5th Avenue, Miami, Florida, 33136; 720 N.W. 4th Avenue, Miami, Florida, 33136; and 440 N.W. 10th Street, Miami, Florida 33136, containing an approximate total adjusted area of 31,250 square feet ("Property"), as legally described in the Agreement for an amount not to exceed Two -Million Two Hundred Thirty Thousand Dollars and Zero Cents ($2,230,000.00), the appraised value of the Property, pursuant to section 163.370, Florida Statutes, and the SEOPW CRA redevelopment plan. The SEOPW CRA wishes to further its redevelopment goals and provide opportunities for future affordable housing developments. In addition to authorizing the Agreement, the SEOPW CRA seeks retroactive approval to engage Weiss Serota, Et Al as outside Counsel for the representation of the SEOPW CRA on all matters related to a title commitment and policy, environmental site assessment reports, a survey, and representation at closing (Retainer Agreement Real Estate Transactions) (Exhibit "C") attached and incorporated. JUSTIFICATION: The SEOPW 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 2018 Southeast Overtown/Park West Community Redevelopment Plan Update (the "Plan"). The proposed acquisition of the Property is consistent with Section 1 of the Plan. FUNDING: $2,230,000.00 allocated from SEOPW CRA "Purchase of Real Property" Account No. 10050.920101.662000.0000.00000. FACT SHEET: Company name: Frontier Fuels Inc., as trustee Address: 939 N.W. 5th Avenue, Miami, Florida, 33136; 720 N.W. 4th Avenue, Miami, Florida, 33136; and 440 N.W. 10th Street, Miami, Florida 33136. Acquisition cost: $2,230,000.00 Page 2 of 7 AGENDA ITEM FINANCIAL INFORMATION FORM SEOPW CRA CRA Board Meeting Date: November 16, 2023 CRA Section: Brief description of CRA Agenda Item: Authorizing the allocation of funds in an amount not to exceed $2,230,000.00 to acquire the real properties located at 939 NW 5th Avenue, 720 NW 4th Avenue and 440 NW 10th Street. Project Number YES, there Account Code: (if applicable): are sufficient funds in Line Item: 10050.920101.662000.0000.00000 Amount: $ 2, 2 3 0, 0 0 0.0 0 NO (Complete the following source of funds information): Amount budgeted in the line item: $ Balance in the line item: $ Amount needed in the line item: $ Sufficient funds will be transferred from the following line items: ACTION ACCOUNT NUMBER TOTAL Project No./Index/Minot Object From $ To $ From $ To $ Comments: Page 3 of 7 Approved by: Approval: Executive Director 11/8/2023 �ji Miguel A Valentin, Finance Officer 11/8/2023 Page 4 of 7 Southeast Overtown/Park West Community Redevelopment Agency File Type: CRA Resolution Enactment Number: CRA-R-23-0057 File Number: 15053 Final Action Date:11/16/2023 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("SEOPW CRA"), WITH ATTACHMENT(S), RETROACTIVELY APPROVING AND RATIFYING THE EXECUTIVE DIRECTOR'S TO EXECUTE THE PURCHASE AND SALE AGREEMENT ("AGREEMENT") (EXHIBIT "A") ATTACHED AND INCORPORATED HEREIN, NEGOTIATE AND EXECUTE ALL NECESSARY DOCUMENTS, INCLUDING ANY AMENDMENTS AND MODIFICATIONS TO SAID AGREEMENT IN A FORM ACCEPTABLE TO COUNSEL, BETWEEN THE SEOPW CRA AND FRONTIER FUELS INC., AS TRUSTEE ("SELLER"), TRS FOR THE ACQUISITION OF THE REAL PROPERTIES LOCATED 939 N.W. 5TH AVENUE, 720 N.W. 4TH AVENUE AND 440 N.W. 10TH STREET MIAMI, FLORIDA, 33136, CONTAINING AN APPROXIMATE TOTAL ADJUSTED AREA OF 31,250 SQUARE FEET ("PROPERTY"), AS LEGALLY DESCRIBED IN THE AGREEMENT FOR A TOTAL PURCHASE PRICE NOT TO EXCEED TWO MILLION TWO HUNDRED THIRTY THOUSAND DOLLARS AND ZERO CENTS ($2,230,000.00), CONTINGENT UPON THE SEOPW CRA OBTAINING A WRITTEN APPRAISAL FROM A LICENSED FLORIDA APPRAISER STATING THAT THE APPRAISED VALUE OF THE PROPERTY, IS AT A MINIMUM, THE REFERENCED AMOUNT HEREIN, PURSUANT TO SECTION 163.370, FLORIDA STATUTES, AND THE SEOPW CRA REDEVELOPMENT PLAN; ALLOCATING FUNDS FROM ACCOUNT TITLED PURCHASE OF REAL PROPERTY, ACCOUNT NUMBER 10050.920101.662000.0000.00000 IN A TOTAL AMOUNT NOT TO EXCEED TWO MILLION TWO HUNDRED THIRTY THOUSAND DOLLARS AND ZERO CENTS ($2,230,000.00) INCLUSIVE OF SAID ACQUISITION, THE COST OF A SURVEY, ENVIRONMENTAL REPORT, TITLE INSURANCE, AND RELATED CLOSING COSTS ASSOCIATED WITH SAID ACQUISITION; FURTHER AUTHORIZING THE GENERAL COUNSEL TO ENGAGE WEISS SEROTA, ET AL, AS OUTSIDE COUNSEL FOR THE REPRESENTATION OF THE SEOPW CRA ON ALL MATTERS RELATED TO A TITLE COMMITMENT AND POLICY, PHASE I ENVIRONMENTAL SITE ASSESSMENT REPORT (AND PHASE II IF REQUIRED), SURVEY, AND REPRESENTATION AT CLOSING (EXHIBIT "C") INCORPORATED HEREIN, PROVIDING FOR THE INCORPORATION OF RECITALS AND AN EFFECTIVE DATE. WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("SEOPW 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 2018 Southeast Overtown/Park West Community Redevelopment Plan Update (the "Plan"); and Page 5 of 7 WHEREAS, SEOPW CRA wishes to acquire the real properties currently owned by Frontier Fuels Inc., as trustee ("Seller") located at 939 N.W. 5th Avenue, 720 N.W. 4th Avenue, and 440 N.W. 10th Street, Miami Florida 33136, containing an approximate total adjusted area of square feet ("Property"), as legally described in the Purchase and Sale Agreement ("Agreement"), attached and incorporated as Exhibit "A", in a form acceptable to Counsel; and WHEREAS, as legally described in the Agreement for an amount not to exceed Two - Million Two Hundred Thirty Thousand Dollars and Zero Cents ($2,230,000.00), the appraised value of the property (Exhibit "B"); and WHEREAS, further authorizing the General Counsel to engage Weiss Serota, et al, as outside Counsel for the representation of the SEOPW CRA on all matters related to a Title Commitment and Policy, a Phase I Environmental Site Assessment Report (and Phase II if required), a survey, and representation at closing (Exhibit "C"); and WHEREAS, pursuant to Section 163.370, Florida Statutes, and the Plan, the SEOPW CRA plans to develop the Property to enhance the quality of life in the surrounding area and address slum and blight; and WHEREAS, the proposed acquisition of the Property is consistent with Section 1 of the Plan; and WHEREAS, the SEOPW CRA's estimated total cost for the acquisition of the Property will not exceed Two Million Two Hundred Thirty Thousand Dollars and Zero Cents ($2,230,000.00), which includes the cost of acquisition, the cost of a survey, environmental report, title insurance, and related closing costs associated with said acquisition; and WHEREAS, the Board of Commissioners of the SEOPW CRA retroactively approving and ratifying the Executive Director to enter into the Agreement in addition this Resolution retroactively approving the engagement of the law firm of Weiss Serota, et al., who will assist the General Counsel with the representation of the SEOPW CRA on all matters related to a title commitment and policy, a Phase I Environmental Site Assessment Report (and Phase II if required), a survey, and representation at closing; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY: 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 Executive Director is authorized to negotiate and execute the Agreement, in a form acceptable to Counsel, between the SEOPW CRA and the Seller for the acquisition of the Property for a total purchase price not to exceed Two -Million Two Hundred Thirty Thousand Dollars and Zero Cents ($2,230,000.00), contingent upon the SEOPW CRA obtaining a written appraisal from a licensed Florida appraiser stating that the appraised value is at a minimum the referenced amount herein. Section 3. The Executive Director is further authorized' to negotiate and execute any and all necessary documents, including any amendments and modifications to said Agreement, all in forms ' The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to those prescribed by applicable State law, City Charter and Code provisions, as adopted by the SEOPW CRA. Page 6 of 7 acceptable to Counsel, as may be necessary to effectuate said acquisition, with funds allocated from account number 10050.920101.662000.0000.00000, to cover the cost of said acquisition, plus the cost of a survey, environmental report, title insurance, and related closing costs associated with said acquisition, in accordance with the terms and conditions of the Agreement. Section 4. The Executive Director shall issue a report on the status of this potential acquisition within 14 days of the passage of this resolution. Section 5. The SEOPW CRA is retroactive authorized to engage the Weiss Serota, et al., law firm for the representation of the SEOPW CRA on all matters related to a title commitment and policy, a Phase I Environmental Site Assessment Report (and Phase II if required), a survey, and representation at closing. Section 6. This Resolution shall be effective immediately upon its adoption. APPROVED AS TO FORM AND LEGAL SUFFICIENCY: ounsel 1118/2023 Page 7 of 7