HomeMy WebLinkAboutCRA-R-24-0024 MemorandumSEOPW Board of Commissioners Meeting
April 11, 2024
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Christine King Date: April 4, 2024
and Members of the CRA
Board File: 15854
From: James McQueen
Executive Director
Subject: Purchase of Property at 1955 N.W.
5th Place, #14, Miami, Florida 33136
Enclosures: File # 15854 - Exhibit A
File # 15854 - Exhibit B
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 Keep the Conglomerate Strong,
Inc., a Florida profit corporation ("Seller"), for the acquisition of the real property located at 1955 N.W.
5th Place, #14, Miami, Florida 33136, containing an approximate total adjusted area of 1,026 square feet
("Property"), as legally described in the Agreement for an amount not to exceed Two Hundred Ninety
Three Thousand Dollars and Zero Cents ($293,000.00), 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.
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:
$293,000.00 allocated from SEOPW CRA "Purchase of Real Property" Account No.
10050.920101.662000.0000.00000.
FACT SHEET:
Company name: Keep the Conglomerate Strong, Inc.
Address: 1955 N.W. 5th Place, #14, Miami, Florida 33136.
Acquisition cost: $293,000.00
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AGENDA ITEM
FINANCIAL INFORMATION FORM
SEOPW CRA
CRA Board Meeting Date: April 11, 2024
CRA Section:
Brief description of CRA Agenda Item:
Authorizing the acquisition of property located at 1955 NW 5th Place, #14, Miami, FL,
33136 in an amount not to exceed $293,000.00
Project Number
YES, there
Account Code:
(if applicable):
are sufficient funds in Line Item:
10050.920101.661000.0000.00000 Amount: $ 2 9 3, 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:
Approved by:
Approval:
Executive Director 4/4/2024
Miguel A Valentin, ririarice Of;cer 4/4/2024
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Southeast Overtown/Park West
Community Redevelopment Agency
File Type: CRA Resolution
Enactment Number: CRA-R-24-0024
File Number: 15854 Final Action Date:4/11/2024
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 KEEP THE
CONGLOMERATE STRONG, INC., A FLORIDA PROFIT CORPORATION ("SELLER"),
FOR THE ACQUISITION OF THE REAL PROPERTYLOCATED AT 1955 N.W. 5TH
PLACE, #14, MIAMI, FLORIDA 33136, CONTAINING AN APPROXIMATE TOTAL
ADJUSTED AREA OF 1,026 SQUARE FEET ("PROPERTY"), AS LEGALLY
DESCRIBED IN THE AGREEMENT FOR A TOTAL PURCHASE PRICE NOT TO
EXCEED TWO HUNDRED NINETY THREE THOUSAND DOLLARS AND ZERO
CENTS ($293,000.00), 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 HUNDRED NINETY THREE THOUSAND DOLLARS AND ZERO CENTS
($293,000.00) INCLUSIVE OF SAID ACQUISITION, THE COST OF A SURVEY,
ENVIRONMENTAL REPORT, TITLE INSURANCE, AND RELATED CLOSING COSTS
ASSOCIATED WITH SAID ACQUISITION; 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
WHEREAS, SEOPW CRA wishes to acquire the real property currently owned by Keep
the Conglomerate Strong, Inc., a Florida profit corporation ("Seller") located at 1955 N.W. 5th
Place, #14, Miami, Florida 33136, containing an approximate total adjusted area of square feet
1,026 ("Property"), as legally described in the Purchase and Sale Agreement ("Agreement"),
attached and incorporated as Exhibit "A", in a form acceptable to Counsel; and
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WHEREAS, as legally described in the Agreement for an amount not to exceed Two
Hundred Ninety -Three Thousand Dollars and Zero Cents ($293,000.00) the appraised value of the
property (Exhibit "B"); 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 Hundred Ninety Three Thousand Dollars and Zero Cents ($293,000.00), which includes the
cost of acquisition, the cost of a survey, environmental report, title insurance, and related closing costs
associated with said acquisition; and
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 Hundred Ninety Three Thousand Dollars and Zero
Cents ($293,000.00) 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
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 will 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:
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4
ounsel 4/4/2024
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