HomeMy WebLinkAboutCRA-R-24-0034 MemorandumSEOPW Board of Commissioners Meeting
May 23, 2024
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Christine King Date: May 24, 2024
and Members of the CRA
Board File: 16079
From: James McQueen
Executive Director
Subject: Acquisition of Properties - Ciprico
Holdings, LLC & Frontier Fuels, Inc.
Enclosures: File # 16079 - Exhibit A
File # 16079 - 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"), between
the SEOPW CRA, Ciprico Holdings, LLC., a Florida limited liability company, and Frontier Fuels, Inc.,
TRS., a foreign profit corporation ("Seller"), for the acquisition of the real properties located at 457 N. W.
8th Street, 813 N. W. 5th Avenue, 721 & 729 N. W. 6th Avenue, and 444 & 432 N. W. 7th Street, Miami,
Florida 33136, containing an approximate total adjusted area of 79,000 square feet ("Property"), as
legally described in the Agreement for an amount not to exceed Six Million Five Hundred Fifteen
Thousand Dollars and Zero Cents ($6,515,000.00), the appraised value of the Properties, 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 Properties is consistent with Section 1 of the Plan.
FUNDING:
$6,515,000.00 allocated from SEOPW CRA "Purchase of Real Property" Account No.
10050.920101.662000.0000.00000.
FACT SHEET:
Company name: Ciprico Holdings, LLC, and Frontier Fuels, Inc., TRS.
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AGENDA ITEM
FINANCIAL INFORMATION FORM
SEOPW CRA
CRA Board Meeting Date: May 23, 2024
CRA Section:
Brief description of CRA Agenda Item:
Authorizing the acquisition of several real estate properties in an amount not to exceed
$6,515,000.00.
Project Number
YES, there
Account Code:
(if applicable):
are sufficient funds in Line Item:
10050.920101.662000.0000.00000 Amount: $ 6 , 51 5 , 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 5116/2024
Miguel A Valentin, ririarice Off;cer 511612024
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Southeast Overtown/Park West
Community Redevelopment Agency
File Type: CRA Resolution
Enactment Number: CRA-R-24-0034
File Number: 16079 Final Action Date:5/23/2024
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, CIPRICO HOLDINGS,
LLC., A FLORIDA LIMITED LIABILITY COMPANY, AND FRONTIER FUELS, INC.,
TRS., A FOREIGN PROFIT CORPORATION ("SELLER"), FOR THE ACQUISITION OF
THE REAL PROPERTIES LOCATED AT 457 N. W. 8TH STREET, 813 N. W. 5TH
AVENUE, 721 & 729 N. W. 6TH AVENUE, AND 444 & 432 N. W. 7TH STREET, MIAMI,
FLORIDA 33136, CONTAINING AN APPROXIMATE TOTAL ADJUSTED AREA OF
79,000 SQUARE FEET ("PROPERTIES"), AS LEGALLY DESCRIBED IN THE
AGREEMENT FOR A TOTAL PURCHASE PRICE NOT TO EXCEED SIX MILLION
FIVE HUNDRED FIFTEEN THOUSAND DOLLARS AND ZERO CENTS
($6,515,000.00), CONTINGENT UPON THE SEOPW CRA OBTAINING A WRITTEN
APPRAISAL FROM A LICENSED FLORIDA APPRAISER STATING THAT THE
APPRAISED VALUE OF THE PROPERTIES, 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
PENDING INFORMATION ($6,515,000.00) 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 properties currently owned by
Ciprico Holdings, LLC., a Florida limited liability company, and Frontier Fuels, Inc., TRS., a foreign
profit corporation ("Seller") located at 457 N. W. 8th Street, 813 N. W. 5th Avenue, 721 & 729 N.
W. 6th Avenue, and 444 N. W. 7th Street, Miami, Florida 33136, containing an approximate total
adjusted area of square feet 66,500 ("Properties"), as legally described in the Purchase and Sale
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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 Six
Million Five Hundred Fifteen Thousand Dollars and Zero Cents ($6,515,000.00) the appraised
value of the properties (Exhibit "B"); and
WHEREAS, pursuant to Section 163.370, Florida Statutes, and the Plan, the SEOPW CRA plans
to develop the Properties to enhance the quality of life in the surrounding area and address slum and
blight; and
WHEREAS, the proposed acquisition of the Properties is consistent with Section 1 of the Plan;
and
WHEREAS, the SEOPW CRA's estimated total cost for the acquisition of the Properties will not
exceed Six Million Five Hundred Fifteen Thousand Dollars and Zero Cents ($6,515,000.00), 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
Properties for a total purchase price not to exceed Six Million Five Hundred Fifteen Thousand Dollars
and Zero Cents ($6,515,000.00) 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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ounsel 5/16/2024
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