TO: CRA Board of Commissioners
FROM: Jeff Costello, CRA Executive Director
DATE: August 15, 2018
Title
RESOLUTION NO. 2018-15 AND AGREEMENT WITH PURCHASE AND SALE WITH Uptown Atlantic, LLC (formerly Equity Delray, LLC) - SW 600-800 Blocks - West Atlantic Avenue.
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Recommended Action:
Recommendation
Approve Resolution No. 2018-15 authorizing the sale and conveyance of real property to Uptown Atlantic, LLC; providing for findings and determinations as required by Section 163.380(2), Florida Statutes that the conveyance of the subject property is for fair value; authorizing the proper person(s) designated therein to execute the agreement for purchase and sale, and all necessary conveyance documents including but not limited to instruments of conveyance and closing documents; providing for conflicts; providing for severability; providing for an effective date.
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Background:
At the May 7th CRA Board Meeting, the CRA Board directed CRA staff and the CRA Board Attorney to enter into negotiations with Uptown Atlantic, LLC (“Uptown”) for a new purchase and sale agreement. At the same meeting the Board directed staff to publish a new thirty (30) day Notice as required by Florida Statutes Chapter 163.380(3)(a). The 30-day Notice was published on May 11th and thereafter six (6) Letters of Interest were received by June 11th.
At the July 12th CRA Board Meeting, the CRA Board considered the next steps in the development of SW 600-800 Blocks - West Atlantic Avenue (“Project”).
At the July 12th meeting, the CRA Board voted to proceed in the following manner:
1. Engage in negotiations with Uptown Atlantic subject to the following as part of the negotiations: an increase to the purchase price, modifications to the approved architectural elevations, and additional community benefits, including requirements for a full-service grocery store, space for local small businesses at a reduced rent, and local participation by subcontractors and laborers with a m...
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