TO: CRA Board of Commissioners
FROM: Kristyn Cox, West Atlantic Redevelopment Director
THROUGH: Jeff Costello, CRA Executive Director
DATE: August 15, 2018
Title
RESOLUTION NO. 2018-14 - AGREEMENT FOR PURCHASE & SALE - 246 NW 8TH AVENUE
Body
Recommended Action:
Recommendation
Approval of Resolution No. 2018-14 and the Agreement for Purchase and Sale with Mr. Newman for the CRA purchase of 246 NW 8th Avenue, with a purchase price of $84,000.00.
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Background:
The subject property at 246 NW 8th Avenue (Tourist Nook Delray, Lots 28 & 29, Block B) is located within the Northwest Neighborhood of The Set (CRA Sub-Area #4) and is zoned R-1-A (Single Family Residential). The vacant ¼ acre lot is owned by Mr. Ramses Newman and its location provides an opportunity to continue the stabilization efforts through infill development of affordable single-family housing as indicated in the objectives of the Community Redevelopment Plan and The Set Transformation Plan Draft (pending adoption).
The property was appraised by Parrish & Edwards and returned a June 13th market value of $84,000 to which the Seller agreed and accordingly, the attached Board Resolution and Agreement for Purchase and Sale have been prepared by the CRA’s attorneys for the Board’s consideration.
Attachments: Exhibit A - Location Map; Exhibit B - Res. No. 2018-14; Exhibit C - Purchase & Sale Agreement - 246 NW 8th Ave (Newman)
CRA Attorney Review:
The CRA Attorney has prepared the Resolution and reviewed the Purchase and Sale Agreement to form and determined it to be acceptable.
Finance Review:
N/A
Funding Source/Financial Impact:
Funding has been allocated from General Ledger #6513 - Affordable/Workforce Housing Program - Land Acquisitions-Affordable Housing.
Timing of Request:
N/A