TO: CRA Board of Commissioners
FROM: Tara Toto, Project Manager
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: August 13, 2019
Title
RESOLUTION NO. 2019-10 - AGREEMENT FOR PURCHASE & SALE - HABITAT FOR HUMANITY OF SOUTH PALM BEACH COUNTY, INC. - 242 NW 6TH AVENUE
Body
Recommended Action:
Recommendation
Approval of Resolution No. 2019-10 for the Agreement for Purchase and Sale with Habitat for Humanity of South Palm Beach County, Inc., for conveyance of 242 NW 6th Avenue in accordance with the terms specified in the agreement and authorize the CRA Chair to sign any and all documents related to this transaction.
Body
Background:
The subject property 242 NW 6th Avenue is located south of NW 3rd Street and west of NW 6th Avenue, between Lake Ida Road and W. Atlantic Avenue, (CRA Sub-Area #4) and zoned R-1-A (Single Family Residential). The property is approximately 12,136 sq. ft. and is currently vacant.
At the June 11, 2019 CRA Board meeting, the Board considered the Letter of Intent, dated May 21, 2019, from Habitat for Humanity of South Palm Beach County, Inc. (“Habitat”) to acquire one (1) CRA-owned property - 242 NW 6th Avenue to develop two (2) single-family homes through their affordable housing program. The information on the CRA-owned property is as follows:
|
Address |
Parcel Control No. |
Subdivision |
Date CRA Acquired |
CRA Purchased Price |
Proposed Purchase Price |
|
242 NW 6th Avenue |
12-43-46-16-01-010-0040 |
DELRAY TOWN OF |
3/19/19 |
$94,000.00 |
$2,000.00 |
Habitat’s request to acquire the properties from the CRA include the following conditions based on the proposal and any other terms deemed necessary by the CRA Board:
1. Habitat for Humanity of South Palm Beach County, Inc. will construct two (2) single family residential dwelling units each consisting of three (3) bedrooms, two (2) bathrooms and an enclosed one (1) car garage.
At the meeting, the CRA Board directed CRA Staff and Legal Counsel to negotiate the Purchase and Sale Agreements for conveyance of the property listed above to Habitat based upon the framework provided in the Letter of Intent, subject to any additional terms and conditions requested by the CRA Board.
Attached is the Purchase and Sale Agreement between the CRA and Habitat for 242 NW 6th Avenue. The terms of the agreements generally consist of the following:
• A purchase price of $2,000.
• A down payment requirement of $200 (10% of the purchase price).
• An inspection period of 45 days from the effective date.
• Specified development time frame that includes the issuance of a Certificate of Occupancy within 24 months of the effective date.
A separate Repurchase Agreement was prepared for each property which is to be executed upon closing that includes conditions that will survive the closing and allows the CRA:
• The right to repurchase the property if a Certificate of Occupancy for a new single-family home is not received within 24 months (Development Time Frame) as identified in the Original Agreement.
• The right to review and approve proposed construction plans prior to Habitat for Humanity of South Palm Beach County, Inc. submitting for building permit.
Attachments: Exhibit A - Location Map & Photo; Exhibit B - Resolution No. 2019-10; Exhibit C - Purchase & Sale Agreements - 242 NW 6th Avenue - Partially Executed
CRA Attorney Review:
The CRA Attorney has reviewed the Agreement as to form and determined it to be acceptable.
Finance Review:
N/A
Funding Source/Financial Impact:
N/A