TO: CRA Board of Commissioners
FROM: Christine Tibbs, Assistant Director
THROUGH: Renée A. Jadusingh, Esq., CRA Executive Director
DATE: November 18, 2024
Title
RESOLUTION 2024-13 - APPROVE A PURCHASE AND SALE AGREEMENT WITH CAROLYN L. YOUNG FOR THE PURCHASE OF PROPERTIES LOCATED NEAR NW 9th AVENUE - PCN 12-43-46-17-22-002-0020 AND PCN 12-43-46-17-22-002-0030
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Recommended Action:
Recommendation
1. Approve a Purchase and Sale Agreement with Carolyn L. Young for the purchase of two (2) properties located near NW 9th Avenue (PCN 12-43-46-17-22-002-0020 AND PCN 12-43-46-17-22-002-0030) (Subject Properties) for a purchase price of $660,000, in a form legally acceptable to the CRA Legal Counsel;
AND
2. Authorize the CRA Board Chair to execute the Purchase and Sale Agreement, and any related documents, in a form legally acceptable to the CRA Legal Counsel.
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Background:
The Subject Properties are located near NW 9th Avenue, Delray Beach, Florida, within the Northwest Neighborhood of The Set (CRA District Sub- Area 3). The Subject Properties comprise approximately 13,138 sq. ft. (0.3 acres) and are both zoned Central Business District.
The Subject Properties were appraised by Anderson & Carr, Inc. and returned a September 26, 2024, market value of $660,000, to which the Seller has agreed.
Purchasing the Subject Properties assists two (2) separate development projects:
The City of Delray Beach is currently designing the Northwest Neighborhood Improvements project which includes rebuilding roadway, new curbing, new sidewalks, street lighting, new water main, replacing the sewer main, drainage improvements, and landscaping within the City’s right-of-way. Some areas of the Northwest Neighborhood of The Set have missing sections of continuous right-of-way ownership that need to be addressed prior to constructing the improvements - the Subject Properties fall within those missing sections. Acquiring the Subject Property would allow the CRA to assist the City in its efforts to accomplish the planned infrastructure improvements.
Moreover, the CRA has commercial development plans within the NW 800 Block of West Atlantic Avenue. Acquiring the Subject Properties would aid to improve future development plans.
At this time, CRA staff is requesting the CRA Board:
1. Approve a Purchase and Sale Agreement with Carolyn L. Young for the two properties located near NW 9th Avenue (PCN 12-43-46-17-22-002-0020 AND PCN 12-43-46-17-22-002-0030) for a purchase price of $660,000 in a form legally acceptable to the CRA Legal Counsel;
AND
2. Authorize the CRA Board Chair to execute the Purchase and Sale Agreement, and any related documents, in a form legally acceptable to the CRA Legal Counsel.
Attachments: Exhibit A -Location Map; Exhibit B - Purchase and Sale Agreement; Exhibit C - Resolution 2024-13
CRA Attorney Review:
The CRA Legal Counsel drafted a Purchase and Sale Agreement in a form legally acceptable to CRA Legal Counsel.
Funding Source/Financial Impact:
Funding has been allocated from GL# 5610.
Overall need within the Community Redevelopment Area from Delray Beach CRA Redevelopment Plan:
Removal of Slum And Blight
Land Use
Economic Development
Affordable Housing
Downtown Housing
Infrastructure
Recreation and Cultural Facilities