TO: CRA Board of Commissioners
FROM: Christine Tibbs, Assistant Director
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: February 25, 2025
Title
RATIFICATION OF SECOND AMENDMENT TO THE PURCHASE AND SALE AGREEMENT WITH LAKE IDA CHURCH OF CHRIST, INC. FOR A PORTION OF THE PROPERTY LOCATED AT 1300 LAKE IDA ROAD TO AMEND THE APPROVALS PERIOD AND CLOSING DATE
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Recommended Action:
Recommendation
Ratify the Second Amendment to the Purchase and Sale Agreement with Lake Ida Church of Christ Inc. for a portion of the property approximately located at 1300 Lake Ida Road amending and extending the Approvals Period and Closing Date.
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Background:
On February 27, 2024, the CRA Board approved a Purchase and Sale Agreement (Agreement), and subsequently on July 23, 2024, the CRA Board approved a First Amendment to the Agreement (Amendment), with Lake Ida Church of Christ, Inc. for a portion (Subject Property) of the entire Church Property which is approximately located at 1300 Lake Ida Road. The Subject Property comprises 38,414 square feet of land underlying the east parking lot of Lake Ida Church of Christ and is located at the southwest corner of Lake Ida Road and Roosevelt Avenue. The Subject Property is currently zoned R-1-A Single Family Residential. The total purchase price for the Subject Property is not to exceed $768,400.
The location of the Subject Property provides an opportunity to continue revitalization and stabilization efforts through infill development of future affordable/workforce housing, as indicated in the objectives of the CRA Redevelopment Plan.
Since executing the Agreement and First Amendment, CRA Staff has worked diligently on subdividing the entire Church Property. The closing was supposed to take place on or before February 15, 2025, and the Agreement initially contemplated development approvals related to a Class I Site Plan Amendment and a Major Subdivision Plat Application. However, additional future develo...
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