TO: CRA Board of Commissioners
FROM: Christine Tibbs, Assistant Director
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: July 23, 2024
Title
APPROVE THE FIRST 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 PORTION OF PROPERTY TO BE PURCHASED, INCREASE THE TOTAL PURCHASE PRICE TO $768,400, AND AMEND THE APPROVALS PERIOD AND THE CLOSING DATE
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Recommended Action:
Recommendation
1. Approve the First 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 to amend the portion of property to be purchased, increase the total purchase price not to exceed $768,400, and extend the Approvals Period and Closing Date, in a form legally acceptable to the CRA Legal Counsel;
AND
2. Authorize the CRA Board Chair to execute the First Amendment to the Purchase and Sale Agreement, and any related documents, in a form legally acceptable to the CRA Legal Counsel.
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Background:
On February 27, 2024, the CRA Board approved a Purchase and Sale Agreement (Agreement) with Lake Ida Church of Christ, Inc. for a portion of their property which is approximately located at 1300 Lake Ida Road (Subject Property). The Subject Property comprises 42,900 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 Subject Property is currently a parking lot that will require certain development approvals to be able to construct single-family homes on the Subject Property. The closing of the Agreement will not occur until after receiving approvals from the City of Delray Beach for a Class III Site Plan Modification and a Major Plat. If the necessary approvals for the Site Plan Modifi...
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