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File #: 18-0027 CRA    Version: 1 Name:
Type: CRA Resolution Status: Agenda Ready
File created: 6/4/2018 In control: Community Redevelopment Agency
On agenda: 6/11/2018 Final action:
Title: RESOLUTION NO. 2018-11 - AGREEMENT FOR PURCHASE & SALE - 98 NW 5TH AVE, LLC - 98 NW 5TH AVENUE
Attachments: 1. Agenda Cover Report, 2. Location Map, 3. CRA Plan MAP-C, 4. Resolution 2018-11 - P&S Agmt 98 NW 5th Ave (98 NW 5th Ave LLC), 5. Purchase & Sale Agreement – 98 NW 5th Avenue – Partially executed
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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TO: CRA Board of Commissioners
FROM: Kristyn Cox, West Atlantic Redevelopment Director
THROUGH: Jeff Costello, CRA Executive Director
DATE: June 11, 2018

Title
RESOLUTION NO. 2018-11 - AGREEMENT FOR PURCHASE & SALE - 98 NW 5TH AVE, LLC - 98 NW 5TH AVENUE

Body
Recommended Action:
Recommendation
Approval of Resolution No. 2018-11 for the Agreement for Purchase and Sale with 98 NW 5th Ave, LLC, with a purchase price in the amount of $1,400,000.

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Background:

The subject property at 98 NW 5th Avenue is located at the southwest corner of NW 5th Avenue and NW 1st Street, within the West Settlers Historic District of The Set (CRA Sub-Area #3) and zoned CBD (Central Business District). The 6,812 sq. ft. lot is improved with a 7,076 sq. ft. mixed-use commercial building (built in 1972) with four (4) two-bedroom, one-bath apartment units on the second floor and 750 sq. ft. of commercial space, ground level garage parking and a two-bedroom, one-bath apartment on the first floor. The property is owned by investors as 98 NW 5th Avenue, LLC. The property has been identified as a potential acquisition in the Community Redevelopment Plan (Project #2.1, Map C, Property “C”) as it relates to the NW/SW 5th Avenue Beautification. Immediately south of the subject property is the recently completed Delray Beach Housing Authority Headquarters containing ground floor office space and public meeting space, as well as three (3) two-bedroom, two bath income eligible apartments on the second floor.

Ongoing conversations with the Seller in 2017 regarding the CRA’s evolving economic development initiative - Focus on 5th - led to negotiations for the CRA’s acquisition of subject property; however, those conversations fell short of coming to an agreement. The owner recently reached out to the CRA to determine its interest in the property. Staff obtained two appraisals on the property with reported market values of $1,370,000 and $1,425,000, or a rounded average of $1,400,0...

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