TO: CRA Board of Commissioners
FROM: Jeff Costello, CRA Executive Director
DATE: July 12, 2018
Title
DEVELOPMENT OF CRA-Owned Properties - SW 600-800 Blocks - West Atlantic Avenue
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Recommended Action:
Recommendation
A recommendation will be forthcoming subsequent to the workshop meeting scheduled for Monday July 9th.
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Background:
On April 9, 2018, the CRA received a letter of interest from Equity Delray, LLC expressing their continuing interest in the CRA-owned properties in the SW 600 - 800 Blocks of W. Atlantic Avenue, based on the original agreement between the CRA and Equity Delray, LLC (Exhibit A - Location Map; Exhibit B - Letter of Interest), subject to the following revised conditions:
1. Production of a Bond after contract closing and prior to commencement of construction
2. Vacant possession of the land and existing buildings, free of tenancies.
3. Equity will be responsible for the Agreement with Publix to locate on the property. Equity requests an exclusive due diligence and negotiating period of 90 days after contract signing and prior to closing the sale to allow them to recommence negotiations with the various tenants with whom they had reached agreement earlier or to find suitable replacements.
4. Inclusion of a reverter clause if significant construction progress is not undertaken within twelve months of closing.
5. The reversion clause is null and void once Clause 4 above is satisfied.
At the May 7, 2018 CRA Board Meeting, the CRA Board of Commissioners (“CRA Board”) directed Staff to negotiate a Purchase and Sale Agreement with Uptown Atlantic, LLC (formerly Equity Delray, LLC) (“Uptown”) based on the April 9, 2018 Letter of Interest submitted by Uptown. The CRA Board also directed Staff to publish a thirty (30) day notice of the CRA’s intent to accept the offer to purchase the CRA-owned properties as required by Florida Statutes Chapter 163.380(3)(a) (“May 11th Notice”). Thereafter, the Staff published the thirty ...
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