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File #: 18-0086 CRA    Version: 1 Name:
Type: CRA Resolution Status: Agenda Ready
File created: 8/9/2018 In control: Community Redevelopment Agency
On agenda: 8/15/2018 Final action:
Title: RESOLUTION NO. 2018-14 - AGREEMENT FOR PURCHASE & SALE - 246 NW 8TH AVENUE
Attachments: 1. Agenda Cover Report, 2. Exhibit A - Location Map, 3. Exhibit B - Resolution No 2018-14 P&S Agmt 246 NW 8th Ave (Newman), 4. Exhibit C - PSA 246 NW 8th Ave (Newman)
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TO:                                           CRA Board of Commissioners

FROM:                      Kristyn Cox, West Atlantic Redevelopment Director

THROUGH:  Jeff Costello, CRA Executive Director

DATE:                      August 15, 2018

 

Title

RESOLUTION NO. 2018-14 - AGREEMENT FOR PURCHASE & SALE - 246 NW 8TH AVENUE

Body

Recommended Action:

Recommendation

Approval of Resolution No. 2018-14 and the Agreement for Purchase and Sale with Mr. Newman for the CRA purchase of 246 NW 8th Avenue, with a purchase price of $84,000.00.

 

Body

Background:

 

The subject property at 246 NW 8th Avenue (Tourist Nook Delray, Lots 28 & 29, Block B) is located within the Northwest Neighborhood of The Set (CRA Sub-Area #4) and is zoned R-1-A (Single Family Residential). The vacant ¼ acre lot is owned by Mr. Ramses Newman and its location provides an opportunity to continue the stabilization efforts through infill development of affordable single-family housing as indicated in the objectives of the Community Redevelopment Plan and The Set Transformation Plan Draft (pending adoption).

 

The property was appraised by Parrish & Edwards and returned a June 13th market value of $84,000 to which the Seller agreed and accordingly, the attached Board Resolution and Agreement for Purchase and Sale have been prepared by the CRA’s attorneys for the Board’s consideration.

 

Attachments: Exhibit A - Location Map; Exhibit B - Res. No. 2018-14; Exhibit C - Purchase & Sale Agreement - 246 NW 8th Ave (Newman)

 

CRA Attorney Review:

The CRA Attorney has prepared the Resolution and reviewed the Purchase and Sale Agreement to form and determined it to be acceptable.

 

Finance Review:

N/A

 

Funding Source/Financial Impact:

Funding has been allocated from General Ledger #6513 - Affordable/Workforce Housing Program - Land Acquisitions-Affordable Housing.

 

Timing of Request:

N/A