TO: CRA Board of Commissioners
FROM: Kristyn Cox, Project & Development Relations Manager
THROUGH: Jeff Costello, CRA Executive Director
DATE: January 15, 2019
Title
RESOLUTION NO. 2019-02 - AGREEMENT FOR PURCHASE & SALE - 242 NW 6TH AVENUE
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Recommended Action:
Recommendation
Approve Resolution No. 2019-02 and the Agreement for Purchase and Sale with Otis & Dorothy Payne for the CRA purchase of 242 NW 6th Avenue, with a purchase price of $94,000.00.
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Background:
The subject property is located within the Northwest Neighborhood (CRA Sub-Area #4) at 242 NW 6th Avenue and zoned R-1-A (Single Family Residential). The over ¼ acre (or 12,135 sq. ft.) vacant lot is large enough to subdivide to accommodate two new single-family homes subject to the City’s Land Development Regulations for Workforce Housing. This property provides an opportunity to continue the stabilization efforts of infill affordable/workforce housing development as indicated in the objectives of the Community Redevelopment Plan.
The property was appraised by Parrish & Edwards and returned a December 19, 2018 market value of $94,000 to which the Sellers have agreed. Accordingly, the attached Board Resolution and Agreement for Purchase and Sale have been prepared by the CRA’s attorneys with a total purchase price of $94,000 for the Board’s consideration.
Attachments: Exhibit A - Location Map; Exhibit B - Res. No. 2019-02; Exhibit C - Purchase & Sale Agreement -242 NW 6th Avenue (Payne)
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