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File #: 18-0218 CRA    Version: 1 Name:
Type: CRA Discussion Status: Agenda Ready
File created: 1/8/2019 In control: Community Redevelopment Agency
On agenda: 1/15/2019 Final action:
Title: RESOLUTION NO. 2019-02 - AGREEMENT FOR PURCHASE & SALE - 242 NW 6TH AVENUE
Attachments: 1. Agenda Cover Report, 2. Exhibit A - Aerial Map, 3. Exhibit B - Res. No. 2019-02 PSA for 242 NW 6th Ave (Payne), 4. Exhibit C - PSA 242 NW 6th Ave (Payne)
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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

 

Body

 

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.

 

Body

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