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File #: 18-0337 CRA    Version: 1 Name:
Type: CRA Report Status: Agenda Ready
File created: 5/8/2019 In control: Community Redevelopment Agency
On agenda: 5/14/2019 Final action:
Title: UPDATE - PURCHASE AND SALE AGREEMENT - EDRON, LLC - NORTHWEST 600 BLOCK WEST ATLANTIC AVENUE
Attachments: 1. Agenda Cover Report, 2. Exhibit A – CRA Map, 3. Exhibit B - Grand Bahama Office Elevations
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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TO: CRA Board of Commissioners
FROM: Jeff Costello, CRA Executive Director
DATE: May 14, 2019

Title
UPDATE - PURCHASE AND SALE AGREEMENT - EDRON, LLC - NORTHWEST 600 BLOCK WEST ATLANTIC AVENUE

Body
Recommended Action:
Recommendation
Terminate the negotiations with Edron, LLC and direct staff to pursue opportunities to self-develop the CRA properties.

Body

Background:
At the CRA Board meeting of December 11, 2018, the Board considered a proposal from Edron, LLC requesting that the CRA convey the CRA-owned properties (9, 27, 31 NW 7th Avenue; 618 NW 1st St; 20, 26, 36 NW 6th Avenue - approximately 1.25 acres) within the NW 600 Block of West Atlantic Avenue to Edron, LLC at no cost and aggregate the lots with properties owned by Edron, LLC (see attached map - Exhibit “A”). The proposal included a conceptual site plan and identified potential community benefits outlined in more detail such as a 35% discount on up to 20% of the office space (7,200 sq.ft.) rent for businesses that are lo­cally owned for a period of four years. In addition, the proposal indicated the project will be bid out competitively and local firms will be encouraged to submit bids. All construction firms bidding the project would be required to obtain bids from local subcontractors and to use some local firms if the price and quality are comparable.

At the same meeting, the Board considered a proposal from Hatcher Construction and Development, Inc. to enter into a ground lease agreement with the CRA to redevelop the CRA-owned properties located at 20 and 26 NW 6th Avenue. The proposal is to develop a 6,000 square foot building, of which Hatcher will occupy 2,000 square feet and the remaining 4,000 square feet may be used as rental space for retail or office space for a small businesses, or non-profit organization.

After discussing both proposals, the Board directed staff to enter into negotiations for sale, purchase, and potential land swap with Edron, LLC for the CRA-owne...

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