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File #: 18-0443 CRA    Version: 1 Name:
Type: CRA Contract Status: Agenda Ready
File created: 9/5/2019 In control: Community Redevelopment Agency
On agenda: 9/10/2019 Final action:
Title: THIRD AMENDMENT TO AGREEMENT FOR PURCHASE & SALE - 300 SW 5TH AVENUE
Attachments: 1. Agenda Cover Report, 2. Exhibit A - PAPA Property Map_Vacant SW 5th Ave, 3. Exhibit B - Executed 3rd Amendment
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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TO: CRA Board of Commissioners
FROM: Tara Toto, Project Manager
THROUGH: Renée A. Jadusingh, Executive Director
DATE: September 10, 2019

Title
THIRD AMENDMENT TO AGREEMENT FOR PURCHASE & SALE - 300 SW 5TH AVENUE
Body

Recommended Action:
Recommendation
Approve the third Amendment to the Agreement for Purchase and Sale for 300 SW 5th Avenue, with Larry C. Singleton and Phyllis G. Tomczyk.
Body

Background:

At its meeting of November 13, 2018, the CRA Board approved Resolution No. 2018-18 and the Agreement for Purchase and Sale with Larry C. Singleton and Phyllis G. Tomczyk for the CRA purchase of 300 SW 5th Avenue, with a purchase price of $279,000.00. The subject property is located within the Southwest Neighborhood (CRA Sub-Area #8) and is zoned R-1-A (Single Family Residential). The property provides an opportunity to continue the stabilization efforts of infill affordable housing development as indicated in the objectives of the Community Redevelopment Plan.

During the inspection period, the title work revealed significant title issues that CRA General Counsel and the Seller’s attorney are working to resolve. Given these circumstances, on May 14, 2019, the CRA Board approved the First Amendment to the Agreement for Purchase and Sale, extending the inspection period to August 30, 2019.

On July 10, 2019 the CRA Board approved a Second Amendment to the Purchase and Sale Agreement to amend paragraph 5.1 of the Agreement to extend the time period to cure title, and to have the costs and expenses relative to the issuance of a title commitment and an owner’s title policy borne by the Seller.

At this time, the Seller is requesting additional time to correct certain errors in the legal description of the Property and to have contaminated fill removed from the Property. Consequently, the Purchaser and Seller have agreed to extend the inspection period for an additional ninety (90) days. Based on this understanding, the Third Amendment to the Purc...

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