TO: CRA Board of Commissioners
FROM: Tara Toto, Redevelopment Manager
THROUGH: Renée A. Jadusingh, Esq., CRA Executive Director
DATE: February 23, 2021
Title
AUTHORIZATION FOR CRA EXECUTIVE DIRECTOR TO ADMINISTRATIVELY APPROVE AND EXECUTE ALL DOCUMENTS FOR THE CLOSINGS AND SECOND MORTGAGE PROGRAM FOR THE COREY JONES ISLE WORKFORCE HOUSING DEVELOPMENT
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Recommended Action:
Recommendation
Authorize the CRA Executive Director to administratively approve and execute all documents for the second mortgage program for ten (10) single family homes within the Corey Jones Isle Workforce Housing Development in an amount not to exceed $85,000 per applicant up to $850,000.
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Background:
The Corey Jones Isle Workforce Housing Development is located east of I-95 and South of Atlantic Avenue in the Southwest Neighborhood and is comprised of ten (10) residential parcels. As specified in the Delray Beach Community Agency Redevelopment Plan, the Delray Beach Community Redevelopment Agency (CRA) purchased the properties to provide affordable workforce housing.
On June 11, 2019, the Delray Beach Community Land Trust (Delray Beach CLT) was awarded RFP 2019-03 in an amount not to exceed $2,454,350 for Development and Disposition of CRA Owned Properties in the Southwest Neighborhood. The Delray Beach CRA and the Delray Beach CLT entered into the following Agreements:
· Purchase and Sale Agreement
· Construction Loan Agreement
· Mortgage and Security Agreement
· Promissory Note
The building permits were obtained, and construction commenced in September 2019. The homes are currently under construction and have an anticipated Certificate of Occupancy date of:
Delray Beach, FL 33444
Address CO Address CO
328 SW 7th Avenue 2-24-21 318 SW 7th Avenue 3-22-21
326 SW 7th Avenue 2-22-21 316 SW 7th Avenue 3-30-21
324 SW 7th Avenue 2-22-21 314 SW 7th Avenue 4-15-21
322 SW 7th Avenue 3-17-21 312 SW 7th Avenue 4-15-21
320 SW 7th Avenue 3-17-21 238 SW 6th Avenue 4-1...
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