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File #: 18-0752 CRA    Version: 1 Name:
Type: CRA Discussion Status: Agenda Ready
File created: 2/16/2021 In control: Community Redevelopment Agency
On agenda: 2/23/2021 Final action:
Title: LETTERS OF INTENT TO PURCHASE CRA-OWNED PROPERTIES - 362 NE 3rd AVENUE AND 313 NE 3rd STREET
Attachments: 1. Agenda Cover Report, 2. Exhibit A - Location Map, 3. Exhibit B – The Knight Group, LLC Letter of Intent, 4. Exhibit C - Bees Wedding Venue, LLC Letter of Intent, 5. Exhibit D - 362 NE 3rd Ave Parking Lot Appraisal, 6. Exhibit E - Vision Plan
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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TO: CRA Board of Commissioners
FROM: Ivan Cabrera, AICP, Redevelopment Manager
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: February 23, 2021

Title
LETTERS OF INTENT TO PURCHASE CRA-OWNED PROPERTIES - 362 NE 3rd AVENUE AND 313 NE 3rd STREET

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Recommended Action:
Discussion on the two (2) Letters of Intent to Purchase CRA-owned properties located at 362 NE 3rd Avenue and 313 NE 3rd Street.

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Background:
At the November 12, 2020, CRA staff presented a discussion item related to an unsolicited Letter of Intent from The Knight Group, LLC, (“Knight”) to purchase a CRA-owned parking lot located at 362 NE 3rd Avenue (“Parking Lot”). During the discussion, the CRA Board requested that staff obtain an appraisal for the Parking Lot and to review any relevant cultural document files that pertain to the area in which the Parking Lot is located. Additionally, the CRA Board requested to have a workshop about the entire area in early 2021.

Subsequent to the November 12, 2020, CRA Board meeting, on January 4, 2021, the CRA received another unsolicited Letter of Intent from Bees Wedding Venue LLC, (“Bees”) to purchase the CRA-owned Arts Warehouse located at 313 NE 3rd Street (“Arts Warehouse”) along with the Parking Lot to be utilized as a wedding venue and parking lot to service the wedding venue.

Appraisal

Parrish & Edwards, Inc., performed a property appraisal for the Parking Lot in early December 2020. The “As Is” market value of the fee simple estate of the property located at 362 NE 3rd Avenue, as of December 3, 2020, is $1,810,000. The full appraisal is attached as Exhibit D for reference.

Cultural Documents and Plan Review

Both properties are mentioned within the CRA’s Redevelopment Plan as part of the Pineapple Grove Neighborhood Plan. The CRA’s role is described as supporting “arts-related uses and features that help establish and maintain the area’s identity as an arts district, with the main objectives being the “continuatio...

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