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File #: 18-0960 CRA    Version: 1 Name:
Type: CRA Board Action Status: Agenda Ready
File created: 11/10/2021 In control: Community Redevelopment Agency
On agenda: 11/17/2021 Final action:
Title: PURCHASE AND SALE AGREEMENT – EDRON, LLC - 622 NORTHWEST 1ST STREET AND 23RD NORTHWEST 7TH AVENUE – WEST ATLANTIC AVENUE
Attachments: 1. Agenda Cover Report, 2. Exhibit A - PSA Partially Executed 11.9.21_Edron, 3. Exhibit B - CRA Redevelopment Plan Map A5, 4. Exhibit C - Map of NW 600 Block of West Atlantic Avenue
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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TO: CRA Board of Commissioners
FROM: Kim N. Phan, Esq. Legal Advisor,
THROUGH: Renée A. Jadusingh, Executive Director
DATE: November 17, 2021

PURCHASE AND SALE AGREEMENT - EDRON, LLC - 622 Northwest 1st Street and 23rd Northwest 7th Avenue - WEST ATLANTIC AVENUE

Recommended Action:
Approve the Purchase and Sale Agreement for Edron, LLC owned properties located at 622 Northwest 1st Street and 23rd Northwest 7th Avenue to assist in redevelopment of the NW 600 Block of West Atlantic Avenue.

Background:
For many years the CRA has been acquiring/assembling property along the West Atlantic Avenue, specifically the NW 600 Block to assist in the redevelopment of the area. It would be very difficult for this block to be redeveloped in a meaningful way under the existing pattern of ownership.

Mr. Max Eida of Edron, LLC (Edron) owns several parcels totaling 0.99 acres in the northwest 600 block consisting of seven (7) parcels total. The CRA has made numerous attempts to purchases all seven (7) parcels or dispose of our parcels to redevelop the NW 600 Block. The most recent attempt was in 2018 when the CRA first made an offer to purchase all seven (7) parcels for $2.6 million dollars, however, the parties could not enter into an agreement on mutually acceptable terms.

Edron thereafter submitted a Letter of Interest to purchase the parcels in the NW 600 Block owned by the CRA to develop office space. Shortly after, Hatcher Construction & Development, Inc. (“Hatcher”), a local general contractor whose business is currently located at 700 W. Atlantic Avenue, submitted a letter of interest to develop the vacant CRA-owned properties located at 20 & 26 NW 6th Avenue (approximately 0.45 acres) in the NW 600 Block of West Atlantic Avenue utilizing the CRA’s Land Value Investment Program. The CRA Board had expressed a desire to explore small lot redevelopment opportunities and ultimately the CRA entered into a Land Lease Agreement with Hatcher to develop 20 & 26 ...

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