TO: CRA Board of Commissioners
FROM: Kim N. Phan, Legal Advisor
THROUGH: Renée A. Jadusingh, Executive Director
DATE: May 24, 2022
Title
APPROVE REPURCHASE AGREEMENT - HABITAT FOR HUMANITY OF SOUTH PALM BEACH COUNTY, INC. - 242 NW 6TH AVENUE - $2,000
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Recommended Action:
Recommendation
Approve the Repurchase Agreement with Habitat for Humanity of South Palm Beach County, Inc. (“Habitat”) for 242 NW 6th Avenue for the same purchase price as paid by Habitat to the CRA in the amount of $2,000.00, in substantially the attached form.
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Background:
The CRA and Habitat entered into a Purchase and Sale Agreement (“PSA”) dated August 27, 2019 for the property located at 242 NW 6th Avenue (“Subject Property”). The Subject Property closed on November 6, 2019.
The PSA terms stated that a separate Repurchase Agreement for the Subject Property shall be executed upon closing and include the following conditions which allow the CRA: 1) the right to repurchase the property if a Certificate of Occupancy for a new single family home is not received within 730 calendar days of the closing date; and 2) the right to review and approve proposed construction plans prior to Habitat commencing construction.
On May 5, 2022, Habitat submitted a request to the CRA for an additional 18 months or a total of 42 months (1,270 calendar days) of the closing date on its obligation to obtain a certificate of occupancy for the single family residence to be constructed on the Subject Property. Habitat’s aforementioned extension request of a total of 42 months (1,270 calendar days) is incorporated into the Repurchase Agreement.
At this time, CRA staff is bringing the Repurchase Agreement with Habitat for the property located at 242 NW 6th Avenue for approval, in substantially the attached form.
Attachments: Exhibit A - May 5, 2022 Habitat Request Letter, Exhibit B - Repurchase Agreement with Habitat
CRA Attorney Review:
The CRA Attorney has reviewed the Repurcha...
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