TO: CRA Board of Commissioners
FROM: Renée A. Jadusingh, Executive Director
DATE: September 28, 2023
Title
APPROVE THE SECOND AMENDMENT TO THE REPURCHASE AGREEMENT - DELRAY BEACH COMMUNITY LAND TRUST, INC. - 102 NW 13TH AVENUE (FORMERLY 102 AND 1311 NW 14TH AVENUE)
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Recommended Action:
Recommendation
Approve the Second Amendment to the Repurchase Agreement with the Delray Beach Community Land Trust, Inc. (“DBCLT”) for 102 NW 13th Avenue (Formerly 102 and 1311 NW 14th Avenue) for the same purchase price as paid by DBCLT to the CRA in the amount of $10,000.00.
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Background:
On December 11, 2018, the CRA Board approved the Agreement for Purchase and Sale with Gabriel Clements, Trustee of the 1311 NW 14th Avenue Land Trust for the CRA’s purchase of 102 and 1311 NW 14th Avenue (“Properties”) with a purchase price of $46,000.00.
The Properties are located within the Northwest Neighborhood (CRA Sub-Area #4) and are zoned R-1-A (Single Family Residential). The two substandard vacant lots total 6,100 sq. ft. or one buildable single-family lot.
On February 25, 2020, the CRA Board approved the posting of a 30-day notice of intent to dispose of the Properties. The CRA received one timely proposal from the DBCLT to develop one (1) three (3) bedroom, two (2) bathroom single family home with an enclosed two (2) car garage. On May 26, 2020, the CRA Board accepted the DBCLT’s proposal for a total purchase price of $10,000.00. On June 23, 2020, the CRA Board approved the Agreement for Purchase and Sale (“PSA”) of the Properties to the DBCLT.
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 1095 calendar days of the closing date; and 2) the right to review and approve proposed construction plans pri...
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