Title
CRA Model Block Fifth Avenue Project Line of Credit (B)
Explanation
The Model Block Project (MBP) was conceived to help address the issue of vacant and abandoned properties in the Fifth Avenue Pleasant Street Redevelopment Area. Since 2003, the CRA has acquired ten properties, including both vacant lots and houses to rehabilitate. To date, three houses have been rehabilitated and sold, and three new construction homes have been built. There are four properties remaining to be completed; three for new construction (Fifth Avenue neighborhood) and one for historic rehabilitation (Pleasant Street).
The Homes
3 Homes have been designed for the Model Block Fifth Avenue Project, a 3 bedroom 2 bath home at 321 NW 7th Terrace approximately 1,254 Sq/Ft H/C, a 3 bedroom 2 bath home at 403 NW 8th Street approximately 1,320 Sq/Ft H/C, and another 3 bedroom 2 bath home design for 725 NW 4th Avenue 1,320 Sq/Ft H/C. Contingent upon the approval of this line of credit, CRA has awarded a bid in the amount of $355,165 for the construction of the homes, and will enter into a construction contract with the selected bidder.
Construction Financing
CRA staff and the City's Finance department negotiated a construction line of credit. The City Attorney's office prepared, and the CRA Attorney reviewed the construction line of credit loan documents, which are attached as backup. During the August 2011 CRA meeting the CRA Board requested the City Commission approve a loan to the CRA, for the purpose of constructing 3 new model block homes; and authorized the CRA Executive Director to execute such documents as are necessary to document and close the loan, subject to approval as to form and legality by the CRA Attorney.
Fiscal Note
None
Recommendation
CRA Board to City Commission: 1) approve a loan to the CRA, on the terms as set forth in the loan documents for the purpose of constructing 3 new model block homes; and 2) authorize the Mayor to execute the lo...
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