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Minutes 01-24-08 SPECIAL MEETING MINUTES OF THE COMMUNITY REDEVELOPMENT AGENCY, HELD ON THURSDAY, JANUARY 24, 2008, IN CITY COMMISSION CHAMBERS, BOYNTON BEACH, FLORIDA PRESENT: Jerry Taylor, Chair Woodrow Hay Marlene Ross Ronald Weiland Jim Cherot, CRA Board Attorney Ashley Buckley tor Lisa Bright Absent: Jose Rodriguez, Vice Chair I. Call to Order - Chairman Jerry Taylor Chair Taylor called the meeting to order at 3:59 p.m. II. Pledge to the Flag and Invocation Chair Taylor gave the invocation and led the Pledge ot Allegiance to the Flag. III. Roll Call The secretary called the roll. A quorum was present. IV. Approval of Two Separate Purchase and Sale Agreements and Memorandum of Understanding Relative to Ocean Breeze Chair Taylor turned the meeting over to Jim Cherot, Board Counsel. He explained in October ot 2007, the board approved American Realty as the selected developer tor the Ocean Breeze project in the Heart ot Boynton (HOB) district. The selection did not tinalize the transaction rather it began the process. The CRA Director and staff engaged in negotiation ot an agreement tor the development ot the property which would occur in several different steps. There were two resolutions needing approval. Mr. Cherot read resolution R08-01 by title only which was a resolution ot the Boynton Beach Community Redevelopment Agency, approving and authorizing Special Meeting Minutes Community Redevelopment Agency Boynton Beach, Florida January 24, 2008 the Chairman ot the Board or its Vice Chair to execute two (2) separate purchase and sale agreements between the Boynton Beach CRA and Oceanbreeze, LLC; providing tor repeal in the event ot contlicts; providing tor severability; providing tor an effective date. The resolution authorized the approval ot two separate agreements because the property was being transitioned in two parcels. The second resolution, R08-02, approved and authorized a Memorandum ot Understanding (MOU) to be entered into by the CRA relative to the Community Worktorce Housing Innovation Pilot Program (CWHIP); providing tor repeal in the event ot contlicts; providing tor severability; providing tor an effective date. This document would have one amendment in paragraph two that would make reterence to 140% ot the area median income guidelines tor tirst-time homebuyers, rather than 80%. The document was the outcome ot serious negotiations taking place over the last several months. Attorney Cherot advised there were a number ot amendments made to the draft document trom his office, and each amendment was accepted. The document was now in tinal torm. He advised the board needed to make two separate motions tor each resolution. Chair Taylor asked it the board had any questions regarding R08-01. Commissioner Hay asked whether the development ot the two parcels would be occurring simultaneously. Mr. Cherot explained the purchase and sale agreements would have concurrent closings and then, contingent upon the tunding issue, the projects would move torward together. Chair Taylor inquired about the tinal closing which was scheduled to take place in December, 2008. He asked why the closing was so tar off, and whether it could be closed on sooner. Frank Chirkinian, 625 Casa Loma Boulevard, representing American Realty, explained it was the intent ot the developer to close as quickly as possible, contingent on the tax credits and the CWHIP tunds. That was the reason tor the two separate contracts; because they have two separate qualitications and two separate applications. He explained they had to be very specitic and that was why they had legal descriptions tor each application and contract. Mr. Chirkinian expressed they would like to close earlier and it possible they would. Commissioner Hay inquired it one ot the tunding sources tailed whether they would abandon the project. Mr. Chirkinian responded the most competitive grant was the CWHIP tunds, and they did not intend to abandon the project it they were unsuccesstul in obtaining 2 Special Meeting Minutes Community Redevelopment Agency Boynton Beach, Florida January 24, 2008 those tunds. He explained there are other tunding sources, and they would work through those other layers. Attorney Cherot asked Mr. Chirkinian about the processing ot documents and various applications. He requested he expound on the concept and time trame ot the project. Mr. Chirkinian explained he was not the person to put together the timetrame because he was only involved with CWHIP and tax credit tinancing. He expressed they were interested in moving torward as quickly as possible, and they did not want to delay breaking ground. He reported, so tar, two conversations took place with Mike Rumpt, Planning and Zoning Director, and two site plans were put torward tor reviews that have been adjusted. They are working concurrently on the land use, zoning and ultimately, the build-out. Mr. Cherot requested having a time trame available at the next meeting, so all could publicly review the plans. Chair Taylor explained the City has been waiting tor this project tor a long time and he wished American Realty the best ot luck in obtaining the tunds. There were no other questions and the Chair called tor a motion on R08-01. Motion Mr. Hay moved to approve the Resolution 08-01. Ms. Ross seconded the motion that unanimously passed. Chair Taylor called tor a motion on R08-02 Motion Mr. Hay moved to approve the Resolution 08-02. Ms. Ross seconded the motion that unanimously passed. V. Adjournment There being no turther business betore the board, there was consensus to adjourn. The meeting was adjourned at 4:09 p.m. Chair Taylor thanked the board tor attending the special meeting. /' (!CttAVtuttL (1 j n J td j Catherine Cher;' ,-,-/v -7 Recording Secretary 012507 3