TO: Margate CRA Chair and Members of the Board
FROM: Cale Curtis, CRA Executive Director
DATE: August 20, 2024
Title
APPROVING A CONTRACT FOR THE SALE AND PURCHASE OF PROPERTY LOCATED 6012 N.W. 9TH COURT
BACKGROUND: The MCRA has contracted with Family of God Ministry, Inc., to purchase the property at 6012 N.W. 9 Court. A copy of the Commercial Contract and Addendum No. 1 is attached. A deposit has been placed in escrow through Weiss Serota and due diligence is underway including an appraisal, Building and Structural inspections, survey and a Phase I Environmental assessment. The sale of this property is contingent upon successful completion of due diligence and any requirements outlined in Addendum No. 1.
The property is located on the northeast corner of N.W. 9th Court and N.W. 61st Avenue and currently home to the Family of God Ministry, Inc. (operating as a church). The MCRA owns the property immediately adjacent to this property (to the north and east of the property - see attached map for reference). The assemblage of properties for the future development of the City Center area is part of the MCRA’s land acquisition strategy.
In accordance with the 2017 Margate Community Redevelopment Plan, Part 3, Section B - Redevelopment Policy, Goal III reads, “encourage the acquisition demolition, and reuse of those properties, which by virtue of their location, condition, or value no longer function at their highest potential economic use, are blighting influences or have a negative effect on revitalization efforts.” Further, a stated objective is, “The Agency will regularly evaluate its approach to land acquisition to ensure that future acquisitions provide the greatest impact on fulfilling the objectives of the redevelopment program.”
In addition, the Seller, Family of God Ministry, Inc., is requesting to lease the property for up to eight (8) months after the closing date, without an additional charge for rent. The Seller will be solely responsible for any and all costs associated with occupancy during this timeframe. The Seller has agreed to place $100,000 in escrow with Weiss Serota until they have fully vacated the property at the end of the eight (8) month period.
RECOMMENDATION: Approval of the agreement to purchase the property located at 6012 NW 9th Court
FISCAL IMPACT: Funding of $2,345,000 is available in Land Acquisition and Fees account #341-0510-512.61-05
CONTACT PERSON: Cale Curtis, CRA Executive Director