Orange Blossom Trail Development Board (OBTDB) Property Transfer to Orange County CRA February 19,...

Orange Blossom Trail Orange Blossom Trail Development Board Development Board

(OBTDB) (OBTDB) Property Transfer toProperty Transfer toOrange County CRAOrange County CRA

February 19, 2008February 19, 2008

Presentation OutlinePresentation Outline

• BackgroundBackground• Redevelopment PlanRedevelopment Plan• Property AcquisitionProperty Acquisition• RecommendationRecommendation• Requested ActionRequested Action


• BackgroundBackground• Redevelopment Plan Redevelopment Plan • Property AcquisitionProperty Acquisition• RecommendationRecommendation• Requested ActionRequested Action

BackgroundBackground

• Orange County CRA created in 1990Orange County CRA created in 1990• Commonly called “Orange Blossom Commonly called “Orange Blossom

Trail CRA”Trail CRA”• Recommendation of OBT Recommendation of OBT

Development BoardDevelopment Board– Finding of Slum Finding of Slum

and Blighted Conditionsand Blighted Conditions


• Redevelopment Plan AdoptedRedevelopment Plan Adopted• CRA Trust Fund CreatedCRA Trust Fund Created• BCC Declared CRA Governing BoardBCC Declared CRA Governing Board


CRA Boundaries:CRA Boundaries:• Orange Blossom Orange Blossom

Trail CorridorTrail Corridor– Colonial DriveColonial Drive– Interstate 4Interstate 4– Rio Grande AveRio Grande Ave– Westmoreland AveWestmoreland Ave


• CRA contracted with OBT CRA contracted with OBT Development BoardDevelopment Board– 1991 (original) and 2007 (new) 1991 (original) and 2007 (new)

AgreementAgreement– Implements Redevelopment Implements Redevelopment

ProgramsPrograms– Consistent with Consistent with

Redevelopment PlanRedevelopment Plan


• BackgroundBackground• Redevelopment Plan Redevelopment Plan • Property AcquisitionProperty Acquisition• RecommendationRecommendation• Requested ActionRequested Action


• Land UseLand Use• EconomicsEconomics• TransportationTransportation• UtilitiesUtilities• Urban DesignUrban Design• Safe NeighborhoodsSafe Neighborhoods• Recreational and Community Recreational and Community

ServicesServices• Neighborhood ImpactNeighborhood Impact


• Provide Infill HousingProvide Infill Housing– Match housing needs with Match housing needs with

interested developersinterested developers– Provide adequateProvide adequate

single family housingsingle family housing– Purchase Vacant or Purchase Vacant or

distressed propertydistressed property

for redevelopment or for redevelopment or

affordable housingaffordable housing

Property AcquisitionProperty Acquisition

• OBTDB Acquired 4 ParcelsOBTDB Acquired 4 Parcels– 2 purchased March 20052 purchased March 2005

•$70K Mortgage ($65K remaining $70K Mortgage ($65K remaining principal)principal)

• Florida Community Capital CorpFlorida Community Capital Corp(non-profit)(non-profit)

– 2 acquired from County April 20062 acquired from County April 2006• Foreclosed Property ProgramForeclosed Property Program•Delinquent Taxes/Code Enforcement Delinquent Taxes/Code Enforcement

LiensLiens

– Development of affordable housingDevelopment of affordable housing

Property AcquisitionProperty Acquisition


• BackgroundBackground• Redevelopment PlanRedevelopment Plan• Property AcquisitionProperty Acquisition• RecommendationRecommendation • Requested ActionRequested Action

RecommendationRecommendation

• Transfer property to Transfer property to Orange County CRAOrange County CRA

• Pay off outstanding mortgagePay off outstanding mortgage($65K balance)($65K balance)

• Hold property until housing market Hold property until housing market and mortgage conditions improveand mortgage conditions improve

• Define a specific process for Define a specific process for development of workforce/affordable development of workforce/affordable housing in the futurehousing in the future

RecommendationRecommendation

• Contract for Sale and PurchaseContract for Sale and Purchase– OBTDB conveys property to CRA by OBTDB conveys property to CRA by

Warranty DeedWarranty Deed– Standard Due Diligence clausesStandard Due Diligence clauses

• CRA to disburse funds NTE $80KCRA to disburse funds NTE $80K• Addendum to OBTDB/CRA AgreementAddendum to OBTDB/CRA Agreement

– OBTDB Maintains PropertyOBTDB Maintains Property– InsuranceInsurance– IndemnificationIndemnification

Requested ActionRequested Action

• Approval and execution by the Approval and execution by the Chairman of the Orange County Chairman of the Orange County CRA of Contract for Sale and CRA of Contract for Sale and Purchase of Real Property and Purchase of Real Property and approval of warranty deed approval of warranty deed between OBTDB and the CRA, and between OBTDB and the CRA, and authorization to disburse funds not authorization to disburse funds not to exceed $80K to pay off existing to exceed $80K to pay off existing mortgage and all closing costs, and mortgage and all closing costs, and to perform all actions necessary to perform all actions necessary and incidental to closing.and incidental to closing.

Requested ActionRequested Action

• Approval of First Addendum to Approval of First Addendum to Agreement between the Orange Agreement between the Orange County CRA and the OBT County CRA and the OBT Development Board regarding Development Board regarding redevelopment activities on behalf redevelopment activities on behalf of the CRA.of the CRA.

Orange Blossom Trail Orange Blossom Trail Development Board Development Board

(OBTDB) (OBTDB) Property Transfer toProperty Transfer toOrange County CRAOrange County CRA

February 19, 2008February 19, 2008

Orange Blossom Trail Development Board (OBTDB) Property Transfer to Orange County CRA February 19,...

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Transcript of Orange Blossom Trail Development Board (OBTDB) Property Transfer to Orange County CRA February 19,...