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CRA moves to negotiate Core Rock affordable housing deal with up to $15 million from 2025 bond proceeds
Summary
The Southeast Overtown Park West CRA placed a resolution before the board to negotiate and execute a development agreement with Core Rock Developers for an affordable housing project on NW Twelfth Avenue and to allocate up to $15,000,000 from the Series 2025 bond issuance.
At its Sept. 25 meeting, the Southeast Overtown Park West Community Redevelopment Agency reviewed a resolution authorizing the executive director to negotiate and execute a development agreement with Core Rock Developers and to dispose of several parcels on Northwest Twelfth Avenue at a below-market rate for an affordable housing project.
The resolution named the project site as 1141 Northwest Third Avenue and 242, 234 and 224 Northwest Twelfth Street, Miami, and proposed allocating and appropriating proceeds from the Series 2025 bond issuance in an amount not to exceed $15,000,000 to support the development.
The measure, as presented, would allow the executive director to sign a development agreement “in substantially the same form as attached in Exhibit A.” The resolution also described disposition of surrounding property at a below-market rate to facilitate the project.
No vote on this specific resolution was recorded during the public portion of the transcript. Agency staff did not present detailed financing schedules or a final contract at the meeting; the matter remained at the negotiation stage.
Agency members did not take public comment on the item. Staff indicated the authority to negotiate the agreement and to allocate bond proceeds would be pursued through the executive director’s office as described in the draft exhibit.
Background: the Series 2025 bond proceeds referenced in the resolution are identified as the funding source; the resolution text limits the appropriation to an amount not to exceed $15,000,000. The resolution also specified a below-market disposition of property to support affordable housing but did not include the completed development agreement or a project construction timetable.
Next steps: the resolution, as presented, authorizes negotiation and execution of the agreement; the transcript indicates further details and final approvals would be handled by staff and return to the agency for subsequent action.
