Parramore Oaks Public Hearing for Disposition of Property Purchase and Sale Agreements & Development Agreement
Hearing This hearing is for the disposition of property owned by the City and CRA within the Downtown CRA as required by section 163.380 (2), Florida Statutes and Chapter 13, section 7 of the City Charter. Notice was published in the Orlando Sentinel Friday, December 2, 2016.
Location
History 1965: Parramore Village was constructed, consisting of 75 single-family attached townhomes. 1990: City determines this area of Parramore to be blighted, expands Community Redevelopment Area (CRA) to include this area. 2004: City purchases the majority of the site for the purpose of eliminating blight conditions and stimulating redevelopment in the surrounding area. 2004: Parramore Village demolished. 2008: City deeded property to a Developer for proposed Wells Landing townhouse and single family home development, which was never constructed. 2014: After lengthy foreclosure action, bank deeded property to CRA for $27,681 in payment of delinquent taxes and closing costs. 2015: City and CRA issued a solicitation for redevelopment proposals. May 9, 2016: City Council and CRA approved the ranking of the proposals and authorized negotiation of a contract for sale and purchase and development agreement with top-ranked InVictus Development Inc.
Proposed Purchase and Sale Agreement Total Land Purchase Price (Phases I & II) Phase I-$319,149.06 Phase 2-$154,611.18 Appraised value of $2,720,000 Prohibition of sale, lease or transfer of Site until construction of all improvements is complete Affordable Housing and Permanent Supportive Housing Deed Restrictions
Proposed Development Program Project includes: 211 Residential units on 6-acre site Mixed Income Minimum of 25% Affordable Housing Minimum of 5% Permanent Supportive Housing Market Rate Housing Phase I: 120 units Phase II: 91 units High quality concrete block construction Design to incorporate CPTED standards
Proposed Project Site Plan SHORT AVE. McFALL AVE. S. PARRAMORE AVE. CARTER ST. Landscaping Richard Allen Apartments Open space BLDG 1 3-story apartment Compactor AMERICA ST. BLDG 8 2-story TH BLDG 6 4-story apartment BLDG 2 4-story apartment Z. L. Riley Park BLDG 7 2-story TH CONLEY ST. Phase 2 Open space Phase 1 BLDG 5 2-story TH BLDG 4 2-story TH
Proposed Project Renderings
Proposed Development Agreement Total Estimated Phase I Development Cost of $23,364,841. $648,000 CRA investment for affordable housing in Phase I. Developer to comply with City s WBE/MBE goals and living wage policy
Long Term Benefits Achieved by Project Consistent with DTOutlook Goals and uses specified in DTOutlook Improve variety of housing options Development of high quality market rate, affordable and permanent supportive housing Elimination of slum and blight conditions Site identified as a catalyst development opportunity by DTOutlook and Parramore Neighborhood Comprehensive Plan
Conclusion The value at which the property is being conveyed is in the public interest due to restrictions placed on the property and the long term benefits achieved by the project. The project provides high quality market rate, affordable, and permanent supportive housing necessary to achieve the successful revitalization and responsible redevelopment of the Parramore community.
Public Comment
Request: Approval of the disposition of the Site to be developed by InVictus Development, LLC pursuant to the Development Agreement and Purchase and Sale Agreements; Approval of the Development Agreement and Purchase and Sale Agreements for Phase I and Phase II between the City of Orlando, Community Redevelopment Agency and InVictus Development, LLC, in substantially the form attached hereto, all subject to review and approval of the City Attorney s office, authorization for the Real Estate Division Manager to execute the Purchase and Sale Agreements for Phase 1 and 2 and other related closing documents and extend the time frames referenced therein, the Mayor/Pro Tem and City Clerk to execute the deed(s) and Development Agreement and other related closing documents, and authorization for the Mayor to sign the FHFC contribution grant form and any other necessary documents acknowledging the grant amount contemplated by the Development Agreement.