Orange Blossom Trail Development Board (OBTDB) Property Transfer to Orange County CRA February 19, 2008

Presentation Outline BackgroundBackground Redevelopment PlanRedevelopment Plan Property AcquisitionProperty Acquisition RecommendationRecommendation Requested ActionRequested Action

Presentation Outline BackgroundBackground Redevelopment PlanRedevelopment Plan Property AcquisitionProperty Acquisition RecommendationRecommendation Requested ActionRequested Action

Background Orange County CRA created in 1990Orange County CRA created in 1990 Commonly called Orange Blossom Trail CRACommonly called Orange Blossom Trail CRA Recommendation of OBT Development BoardRecommendation of OBT Development Board –Finding of Slum and Blighted Conditions

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

Background CRA Boundaries: Orange Blossom Trail CorridorOrange Blossom Trail Corridor –Colonial Drive –Interstate 4 –Rio Grande Ave –Westmoreland Ave

Background CRA contracted with OBT Development BoardCRA contracted with OBT Development Board –1991 (original) and 2007 (new) Agreement –Implements Redevelopment Programs –Consistent with Redevelopment Plan

Presentation Outline BackgroundBackground Redevelopment PlanRedevelopment Plan Property AcquisitionProperty Acquisition RecommendationRecommendation Requested ActionRequested Action

Redevelopment Plan Land UseLand Use EconomicsEconomics TransportationTransportation UtilitiesUtilities Urban DesignUrban Design Safe NeighborhoodsSafe Neighborhoods Recreational and Community ServicesRecreational and Community Services Neighborhood ImpactNeighborhood Impact

Redevelopment Plan Provide Infill HousingProvide Infill Housing –Match housing needs with interested developers –Provide adequate single family housing –Purchase Vacant or distressed property for redevelopment or affordable housing

Presentation Outline BackgroundBackground Redevelopment PlanRedevelopment Plan Property AcquisitionProperty Acquisition RecommendationRecommendation Requested ActionRequested Action

Property Acquisition OBTDB Acquired 4 ParcelsOBTDB Acquired 4 Parcels –2 purchased March 2005 $70K Mortgage ($65K remaining principal)$70K Mortgage ($65K remaining principal) Florida Community Capital CorpFlorida Community Capital Corp(non-profit) –2 acquired from County April 2006 Foreclosed Property ProgramForeclosed Property Program Delinquent Taxes/Code Enforcement LiensDelinquent Taxes/Code Enforcement Liens –Development of affordable housing

Property Acquisition

Presentation Outline BackgroundBackground Redevelopment PlanRedevelopment Plan Property AcquisitionProperty Acquisition RecommendationRecommendation Requested ActionRequested Action

Recommendation Transfer property toTransfer property to Orange County CRA Pay off outstanding mortgagePay off outstanding mortgage ($65K balance) Hold property until housing market and mortgage conditions improveHold property until housing market and mortgage conditions improve Define a specific process for development of workforce/affordable housing in the futureDefine a specific process for development of workforce/affordable housing in the future

Recommendation Contract for Sale and PurchaseContract for Sale and Purchase –OBTDB conveys property to CRA by Warranty Deed –Standard 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 Property –Insurance –Indemnification

Presentation Outline BackgroundBackground Redevelopment PlanRedevelopment Plan Property AcquisitionProperty Acquisition RecommendationRecommendation Requested ActionRequested Action

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

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

Orange Blossom Trail Development Board (OBTDB) Property Transfer to Orange County CRA February 19, 2008