On February 25, 2011, the City entered into a Master Development Agreement (MDA) and a Purchase Option Agreement (POA) with Creative Village Development LLC (CVD) for the redevelopment of the Creative Village site.  Pursuant to the MDA and POA, CVD and its affiliates have an option to purchase parcels within the redevelopment area at the Option Pricing outlined in the POA.

An affiliate of CVD, Amelia Court at Creative Village Partners Ltd, (Buyer) desires to exercise the option to purchase Lot N within the Creative Village to construct a 116-unit, mixed-income multi-family residential development.  Lot N is approximately 1.7 acres and is generally located at the northeast corner of Parramore Avenue and W. Amelia Street, across Parramore Avenue from the planned OCPS Parramore P-8 School.  The proposed residential development will be supported by existing infrastructure, including Parramore Avenue and W. Amelia Street, and utilities located within these rights-of-way or nearby.

The Purchase Agreement for Lot N is contingent upon award of low income housing tax credits to the Buyer.  If tax credits are not awarded to this project, the Purchase Agreement will terminate. The sale price of Lot N, pursuant to the terms of the MDA and POA is $1,508,000, calculated as $13,000 per unit for 116 units.  The City’s estimate of the fair market value of the land is $1,508,000.

Approval of sale of Lot N in Creative Village to Amelia Court at Creative Village Partners Ltd.; and

Approval of the Purchase Agreement for Lot N, and authorization for the Mayor and City Clerk or Real Estate Manager to execute same, subject to review by the City Attorney’s Office; and

Authorization for the Mayor and City Clerk or City’s Real Estate Manager to execute any agreements, addenda, deeds and other documents necessary to close the sale transaction, subject to review by the City Attorney’s Office.