Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Execute A Purchase And Sale Agreement, Warranty Deed And Required Closing Documents For An Eligible First Time Homebuyer For The Property Located At 2323 Cleveland Street.
Strategic Plan Focus
Quality of Life & Strong Neighborhoods
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
In April of 2015, the City Commission approved the acquisition of a portfolio of properties from the COSAC Homeless Assistance Center, Inc. ("COSAC"), a nonprofit corporation that owned and operated a facility at 1203 N. Federal Highway in conjunction with Mr. Sean Cononie, a member of the Board of Directors for COSAC.
Property Address Owner Agreed Inspection
Purchase Date
Price
550 N. 66th Terrace COSAC $180,000 1/3/2015
2323 Cleveland Street COSAC $125,000 1/3/2015
901 NW 70th Terrace COSAC $146,000 1/3/2015
2131 Cleveland Street CONONIE $210,000 1/3/2015
2534 McKinley Street CONONIE $218,400 1/3/2015
7508 Grant Court CONONIE $266,400 1/3/2015
1936 Garfield Street CONONIE $156,000 1/3/2015
1203 N. Federal Highway COSAC $1,200,000 1/16/2015
301 Harrison St. #306 COSAC $5,000 1/17/2015
(Hollywood Beach Towers Timeshare)
2404 N. Surf Rd. #20 COSAC $15,000 1/17/2015
(Hollywood Sands Resort Time Share)
The total acquisition cost for the portfolio and post-closing covenants was $4,820,000.00.
The portfolio included a single-family residential property located at 2323 Cleveland St., which had been operated as a group home, but was deemed by the City to be appropriate to renovate and sell to an income qualified household to provide additional affordable housing in the City. The property required substantial renovation including new kitchen appliances, bathroom fixtures, and other interior and exterior repairs. This was accomplished using State Housing Initiatives Partnership ("S...
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