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File #: R-2023-007    Version: 1 Name: City-Owned Prop Sale: 550 N 66th Terr
Type: Resolution Status: Passed
File created: 12/28/2022 In control: Community Development Division
On agenda: 1/18/2023 Final action: 1/18/2023
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 With Manuel De Jesus Recendiz Herrera And Daniela Favela Torres For The City-Owned Property Located At 550 N. 66 Terrace.
Attachments: 1. RESO-550.pdf, 2. Purchase Contract.pdf, 3. 550 N 66th Terrace, Hollywood, FL 33024-1st Appraisal.pdf, 4. 550 N 66th Ter-2nd Appraisal.pdf

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 With Manuel De Jesus Recendiz Herrera And Daniela Favela Torres For The City-Owned Property Located At 550 N. 66 Terrace.

 

Strategic Plan Focus

Quality of Life & Strong Neighborhoods

 

Body

 

Staff Recommends:  Approval of the attached Resolution.

 

 

Explanation:

In April of 2015, the City acquired a portfolio of properties from the COSAC Homeless Assistance Center, Inc. (“COSAC”), a nonprofit corporation that owned and operated a homeless shelter 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 for the portfolio was for $2,521,800.00 and the City spent an additional $2,298,200.00 in post-closing covenants resulting in total cost of $4,820,000.00.

 

The portfolio included a single-family residential property located at 550 North 66th Terrace which has been renovated and now includes updated kitchen appliances, bathroom fixtures, and other interior and exterior repairs using State Housing Initiatives Partnership (“SHIP”) funds in the amount of $143,826.00 and CDBG funds to address emergency repairs in the amount of $3,800.00.

 

In September 2022, the City publicly promoted the availability of the property for purchase by income-eligible households, at 80% or below the Area Median Income, as part of the Broward County Home Buyer Purchase Assistance Program.

 

The first appraisal reflected the value of the property to be $390,000.00 and second appraisal reflected the value to be $383,000.00.

 

Hollywood residents Manuel de Jesus Recendiz Herrera and Daniela Favela Torres submitted a pre-approval letter from a lender and all other required paperwork to the City and Broward County, and are eligible and interested in purchasing the property at the listed amount of $382,194.00, which is the maximum area purchase price per SHIP guidelines.

 

The City will provide the buyer a mortgage of $70,000.00 in SHIP funds and up to $50,000.00 ILA funds to assist in the purchase of the home.

 

This resolution requires a 5/7 vote of the total commission to sell the property.

 

 

Fiscal Impact:

Approval of this Resolution will have a positive fiscal impact on the City. The sale will generate revenue, eliminate ongoing City maintenance of the property and produce ad valorem taxes.

 

 

Recommended for inclusion on the agenda by:

Donna Biederman, Community Development Project Manager

Shiv Newaldass, Director of Development Services

Gus Zambrano, Assistant City Manager for Sustainable Development