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A RESOLUTION OF THE POMPANO BEACH COMMUNITY REDEVELOPMENT AGENCY (CRA), APPROVING AND AUTHORIZING THE PROPER OFFICIALS TO EXECUTE A MASTER AGREEMENT AND CONTRACT FOR SALE AND PURCHASE BETWEEN THE CRA AND GREATER POMPANO BEACH CHAMBER OF COMMERCE, INC. FOR THE PROPERTY AT 2200 E ATLANTIC BOULEVARD, POMPANO BEACH, FL 33062 IN THE AMOUNT OF $950,000; PROVIDING AN EFFECTIVE DATE, AND FOR OTHER PURPOSES.
(Fiscal Impact: $950,000.00)
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(Staff Contact: Cassandra LeMasurier)
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Summary Explanation/Background:
Staff is seeking approval from the CRA Board of a Master Agreement and Sale and Purchase between the Pompano Beach CRA and property owner Greater Pompano Beach Chamber of Commerce ("Chamber") for the purchase of property located at 2200 E Atlantic Blvd., Pompano Beach, Florida 33062, further identified as Broward County Property Appraiser ("BCPA") folio 484236010010. The BCPA information and aerial are included as Exhibit 1 in the agenda backup.
The purchase amount of $950,000.00 includes $670,000 for the property, determined as the fair market value by an appraisal, and $280,000 to assist the Chamber of Commerce to relocate from this property to their permanent location, perhaps in the Innovation District in the Downtown Pompano Transit Oriented Corridor ("Downtown Corridor"). The CRA estimates it will take six years to complete the Chamber's relocation to the Downtown Corridor. The net proceeds from the purchase of the Chamber property will be held in an interest bearing account for up to six years for the Chamber to purchase and rehabilitate an existing building or design and construction of a new building in the Downtown Corridor. If the Chamber fails to use the funds in the interest bearing account by the end of the six year term then the Chamber will be required to reimburse the CRA the full $280,000. The Contract for Sale and Purchase is Exhibit A of the Master Agreement.
The CRA entered into a lease with the City September 2019 f...
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