HomeMy WebLinkAboutAgenda Item Summary FormIli OF
AGENDA ITEM SUMMARY FORM
* """:111, File ID: #11917
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Date: 04/28/2022 Requesting Department: City Commission
Commission Meeting Date: 04/28/2022 Sponsored By: Alex Diaz de la Portilla
District Impacted: All
Type: Resolution
Subject: HUD Subordination Agreement
Purpose of Item:
<Insert Purpose of Item Here>
Background of Item:
<Insert Background Here>
Budget Impact Analysis
Item has NO budget impact
Total Fiscal Impact:
Reviewed By
City Commission
Maricarmen Lopez
Meeting
Completed
04/28/2022 9:00 AM
Legislative Division
Valentin J Alvarez
Legislative Division Review
Completed
05/04/2022 9:45 AM
Office of the City Attorney
Amber Ketterer
ACA Review
Completed
05/04/2022 12:04 PM
Office of Management and Budget
Marie Gouin
OMB
Completed
05/04/2022 4:38 PM
Office of the City Attorney
Victoria Mendez
Approved Form and Correctness
Completed
05/11/2022 10:36 AM
Office of the City Clerk
City Clerk's Office
Rendered
Completed
05/11 /2022 2:20 PM
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City of Miami
` City Hall
�I „ „N T 10 3500 Pan American Drive
Legislation
_ ti -� g Miami, FL 33133
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R www.miamigov.com
Resolution
Enactment Number: R-22-0155
File Number: 11917 Final Action Date:4/28/2022
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO EXECUTE A HOUSING AND URBAN
DEVELOPMENT ("HUD") RIDER TO DECLARATION OF RESTRICTIVE COVENANTS
WITH THE CITY OF MIAMI FOR THE AFFORDABLE HOUSING DEVELOPMENT
LOCATED AT APPROXIMATELY 90 NORTHEAST 17 STREET, 70 NORTHEAST 17
STREET, AND 1642 NORTHEAST 1 AVENUE, MIAMI, FLORIDA, IN
SUBSTANTIALLY THE ATTACHED FORM.
WHEREAS, the owner of the property located at approximately 90 Northeast 17 Street,
70 Northeast 17 Street, and 1642 Northeast 1 Avenue Miami, Florida ("Property") proffered a
Declaration of Restrictive Covenants ("Covenant") dated March 29, 2018 to the City of Miami's
("City") Planning Department pursuant to the public benefits program under the then Section
3.14.4(a)(1) of Ordinance No. 13114, the Zoning Ordinance of the City of Miami, Florida as
amended ("Miami 21 Code"), which Covenant is attached and incorporated as Exhibit "A"; and
WHEREAS, the Covenant was recorded on August 1, 2018 in Official Records Book
31084, Page 1411-1420, in the public records of Miami -Dade County; and
WHEREAS, the Covenant restricted the development of the Property to provide a
percentage of Workforce Housing serving residents at or below one -hundred forty percent
(140%) Area Median Income ("AMI"), specifically ten percent (10%) of the units as Workforce
Housing if the units are sold as condominium units or fourteen percent (14%) of the units as
Workforce Housing if leased to tenants; and
WHEREAS, in exchange for the Workforce Housing restriction pursuant to the
Covenant, for each square foot of Workforce Housing provided on site, the development would
be allowed two (2) square feet of additional area up to the bonus height and Floor Lot Ratio
("FLR"), as described in the then Section 3.14.1 of the Miami 21 Code; and
WHEREAS, the City was informed that the property owner is obtaining a mortgage that
will be insured by the United States Department of Housing and Urban Development ("HUD")
and that HUD requires the City to execute the document ("Rider") attached and incorporated as
Exhibit "B"; and
WHEREAS, the City was further informed that the closing for this financing is fast
approaching and the document required by HUD is necessary to allow the financing to move
forward; and
WHEREAS, the City Commission finds that it is in the best interest of the City to execute
the Rider;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated as if fully set forth in this Section.
Section 2. The City Manager is hereby authorized' to execute a Housing and Urban
Development ("HUD") Rider to Declaration of Restrictive Covenants with the City of Miami for
the affordable housing development located at approximately 90 Northeast 17 Street, 70
Northeast 17 Street, and 1642 Northeast 1 Avenue, Miami, Florida, in substantially the attached
form, attached and incorporated as Exhibit "B".
Section 3. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
+rei � ria i "nd- e�z, CCiity Ht5/11/2022
Pursuant to the resolution, this item became effective immediately upon adoption by the Commission.
' The herein authorization is further subject to compliance with all legal requirements that may be
imposed, including but not limited to those prescribed by applicable City Charter and City Code
provisions.