Loading...
HomeMy WebLinkAboutOMNI-CRA-M-96-0012------------------------------- CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM .r Board of Directors DATE : June 10,1996 FILE Community Redevelopment Agency SUBJECT: Margaret Brown Property Herbert J. Bailey Executive Dire Community Redev t REFERENCES: ENCLOSURES: The BAME Development Corporation of South Florida, a non-profit development CDC of the Greater Bethel AME Church, would like to acquire a CRA-owned property ("Margaret Brown Apartments") located at 269 NW 8th Street, adjacent to the existing Church property. The CDC intends purchase the property from the CRA at market value, and continue to utilize it as low income rental housing facility for the area residents. Enclosure Letter from BAME Development Corp. of S. Fla. .19 OMW/CRA 9 6 - 12 BAME Deveiopment Corporation of South Florida, Inc. 245 Northwest 8th Street Mailing Address: Miaml, FL 33136 P.O. Box 015488 (306) 373-7233 Fax (305) 373-8915 Miami, FL 33101 May 29, 1996 Mr. Herb Bailey, Executive Director Community Redevelopment Agency 300 Biscayne Blvd. Way, Suite 400 Miami, Florida 33131 Dear Mr. Bailev: This is a follow-up of our May 22, 1996 meeting when we discussed the development of the block on which Greater Bethel AME Church sets. As indicated, our non-profit Organization, BAME Development Corporation of South Florida, Inc., would, with the exception of a few parcels of land, develop the entire block between NW 8th and 9th Streets and NW 2nd and 3Id Avenues to conform with the Folk Life Village Theme west of I-95 to the 9th Street improvements and surrounding areas. We would proposed to develop: 1. A 40-50 unit 202 Elderly Housing Site; 2. A Family Life Center; 3. Additional Parking; and 4. A passive landscaped walkway for continuous foot traffic with heavy concentrations of landscaping and streetscaping included in the plan. Within the block described above, the City of Miami owns three parcels of land that must be include in the plan to make the redevelopment project work. The parcels are: • Miami North PB B-44 Lot 5 & 6 Blk 35 Lot size 100x150 or 14460-2273-0390-6 • Miami North PB B-41 Lot 18 Blk 35 Lot size 50x150 or 15983-2780-0793 3 12 %X Lots 5 pro j ect the lots wi 202. would be included in our 202 Elderly Housing 1;,,should the project receive funding, proceeds for. Vh,,,come from the total development cost of the Lot 18 would be luded in our family Life Center and proceedsa"or',th:1`k-kuisition of the parcel would come from a separate'bouAe. Atip ropriate appraisals will dictate the purchase price `of s id lots to protect the City of Miami's investment. To move forward with the above plan, we would need a letter of intend to sell the said parcels to BAME Development Corporation of South Florida, Inc. at the appropriate time. Time is of the essence because we understand that the NOFA for 202 funding will be out sometime in July of 1996. As a separate issue, BAME Development Corporation of South Florida, Inc. intends to make the City of Miami an offer for the land and improvement on the following parcel. Miami North PB B-44 Lot 12 Blk 35 Lot size 50x150 of 15697-1345 1092-3 AKA 269 NW 8th Street, Miami, Florida Proposed use of Lot 12, short term 12-18 months, continued low income rental. BAME Development Corporation of South Florida, Inc., is dedicated to the development of affordable housing in the City of Miami and more particularly, Overtown, and we appreciate the cooperation of the City of Miami in our efforts. OMMiciZA 9 6 - 12 OWIMA 9 6 - 12 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM The Board of Directors Community Redevelopment Agency Herbert J. Bailey /� Executive Director/ 1 Community Reo Agency DATE: December 9,1996 FILE: SUBJECT: Land Disposition and Development Agreement REFERENCES: ENCLOSURES: On October 28,1996, the CRA Board adopted a development proposal submitted by the partnership of St. Jbhn's Community Development Corp. and Related Housing of Florida Inc. (Developer) for the re -development of Blocks No. 25 & 36, located between the NW 8th & 10th Streets and NW 1st & 2nd Avenues. The CRA Board also authorized the CRA staff to negotiate Land Lease and Development Agreement (Agreement) with the selected Developer. The project calls for the development of 96 townhomes on approximately 4.2 acres of land with complete amenities, and sale prices ranging from $79K to $90K. Although, the original development proposal contemplated a long term land lease agreement between the CRA and developer, a fee simple disposition of the subject property at a fair market value has been considered and will be presented to the CRA Board for approval before the next scheduled meeting. The Developer is in the process of submitting an application to the State of Florida Homeownership program for construction funds which will eventually become subsidized second mortgage to the buyers of the townhomes. The application deadline is set for January 3, 1997 and the Developer is required to have site control at the time of application submission. According to the Request for Qualifications document, the value of the long term lease would be determined by an appraisal pursuant to the development proposed by selected developer and approved by the CRA. However, the CRA Board, under Chapter 163 of Florida State Statutes, has powers to dispose CRA owned property at a fair market value which may not necessarily be a market value for such property. The CRA staff and Developer have negotiated a land value of $5,000 per townhome which would be paid by -the Developer at the time of closing of each sale. The CRA essentially will transfer the property to the Developer on a fee ®1VfAt m 5 6 - 12 simple basis and hold a mortgage of $480,000. The Developer agrees to satisfy the CRA from the proceeds of individual unit sales. We believe that this method of land disposition will greatly simplify the development, marketing and management of the proposed development and give the CRA the ability to reinvest the sale proceeds much sooner than otherwise. We hope to deliver the actual Land Disposition and Development Agreement as soon as it is available. Should you have any questions, please advise. .e 'ra ©1VI1Jr/cm 9 6 - 12 .0 Owl