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Home My WebLink AboutR-02-1231J-02-936 11/14/02 RESOLUTION NO. 02-1231 A RESOLUTION OF THE MIAMI CITY COMMISSION AMENDING RESOLUTION NO. 01-1074, ADOPTED OCTOBER 11, 2001, RELATED TO THE REDEVELOPMENT OF AN AFFORDABLE HOUSING CONDOMINIUM PROJECT KNOWN AS FLAGLER FIRST CONDOMINIUM, LOCATED AT 101 EAST FLAGLER STREET, MIAMI, FLORIDA, TO (1) APPROVE THE ALLOCATION OF FUNDS TO FLAGLER FIRST CONDOMINIUMS, L.L.C. AS THE DEVELOPER OF THE PROJECT RATHER THAN TO KAPUSTIN CORPORATION AND A JOINT PARTNERSHIP, (2) RESTATE AUTHORIZATION FOR THE ALLOCATION OF FUNDS, IN AN AMOUNT NOT TO EXCEED $900,000 FROM THE CITY OF MIAMI AFFORDABLE HOUSING TRUST FUND, ACCOUNT NO. 367101, AND FUNDS, IN THE AMOUNT OF $900,000, FROM THE CITY OF MIAMI STRATEGIC INITIATIVE RESERVE FUND, AS APPROPRIATED BY ORDINANCE NO. 12132, AS AMENDED BY ORDINANCE NO. 12153; AND (3) CONDITIONING SAID AUTHORIZATIONS UPON THE DEVELOPER PROVIDING EVIDENCE OF FIRM FINANCING FOR THE FULL PROJECT AND THE RECEIPT OF A FULL AND COMPLETE APPRAISAL OF THE PROPOSED PROJECT ACCEPTABLE TO THE CITY OF MIAMI; AND AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, FOR SAID PURPOSE. WHEREAS, on October 11, 2001, the City Commission adopted Resolution No. 01-1074 and Motion No. 01-1075, which authorized the allocation of funds with conditions, in an amount not to exceed $900,000, from the Affordable Housing Trust Fund, Account Code No. 367101, and funds, in the amount of $900,000, from the CITY COMMISSION RIEET12NNG OF Strategic Initiative Reserve Fund, to Kapustin Corporation and a Joint Partnership for the redevelopment of Flagler First Condominium, an affordable housing condominium, to be located at 101 East Flagler Street, Miami, Florida; and WHEREAS, Kapustin Corporation has requested that such funds be allocated to First Flagler Condominiums, L.L.C., as the developer of the project; 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 in its entirety. Section 2. Resolution No. 01-1074, adopted October 11, 2001, is amended, to approve a change in the developer of the affordable housing condominium project known as Flagler First Condominium, to be located at 101 East Flagler Street, Miami, Florida, from Kapustin Corporation and a Joint Partnership to Flagler First Condominiums, L.L.C. Page 2 of 4 02-1231 Section 3. The authorization for allocation of funds, in an amount not to exceed $900,000 from the City of Miami Affordable Housing Trust Fund, Account No. 367101, as authorized by Resolution No. 01-1074, and funds, in the amount of $900,000, from the City of Miami Strategic Initiative Reserve Fund, as authorized by Motion No. 01-1075 and as appropriated by Ordinance No. 12132, as amended by Ordinance No. 12153, is restated. Section 4. The herein authorizations are conditioned upon the developer providing evidence of firm financing for the full project and the receipt of a full and complete appraisal of the proposed project acceptable to the City of Miami. Section 5. The City Manager is authorized'Ito execute all necessary documents, in a form acceptable to the City Attorney, for said purpose. 1� The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code provisions. Page 3 of 4 02-1231 Section 6. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.2�1 PASSED AND ADOPTED this 19th day of November ATTEST: A.& PRISCILLA A. THOMPSO CITY CLERK MAUo.• V Wo ATTORNEY W6674:BSS ECTNESS �/ 2002. "A ANUEL A. DIAZ, MAY zi If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. Page 4 of 4 02-1231 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: The Honorable Mayor and Members of the City Commission DATE: NOV - 8 7.002 5 FILE: SUBJECT: Flagler First Condominium Project REFERENCES: ENCLOSURES: Amended Resolution RECOMMENDATION It is respectfully recommended that the City Commission adopt the attached Amended Resolution, authorizing granting of funds, in a duly advertised public meeting, for an amount not to exceed $900,000, from the Affordable Housing Trust Fund Account #367101, and an amount not to exceed $900,000, from the Strategic Initiative Reserve Fund, to Flagler First Condominium L.L.C. for the redevelopment of 101 East Flagler Street, Miami, Florida, into an affordable housing condominium project known as Flagler First Condominium. BACKGROUND On September 14, 2001, through resolutions 01-1074 and motion 01-1075, the City commission granted Kapustin Corp. and joint partners, an amount not to exceed $900,000, from the Affordable Housing Trust Fund and an amount not to exceed $900,000, from the Strategic Initiative Reserve Fund, for the redevelopment of an Affordable housing condominium project known as Flagler First Condominium consisting of no less than 90 affordable housing units. During the preparation of the award agreement, representatives from Kapusting Corporation and partners requested a change in the name of the grantee in order to avoid tax implications to their individual corporations as a result of the award. Upon adoption of the attached amended resolution, the new recipient will be Flagler First Condominium L.L.C., a single asset corporation who will be the deed holder of the property being redeveloped. Staff from the Departments of Real Estate and Economic Development and the City Attorney's office have reviewed the request and find no objection to making the changes requested by the grantees as the conditions of award remain the same. CAG/DB C S 02-1231 (0 NOTICE TO THE PUBLIC A public hearing will be held by the Commission of the City of Miami, Florida, on November 19. 2002 at 9:00 am., in the Gusman Center for the Performing Arts, located at 174 East Flagler Street, Miami, Florida, to award an amount not to exceed $900,WO tom the a+Fordable Trust Fund, and an amount not to exceed $900,000 from the Strategic Initiative Reserves Fund, to Flagler First Condominium L.L.C., for the redevelopment of an affordable housing condominium project known as Flagler First Condominium, located at 101 East Flagler Street Miami, Florida. All interested persons are invited to appear and may be heard concerning this matter. For additional information and possible schedule changes, please contact the Department of Real Estate and Economic Development at (305) 416-1435 02-1231 NOTICE TO T1 5 ,IEUC A public hearing will be held by the Con, n of the city of Warck Oorlda, on November 19, 2002 at8:00 a.m., In the Gusman Center for the Perforrnkig Arts, located at 174 East Flaylcr Street, Mhtrid, Flow to award an amount not to exceed $900,000 from the Affordable Housing, Trust Fund, and an amount not to exceed $9W.000 from the Strategic Initiative Rewrvee Fund, to Fiaafer Prat Condorrinfum LLC., for the redevelopment or an arrowaole housing condortrnkon _ 1110" as Flagter First Condorranfum, located at 101 East r Street word, Florida. All Interested persons are Invited to appear and: may be heard corrzeming ft matter. For additional information and possible schedule changes, please contact the Department of Real Estate and 0-1,- ^- (305' .-, .._.. Carlos A. Gimenez y .a City Manager Ad f1=24 xx 02 xx-M 0 Editorl Mo 11.4.2 09:30 (.514sr .53•/0 T0/T9'd 9£99LVES0z C 02-1231 M3I CLIN S -a`l I SfE A11 HQ OP: T T 21392—b0—C&I