HomeMy WebLinkAboutR-98-1210.1J-98-1237
12/8/98
RESOLUTION NO. 9 8 121 O •1
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ALLOCATE FUNDS, SUBJECT TO CERTAIN TERMS AND
CONDITIONS AS SPECIFIED HEREIN, FROM THE
CITY'S FY 1998-1999 HOME INVESTMENT
PARTNERSHIP PROGRAM, IN THE AMOUNT OF
$500,000, FOR THE DEVELOPMENT OF MIAMI RIVER
PARKS APARTMENTS, CONSISTING OF APPROXIMATELY
211 UNITS OF AFFORDABLE RENTAL HOUSING TO BE
LOCATED IN THE LUMMUS PARK AREA AT NORTHWEST
4TH STREET AND 5TH AVENUE, MIAMI, FLORIDA, BY
MIAMI RIVER PARK ASSOCIATES, LTD., WHOSE
DEVELOPERS ARE GATEHOUSE DEVELOPMENT
CORPORATION AND BAME DEVELOPMENT CORPORATION
OF SOUTH FLORIDA, INC.; AUTHORIZING THE CITY
MANAGER TO EXECUTE THE NECESSARY DOCUMENTS,
IN A FORM ACCEPTABLE TO THE CITY ATTORNEY,
FOR SAID PURPOSE.
WHEREAS, a severe shortage of affordable housing exists in
the City of Miami for families and individuals of very low, low
and moderate income; and
WHEREAS, the City Commission recognizes that the
participation of both the public and private sector is necessary
to foster the development of affordable housing in the City of
Miami; and
WHEREAS, in June 1998, the City of Miami was awarded
approximately $4,520,000 in FY 1998-1999 HOME Partnership Program
CITY COmusxOx
SEETING OF
DEC 9 9 1998
Resolution No.
98 -1,�10.1
funding from the U.S. Department of Housing and Urban
Development; and
WHEREAS, said project sponsor is preparing an application
for funding from the State of Florida for financial assistance
through the State's Housing Credit Program for the development of
the proposed housing project; and
WHEREAS, it is recommended that the City Commission
authorize the City Manager to allocate funding from the City's
FY 1998-1999 HOME Investment Partnership Program, in the amount
of $500,000 for the development Miami River Parks Apartments,
consisting of approximately 211 units of affordable rental
housing to be located in the Lummus Park area at Northwest 4th
Street And 5th Avenue, Miami, Florida, by Miami River Park
Associates, Ltd., whose developers are Gatehouse Development
Corporation and BAME Development Corporation Of South Florida,
Inc., subject to compliance with certain conditions;
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 hereby adopted by reference
thereto and incorporated herein as if fully set forth in this
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Section.
Section 2. The City Manager is hereby authorized to
allocate funding from the City's FY 1998-1999 HOME Investment
Partnership Program, in the amount of $500,000 for the
development of the Miami River Parks Apartments, consisting of
approximately 211 units of affordable rental housing to be
located in the Lummus Park area at Northwest 4th Street and 5th
Avenue, Miami, Florida, by Miami River Park Associates, Ltd.,
whose developers are Gatehouse Development Corporation and BAME
Development Corporation Of South Florida, Inc., subject to the
conditions that (1) financing to complete construction of the
project must be secured, and (2) approval must be granted from
the Florida Housing Finance Corporation through the State of
Florida's Housing Credit Program for assistance in financing said
project.
Section 3. The City Manager is hereby authorizedY to
execute the necessary documents, in a form acceptable to the City
Attorney, for said purpose.
Section 4. This Resolution shall become effective
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.
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immediately upon its adoption and signature of the Mayor.Z/
PASSED AND ADOPTED this 8th day of December , 1998.
JOE CAROLLO, MAYOR
lhammrdance with Miami Code Sec. 2-36, since the Mayor did not indin9-ta avf)rovaI of
legislation by signing it in the designated place provided, said
ifomes effective with the elapse often (10) d s from the date of Co missicn action
ogarding same, without the Mayor xerci veto, /
ATTEST: ��yy
W ft J oeman, City Clerk
WALTER J. FOEMAN
CITY CLERK
APPROVED ,k T4tJ FORM AND CORRECTNESS:/
134:BSS
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.
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