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HomeMy WebLinkAboutItem #06 - Discussion ItemTO Honorable Mayor and Members of the City Commission FROM : Ce Ci ger Recommendation CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM E DATE : b^4R 18 1996 FILE : SUBJECT : Resolution Relating to the Development of Bobby Maduro Baseball Stadium Site REFERENCES : City Commission Agenda Item - March 28, 1996 ENCLOSURES: It is respectfully recommended that the City Commission adopt the attached resolution approving in principle, the designation of the Rafael Hernandez Housing and Economic Development Corporation, a not -for -profit housing corporation, as sponsor to undertake the development of an affordable residential housing project on the city -owned Bobby Maduro Baseball Stadium site located in the Allapattah NET service area. Background NET recommends ratification of the attached resolution approving in principle, the designation of the Rafael Hernandez Housing and Economic Development Corporation, as sponsor to undertake the development of an affordable residential housing project on the city -owned Bobby Maduro Baseball Stadium site located in the Allapattah NET service area. The attached resolution requires that final designation of the Rafael Hernandez Housing and Economic Development Corporation as project sponsor is predicated upon the submission within twelve (12) months, from the date of this conditional award, for the City Administration's verification and the City Commission review and approval: 1) Final housing site plan and specifications. 2) Verifiable evidence of firm commitments for construction and permanent financing in accordance with the sponsor's proposal to develop the proposed residential project. 3) Land reimbursement provision that provides an acceptable return to the City for the value of the subject parcel. k., is Page 2 of 2 The Rafael Hernandez Housing and Economic Development Corporation will be only entitled to development rights of the said parcel for a period of three (3) years from the date of this conditional award. The City will -continue to retain ownership and use of the subject parcel until City Commission approval and authorization to transfer the subject parcel to the Rafael Hernandez Housing and Economic Development Corporation is secured at a later date. The City is in a position to assist the private sector in the development of new homeownership housing units, affordable to low and moderate income families in the Allapattah NET service area, by making the city -owned Bobby Maduro Baseball'Stadium site available for such development. In an effort to further promote the development of new homeownership housing units in the Allapattah NET Service area, City Commission ratification of the attached resolution is recommended. M