HomeMy WebLinkAboutR-96-0127J-96- l 16
2/16/96
96-- 127
RESOLUTION NO.
A RESOLUTION, WITH ATTACHMENT, APPROVING AND
DESIGNATING TACOLCY ECONOMIC DEVELOPMENT
CORPORATION, A NOT -FOR PROFIT CORPORATION, AS
SPONSOR, TO UNDERTAKE THE DEVELOPMENT OF FOUR
(4) NEW SINGLE FAMILY HOMES AFFORDABLE TO
FAMILIES AND INDIVIDUALS OF LOW AND MODERATE
INCOME ON FOUR (4) CITY -OWNED VACANT PARCELS
LOCATED IN THE MODEL CITY NET SERVICE AREA,
WHICH ARE MORE PARTICULARLY AND LEGALLY
DESCRIBED IN THE ATTACHED EXHIBIT "A", SUBJECT
TO: 1) THE SPONSOR COMPLETING CONSTRUCTION
WITHIN TWELVE (12) MONTHS FROM THE DATE OF THIS
ACTION; 2) ESTABLISHING $16,800 AS THE
REIMBURSEMENT AMOUNT TO BE PAID BY THE
SPONSOR TO THE CITY OF MIAMI FOR SAID PARCELS
FOR ITS COST OF SITE ACQUISITION; AUTHORIZING THE
CITY MANAGER TO EXECUTE THE APPROPRIATE LEGAL
DOCUMENTS, IN FORMS ACCEPTABLE TO THE CITY
ATTORNEY, CONVEYING SAID PARCELS, SUBJECT TO
CERTAIN TERMS AND CONDITIONS; ALLOCATING
FUNDING 1N THE AMOUNT OF $240,000 FROM THE CITY'S
STATE HOUSING INITIATIVES PARTNERSHIP PROGRAM
(SHIP) AND/OR HOME PROGRAM FOR THE PURPOSE OF
PROVIDING CONSTRUCTION FINANCING AND
PERMANENT SECOND MORTGAGE FINANCING TO THE
SPONSOR IN CONNECTION WITH SAID PROJECT.
WHEREAS, there exists in the City of Miami, a severe shortage of housing within the
affordability range of families and individuals of low and moderate income; and
ATTACHMENT (S)
CONTAINED
CITY COMMISSION
MEETING OF
FEB 2 9 1996
Resolution No.
96- 127
WHEREAS, the City Commission recognizes that participation of both the public and
private sector is necessary to foster the development of housing affordable to low and moderate
income families and individuals in the City; and
WHEREAS, in an effort to promote the development of affordable housing in the City,
the City Administration recommends the granting of development rights to Tacolcy Economic
Development Corporation, for the development of four (4) new single family homes on vacant
City -owned parcels, subject to certain terms and conditions; and
WHEREAS, the City Administration further recommends allocating funding in the amount
of $240,000 from the City's State Housing Initiatives Partnership (SHIP) Program and/or HOME
Program for the purpose of providing construction financing and permanent second mortgage
financing to the prospective homebuyers;
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 Section.
Section 2. Tacolcy Economic Development Corporation, a not -for -profit corporation, is
hereby approved and designated, as sponsor to undertake the development of four (4) new single
family homes affordable to low and moderate income families and individuals on four (4) city -
owned vacant parcels located in the Model City neighborhood, more particularly described in
Exhibit A, subject to certain terms and conditions.
Section 3. Tacolcy Economic Development Corporation is hereby required to secure
building permits within six (6) months and construction to be completed within twelve (12)
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96- 127
months from the date of this action. Subject parcel to revert back to the City if construction is
not completed within twelve (12) months from the date of this action.
Section 4. The City Commission hereby establishes $16,800 as the acquisition amount to
be paid by the sponsor to the City of Miami for said parcels for the subsequent development of
the four (4) new single family homes.
Section 5. The City Commission hereby allocates funding, in the amount of $240,000,
from the City's State Housing Initiative Partnership Program (SHIP) and/or the Home Program
for the purpose of providing construction financing and second mortgage funding to Tacolcy
Economic Development Corporation and the prospective hornebuyer's in connection with the
development of the homes.
Section 6, The City Manager is hereby authorized ' to execute the appropriate
documents, in forms acceptable to the City Attorney, conveying said parcels, more particularly
and legally described in the attached Exhibit "A", to the sponsor. The acquisition amount for said
parcels to be paid the City shall be placed in the form of a first mortgage lien and satisfied at the
consummation of each purchase transaction. Subordination of said lien shall be subject to review
and acceptance by the City Manager before further financing may be provided for the
development of the proposed single family home.
Section 7. This Resolution shall become effective immediately upon its adoption.
1 The herein authorization is further subiect 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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96- 127
PASSED AND ADOPTED this 79 rh day of February , 1996.
ATTEST•
WALTER, J. OF , CITY CLERK
PREPARED AND APPROVED BY:
"/k &w;&&4
LIND41KELLY KEAR ON
I ASSIS ANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
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A. QUINN JONES, III
CITY ATTORNEY
STEP14M P. CLERK, MAYOR
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96- 127
EXHIBIT "A"
PARCEL NO, ADDRESS LOT SIZE
02-61 1758 N. W. 48 Street 66 X 109
02-67 1755 N.W. 55 Terrace 50 X 105
02-66 1761 N.W. 55 Terrace 50 X 105
02-72 1761 N.W. 47 Street 66 X 109
AL DESCRIPTI
17th Avenue, Manor,
PB: 19-21, Lot 7 &
East 22 ft. of lot 6,
Block 1
Floral Park 1 st AMD.
Plat, PB; 8-5 Lot 18,
Block 12
Floral Park 1 st AMD
Plat, PB;8-5, Lot 17
less W. 1.6 ft. Of N.
22.6 ft., Block 12
17th Avenue Manor,
PB;18-43 Lot 25 &
W '/2 of Block 2
9 127
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO : Honorable Mayor and Members
of the City Commission
73
DATE : FEB 12 199E FILE :
SUBJECT : Relation Relating to Development
of Four (4) City -owned Parcels in
Model City Neighborhood
FROM : Ces REFERENCES:
City r ENCLOSURES: City Commission Agenda
Item - February 8, 1996
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the attached Resolution
approving the designation of the Tacolcy Economic Development Corporation, a not -for -profit
housing corporation as sponsor to undertake the development of four (4) new single family
homes on four (4) parcels of vacant land under city -ownership located in the Model City NET
Service Area. The attached resolution further establishes $16,800 or fifty (50%) of the City's
cost for site acquisition as the reimbursement amount to be paid to the City by the Tacolcy
Economic Development Corporation, for the aforementioned city -owned parcels where the
proposed housing units will be constructed.
The attached resolution allocates funding in the amount of $240,000 from the City's State
Housing Initiatives Partnership Program (SHIP) and/or Home Program for the purpose of
providing construction financing to Tacolcy Economic Development Corporation and the
potential home buyers of the four (4) homes being planned, respectively.
The attached resolution further authorizes the City Manager to execute the appropriate legal
documents for conveyance of the subject parcels, subject to certain terms and conditions.
BACKGROUND:
NET recommends ratification of the attached resolution, approving and designating Tacolcy
Economic Development Corporation, a not -for -profit Corporation, as sponsor to undertake the
development of four (4) new single family homes affordable to low and moderate income
families on four (4) city -owned vacant parcels located in the Model City NET Service Area.
The attached resolution further authorizes the City Manager to allocate funding in the amount of
$240,000 from the City's State Housing Initiatives Partnership Program (SHIP Program), and/or
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Honorable Mayor and
Members of the City Commission
Page 2
Home Program for the purpose of providing construction financing and second mortgage
financing to Tacolcy Economic Development Corporation and the prospective homebuyers in
connection with the construction and subsequent purchase/mortgage closing of each individual
home, respectively.
Approximately fifty (50 %) percent of the city's financial assistance to the proposed project will
be returned to the City from the proceeds of the first mortgage loan which each prospective
homebuyer will be required to qualify for and obtain to purchase their respective home. The
remaining balance of fifty (50%) percent will be made available to the homebuyer in the form of
a "soft" second mortgage and will be recaptured by the City over a period of thirty (30) years
through monthly mortgage payments to the City.
The attached resolution further establishes $16,800 or fifty (50%) percent of the City's cost for
site acquisition as the amount to be reimbursed to the City by the project sponsor. In the event
that the Tacolcy Economic Development Corporation is unable to complete the construction of
the homes within twelve (12) months from the date of this action, the subject parcels will revert
back to the City.
The City is in a position to assist the private sector in the development of new homeownership
housing, affordable to low and moderate income families in the Model City NET Service Area,
by making four (4) parcels of vacant land currently under the city -ownership available for such
development. In an attempt to further promote the development of new single family homes in
the Model City NET Service Area, City Commission ratification of the attached resolution is
recommended.
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