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Home My WebLink AboutR-94-0102` e7-94--98 t " f6 94 - 102 , RESOLUTION NO. A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, WITH THE EAST LITTLE HAVANA COMMUNITY DEVELOPMENT CORPORATION, INC.` ("GRANTEE"), A NOT -FOR -PROFIT CORPORATION, TO PROVIDE A GRANT IN THE AMOUNT OF, $461,860 FOR GRANTEE TO UNDERTAKE THE DEVELOPMENT OF RIO GARDENS TOWNHOUSES, A 22--UNIT AFFORDABLE HOMEOWNERSHIP HOUSING PROJECT TO BE CONSTRUCTED ON SEVEN PARCELS OF CITY -OWNED VACANT LAND LOCATED AT SOUTHWEST 2ND AND 3RD STREETS BETWEEN SOUTHWEST 4TH AND 6TH AVENUES, MIAMI, FLORIDA; ALLOCATING FUNDS THEREFOR FROM FY '93 HOME INVESTMENT PARTNERSHIP PROGRAM (HOME PROGRAM) FUNDS. WHEREAS, a severe housing shortage of exists in the City of Miami that is within the affordable range of individuals of low and moderate income; and families and -� WHEREAS, the City Commission recognizes that participation 1 of both the public and private sector is necessary to foster the development of housing for this target market; and WHEREAS, pursuant to Resolution No. 84-642, adopted June, .1984, the City Commission authorized the expenditure of Community ' Development Block Grant funds in the amount of $1,031,000 in the in the Little Havana t1?Y commsioN YMTMG Or. FEB 17 1994 PAWutW= No. 94- 102 Vn 1 1 t t WHEREAS, in December 1992, the East Little Havana Community' Development Corporation submitted a housing proposal to the City rt for the development of an affordable townhome project on certain ' oity-owned parcels; and WHEREAS, pursuant to Resolution No. 93-14, adopted t January 14, 1993, the City Commission approved the designation of the East Little Havana Community Development Corporation, as sponsor to undertake the development of a low density residential. townhome project affordable to families and individuals of low and moderate income on the subject city -owned parcel located at Southwest 2nd and 3rd Streets between Southwest 4th and 5th Avenues in the East Little Havana neighborhood, subject to said corporation providing evidence acceptable to the City of firm funding commitments for project construction and permanent financing; and WHEREAS, East Little Havana Community Development i Corporation has secured $1,441,184 in acquisition and construction financing from Metropolitan Dade County through the County's Documentary Surtax Program, Homes for South Florida, and the LISC Foundation in connection with said townhome development; } and 1 WHEREAS, pursuant to Resolution No. 93-409, adopted July 8, 1993, the City Commission authorized the City Manager to accept $3,493,000 in federal assistance from the U.S. Department of Housing and Urban Development (HUD) in connection with the implementation of the City's FY '93 Home Investment Partnership Program (HOME Program); and 4- 102 -2- ti ! WHEREAS, pursuant to Resolution No. 93-409, the City Commission authorized the implementation of the City's HOME assisted Community Housing Development Organization (CHDO) Program and allooated $523,950 in HOME Program funds for said ` purpose; and WHEREAS, in order to expedite construction of the proposed 22-unit housing project, it is necessary for the project sponsor to secure $461,860 in financial assistance from the City; and i WHEREAS, funding in the amount of $461,860 is available from f 1 the City's FY '93 Home Investment Partnership Program; and E WHEREAS, the City Administration recommends approval of the East Little Havana Community Development Corporation's request for financial assistance in an amount not to exceed $461,860 to proceed with said development; 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. The City Manager is hereby authorizedto enter into an agreement, in a form acceptable to the City Attorney, with the East Little Havana Community Development Corporation, Inc. (Grantee), a not -for profit corporation, to 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. -3- 9 4 - 102 S4 �r 3 provide a grant in the amount of $461,860 for -Grantee to undertake' the development of Rio Garden Townhouses, a 22-unit l ti affordable homeownership housing project to beconstructedon seven parcels of City -owned vacant land located at Southwest 2nd. and 3rd Streets between Southwest 4th and 8th Avenues Miami, Florida, with funds _therefor hereby allocated from FY '93 Home IInvestment Partnership Program (HOME Program) funds. Section 3. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 17th day of February 1994. S PHEN P. CL RK, MAYOR ATTEST MAT71 HIRAT CITY CLERK COMMUNITY DEV EN VIEW: FRANK ASTAN , DIRECTOR DEPARTMENT OF COMMUNITY DEVELOPMENT BUDGETARY REVIEW: t MANOHAR S. SURWP ASSISTANT CITY M AGER REVIEWED AS TO ACOUNTING AND TREASURY REQUIREMENTS: CARL08C,43.'GARCIA, DIRECTOR DEPARTMENT OF FINANCE Q 4 - 102 -4- t o- �3 � PREPARED AND A PROVED BY: (3 {y r SEAN J JONES ASSISTANT Cl ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: A Q N J S, SZT ,,. CTTY- ATTO y SFJ:osk:M4156 r'a r CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM To : Honorable Mayor and DATE : FILE Members of the City Commission Resolution Relating to the SUBJECT: East Little Havana Com- munity Development Corpor- �. ation Rio Gardens Townhomes FROM . Cesa . O REFERENCES City g r City Commission Agenda ENCLOSURES Item - February 17 , 1994 r BECONLMENDATION It is respectfully recommended that the City Commission'.adopt the attached 'resolution authorizing the City. Manager to allocate $461,860 in FYI 1993 Home, Investment Partnership Program (HOME Program) funds to,: the East Little Havana Community Development Corporation, in connection with the `development of Rio'`Gardens Townhomes, a twenty-two (22)._unit townhome project planned for development on seven (7') vacant city -owned parcels,located. in the East Little Havana neighborhood. The said $461,860 in HOME Program funds will be made .in, the form of a grant to the aforementioned not -for -profit housing sponsor in connection with 'the development of the planned affordable housing pro.ject.' BACKGROUND: The Department of Development and Housing Conservation recommends ratification' of the attached resolution authorizing ,the City Manager to allocate $461,860 in FYI 1993. Home Investment Partnership <Program (HOME Program) funds to the East Little Havana.Community Development Corporation, in connection with the development of Rio Gardens Townhomes, a twenty-two (22) unit ` townhome project planned in the East Little.Havana,neighborhood. In. January of 19931 ;through _Resolution No.-93-14," the City Commission approved the designation of the East Little Havana Community Development Corporation, as sponsor to undertake the development of a low density residential townhome project affordable to families 'of low and moderate income on city -owned - parcels `located at Southwest 2nd and 3rd Streets between Southwest 4th and 5th Avenues in the East, Little' Havana neighborhood.-, 94- 102 ,r s x Honorable Mayor and Members. of the City Commission f Page `2 The East Little _ Havana Community Development Corporation's proposal calls for the development of a twenty-two- (22)'unit' ' townhoime'`projec't consisting of six (6) 2-bedroom units and sixteen (16) 3-bedroom units. The 2-bedroom units and 3-bedroom units will be marketed at $59,900 and $69,900 respectively..... All; closing costs for the homebuyers will be paid for in full by the developer. The 2-bedroom units with estimated monthly payments of.,$345 00 including,, principal, interest, taxes and condo fees%in"surance wotrld`be.affordable to families earning as little as $14,.772 per year,which represents'43.19% of the median income in Dade,,County % (, ' 38, 000) for "'a family of three, while' the 3-bedroom unit with estimated',m6nthly payment of $387:00 including; principal, interest, `taxes and 'condo fees/insurance would_ be, affordable to familes'earning as little as`$16,566-per year, which represents A3 59%'of the median income ($44,100) for a family of.four. w The project sponsor has secured a commitment for $1,441,184 in acquisition and construction' financing: from Metropolitan Dade County,through the County's Documentary''Surtax Program, Homes for South Florida and the LISC Foundation in connection with the development of the proposed townhome project. To, date,, the.East Little Havana Community Development Corporation has been successful in •developing the following, affordable housing developments in the East Little Havana neighborhood over the.past several years: Project Name Address # of Units/Occupancy R 6 Plaza''Co`ndominiums 546 SW 1 Street 114 units/Family Plaza Villas Townhomes 720 SW 2 Street 11 units/Family 997 SW 6 Street Rio Towers 905 SW 1 Street 82 units/Elderly The City`is in a position to assist the private sector in the development of twenty-two (22) new townhomes: in the East Little Havananeighborhood, which would be affordable to ,low and moderate income families, by making available $461,860 in city financial assistance available to the East Little Havana Community Development Corporation. In an attempt to further promote the development of new affordable housing units in the City, City Commission �rdt�ificAtion of the attached resolution is recommended. a 94- 102