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HomeMy WebLinkAboutR-94-0509J-Y94-620 7/14/94 RESOLUTION NO. 9 4- 509 A RESOLUTION RELATING TO THE PROPOSED DEVELOPMENT OF A 130-UNIT AFFORDABLE RENTAL HOUSING PROJECT FOR THE ELDERLY (PROJECT), TO BE LOCATED ON THE OLD UNITED WAY PROPERTY, S.W. 10TH STREET AND S.W. 2ND AVENUE, MIAMI, FLORIDA, BY THE DOWNTOWN MIAMI COMMUNITY DEVELOPMENT CORPORATION (A NOT -FOR -PROFIT CORPORATION); AUTHORIZING THE CITY MANAGER TO COMMENCE NEGOTIATIONS FOR ACQUISITION OF SAID PROPERTY SUBJECT TO FINAL REVIEW AND APPROVAL BY THE CITY COMMISSION; APPROVING, IN PRINCIPLE, THE DESIGNATION OF THE DOWNTOWN MIAMI COMMUNITY DEVELOPMENT CORPORATION AS SPONSOR TO UNDERTAKE THE DEVELOPMENT OF THE PROPOSED PROJECT, SUBJECT TO SAID SPONSOR FULFILLING CERTAIN CONDITIONS AS HEREIN SPECIFIED. WHEREAS, in the City of Miami there exists a severe shortage of affordable housing for families, and individuals of low and moderate income; and 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, the Downtown Miami Community Development Corporation (Sponsor) has been working with the City Administration and the Downtown Development Authority in CITT r F—oli7tion No, 94- 509 connection with the development of a proposed 130--unit affordable rental housing project for the elderly (Project) planned for development on a parcel of land located at S.W. 10th Street and S. W. 2nd Avenue, Miami, Florida; and WHEREAS, to expedite the construction of the proposed Project, the Sponsor has requested City financial assistance in connection with the acquisition of subject parcel; and WHEREAS, in an effort to promote the development of affordable housing in the City, the City Administration recommends the funding of the acquisition of the subject parcel for the aforementioned purpose; and WHEREAS, in order for the Sponsor to secure state and local funds and other forms of financing for the proposed Project, it is necessary for the City Commission to approve and grant development rights and, upon acquisition by the City, convey the Property to the Sponsor for the development of the Project, subject to certain terms and 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 Section. i i Section 2. The City Manager is hereby authorized to commence negotiations for the acquisition of a parcel of land, known as the Old United Way Property, located at S.W. 10th Street and S.W. 2nd Avenue, Miami, Florida, (Property) in an amount not 94-- 509 i -2- to exceed the appraised value, for final review and approval by the City Commission. Section 3. The Downtown Miami Community Development Corporation, a not--for-profit corporation, is hereby designated, in principle, as Sponsor to undertake the development of a proposed 130-unit rental housing project targeted to the elderly (Project) to be located on the Property. Said Sponsor designation is conditioned upon the Downtown Miami Community Development Corporation submitting the following documentation for City Administration verification and City Commission review and approval within twelve (12) months from the date of this action: (1) Final Project site plan, unit plans and specifications. (2) Verifiable evidence of firm commitments for construction and permanent financing in accordance with the Project Sponsor's proposal to develop the Property. Section 4. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 14th day of July_, 1994. ST HEN P. CLA K, MAYOR ATT�i l MATTY HIRAI CITY CLERK -3- 94- 509 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM i TO: Honorable Mayor and DATE : July 13, 1994 FILE Members of the Commission SUBJECT : Pocket Item j Afffordable Housing Dev. 4 �fC�iI�.D �LvPc-e �02 FRO Wifredo (Willy) Gort REFERENCES It Commissioner ENCLOSURES: I would like to request your indulgence in allowing me to bring up this matter as an emergency pocket item on July 14, 1994. The Downtown Miami Community Development Corporation has been pursuing the feasibility of developing a 130 unit affordable housing project at SW loth Street and SW 2nd Avenue, the old United Way property. The Downtown C.D.C. will file an application for State of Florida HOME funds for this round of funding, applications due July 27. In order for any project in Miami to be competitive for State HOME funds and tax credits, local financial support is necessary. We believe we will have an excellent opportunity to score high in the ranking of projects since Dade County has already committed $850,000 to this project. A committment of City of Miami funds is needed to assist with land acquisition and must accompany the application for State funds and tax credits. If we are successful, funds will not be needed until the end of calendar year 1994 or early Il 1995. The project will consist of 130 units, 104 one -bedroom units and 26 efficiencies. We will provide 75 parking spaces on site. The target market will be primarily elderly. The property is located within one block of the Brickell MetroRail Station and Brickell MetroMover Station. The project is anticipated to cost approximately $9 million with funding as follows: Tax Credits Equity $4,674,000 Dade County Grant $ 850,000 First Mortgage $1,305,000 City of Miami/Land Acquisition $ 875,000 (current option price) Second Mortgage/State HOME program $1,500,000 The successful funding in this project will result in affordable housing opportunities in the downtown area.