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HomeMy WebLinkAboutR-93-0443J-93-618 7/8/93 RESOLUTION NO. 93- 443 A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, BETWEEN COCONUT GROVE LOCAL DEVELOPMENT CORPORATION, INC. ("CGLDC") AND THE CITY OF MIAMI, TO PROVIDE GRANT FUNDS IN AN AMOUNT NOT TO EXCEED $215,152 TO BE USED: (1) FOR THE ACQUISITION OF PROPERTY LOCATED AT 3659 GRAND AVENUE, MIAMI, FLORIDA, TO ENHANCE THE DEVELOPMENT OF THE TIKI CLUB PROJECT ("PROJECT") AND, (2) TO PAY THE SOFT COSTS RELATED TO SAID PROJECT; STIPULATING THE TERMS UPON WHICH THE FUNDS ARE TO BE MADE AVAILABLE AND THE DEVELOPMENT SCHEDULE FOR THE PROJECT AND CONSTRUCTA, INC.'S INVESTMENT; SAID FUNDS ARE AVAILABLE FROM PREVIOUSLY ALLOCATED FUNDS IN THE 10TH YEAR COMMUNITY DEVELOPMENT BLOCK GRANT ALLOCATION AND PER RESOLUTION NO. 92-748. WHEREAS, the Miami City Commission is committed to economic development and the expansion of trade and commerce; and WHEREAS, the promotion of economic revitalization in the neighborhoods of the City of Miami is an important part of the City's economic development strategy; and WHEREAS, per Resolution No. 92-748, adopted November 12, 1992, the City Commission authorized the reduction and transfer of previously allocated Community Development Block Grand funds from Grovites United to Survive ("GUTS") to the Coconut Grove Local Development Corporation, Inc. ("CGLDC"); and CITY COMMSSION MEETING OE iHI_-8193 Resolution No. 93- 44:143 WHEREAS, GUTS, a minority -owned community organization was instrumental in securing a commercial property that will be developed as part of the overall Tiki Club Redevelopment Project ("Project") on Grand Avenue; and WHEREAS, as part of the overall Project redevelopment plan, GUTS requested that the City Commission authorize its economic development agency in the Coconut Grove target area to take the lead in developing the four (4) corners of Grand Avenue, which make up the Project; and WHEREAS, the acquisition of property located at 3659 Grand Avenue, Miami, Florida, ("Property") will be part of the overall Project; and WHEREAS, the agreement to purchase the Property has to be consummated within sixty (60) days of the date of this Resolution and the closing on said Property must occur within six (6) months thereafter; and WHEREAS, no more than $103,000 of the Community Development Block Grant funds may be used for the acquisition; and WHEREAS, CGLDC shall be responsible for obtaining any additional funds for the acquisition; however, the purchase of said Property shall be for no more than fair market value, which i must be clearly demonstrated; and WHEREAS, CGLDC shall not incur any additional debt whereby the Property would be encumbered by liens and/or mortgages; and t WHEREAS, Constructa, Inc., has to invest at least $50,000 in the development of said Project; and -2- 93- 443 WHEREAS, the Project must be completed within twelve (12) months after the closing on the Property; and WHEREAS, a portion of the Community Development Block Grant funds shall be used to pay for soft costs related to the Project including, but not limited to consulting, architectural and engineering fees; 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 authorized �'� to enter into an agreement, in a form acceptable to the City Attorney, for the purpose of providing $215,152 in grant funds to ( the Coconut Grove Local Development Corporation ("CGLDC"). Section 3. The $215,152 which is hereby made available to the CGLDC from the loth Year Community Development Block Grant Funds, and is hereby provided in accordance with Miami City Commission Resolution No. 92-748, adopted November 12, 1992, which reappropriated funding from GUTS to cover acquisition cost, in an amount not to exceed $103,000, for the property located at 3659 Grand Avenue, Miami, Florida, ("Property") and the balance 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 33- 443 of the funds to be used for expenditures for soft costs relating to the redevelopment of the Tiki Club Redevelopment Project. Section 4. It is hereby stipulated and understood that (1) the agreement to acquire the Property shall be consummated within sixty (60) days of the date of this Resolution and (2) that the closing on the Property shall occur within six (6) months thereafter. Section 5. C':7LDC shall be responsible for obtaining additional acquisition funds, but in no event shall it pay more than fair market value. The fair market value of the Property shall be determined prior to the acquisition of said Property by CGLDC. Section 6. CGLDC shall not encumber the aforementioned property with any liens and/or mortgages. If a lien and/or mortgage are placed on said property, the Community Development Block Grant funds will convert to a loan. Section 7. It is hereby understood that Constructa, Inc. will invest $50,000 in the development of the Project. Section 8. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 8th day of duly , 1993. ATT�E T MATTY HIRAI, CITY CLERK -- XAVIER :PSUARE , MAYOR -4- 3 3- 443 PREPARED AND A OVED BY: LINDA K. KEAR ON ASSISTANT CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: _ r i A: QUMIN ES, I CITY ATT EY LKK:esk 3792 _5_ 93- 443 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM to, Honorable Mayor and Members DATE: JUN Q �(1� 1 r1LE: of the City Commission p J Author Izatton to Purchase SUBJECT: property at 3659 Grand Avenue FROM : Cot d I o REFERENCES lie S O l Ut Ion No. 92 - 7 4 8 Ci 1 t #or ENCLOSURES - RECOMMENDATION It Is respectful ly recommended that the Clty Commission adopt the attached Resolution authorIxIng the City Manager to exeCute an agrooms nt, Ina form aCceptable to the City Attorney, between the City of Miami and Charles M. Moon, Jr., for the purpose of purchasing property located at 3659 Grand Avenue, which wl I 1 be rehabilitated and Integrate with the Tiki Club project. The acquisition of said property shall not exceed $103,000. BACKGROUND The Department of Community Development has analyzed the need to acquire the property located at 3659 Grand Avenue as part of the overal I T1 ki Club project i n the West Grove target area. in accordance with Resolution No. 92-748, the City Commission authorised the purchase of said property, contingent upon Certified appraisals. Two (2) real estate appraisals were obtained, and based on the Department of Asset and Lease Management, the seller was offered a total of $103.000 for the aforementioned property. The acquisition of said property wI l I enhance the development of the TIKI Club project In creating a viable retail commercial d i Strict. /gjd 93- 443