The URL can be used to link to this page

Home My WebLink AboutR-92-0418J-92-293 6/11/92 RESOLUTION NO. q 418 A RESOLUTION DIRECTING THE CITY MANAGER TO REALLOCATE $35,000 IN 14th YEAR COMMUNITY DEVELOPMENT BLOCK GRANT ("CDBG") PROGRAM FUNDS, FROM CDBG PROJECT, ENTITLED "CITYWIDE MULTIFAMILY HOUSING PROJECT", FOR THE PURPOSE OF PROVIDING ASSISTANCE, IN THE FORM OF A LOAN, TO THE WYNWOOD COMMUNITY ECONOMIC DEVELOPMENT CORPORATION FOR ACQUISITION OF THIRTY-SEVEN (37) PRIVATELY -OWNED RENTAL HOUSING UNITS LOCATED IN THE WYNWOOD COMMUNITY DEVELOPMENT TARGET AREA, SAID CITY ASSISTANCE TO BE PROVIDED TO THE NOT -FOR - PROFIT CORPORATION AS AN ACQUISITION LOAN; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE AN AGREEMENT, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, BETWEEN THE CITY OF MIAMI AND WYNWOOD COMMUNITY ECONOMIC DEVELOPMENT CORPORATION, CONTINGENT UPON INCORPORATION OF REVERTER PROVISIONS IN SAID AGREEMENT AND DEED. WHEREAS, over the past year the City Administration has been working jointly with the Wynwood Community Economic Development Corporation in connection with the implementation of a housing strategy to improve the housing conditions in the Wynwood neighborhood; and WHEREAS, at the March 12, 1992 City Commission Meeting, representatives of the Wynwood Community Economic Development Corporation made a personal appearance to request financial assistance from the City for the purpose of acquiring several multifamily rental properties located in the Wynwood neighborhood; and CITY COMMISSION MEETING OF. J U N 1 1 1992 9 Tsclu`04 T-8 WHEREAS, pursuant to Motion No. 92-196, adopted March 12, 1992, the City Commission instructed the City Manager to identify i potential funding sources where said funding can be made available to the not -for -profit community -based organizations; and ,j WHEREAS, funding in the amount of approximately $35,000 has been identified and is available from unexpended 14th Year Community Development Block Grant Program funding, under CDBG r Project, entitled "Citywide Multifamily Housing"; and i WHEREAS, it is recommended that the City Manager be authorized to reallocate the aforementioned amount for the purpose of providing City financial assistance, in the form of a loan, to the Wynwood Community Economic Development Corporation in connection with the acquisition of thirty-seven (37) privately -owned rental housing units in the Wynwood neighborhood; 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 directed to reallocate unexpended 14th Year Community Development Block Grant Program funds in the amount of $35,000 from CDBG Project, entitled "Citywide Multifamily Housing", for the purpose of providing financial assistance, in the form of a loan, to the not -for -profit Wynwood Community Economic Development Corporation - 2 - 92-- 418 in connection with the acquisition of thirty --seven (37) privately -owned rental housing units in the Wynwood Community Development target area. Section 3. The City Manager is hereby authorizedil to negotiate and execute an agreement, in a form acceptable to the City Attorney, between the City of Miami and the Wynwood Community Economic Development Corporation for the provision of said $35,000 loan contingent upon incorporation of reverter provisions in said Agreement and deed which will require that title to the said rental housing units vest in the name of the City of Miami in the event the Wynwood Community Economic Development Corporation should cease to exist. Section 4. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this lath day J e , 1992. ZZ XAVIER e. SUAREZ, MA y ATTE MATTY HIRAI CITY CLERK 1� 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 - 92_ 418 COMMUNITY DEVE NT BVIEW FRANK CA ANEDA; DIRECTOR COMMUNITY DEVELOPMENT DEPARTMENT BUDGETARY REVIEW: MAHOHAR S. SURANN ASSISTANT CITY MAftGER FINANCIAL REVIEW: CAP OS E. GARCIA, DIRECTOR DEPARTMENT OF FINANCE PREPARED AND APPROVED BY: 42, q JO L E. MAXWELL C IEF ASSISTANT CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: • LKK/ITEM/rm/bss/pb/oek/M2894 13 92- 418 - 4 - CITY OF MIAMI. FLORIDA 35 INTER -OFFICE MEMORANDUM Honorable Mayor and Members DATE APR Z!'1992: of the City Commission Resolution Directing City suEueC Manager to Reallocate $35,000 in 14th Year CDBG _ Funding-Wynwood Economic "EOM Cesar H. Odio REFERENCEDevelopment Corporation City Manager City Commission agenda ENCLOSURES Item - May 14 , 1992 —_ RECOMMENDATION: It is respectfully recommended that the City Manager adopt the attached resolution directing the City Manager to reallocate $35,000 in unexpended 14th Year Community Development Block Grant Program (CDBG) funds from CDBG Project entitled "Citywide Multifamily Housing," for the purpose of providing financial assistance to the Wynwood Community Economic Development Corporation, for the acquisition of thirty-seven (37) privately - owned rental housing units located in the Wynwood neighborhood. BACKGROUND: At the March 12, 1992 City Commission meeting, representatives of the Wynwood Community Economic Development Corporation made a personal appearance to request financial assistance from the City for the purpose of acquiring several multifamily rental properties located in the Wynwood neighborhood. Subsequently, through Motion No. 92-196, the City Commission instructed the City Manager to identify potential funding sources where the said funding could be made available to the not -for -profit community based corporation for the aforementioned purpose. Funding in the amount of $35,000 has been identified and is available from unexpended 14th Year Community Development Block Grant Program funding under CDBG Project entitled "Citywide Multifamily Housing Project." The Department of Development and Housing Conservation recommends ratification of the attached resolution directing the City Manager to reallocate $35,000 in unexpended 14th Year Community Development Block Grant Program funding from CDBG Project entitled "Citywide Multifamily Housing Project," for the purpose of providing a grant to the Wynwood Community Economic Development Corporation in connection with the acquisition of thirty-seven (37) privately - owned .rental housing units located in the Wynwood neighborhood. The City's financial' assistance of $35,000 would be used as the corporation's ten percent (10%) down payment and closing costs on the following properties: 92-- 418 3 5 -1 Resolution Reallocating $35,000 in 14th Year CDBG Funding for Wynwood Community Economic Development Corp. Page - 2 1) 63 Northwest 27th Street 5) 160 Northwest 26th Street 2) 65 Northwest 27th Street 6) 212 Northeast 26th Terrace 3) 70 Northwest 28th Street 7) 345 Northwest 34th Street 4) 64 Northwest 28th Street 8) 128 Northwest 34th Street The additional private financing required to consummate the purchase/acquisition of the aforementioned rental properties will be made available by Pacific National Bank. At the closing to consummate the conveyance of the said rental properties to the Wynwood Community Economic Development Corporation, the City Administration will require that reverter provisions be incorporated in the deed which would require that title to the said properties would vest in the name of the City in the event that Wynwood Community Economic Development Corporation should cease to exist. In an effort to move this project forward, City Commission ratification of the attached resolution is recommended. 92- 41S