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HomeMy WebLinkAboutR-91-0839J--91-864 11/5/91. RESOLUTION NO. A RESOLUTION, WITH ATTACHMENTS, RELATING TO THE DEVELOPMENT OF A 21 UNIT AFFORDABLE RENTAL HOUSING PROJECT PLANNED FOR DEVELOPMENT ON CITY -OWNED PARCELS LOCATED AT NORTHWEST 60TH AND 61ST STREETS BETWEEN 15TH AND 17TH AVENUES IN THE MODEL CITY NEIGHBORHOOD BY THE URBAN LEAGUE OF GREATER MIAMI, INC.; RATIFYING AND REAFFIRMING RESOLUTION NO. 91-309, ADOPTED APRIL 25, 1991., WHICH APPROVED IN PRINCIPLE, THE AFOREMENTIONED NOT -FOR -PROFIT CORPORATION AS THE PROJECT SPONSOR TO UNDERTAKE SAID DEVELOPMENT, AND ESTABLISHED NINETY FIVE THOUSAND DOLLARS ($95,000) AS THE REIMBURSEMENT AMOUNT TO BE PAID TO THE CITY FOR THE SUBJECT CITY -OWNED PARCELS; AUTHORIZING THE CITY MANAGER TO CONVEY SAID PARCELS, IN ADDITION TO DIRECTING METROPOLITAN DADE COUNTY TO CONVEY SAID PARCELS UNDER DADE COUNTY OWNERSHIP, WHICH ARE MORE PARTICULARLY AND LEGALLY DESCRIBED IN THE ATTACHED EXHIBIT "A", TO THE URBAN LEAGUE OF GREATER MIAMI, INC. IN CONNECTION WITH THE SAID HOUSING PROJECT; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE A MEMORANDUM OF AGREEMENT BETWEEN THE CITY OF MIAMI AND THE URBAN LEAGUE OF GREATER MIAMI, INC. IN CONNECTION WITH THE PROPOSED TOWNHOME PROJECT IN SUBSTANTIALLY THE ATTACHED FORM, SUBJECT TO CERTAIN TERMS AND CONDITIONS AS SET FORTH THEREIN. WHEREAS, in the City of Miami, a severe housing shortage exists within the affordability range of low and moderate• income families and individuals; and NOV 14 1991 D WHEREAS, the City Commission recognizes that participation of both the public and private sectors is necessary to further the development of housing in the City of Miami within the affordability range of low and moderate income families and individuals, including the elderly; and WHEREAS, in April of 1991, representatives of the Urban League of Greater Miami, Inc. made a personal appearance before the City Commission to request conveyance of five (5) parcels of vacant land under City and County ownership in the Model City neighborhood for the development of an affordable rental housing project; and WHEREAS, on April 25, 1991, through Resolution No. 91-309, the City Commission approved in principle, granting development rights to the Urban League of Greater Miami, Inc. for the development of a 21 unit townhome project on the subject parcels located at Northwest 60th and 61st Streets between 15th and 17th Avenues in the Model City neighborhood; and WHEREAS, through Resolution No. 91-309, the City Commission established $95,000 as the reimbursement amount to be paid by the Urban League of Greater Miami, Inc. to the City for its cost of site acquisition; and WHEREAS, the Urban League of Greater Miami, Inc. has secured preliminary financing through the Dade County Documentary Surtax Program in the amount of $598,500 and $378,680 from Homes for South Florida, Inc., $25,000 from Greater Miami Neighborhoods, Inc., in addition to $143,897 per year for ten (10) years through -2- the Low Income Tax Credit Program for the development of the proposed townhome project; and WHEREAS, in an effort to facilitate the development of the proposed affordable housing project, it is recommended that the 1 City Commission ratify and reaffirm the attached Resolution No, 91-309,adopted April 25, 1991; 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 Commission hereby ratifies and reaffirms Resolution No. 91-309, adopted on April 25, 1991, wherein the City Commission approved in principle, the designation of the Urban League of Greater Miami, Inc. as the project sponsor for a 21 unit rental housing development planned on publicly -owned parcels located at Northwest 60th and 61st Streets between 15th and 17th Avenues in the Model City neighborhood. Section 3. The City Commission hereby establishes $95,000 as the reimbursement amount to be paid by the Urban League of Greater Miami, Inc. to the City of Miami for the said parcels in connection with the construction of the 21 unit townhome project affordable to low and moderate income families. -3- "ty�fi`ta. Section 4. The City Manager is hereby authorized to convey the said parcels as per the attached Contract for Sale and Purchase between the City of Miami and the Urban League of Greater Miami, Inc., dated May 2, 1991 (Exhibit "B"). Further directing the City Manager to direct Metropolitan Dade County to convey three (3) parcels currently under County ownership which were acquired for the City. Section 5. The City Manager is hereby authorized to execute a Memorandum of Agreement between the City of Miami and the Urban League of Greater Miami, Inc. in connection with the townhome project planned in the Model City neighborhood. Section 6. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 14th day o ATTE T MATTY HIRAI CITY CLERK PREPARED AND APPROVED BY: JULIE 0. BRU ASSISTANT CITY ATTORNEY XAVIER L APPROVED AS TO FORM AND CORRECTNESS: Y. .QU NN J ES, III CITY ATTO EY JOB/db/M2573 -4- , 1991. UAREZ; MAYOR µ.. MEMORANDUM OF AGREEMENT BETWEEN CITY OF MIAMI AND URBAN LEAGUE OF GREATER MIAMI, INC. This Agreement is entered into this day of , 1991, by and between the City of Miami, Dade County, a Municipal. Corporation of the State of Florida (the 'City") and Urban League of Greater Miami, Inc. (the "Project Sponsor") whose address is 8500 Northwest 25th Avenue, Miami, Florida 33147 (telephone 649-4450) . WITNESSETH WHEREAS, the City, in cooperation with the Project Sponsor, is implementing a program to increase the supply of affordable housing for families and individuals in the Model City Community Development Target Area; and WHEREAS, in June of 1984, through Resolution No. 84-309, the City Commission authorized the expenditure of Community Development Block Grant funds in the amount of $500,000 for the acquisition of suitable housing sites in the 'Mod e1 City neighborhood under the Model City/Little Havana Demonstration Program; and WHEREAS, the City of Miami has acquired several parcels of land in connection with the development of new housing resources affordable to low and moderate income families and individuals in the Model City neighborhood; and k-i t S 3 9 �s x. WHEREAS, in April of 1991, through Resolution No. 91-309, the Miami City Commission established $95,000 as the sales i3rice for the Project Development Site, as defined in Section 1.5 of this Memorandum of Agreement and agreed to convey the subject parcels to the Project Sponsor for the purpose of developing affordable rental housing in the Model City neighborhood; and WHEREAS, the Project Sponsor is a not -for -profit community based development corporation which has as one of its primary purposes the construction of new housing in the Model City neighborhood that is affordable to low and moderate income families. NOW, THEREFORE, in consideration of the City's promise to convey to the Project Sponsor the Project Development Site specified in Section 1.5 herein and the Project Sponsor's promise to carry out the development program specified in this Agreement, it is hereby agreed as follows: SECTION 1 - DEFINITIONS The words and terms not elsewhere defined in this Agreement shall have the following meaning: 1.1 "AGENCY" - Shall mean the City of Miami Department of Development and Housing Conservation or its successor. 1.2 "LOW INCOME FAMILIES/INDIVIDUALS" - Shall mean families and persons, including the elderly, whose gross income does not exceed 80% of the met] ian income for the Metropolitan Dade County Primary Metropolitan Statistical - 2 - Area (hereinafter referred to as "PMSA"), as defined by the United States Department of Housing and Urban Development. 1.3 "MODERATE INCOME FAMILIES/INDIVIDUALS" - Shall mean families and persons, including the elderly, whose gross income does not exceed 140% of the median income for the PMSA and whose gross income does not fall below 80% of the median income for the Metropoltian Dade County PMSA, as defined by the United States Department of Housing and Urban Development. 1.4 "PROGRAM" - Shall mean a program to increase the supply of housing units affordable to families and individuals of low and moderate income known as the Affordable Housing Development Program. 1.5 "PROJECT DEVELOPMENT SITE" - Shall mean the following four (4) parcels: PARCEL NO. 05-61-03 PARCEL ADDRESS: PROPERTY LEGAL DESCRIPTION: FOLIO NUMBER: LAND AREA: PARCEL NO. 05-61-04 PARCEL ADDRESS: PROPERTY LEGAL DESCRIPTION: - 3 - 1603 Northwest 60th Street Lots: 11 & 12, Block: 12 Orange Heights, Plat Book: 14/62 01-3114-035-2180 100 x 106 1545 Northwest 60th Street Lot: 13, Block: 12 Orange Heights, Plat Book: 14/62 S'39 -_ r MIN 4 =W k r. s E FOLIO NUMBER: LAND AREA: PARCEL NO. 05-61-05 PARCEL ADDRESS: PROPERTY LEGAL DESCRIPTION: FOLIO NUMBER: LAND AREA: PARCEL NO. 05-61-06 PARCEL ADDRESS: PROPERTY LEGAL DESCRIPTION: FOLIO NUMBER: LAND AREA: 01-3114-035-2190 50 x 100 1535 Northwest 60th Street Lot: 14, Block: 12 Orange Heights, Plat Book: 14/62 01-3114-035-2200 50 x 106 1540 Northwest 61st Street Lot: 23, Block: 12 Orange Heights, Plat Book: 14/6 2 01-3114-035-2270 50 x 106 SECTION 2 - TERMS OF AGREEMENT The term of this Agreement shall begin on the date on which the last of the two parties sign below and will end twenty- four (24) months after the date of conveyance of the Project Development Site (in accordance with Paragraph 5.2 below). SECTION 3 - PROJECT DESCRIPTION 3.1 "PROJECT OBJECTIVE" - The objective of the Project is to increase the supply of multifamily rental housing units - 4 - s 3.2 3.3 located in the Model City community of the City of Miami that are affordable to low and moderate income families and persons, including the elderly. "PROJECT PRODUCTION GOAL" - The goal of the Project is to develop approximately 21 rental units to be constructed within the Project Development Site. The rental units will include both two and three bedroom apartments. "PROJECT FINANCING" - The Project will be financed through a combination of public and private financing sources. As of t[ie date of this Agreement the best estimate of the sources and amounts of financing are as follows: a) The Metropolitan Dade County Documentary Surtax Program will provide a loan of $598,500. b) NCNB National Bank through Homes for South Florida will provide financing as needed up to a maximum of $378,680. c) Greater Miami Neighborhoods, Inc. will provide loans up to the amount of $60,000. d) An allocation of $1,438,000 in Federal Low Income Housig Tax Credits from the State of Florida Housing Finance Agency, which is supposed to induce $835,000 of equity for the Project. SECTION 4 - PROJECT SPONSOR SCOPE OF SERVICES The Project Sponsor will have the following roles and responsibilities in implementing the Project: - 5 - ti) i S 3 9 { 0 4.1 "THE PROJECT" The Project shall consist of the construction of 21 units of multifamily rental housing as follows: a) BUILDING TYPE - The Project shall consist of one (1) structure situated oil the Project Development Site in accordance with the site plan attached hereto as Exhibit "A". b) DWELLING UNIT MIX - The Project shall contain substantially the following dwelling mix: i) Fourteen (14) units shall consist of 2-bedroom and 1 1/2 baths. ii) Seven (7) units shall consist of 3-bedroom and 2- baths. c) DWELLING UNIT SIZE - The dwelling units to be constructed shall contain the following minimum net square footages: i) The 2-bedroom units shall contain approximately 940 square feet. ii) The 3-bedroom units shall contain approximately 1,050 square feet. d) DWELLING UNIT FLOOR PLANS - The dwelling units to be constructed shall be constructed substantially in accordance with the preliminary floor plans that are attached to this Agreement and labeled Exhibit "A". e) DWELLING UNIT AMENITIES - The dwelling units to be constructed shall each contain the following amenities: - Electric Stove - Refrigerator - All Tile Floors - Central Air Conditioner - Washer and Dryer Connections f) PROJECT PARKING - The Project shall comply with the City of Miami's Code with regard to parking. 4.2 'PROJECT LEGAL STRUCTURE' - In order to utilize the Low Income Housing Tax Credit Program, the Project Sponsor will create a limited partnership to be organized under Chapter 620, Florida Statutes. The Project Sponsor will also create a wholly owned for -profit subsidiary which will serve as the managing general partner of the limited partnership. The Project Sponsor shall serve as the initial limited partner in the limited partnership. It is understood by the parties to this Agreement that the Project Sponsor, in order to attract the equity investments needed to make the Project financially feasible, will eventually "retire' from the limited partnership by selling its ownership interest to private sector investors using the Low Income Housing Tax Credit. The Project Sponsor's wholly owned for -profit subsidiary shall remain as the General Partner for so long as it complies with the terms of the Limited Partnership Agreement. The subsidiary shall remain either the general partner or a limited partner for the life of the limited partnership. 7 v§ .. . jgrO g �!&� $amRNA ,a 1b 4.3 "PAYMENT FOR PROJECT DEVELOPMENT SITE" - The Project Sponsor shall reimburse the City in the amount of $95,000 for its cost of site acquisition, said amount to be secured at the time of conveyance of the Project Development Site to the Project Sponsor by a Promissory Note and Mortgage, subject to the following terms and conditions: a) The Term of the Promissory Note and Mortgage is to end twenty-four (24) months after the date of conveyance or the date on which the permanent certificate of occupancy is issued, whichever occurs first. b) The rate of interest on the Promissory Note will be zero (0) percent per annum for the term of mortgage, as stated in a) above. c) If the Project Sponsor fails to comply with either of the above mentioned two conditions, the mortgage will at that point in time be in default; and while in default the interest rate on the Promissory Note shall increase to twenty-two percent (22%) or the maximum lawful interest rate allowed by the State of Florida, whichever is greater. 4.4 "PROJECT DEVELOPMENT COSTS" - Shall mean an amount, provided in reasonable detail to the City by the Project Sponsor, equal to the aggregate of all costs and expenses actually incurred by the Project Sponsor for the purpose a ;t S39 RAM ;Q WE v of the initial development and construction of the Project, including all on -site improvements. The estimated costs of development are: DEVELOPMENT COSTS $ 773,750 Construction . . . • • • • • . ° 95,0 Land Acquisition . . . . . . . . 20,500 Construction Interest . . • • • • • • • ' ' ' ' ' . 2,500 Insurance . • . • • • • • • ' ' . . . Bond • Legal and Organizational and Recording 23,000 ,000 20,000 Impact Fees and Permits . . . . • • • • • • 25,000 Development Fees . . . • • • • • • • • ' 27,000 Architectural Fees . . • • • • • • . . ' ' ' 0000 3, Architect Consultant (bank) . • • • • • . Study and Appraisal . • • • ° ' ,5 Environmental ' 77,000 Contingency . • • • • • • • • . ' ' ' ' 2,000 utilities • • • • . . • • ' • ° ' ' ' ' $1,094,250 Total Development Costs SECTION 5 - CITY SCOPE OF SERVICES The City will have the following roles and responsibilities in implementing the development of the Project: 5.1 'PROJECT DEVELOPMENT SITE ACQUISITION` - The City shall be responsible for acquiring the Project Development Site. 5.2 "CONVEYANCE OF PROPERTY TO PROJECT SPONSOR" - The City shall convey good and marketable fee simple absolute title of the Project Development Site to the Project sponsor at/or prior to the closing(s) on the Project's construction loan(s), provided all City conditions and requirements have been complied with by the Project Sponsor. 9 of the initial. development and construction of the Project, including all on -site improvements. The estimated costs of development are: DEVELOPMENT COSTS Construction . . . . . . . . . . . . . . . . $ 773,750 Land Acquisition . . . . . . . . . . . . . . 95,000 Construction Interest . . . . . . . . . . . 20,500 Insurance . . . . . . . . . . . . . . 2,500 Bond 16,000 Legal and Organizational and Recording 23,000 Impact Fees and Permits . . . . . . . . . . . 20,000 z Development Fees . . . . . . . . . . . . . . 25,000 Architectural Fees . . . . . . . . . . . 27,000 Architect Consultant (bank) 3,500 Environmental Study and Appraisal 4,000 Contingency . . . . . . . . . . . . . . . . 77,000 i Utilities . . . . . . . . . . . . . . . . . 2,000 Total Development Costs $1,094,250 SECTION 5 - CITY SCOPE OF SERVICES The City will have the following roles and responsibilities in implementing the development of the Project: 5.1 'PROJECT DEVELOPMENT SITE ACQUISITION` - The City shall be responsible for acquiring the Project Development Site. 5.2 "CONVEYANCE OF PROPERTY TO PROJECT SPONSOR- - The City shall convey good and marketable fee simple absolute title of the Project Development Site to the Project sponsor at/or prior to the closing(s) on the Project's construction loan (s), provided all City conditions and requirements have been complied with by the Project Sponsor. - 9 - �ti .. S32 5.3 6.1 "ADMINISTERING AGENT: CITY - The Department of Development and Housing Conservation or its successor will act on behalf of the City in fulfilling the requirements set forth in this Section except as otherwise determined by this Agreement. SECTION 6 - PROJECT IMPLEMENTATION SCHEDULE The Project Sponsor shall submit plans to the City which shall consist of final working drawings and specifications including (without limitations) the following information: a) Definitive architectural drawings; b) Definitive foundation and structural drawings; c) Definitive electrical and mechanical drawings and final specifications within sixty (60) days after the issuance to the Project Sponsor of firm construction and permanent financing commitments to finance the Project. 6.2 The City shall review the final working drawings and specifications and shall promptly provide the Project Sponsor notice of its approval or disapproval, and shall further, in the event of disapproval, set forth in detail its reasons for any disapproval within thirty (30) days after such receipt. It is further understood that any changes to the final working drawings and specifications shall require the prior written approval of the City, and such approval shall not be unreasonably withheld. - 10 - .r 4 0;J - iirs� j . _ .- fr i'T1 �' '"r'i4'�' �'n"wW* ,�,`Y a. -'fit}._yui3t•Ft, c�p{5 _ t Y 6.3 6.4 The Project Sponsor shall complete the Project and obtain a Certificate of occupancy no later than twenty Four (24) months after the date of conveyance of the Project Development Site by the City. For purposes of any of the provisions of this Agreement, neither of the parties, nor any successor in interest, shall be considered in breach or in default in any of its obligations in the event of unavoidable delay in the performance of such obligations because of delays due to strikes, lockouts, acts of God, inability to obtain labor or materials due to governmental restrictions, enemy action, fire, unavoidable casualty, or other similar causes beyond the reasonable control of a party (not including Project Sponsor's insolvency or financial condition). In the event of the occurrence of any such unavoidable delay (s) , the time (s) for performance of the provisions of this Agreement shall be extended for the period of unavoidable delay(s); provided that the Project Sponsor in seeking the benefit of this provision shall, within fifteen (15) days after such party shall have become aware of such unavoidable delay(s), give notice to the other party in writing of the cause(s) of the time delayed (such written notice shall be sent by registered mail, return receipt requested). 6.5 The Project Sponsor agrees and shall secure bid proposals from certified general contracting firms and shall award — 11 — ,i ! - 1 39 .R`"i' L -tT "4 -•t-:_ s t 0 the construction contract based on a competitive selection process to ensure that the Project will be developed at the least cost to the taxpayers. 6.6 The Project Sponsor agrees to comply promatly with all federal, state and local laws, ordinances and regulations relating to land acquisition, construction, use, sale and leasing of the Project to include, but not limited to, the compliance with the Federal Labor Standards Provisions of the Davis -Bacon Act during construction of the Project and shall submit the appropriate U.S. Department of Labor Forms 257 and 347 in a timely fashion to the City and comply with HUD Form 4010, all documents attached and incorporated herein (Exhibit "B"), if applicable The City reserves the right to audit the records of the Project Sponsor (and the limited partnership described in paragraph 4.2 above) at any time during the performance of this Agreement and for a period of three (3) years after the expiration of this Agreement. SECTION 7 - COMPLIANCE WITH FEDERAL, STATE AND LOCAL LAWS Both parties agree to comply with all applicable laws, ordinances and codes of federal, state and local government. SECTION 8 - ASSIGNABILITY with the approval of the City Manager, the Project Sponsor may assign its obligations and benefits accruing under this - 12 - 3� s5 s vs if Agreement to the limited partnership described in paragraph 4.2 above. Such approval shall not be unreasonably withheld. SECTION 9 - AUDIT RIGHTS The City reserves the right to audit the records of the Project Sponsor (and the limited partnership described in paragraph 4.2 above) at any time during the performance of this Agreement and for a period of three (3) years after the expiration of this Agreement. SECTION 10 - AWARD OF AGREEMENT The Project Sponsor warrants that it has not employed or retained any person employed by the City to solicit or secure this Agreement and that it has not offered to pay, paid or agreed to pay any person employed by the City any fee, commission, percentage, fee or gift of any kind contingent upon or resulting from the award of this Agreement. SECTION 11 - CONSTRUCTION OF AGREEMENT This Agreement shall be subject to and governed by the laws of the State of Florida, both substantive and remedial. SECTION 12 - SUCCESSORS AND ASSIGNS This Agreement shall be binding on, and shall inure to the benefit of, the parties to it and their respective heirs, legal representatives and successors. - 13 - s2f- F f =i 4 lk SECTION 13 - INDEMNIFICATION Proper Sponsor shall indemnify and save the City harmless from and against any and all claims, liabilities, losses and causes of action which may arise out of the Project Sponsor's activities under this Agreement, including all other acts or omissions to act on the part of the Project Sponsor, including any person acting for or on its behalf, and, from and against any orders, judgments, or decrees which may be entered and from and against all costs, attorneys' fees, expenses and liabilities incurred in the defense of any such claims, or in the investigation thereof. SECTION 14 - CONFLICT OF INTEREST 14.1 Project Sponsor covenants that no person under its employ who presently exercises any functions or responsibilities in connection with this Agreement has any personal financial interest, direct or indirect, with the City. The Project Sponsor further covenants that, in the performance of this Agreement, no person having such conflicting interest shall be employed. Any such interests on the part of the Project Sponsor or its employees, must be disclosed in writing to the City. 14.2 The Project Sponsor is aware of the conflict of interest laws of the City of Miami (City of Miami Code Chapter 2, Article V), Dade County, Florida (Dade County Code, Section 2-11.1), and the State of Florida, and agrees that - 14 - ►� Q} a 'ii-,sss �€'r{ aP ` P. es_ 'M.-O �JgFris _- a w it shall fully comply in all respects with the terms of said laws. SECTION 15 - INDEPENDENT CONTRACTORS The parties hereto are independent contractors. No other relationship, legal or otherwise, shall be deemed to have been created by this Agreement, including without limitation, a partnership, joint venture, employer/employee, or principal/agent relationship. Project Sponsor and its employees and agents shall not attain any rights or benefits under the Civil Service or Pension Ordinances of the City, or any rights generally afforded classified or unclassified employees of the City; further neither the Project Sponsor nor its employees shall be deemed entitled to the benefits under the Florida Workers' Compensation Act as an employee of the City. SECTION 16 - TERMINATION OF THE AGREEMENT The City retains the right to terminate this Agreement at any time prior to the conveyance of the Project Development Site pursuant to paragraph 5.2 herein without penalty to the City. In that event, notice of termination of this Agreement shall be in writing to the Project Sponsor. SECTION 17 - NONDISCRIMINATION The Project Sponsor agrees that it shall not discriminate as to race, sex, color, creed, national origin, or handicap in connection with its performance under this Agreement. - 15 - i tq ,� ..1J 00 Further, no otherwise qualified individual shall be excluded from participation in, be denied benefits of, or be subjected to discrimination under any program or activity receiving federal financial assistance solely by reason of his or her race, color, creed, national origin, or handicap. SECTION 18 - MINORITY PROCUREMENT COMPLIANCE The Project Sponsor acknowledges that it has been furnished a copy of Ordinance No. 10538 as amended, the Minority Procurement Ordinance of the City of Miami, and agrees to comply with all applicable substantive and procedural provisions therein, including any amendments thereto. SECTION 19 - CONTINGENCY CLAUSE Funding for this Agreement is contingent upon the availability of funds and the continued authorization for program activities and is subject to amendment or termination due to lack of funds, or end of authorization, reduction of funds, and/or changes in regulations. SECTION 20 - DEFAULT PROVISIONS In the event that the Project Sponsor fails to comply with each and every term and condition of this Agreement or fails to perform any of the terms and conditions contained herein, then the City, at its sole option, upon thirty (30) days notice to Project Sponsor, may cancel and terminate this Agreement. - 16 - z r r�3 Should the Project Sponsor fail to complete the Project and obtain a Certificate of occupancy within the time prescribed in paragraph 6.3 herein, the City may, at its option, exercise its reversionary interest in the land and improvements, without any compensation to the Project Sponsor. SECTION 21 - ENTIRE AGREEMENT This Agreement, and the "Contract for Sale and Purchase" which has been executed simultaneously with this Agreement (a copy of which is attached hereto and labeled Exhibit "C") constitute the entire Agreement between the parties hereto pertaining to the subject matter contained herein. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by all authorized representatives of the parties. SECTION 22 - NOTICE All notices or other communication given pursuant to this Contract shall be in writing and shall be delivered by personal service, or by regular mail addressed to the party at the address indicated herein or as the same may be changed from time to time. Such notice shall be deemed to be given on the day on which it is personally served or on the date of actual receipt, whichever is earlier. - 17 - - W. - �«- �.,. ..� 'b El FOR PROJECT SPONSOR T. Willard Fair, President Urban League of Greater Miami, Inc. 8500 Northwest 25th Avenue Miami, Florida 33147 FOR CITY Jeffery B. Hepburn, Assistant Director Department of Development and Housing Conservation Dupont Plaza Center Suite 401 300 Biscayne Blvd. Way Miami, Florida 33131 SECTION 23 - INSURANCE The Project Sponsor shall purchase and maintain throughout the period of this Agreement, and extensions or renewals thereof, primary insurance as protection to the City. The following list of insurance requirements shall not relieve or limit the liability of the Project Sponsor, but are merely minimum requirements. a) Commercial General Liability. Comprehensive General Liability or its equivalent, on an occurrence form with a minimum limit of $1,000,000 per occurrence, $2,000,000 aggregate premises, operations, bodily injury, property damage, endorsed for independent contractors, contractual liability, broad form property damage on a replacement cost basis until the point of sale and other endorsements as may become applicable. - 18 b) All Builder's Risk policy on a replacement cost basis to be furnished to and approved in writing by the Agency, prior to the construction loan closing. c) Business auto policy with a minimum limit of $300,000 combined single limit covering bodily injury, property damage, on all owed, non -owned and hired vehicles used on the Project Development Site if applicable. d) Except for Workers' Compensation, all policies shall be endorsed to name the City as an additional insured to the extent of the City's interest arising from this Agreement. To provide that failure of the Project Sponsor to comply with any of the policy provisions will not void coverage for the City. e) The required insurance shall be so written that the policy or policies may not be cancelled, non -renewed or adversely changed without thirty (30) days advance written notice to the City of Miami being delivered to the office of Risk Management Division, Insurance Coordinator, 174 East Flagler Street, 7th Floor, Miami, Florida 33131. f) A current certificate of insurance showing present-day required coverage shall be supplied to the Agency prior to commencement of activities under this Agreement. Policies, forms and endorsements shall be provided upon request to the City within five (5) working days. - 19 - ai g) Insurance policies required above shall be issued by companies authorized to do business under the laws of the State of Florida. The company must be rated no less than "A" as to management, and not less than "Class VII" as to financial strength, in accordance with the latest edition of Best's Key Rating Guide, published by Alfred M. Best Company, Inc. Oldwick, New Jersey. h) Receipt of any documentation of insurance by the City or by any of its representatives which indicates less coverage than required does not constitute a waiver of the Project Sponsor's obligation to fulfill the insurance requirements herein. i) The City Manager, or his designee, may at his sole discretion modify the insurance requirements of this Agreement as is/are needed to protect the City. SECTION 24 - GENERAL CONDITIONS 24.1 Title and paragraph headings are for convenient references and are not a part of this Agreement. 24.2 No waiver of any of the provisions of this Agreement shall be deemed to, or shall constitute, a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver. No waiver shall be binding unless executed in writing by the party granting the waiver. - 20 - 24.3 In the event that any provision of this Agreement is Found to be legally unenforceable, such provision shall be deemed modified to the extent necessary in order to conform with such laws, or if not modifiable to conEorin with such laws, then the same shall be deemed severable, and in either event, such unenforceability shall not prevent enforcement of any other provision of this Agreement. IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by the respective officials thereunto duly authorized, this the day and year first above written. SIGNATURE OF PROJECT SPONSOR Urban League of Greater Miami, Inc. By: T. Willard Fair, President Attest: Victor L. Cohen, Secretary SIGNATURE OF CITY City of Miami, A Municipal Corporation of the State of Florida By: Cesar H. Odio, City Manager Date Date Date - 21 - ; ri Attest: Matty Hirai, City Clerk APPROVED AS TO FORM AND CORRECTNESS: A. Quinn Jones, III, City Attorney APPROVED AS TO INSURANCE REQUIREMENTS: Segundo R. Perez, Insurance Coordinator 22 — Sea Date Date A& W EXHWrr"A7 SITE PLANS AND FLOOR PLANS a .7- ep w T E Le vA-r I 2. pry. F=LC,09, FLAJ LI 7MITBIT nl3n Federal Labor Standards r-rovisions u1.5. 1)r11 nrlror.nl of Ho and Urban Devrlopnhnnl "i r � Appllcnbilily Thr Project Or Program to which the construction work covered by this Contract pertnins Is being assisted by Ills United States of An,nrica and the following Federal Libor Standards Provisions are, included In this Contrart pursunnl to the provisions applicable to such Federal assistance. A. 1. (1) Minirnunt Wages. All laborers and mechanic!; employed or work- Ing upon the site of (he work (or under the United States i fouling Act of 1937 or under Ilia I lousing Act of 1949 in the construction or development of the project), will be paid unconditionally and not less often than once a week, and without subsequent deduction or rebate on any account (except such payroll deductlons as are permitted by regulations Issued by the Secretary of Labor under the Copeland Act (29 CFn Part 3), Ilia lull amounl of wages and bona Ilde Iringe benefits (or cnrh equivalents thereof) dun- nl lidirt of payment computed at rates not less than thosr, contnined In the wage delet minalion of Ilia Secretary of Labor which Is attached berate, and made n part hereof, regardless of any conlraclural relationship which may be alleged to exist between the contractor and such laborers and mechanics. Contributions made or costs reasonably anticipated for bona fide fringe benefits under Section 1(b)(2) of Ilia Davis -Bacon Act on b0mll of laborers or mechanics are considered wages paid to such laborers or mechanics, subject lu Ilia provisions of 29 CFT1'5.5(a)(1)(iv); also, regular contributions made or costs Incurred for more Ilion a weekly period (but not less often Ilion quarleriy) under plans, funds, or programs, which cover Ilia particular weekly period, are deemed to be constructively made or incurred during such weekly period. Such laborers and mechanics shall be paid the appropriate wage rate and Iringe benelils on the wage determination for the classification of work actually performed, without regard to skill, except as provided in 29 CFfl Part 5.5(a)(4). Laborers or mechanics performing work In more Ilion one classification may be compensated at Ilia rate specified for each classilica- 1lort for Ilia time actually worked therein: Provided, That Ilia employer's pay- roll records accurately set forth the time spent In each classification in which work is performed. The wage determination (including any additional classification and wage rates conformed under 29 CFR Part 5.5(a)(1)(ii) and Ilia Davis -Bacon poster (W14-1321) shall be posted at all limes by the con- tractor and Its subcontractors at the site of the work In a prominent and accessible, place where it can be easily seen by Ilia workers. (li) (a) Any class of laborers or mechanics which is not listed in the wage determination and which Is to be employed under the contract shall be classified In conformance with the wage determination. HUD shall approve an additional classilicalion and wage rate and fringe benefits tlherefore only when Ilia following criteria have been mFt (1) The work to be performed by file classilicalion requested Is not performed by a classification In the wage determination-, and (2) The classification Is utilized in Ilia area by the construction Industry-, and (3) The proposed wage rate, including any bona fide fringe bene- lits, bears a reasonable relationship to the wage rates contained In Ilia wage determination, (b) It the contractor and the laborers and mechanics to be employed in the classification (if known), or their ropt esentilives, and MUD or its 1 designee agree on Ilia classification and wage rate (including Ilia amount designated for binge benefits where appropriate), a report of Ilia action taken shholl be sent by HUD or Its designee to Ilia Administrator of the Wage and I lour Division, Employment Standards Administration, U.S. Deparinhent of Labor, Washington, D.C. 20210. The Administrator, or on authorized representative, will approve, modify, or disapprove every additional classili- calion action within 30 days of receipt and so advise IiUD or its designee or vyill notify HUD or its designee within the 30-day period Ihal additional h time Is necessary. (Approved by Ilia Office of Management and Budget under 0M8 control number 1215-0140.) (c) In llte event the contractor, ilia laborers or mechanics to be employed in Ilia classification or their representatives, and I iUD or its designee do not agree on the proposed classification and wage rate (including the amount designated for [tinge benefits, where appropriate), rrevious Edition is Obsolete i iUD or its deslgnre shall refer the qunslions, Including the vlrrws of nll inleresled poetics and ilia recorornerhdntion of I IUD or its dosigner-, to Ilia Administrator for rieterrninnlion. Thr, Adntlnl stralar, or an nuthorizr_d rrprn- sr.,nlally ,, will Issue a delernrinallon within 30 days of rerefpt and so advi --e I iUD or its designer, or will notify I IUD or Its designee withln the 30-d1y period that additional lime is necessnry. (Approved by the Office of Man- agernenl and ©udg(.,l under OMB Control Number 1215-0140) (d) The wage tale (Including fringe benefits where appropriate.) determined pursuant to subparagraphs (1)(b) or (c) of this paragraph, s1+111 be paid to all workers performing work In th.• classilicalion under this con- Irncl tram the first day On which work Is pmforrned In Ilia Onssilicalinn. (Ili) Whenever Ilia rnlnimum wage rota prescribed in tha conhncl for n class of laborers or rnechanlcs Includes a hinge brn,!M whtcit Is not[ expressed as an hourly rate, Ilia conUaclor shall either pny Ilia benefit ns staled In Ilia wage_ determination or shall pay another bona fide Iringe benefit or nn hourly cash equivalent thereof. (iv) It the contractor does not make payments to a trustee or other lihirrt person, Ilia contractor may consider as part of Ilia wages of any laborer Cr mechanic the amount of any costs reasonably anticipated in providing bona fide fringe benefits under a plan or program, Provided. That the Secretary of Labor has found, upon Ilia written request of lite conlraclor, that Ilia applicable standards of the Davis -Bacon Act have been met. The Secretary of Uribor may require the contractor Io sal aside in a separate account assets for Ilia meeting of obligations under Ilia plan or program. (Approved by the 011ice of Management and Budget under OMB Control Number 1215.0140.) 2. Withholding. HUD or its designee shall upon its own action or upon written request of an authorized representative of the Depnrirnenl of Labor withhold or cause to be withheld from the contractor under this contract or any other Federal contract with Qte same prime contractor, or any other Federally -assisted conlracl subject to Davis -Bacon prevailing wage requirements, which is held by Ilia same prime contractor so much of the accrued payments or advances as may be considered necessary to pay laborers and mechanics, Including apprentices, trainees and helpers, employed by Ilia contractor or any subcontractor Ilia lull amount of wages required by Ilse contract. In the even( of failure to pay any laborer or mechanic, including any apprenllce, trainee or helper, employed or working on the site of Ilia work (or under the United Stales Ilousing Act of 1937 or under the I lousing Act of 1949 In Ilia construction or developrnenl of the project), all or part of Ilia wages required by the conlracl, i IUD or its desig- nee may, alter written notice to the contractor, sponsor, applicant, or owner, lake such action as may be necessary 10 cause (the suspension of any further pnymenL advance, or guarantee of funds until such violations have ceased. HUD or its designee may, alter written notice to the contractor, dis- burse such amounts withheld for and on account of the contractor or sub- contractor to the respective employees to whore they are due. The Conhp- troller General shall make such disbursements in the case of direct Davis -Bacon Act conlracts. 3. (1) Payrolls and basic records. Payrolls and basic records relating thereto shall be maintained by the contractor during the course of the work preserved for a period of three years thereafter for all laborers and mechanics working at Ilia site of the work (or under the United States I lousing Act of 1937, or under the Housing Act of 1949. in the construction or development of the project). Such records shall contain the nnmr, address, and social security number of each such worker, his or I;er car-' tact cfassilicalion, hourly rates of wages paid (including rates of conhibu- lions or costs anticipated for bona Ilde fringe benefits or cash equivalents thereof of Ilse types described in Section i(b)(2)(0) of Ilia Davis-b; con Act), daily and weekly number of hours worked, deductions made and actual wages paid. Whenever the Secretary of labor has found under 29 CF11 5 5 (a)(1)(iv) that Ilia wages of any laborer or mechanic include Ilia amount of any costs reasonably anticipated in providing benefits under a plan or pro- gram described in Section i(b)(2)(B) of Ilia Davis -Bacon Act, Ilia contractor shall maintain records which show that Ilse commitment In provide surh IIUD-4n10 1`2 1141 II(0 1. 44.11 —_ - kxt �. •_ ( benolils is enforceable, that ilia plan or program t] eranrlally responsible, and thnl Ilia plan or program has been communicated In writing to the laboters or mechanics affected, and records which show the costs anlicl- paied or ilia Actual cost Incurred In providing such benefits. Conlraclors employing apprentices or trainees under approved programs shall nialnialn written evidence of the registration of apprenticeship programs and cerlill- callon V trainee programs, the registration o1 the apprentices and Irainees, and ilia ratios and wage rates prescribed In Ilia applicable programs. (Approved by Ilia Office of Managemenl and Budge( under OMO Control Numbers 1215.0140nnd 1215-0017) (It) (a) The contractor shall submit weekly for each week In which any contract work Is performed a copy of all payrolls to I iUD or its designee it Ito agency Is a party to the contract, but It Iho agency Is not such a party, the contractor will submit Ilia payrolls In ilia applicant, sponsor, or owner, as ilia case may be, for transmission to I IUD or Its designee. The payrolls submitted shall set out accurately and completely all 01 Ilia information required to be maintained under 29 CFR Part 5.5(a)(3)(i). This Information may be submitted In any loan desired. Optional Form W11-347 Is available for this purpose and may be purchased from ilia Superintendent of Docu- ments (Federal Stock Number 029.005-00014-1). U.S. Government Printing 011ice, Washington, DC. 20402. The prime contractor Is responsible for the submission of coples of payrolls by all subcontractors. (Approved by the Office of Management and Budget under OMB Control Number 1215.0149.) (b) Each payroll submitted shall be accompanied by a "Statement of Compliance," signed by the contractor or subcontractor or his or her agent who pays or supervises the payment of ilia persons employed under the contract and shall certify the following: (1) Thai Ihe payroll for ilia payroll period contains Iho Information required to be maintained under 29 CFR Pail 5.5 (n)(3)(1) and that such Information Is correct and complete; (2) That each taborer or mechanic (including each helper, apprentice, and trainee) employed on the contract during Ilia payroll period has been paid the full weekly wages earned, without rebate, either directly or indirectly, and that no deductions have been made either directly or Indt- reclly from the full wages earned, other than pennissable deductions as set fortis in 29 CFR Part 3; (3) That each laborer or mechanic has been paid not less ]ban Ilia applicable wage rates and fringe benefits or cash equivalents for ilia clan- sicailon of work performed, as specified In the applicable wage determina- 6on Incorporated Into Ihe contract (c) The weekly submission of a properly executed certification set forth on the reverse side of Optional Form Wt 1.347 shall satisfy Ilia requirement for submission of the "Statement of Compliance" required by paragraph A3.(1O(b) of this Becton. (d) The lalsilicaton of any of the above certifications may subject ilia contractor or subcontractor to civil or criminal prosecution under Section . 1001 of Title iS and Section 231 of Title 31 of the United Slates Code. (1(() The contractor or subcontractor shall make Ilia records required under paragraph A.3.(i) of this secllon available for inspection, copying, or lraiscriplion by authorized representatives of HUD or its designee or Ilia Department of Labor, and sihall permit such representatives to Interview employees during working hours on the job. 11 the contractor or subcon- tractor fails to submit Ilia required records or to make them available, I IUD or its designee may, alter written notice to ilia contractor, sponsor, appli- coal, or owner, take such action as may be necessary 10 cause the sus- pension of any further payment advance, or guarantee of funds. Further- more. failure to submit the required records upon request or to make such records available may be grounds for debarment action pursuant to 29 CFR Part 5.t2. 4. (1) Appierillces and Trainees. Apprentices. Apprentices will be per- mitted to work at loss than the predetermined rate for the work they per- formed when trey are employed pursuant to and Individually registered in a bona fide apprenticeship program registered with tie U.S. Department of r labor, Employment and Training Administration, Bureau of Apprenticeship and Training, or with a Slate Apprenticeship Agency recognized by ilia Bureau, or If a poison Is employed In his or hat first 90 days of probationary employment as an apprendca In such an apprenticeship program, who is not Individually regislored In the program, but who has bean certified by Ilia Bureau of Apprenticeship and Training or a Stale Apprenticeship Agency (where appropriate) to be eligible for probationary employment as an r Apprenllcn. Thn allownbta n 4apprentices to journeymen on the Inb silt in any craft classificalfon shah riot be greater than the (alto permmtted to the coriticlor as to the, entire work force under the registered program Any woikr-r listed on A payroll at an apprentice wagc rate, who Is not regislored or otherwise employed as stated above, shall be paid not less Ihan tire applicable wage rate on the wage delerminallon for Ilia classillcalion of work aclually perforined. in addition, any apprentice performing work on Ilia job site In excess of the ratio permitted under ilia registered program shall be paid riot less than the applicable wage rate on Ihe wage decinil- nation for tlhe work Actually performers. Where a contractor Is performing construction on a project in A locality other than Ilia[ In which its program is registered. ilia ratios and wage roles (expressed In percentages of the jour- neyman's hourly rate) specified in Ilia contractor's or subcontractor's regis- tered program shall be observed. Every apprencilce must be paid at not less than the (ale specified In Ilia registered program for ilia Apprentice's level of progress, expressed as a percentage 'A the journeymen hourly rate specified in Ihe applicable wage determination. Apprentices shall he paid fringe benefits In accordance with Ihe provisions of the apprenticeship program. Ii the apprenticeship program does not specify fringe benefits, apprentices must ba pAld Ilia lull amount of fringe benefits listed on Ilia wage determination (or the applicable classification. it Ilia Adminisiralor determines that a dilterent practice prevails for Ilia applicable apprentice classilicalion, fringes shall be paid in accordance wilh that determinalion. In the event the Bureau of Apprenticeship and Training, or a Slate Apprert- liceship Agency recognized by Ilia Bureau, withdraws approval of an apprenticeship program. the contractor will no longer be permitted to ulilize apprentices at less Ihan ilia applicable predetermined role for Ihe work performed until an acceptable program is approved. (11) Trainees. EAcept as provided in 29 CFR 5.16. trainees will not be permitted to work at less than Ilia predetermined rate for ilia work per- formed unless they are employed pursuant to and Individually registered In a program which has received prior approval, evidenced by formal certill- cation by the U.S. Department of Labor, Employment and Training Admin( siration. The ratio of trainees to journeymen on the job silo shall not be greater than permitted under ilia plan approved by the Employment and Training Administration. Every trainee must be paid at not less than Ilia rate specified in [fie approved program lot the irainee's level of progress, expressed as a percentage of the journeyman hourly rate spacllied In the applicable wage determination. Trainees shall be paid fringe benefits in accordance with Ihe provisions of ilia trainee program. if tie trainee pro- gram does not mention fringe benelils, trainees shall be paid Ilia full amount of Iringe benefits listed on the wage determination unless ilia Administrator of the Wage and Hour Division determines that (here is an apprenticeship program associated with ilia corresponding journeyman wage rate on Ilia wage determination which provides for less than full fringe benefits for apprentices. Any employee listed on the payroll at a trainee rate who Is not registered and participating in a training plan approved by the Employment and Training Administration shall be paid not .less than the applicable wage rate on Ilia wage determination for the work actually performed. In addition, any trainee performing work on ilia job silo in excess of Ihe ratio permitted under the registered program shall be paid not less than the applicable wage rate on the wage determination for Ihe work actually performed. In Ihe event the Employment and Training Admin- Istralion withdraws approval of a training program. Ilia contractor will no longer be permitted to utilize trainees at less than Ilia applicable predeter- mined rate for Ilia work performed until an acceptable program Is approved. . (Ili) Equal employment opportunity. The utilization of apprentices. trainees and journeymen under this pan shall be In conformity with Ilia equal employment opportunity requirements of Executive Order 11246, as amended, and 29 CFR Part 30. 5. Compliance wlUh Copeland Act requirements. The contractor shall comply with (he requirements of 29 CFR Pail 3 which are incorporated by reference in this contract 6. Subcontracts. The contractor or subcontractor will insert in any sub- contracts [tie clauses contained In 29 CFR 55(a)(1) through (10) and such other clauses as HUD or its designee may by appropriate Instructions require, and also a clause requiring tie subcontractors to Include these clauses In any lower tier subcontracts. The prime contractor shall be iesponsiblo for the compliance by any subcontractor or lower tier subcon- tractor with all the contract clauses In 29 CFR Part 5.5. i• 7. Conlraclo lerminalion; debarment. A breach of flte contract clauses in 29 CFn 5 5 may be grounds for lerrninotion of ittr contract- and for dehar- mrrit as a contractor and a subcontractor as provided in 29 Crn 5.12. e. Cornpflanco with Davis -Bacon and netaled Act nequfrements. All rul- ings and inlerpre(ations of the Davis -Bacon and nelnled Acts contained in 29 crn Pails 1, 3, and 5 are herein incorporated by reference in this contract 9. Disputes concerning labor standards. Di5oules arising oul of Ilia labor standards provisions of this contract shaft not be Subiect to the. general disputes clause of this contract Such disputes shall be resolved in accor- dance with Ilia procedures of Ihn Department of Labor set forth in 29 CF-11 Parts 5, 6, and 7. Disputes within Ilia meaning of this clause include dis- putes between Ilia contractor (or any of its subcontractors) and HUO or its designee, the U.S. Department of labor, or the employees or their representatives. 10. (i) Certitiicallon of Eligibility, By entering Into this conlracL the con- tractor cerfilies that neither it (nor he or she) nor any person or Ilan who has an in(eres( in [tie contractor's firm Is a person or firm Ineligible to be awarded Government contracts by virtue of Section O(a) of the Davis - Bacon Act or 29 CFn 5.12(a)(1) or to be awarded HUD contracts or partici- pate in HUD programs pursuant to 24 CFn Part 24. (11) He part of this contract shall be subcontracted to any person or firm ineligible for award of a Government contract by virtue of Section 0(a) of the Davis -Bacon Act or 29 CFR 5.12(a)(i) or to be awarded I IUD contracts or participate In HUD programs pursuant to 24 CFR Part 24, (Ili) The penalty for making false statements Is prescribed in Ilia U.S. Criminal Code, 18 U.S.C. 1001. Additionally, U.S. Crimnol Code, Section IWO. Title 16 , U.S.C., "Federal Housing Administration transactions", pro- vides in part "Whoever, for the purpose of, .-Inlluencing in any way Ilia action of such Administration. makes, tillers or publishes any slaternent, knowing the same to be false.. , shall be fined not more than 55,000 or imprisoned not more than two years, or both." if. Complaints, Proceedings, or Teslimony by Employees. No laborer or mechanic to whom the wage, salary, or other labor standards provisions of (his Contract are applicable shall be discharged or In any other manner discritnina(ed against by the Contractor or any subcontractor because such employee has liled any complaint or instituted or caused to be instituted any proceeding or has testified or is about to testify In any proceeding under or relating to the labor standards applicable under this Contract to his employer. 8 Contract Welk Hours and Safely Standards Act, As used in this para- graph, the terms "laborers" and "mechanics" include watchmen and guards. (1) Overtime requirements. No contractor or subcontractor contracting for any part of the contract work which may require or involve the employ- ment of laborefs.or mechanics shall require or permit any such laborer or mechanic in any workweek In which he or she is employed on such work so work in excess of forty hours in such workweek unless such laborer or mechanic receives coin- 0 oil . p,!nsnlinn at 1 tale not Irsr, than one and orir hall limes Il,r basic fair, 01 pay for ill hours wnrkerl in eyeess ofhT''�j[y�j�'�')jj�jt� E IJ!L' forty holm in such wr)rkv,orw�F�TtT Ulf ITI`?47jjFja (2) Vinlaflnn; liability lot unpaid wages; figiridalcd damages. In Ihn event of any violation of the clause srl larch in snhparagraplt (1) or Ihis paragraph. Ilia contractor and any subcontractor responsible ❑turetor shall be ;i:ible for the unpaid wagr!s In addilion, such contractor and stnccon. tractor shaft be liable' to Ilia Unilyd States (in the case of work done under contract for the District of Cofumbin or a territory, to such District or to such territory), for liquidnied damages. Such fiquidatt!d rlantages shhall be com- puted with respect to each individual laborr-r or mechanic, including watchmen and guards, employed in violation of the clausn, sel forth in sub- paragriph ( ti of this paragraph, in (he sum of 510 for cacti calendar day on which such individual was requlrrd or permitted to v,ork in excess of = VL )o -7. 7,T= the standard workv,rek of forty hours wilhoul pay- ment of Ihn avrrlirne wages rerjtfirrd by Ism clause set lorth in suhpara- graph (1) of this paragraph. (7) Withholding for unpaid viages and liquidated damages. I IUD or its designee shall upon its own action or upon wrillrn rerlurst of an aulho- fired representative of the Departrnent of Labor witdtold or cause to be , wilhheld. from any moneys payable on account of work performed by (tic contractor or subcontractor under any such contract or any otter rederol con(ract with lice same prune contract, or any ether redrraty-as9isted con- tract subject to the Contract Work i lours and Salary Standards Act. wtv,]h is held by the sarne prime contractor such stuns as may be delermined to be necessary to satisfy any liabilifir-s of such contractor or subcontractor for unpaid wages and Iiquidalect damages as provided in Ilia clau;o set forth in subparagraph 12) of this paragraph, (4) Subcontracts. The contractor or subcontractor shall insert in any subcontracts the clauses set loch in subparagraph (1) through 14) of t is paragraph and also a clause requiring the subcontractors to include. these clauses in any tower lie( subcontracts The prime coniractor shall bo responsible for compliance by any subcontractor or lower lief. subcontrac- tor with the clauses set forth in subparagraphs (1) through (4) of this paragraph. C. fieallh and Safely (1) No laborer or mechanic strait be required to work in suiiociridings or under working conditions which are unsanitary, hazardous, or'danger- ous to his health and safety as delermined under consuticu4n safety and health standards promulgated by the Secretary of Labor by regulation. (2) The Contractor shall comply with all requlafions issued by the Secretary of Labor pursuno( to Title 29 Part 1926 (lormerly part i5181 and failure to comply may result in irnposilion of sanctions pursuant to die Con- tract Work flours and Safety Standards Act (Public Law 91 .5-1, 0.1 Still , 96) (7) The Contractor shall include the provisions of this Atlicle in every subconuac( so that such provisions will be binding on each subcontractor. The Contractor shall take such action wish respect to any subcontract as the Secretary of i lousing and Urban Development of the Sec(e(ary of labor shall direct as a means of enforcing such provisions. JIWD I01012 IM R. r Instructions For Filing Monthly Employment Utilization Report (CC-257) l The Monthly Uillizallon nopori Is to be completed by each subject conlractor (both prime and tub) and signed by a responsible official of the company. The reports ere to be Iited by the 61h day of each month during the term of the conlract,' And they shall include the total work -hours for each employee classification in each trade in the covered area for the monthly reporting period. The prime contractor shell submit a report for Its aggregate work force and collect and submit reports for each subcontractor's aggregate work force to the Federal compliance agency that has Executive Order 11240 responsibility. (Additional copies of this form may be obtained from the U.S. Department of tabor, Employment Standards Administration, OFCCP's regional office for your area.) Compitanco Agency U.S, GovernmInt agency assigned responsibility for equal employment opportunity. ' (Secure this information from the contracting officer.) Federal Funding Agency U.S. Government agency funding project (In whole or In part). If more than one agency, list all. Contractor Any contractor who has a construction contract with the U.S. Qov- ernmont or a contract funded In whole or in part with Federal funds. Minority Includes Blacks, Hispanics, American Indians, Alaskan Native@, and Asian and Pacific Islanders —both men and women. 1. Covered Area Oeographlc area Identified in Notice required under 41 CFR 00-4.2. 2. Employer's Identification Number Federal Social Security Number used on Employer's Ouarlerly Federal Tex nelurn (U.S. Treasury Department Form 941). 3. Current cloale (Minority 6 Femaie) See contract Notincellon. 4. noporling Period Monthly, or as directed by the compliance agency, beginning with the effective date of the contract. 6. Construction Trade Only those construction crafte which contractor employs In the covered area. e. Work -flours of Employment (a-e) it. The total number of male hours and the total number of female hours worked by employees In each claeslneatlon. b.-o. The total number of male hours and the total number of female hours worked by each specified group of minority employees In each classification. Classification Tho level of accomplishment or status of the worker In ilia trade (Journey Worker, Apprentice, Trainee) 7. Minority Percentage The percentage of total minority work -hours, of all work -hours (the sum of columns eb, ec, ed, and tie divided by column ea; just one ngure for each construction trade). e. Female Percentage For each trade the number reported in ea. F divided by the sum of the numbers reported In es,. M and F. 9. Total Number of Employees Total number of male and total number of female employees work- ing in each classification of each trade In the contractor's aggro - gate work force during reporting period. 10. Total Number of Minority Employees Total number of male minority employees and total number of female minority employees working in each classification in each trade in the contractor's aggregate work force during reporting period. ' t 't. ' Y I i •,, I di 11 j I a U.S. Department of Labor Monthiy Employment Utilization Report Ernploynent Standards Aomintsvat,on OFO:P 2 rsnpt 20� Failure to report can rawlt in contracts t. Covered /van s►ZZ x lam,) This report rs required by Enecutive Ortler n wh Sec-. be declarad :, 4 bei csncetied. terminated or I nLTIIe spot teoerall pass's nw^s ouciioan co^imaCis NNme and Lecation of Contracts " inellible for further Gc►vernmert Current Goals '^g Period ��tky Minority From �_ {,f Female -- To of Hours of EmpVoytnertt (Federal b Non -Federal) a = 6e 7. 6tx ec. 6d. i 6a. Asian a American Wit.;.. Total All Slack - Pacific Indian or ft�4 Employees (Not O` Hispanic Alaskan tVative Minority Fernale ' By Trade Oripm) Hispanic lslande' Pwcentage Psrrentage "onsiruclion K F F Classifications N F k1 I F ade !u F *= Journey Worker Apprentice I I Trainee I 1 c;, ,. �'xr•_:=;, Sub -Total iJoumey Worker I I 1 Apprentice � � � ( Trainee 1 `� h SuD-Total 1 I ;v Worker I � s t Apprentice 1 Trainee,, I; z � •�'�- ,� �'�'��, tom. ;��.-�� ,, `t Sul -Total .T Journey Worker Apprentice 1 1 1 1 Trainee Sub-Total.��?`•` Joumey Worker apprentice � � � iTr;.inee � 1 "� r:: •.. +l •tir Total Journey WDrkers 1 Tots! AporenlicesZA I ..0 Total Trainees Date Signe � Grand Total _ epnone Num!� I 11. C-=pany O tztal s Signature and Title I (include area code) 10 t.D. No. OM 3 No. 12 ; 5 01 Fires 06 36� fFeoeral Fur+.tin Agency S. 114. Total Total Number Number of of Minority Employees Employees W I F I I F 10 i I I 0'. Form CC�•257, Fiev. Dec. ! 956 Date 1• Werne o! wxn~7 Oerty) do hereb; state: - (1) That 1 pay or supervise the payment of the persons employed by on the or work) 1ContnNN or •ubcentrnaM that during the payroll period commencing on the day otr -- 19 — 19 and ending the y wage eamed, that no rebates day of eel have been paid the full weekly all persons employed on said pros to or on behalf of said have been or will be made either directly or indirectly from the full lC:enereetor er s0000nereaen or weekly wages tamed by any person and that no deductions have been made either directly defined from the full wages caned by any person• other than permissible deductions as eland indirectly the Secretary of Labor under the Cop in Resulations, Pars 3 (29 CFFt SuStat A). issued Y 40 U.S.C. 27Gc), and de- Act, as amended (48 $tat 943. 63 Slat 108. 72 StaL 967; 76 SbL 357; scribed below: (2) That eery Payrolls otherwise under this contract required to be submitted for the above and complete that the wage rites for laborers or mechanics contained therein period are correct wage a a data incorpo are not less than the applicable wage rates contained in arty g rise conform w� the the contract that the classifications set torch therein- for each laborer or meths ... work he performed. (3) That any apprentice employed in L1e above period are duty registered in a bona fide apprenticeship program registered with a. Seats apprenticeship agency recognized such by the Bureau or if no such recognised agency OfLAb +rid Training. United States Depart of Apprenticeship and Training, United States Department at La r. esists in a State. are registered with the Bureau of Apprenticeship ment of Labor. - (4) That: R PRCGRAM (a) PAID TO APPROVED PLANS. FUNDS. WHERE FRINGE BENEFITS ARE 0 —In addition to the basic hourly wags rates paid to each taborer of mechan © it fisted the above referenced payroll, payments of fringe benefits as listed in tt ... •.•—u�asr-t y-a.s contract have been or will be made to aPPrOP(iate programs far the benefit of such employees. "cept as noted in Section 4(c) below- (b) WHERE FRINGE BENEFITS P.RE PAID 1N Ca.,`t-1 --Each fatwrr or mechanic listed in the above re}errnce6 payroll has peen le b is indicated on the payroll• an amount not less than the sum at the applicable basic nt of the required triage benefits as listed in the hourly wage rate plus the amou contract, except as noted in Section 4(c) below- (c) EXCEFMONS IL , DEPARTIAExT OF LABOR WAGE MD HOUR DMsiom -PAYROLL .e_. r.., #_t^prc nri innal Use: See instruction, Farm WH-347 Inst.) rDRY MCH-347 (1/69) - FORMERLY SOL 1!4—PURCHASE THIS FORM DIRECTLY FROM Tnc hurt. ur ��`-"'^"'•' Form AeolowQ 9vG/R 8unau Ii> �-F1109S L2 EXHIBIT "C" i CONTRACT FOR SALE AND PURCIIASr B;:TWrEN i CITY OF MIAMI ("SELLER") AND URBAN LEAGUE OF GREATER MIAMI, INC. ("BUYER") Q i This Agreement is entered into this 23ay of�%%��' 1991, by and between the CITY OF MIAMI, Dade County, a Munic pal Corporation of the State of Florida (The "SELLER") and URBAN LEAGUE OF GREATER MIAMI, INC. (The "BUYER") whose address is 8500 1 Northwest 25th Avenue, Miami, Florida 33147 (telephone 696-4450). WITNESSETII WHEREAS, the City, in cooperation with the Purchaser, is Implementing a project to increase the supply of affordable rental housing for families and individuals in the Model City Community Development Target Area; and WHEREAS, in June of 1964, through Resolution No. 84-309, the Miami City Commission authorized the expenditure of Community Development Block Grant funds in the amount of $500,000 for the acquisition of suitable housing site in the Model City neighborhood under the Model City/Little Havana Demonstration Program; and WHEREAS, the City of Miami has acquired several parcels of land in connection with the development of new housing resources affordable to low and moderate income families and individuals in the Model City neighborhood; and WHEREAS, In April of 1991, through Resolution No. 91-309, the Miami City Commission established $95,000.00 as the purchase price for parcel numbers 05-61-03, 05-61-04, 05-61-05 and 05-61- 06 and agreed to convey the subject parcels to the Buyer for the purpose of developing affordable rental housing in the Model City neighborhood; and 1 _'s b j'ak fin 4z4Y `i2., S _ n•:. t f a I 7p 1 l WHEREAS, the flu yer desires to purchase said properties located at 1603 Northwest 60t11 Street, 1545 Northwest 60th Street, 1535 Northwest 6001 Street and 1540 Northwest Gist Street, for use in conjunction with the development of affordable rental housing in the City of 111ami. NOWT TIICRLrORE, in consideration of the mutual covenants contained herein, the Buyer and Seller hereby agree that the Seller shall sell and the Buyer shall buy the real property described below upon the following terms and conditions which include the Standards for Real Estate Transaction that are attached hereto and are incorporated by reference (Attachment "A'). DESCRIP'PION The legal descriptions and street addresses of the real estate that is the subject matter of this Contract are found in Attachment "B", which is attached hereto and Incorporated by reference. PURCIIASE PRICE PURCHASEPRICE . . . . . . . . . . . . . . . . . . . . . $95,000 CONTINGENCIES The Seller shall convey the property to the Buyer only after all of the following contingencies have been satlsEied: 1) The City Commission of the City of Miami must have given final approval to this contract. 2) The parties must have successful negotiated a separate agreement to be known as the "Memorandum of Agreement" dealing with the construction and rental of the housing on the real estate being conveyed by this Contract (whereas the terms of this Contract for Sale and Purchase govern only the conveyance of title from Seller.to Buyer). Such "Memorandum of Agreement" must additionally have been given final approval by the City Commission of the City of Miami. — 2 — 3fl r ,.' r1 r � r . � , 1 � '. i •�t ` i `.�1 � �t� '�rh ` i J r r � r.;. ;' �• 3) All property disposition requirements imposed by state law upon municipalities must be satisfied. 4) The Buyer must Submit plans to the Seller which shall consist of final working drawings and specifications Including (without limitations) the following information: a) Definitive architectural drawings; b) Definitive foundation and structural drawings; c) Definitive electrical and mechanical drawings and final 1 specifications within sixty (60) dayr,. i The Seller shall review these final working drawing; and specifications and shall promptly provide the Buyer notice of its approval or disapproval. In the event of disapproval, the Seller shall promptly set forth in detail its reasons for the disapproval. These reasons shall be given to Buyer not more than thirty (30) days after receipt of the documents. The Seller's approval or these final working drawings and specifications is a precondition to closing. Such approval shall not be unreasonably withheld. 5) The Buyer shall have received the commitment or commitments for the construction and permanent financing of the housing to be built on the real property. The Buyer shall present to the Seller such evidence of this commitment or commitments as may be reasonably satisfactory to the Seller. The Seller's approval of these commitments is a precondition to closing. Such approval shall not be unreasonably withheld. TITLE EVIDENCE within fifteen (15) days from the date of this contract, the Seller shall, at its expense, deliver to the Buyer or its attorney, in accordance with Standard A (Attachment "A") an abstract of title. C1.OS I NG; [Wrn `Phis transaction shall be closed and the deed and other closing papers delivered either before or simultaneously with the closing on the construction loan (for the construction of the residential units on the property). RESTRICTION; EASEMENTS; LIMITATIONS The Buyer shall take title subject to: zoning, restriction, prohibitions and other requirements imposed by governmental authority; restrictions and matters appearing on the plat or otherwise common to the subdivision; public utility easements of record (easements are to be located contiguous to property lines and are not more than 10 feet in width as to the rear or front lines and 7 1/2 feet in width as to the side lines, unless otherwise specified herein taxes for the p ); year of closing and subsequent years (see Exhibit "A", Section Prorations" regarding proration of the taxes for the current year); and assumed mortgages and purchase money mortgages, if any. Provided, however, that there exists at closing no violation of ttie foregoing and the same does not prevent the use of the property for the construction of housing units. USE OF PROPERTY 'rhe Buyer promises to use the real estate which is the subject matter of this Contract for the purpose of building affordable rental housing units in accordance with the terms of the "Memorandum of Agreement" to be negotiated and executed prior to the closing of this Contract (see the section entitled "Contingencies", above). l SIGNATURE OF BUYER URBAN AGUE OF GRE ' it IAMI, INC. j t By: 3� Presid Date Attest: _ Secre y Seams q _ (q t/ 01 ti SIGNATURE OF SELLER CITY OF MIAMI, a Mun cipal Corporation of the State of Florida Cesar 11. Odio Date _ City Manager V C Attest: t �,r�-,�J� `- Pl J M a t y 111 r a i City Clerk APPROVED AS TQ FORM AND CORRECTNESS r t / . A orge L. Fernandez City Attorney - 5 - —f�— ✓ ' / Date 77 .ogI �' s. 1 N ATTACI(tiENT "A" s,rANDARDS FOR REAL ESTATE TRANSACTIONS A) E-YTDENCE OF TITLE An abstract of title prepared by a reputable abstract firm purporting to be an accurate synopsis of the instruments affecting title to the Property recorded in the public records of the county wherein the Property is located which shall commence with the earliest public records, or such later date as may be customary in the county. Seller shall convey a marketable title, subject only to liens, encumbrances, exceptions, or qualifications set forth in this Contract and those which shall be discharged by Seller at or before closing. Marketable title shall be determined according to applicable Title Standards adopted by authority of the Florida Bar and In accordance with law. Upon closing of this transaction the abstract shall become property of the Buyer, subject to the right of retention thereof by the first mortgagee until fully paid. Buyer shall have ten (10) days from the date of receiving evidence of title to examine same. If title is found defective, Buyer shall, within three (3) days thereafter, notify seller in writing specifying defect(s). If said defect(s) render title unmarketable Seller will have 120 days from receipt of notice within which to remove said defect(s), and if Seller is unsuccessful in removing them within said time, Buyer shall have the option of either accepting the title as It then is, or demanding a refund of all monies paid hereunder which shall forthwith be returned to Buyer and thereupon Buyer and Seller shall be released, as to one another, of all further obligations under this Contract. B) SURVEY Buyer, at Buyer's expense, within the time allowed for delivery of evidence of title and examination thereof, may have the Property surveyed and certified by a registered Florida surveyor. If the survey shows any encroachment on the Property or that improvements intended Lobe located on the Property in fact encroach on setback lines, easements, lands of others, or violate any restrictions, contract covenants, or applicable governmental regulations, Buyer shall have the option of either accepting the Property as it is or terminating this agreement with no further obligation on its part to purchase the Property. C) INGRESS AND EGRESS Seller warrants that there is ingress and egress to the Property sufficient for the intended use as described in this Contract. D) LIENS Seller shall, both as to the Property and Persc:nalty being sold hereunder, furnish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise provided for herein, of any financing statements, claims of `t i i Imo! lien or potential lienor known to seller and further attesting that there have been no improvements or repairs to the Property for ninety (90) days immediately precedInq the date of closing. If the Property has been improved, or repaired within said time, Seller shall deliver releases or waivers of mechanic's liens, executed by all general contractors, sub -contractors, suppliers and materialinen , in addition to seller's lien affidavit setting Earth the names of all. such general contractors, sub -contractors, suppliers and materialmen and further reciting that in fact all bills for work to the Property or Personalty which could serve as a basis for a mechanic's lien or a claim for damages have been paid or will be paid at closing. E) PLACE OF CLOSING Closing shall be held in the county wherein the Property is located, at the office of the attorney or other closing agent designated by the Seller. G) TIMB Time is of the essence of this Contract. Any reference herein to time periods of less than six (6) (lays shall in the computation thereof exclude Saturdays, Sundays and legal holidays and any time period provided for herein which shall end on a Saturday, Sunday or legal holiday shall extend to 5:00 P.M. of the next full business day. ll) PRORATIONS Taxes, assessments, rent, interest, insurance an43 other expenses and revenue of the Property shall be prorated through the day to the closing. Cash at closing shall he Increased or decreased as may be required by said prorations. All prorations will be made through the day prior to occupancy if occupancy occurs before closing. Taxes shall be prorated based on the current year's tax. If closing occurs at a date when the current year's millage Is not fixed, and current year's assessment is available, taxes will be prorated based upon such assessment and the prior year's millage. If the current year's assessment is not available, then taxes will be prorated on the prior year's Lax; provided, however, if there are completed improvements on the Property by January Ist of the prior year, then taxes shall be prorated based upon the prior year's millage and at an equitable assessment too be agreed upon between the parties, failing which, request will be made to the County Property Appraiser for an informal assessment taking into consideration homestead exemption, if any. Ilowever, any tax prorations based on an estimate may at the request of either the Buyer or the Seller be subsequently readjusted upon receipt of tax bill on condition that a statement to that effect is set forth in the closing statement. I) SPECIAL ASSESSMENT LIENS Certified, confirmed and ratified special assessment liens as of the date of closing (and not as of Effective Date) are to be paid by the Seller. Pending liens as of the date of closing shall be assumed by Buyer, provided, however, that if the improvement has been substantially completed as of , - 2 - Effective Date, such pending lien shall be considered as r certified, confirmed and ratified and Seller shall, at closing, be charged an amount eq-:al to the last. estimate by the public body of assessment for the improvement J) CONTRACT NOT RECORDABLE; PERSONS [SOUND; NOTICE Neither this Contract nor any notice thereof shall be recorded In any public records, This Contract shall bind and inure to the benefit of the parties hereto and their successors In interest. Whenever the context permits, singular shall include plural and one gender shall include all. Notice given by or to the attorney for any party shall be as effective as if given by or to said party. K) CONVEYANCE Seller shall convey title to the Property by quitclaim deed. Seller shall retain a right of reversion in the property as follows: If the "PROJECT" (as defined in the Memorandum of Agreement) is not completed within 24 months of the conveyance of the Property, the Seller may enter and terminate the estate being conveyed in Parcel Numbers 05-61- 03, 05-61-04, 05-61-05 and 05-61-06 (as described in "Attachment D" below). - 3 - ATTACHMENT "B" LEGAL DESCRIPTION OF PROPERTY PARCEL NO. 05-61-03 PARCEL ADDRESS: 1603 Northwest 60th Street PROPERTY LEGAL DESCRIPTION: Lots: 11 & 12, Block: 12 Orange Heights, Plat Book: 14/62 FOLIO NUMBER: 01-3114-035-2100 LAND AREA: 100 x 106 PARCEL NO. 05-61-04 PARCEL ADDRESS: 1545 Northwest 60th street PROPERTY LEGAL DESCRIPTION: Lot: 13, ,,lock: 12 Orange Heights, Plat Book: 14/62 FOLIO NUMBER: 01-3114-035-2190 LAND AREA: 50 x 100 PARCEL N0. 05-61-05 PARCEL ADDRESS: 1535 Northwest 60th Street PROPERTY LEGAL DESCRIPTION: Lot: 14, Block: 12 Orange Heights, Plat Book: 14/62 FOLIO NUMBER: 01-3114-035-2200 LAND AREA: 50 x 106 PARCEL. NO. 05-61-06 PARCEL ADDRESS: 1540 Northwest 61st Street PROPERTY LEGAL DESCRIPTION: Lot: 23, Block: 12 Orange Heights, Plat Book: 14/62 FOLIO NUMBER: 01-3114-035-2270 LAND AREA: 50 x 106 j I S, f] October 8, 1991 city OE Miami [lousing Conservation and Development Agency 300 Biscayne Way, Suite 401 Miami, Florida 33131 Attn: Jeffery Hepburn Assistant Director RE: M & M Maison II Dear Jeff, As a follow-up to my letter of September 26, 1991. Please find below the following information and exhibits for M & M Maison II: I. Project Description Unit Mix: 7 3 bedroom/2bath Units . 1,050 sf 14 2 bedroom/1.5 bath Units 940 sf 21 Amenities: Central Air Washer Dryer hook-ups Window Treatments- Shades Meeting Room Covered sitting area All Tile Floors Range and Refrigerator Parking: 30 spaces 2 handicapped Site Information: Lot Area Gross 39,300 sf Building Area 24,733 sf Legal: Lots 10,11, 12, 13, 14 & 23 Block 12 Orange Heights Location: N.W. 60th Street Between N.W. 15th and 17th Avenues. 266 GIRALUA AVENUE ¢� ORAL GABLE9.FLOAIOA 33134 p'. 13091442,3300 FAX (30!1)444.8447 ;co October 8, 1.991 M & M Maison II Page 2 Rents: 2/1.5 $300.00 per month 3/2 $425.00 her month H . Financing Sources A. Dade County Documentary Surtax B. Homes for South Florida (NCNB as lead Bank) C. Low Income Rental Tax Credit Program D. Greater Miami Neighborhoods $598,500 (See Attached) $378,G80 (See Attached) $835,000 (See Attached) $ 60,000 (See Attached) III. Development Status 1. Plans & Specifications 2. Water & Sewer Plans 3. Survey 4. Environmental Audit 5. Soil Borings 6. Percolation Test 7. Construction Bids S. Permit Application Complete (attached) Complete (attached) Complete (attached) Complete (attached) Complete (attached) Complete (attached) underway underway If there is any further information you need, please let me know. Yours Truly, Al Townsel, Inc. T wnsel, President cc: Gus Dominguez 0 Eco: `fir_ Viability Operating Pro Forma Page Z-B— of 4 . I.B EVIDENCE OF FIGURES USED TO OBTAIN COMMITMENT 2153 CORAL WAY MIAMI. FLOMDA 33145 (305) 250-5238 DEPARTMENT OF SPECIAL HOUSING PROGRAMS SURTAX AND LOAN ADMINISTRATION METROPOLITAN DADE COUNTY, FLORIDA Kt"D April 26, 1991 Mr. T. Willard Fair, Executive Director The Urban League of Greater Miami 8500 NW 25 Avenue Miami, Florida 33147 Dear Mr. Fair: We are pleased to inform you that the Documentary Surtax Advisory Council in its meeting of March 28, 1991, conditionally awarded Documentary surtax financing for your N and M Maison Phase XT rental project to be located at 15XX NW 60 street, -Miami, -Florlda. The amount of financing awarded is Five Hundred Ninety Eight Thousand Five Hundred Dollars ($598,500.00) for the 21 unit project. Proposed terms are as follow: Second mortgage construction financing for a maximum twelvv months at.. three (3.00) percent, converting to permanent second mortgage financing payable at three percent interest only for the initiaLl 15 years, then full amortization of the' remaining balande for tha remaining 15 years of the 30 year term. In the event state tax credit financing is approved for the project, the surtax loan will then be payable at three (3.0o) percent Interest fully amortized for the entire 30 year term. The award shall also be subject to the following conditions: 1. A good faith effort to have 20 percent of the construction done by black firms. This will be monitored by surtax Construction staff. 2. Any and all changes to your original submission must be pre - approved by the county. in the event it is discovered that changes to the project have taken place without prior surtax authorization, funding may be witheld until the changes are reviewed and verified to be in compliance with the guidelines of the Request for Proposals 0 I Form 2 cL 16 Ec omic viability Oporrt i ng Pro Forma Paqe 7-9_ off I EVIDENCE OF FIGURES USED TO OBTAIN COMMITMENT T. Willard Fair Page 2 3. A minimum 75 percent of the project's units must be rented to lov .income persons (those earning 80'.0 'percent or less of median income. You agree to -supply. Surtax staff with monthly rent reports as well as any other information or documentation to insure that this condition is met. 4. Building construction must commence within six months of the date of County Commission approval and be completed within eighteen months of the approval date. The county may periodically Inspect the project sites to determine compliance with the guidelines *of the Request for Proposals 'and terms of financing. 5. You must outer into a satisfactory Rent Regulatory Agreement with the County. 6. This award is also subject to any other terms And conditions required by staff, the Documentary Surtax Advisory Council, or the Board of County Commissioners. it Is anticipated that this award will be voted on by the Board of ccunty Co=issioners In its meeting of Hay 21, 1991. Because of the great demand "for"2unds and 'extreute Competition, staff will be closely monitoring-each•CBCs compliance to award , conditions. In the event you have any questions regarding your award, please contact the surtax P ogram office at the above address or telephone. jj Sincerely, u Jose A. Nei` nd6z, Assistant f irector, surtax and Loan Administration JAHlbs 1 1waks C 7. o f 16 rc".,nomic Viability Ope.rat:1.119 Pro forma Page a of qG I.B EVIDENCE OF FIGURES USED TO OBTAIN COMMITMENT NCNB Nal,onal Bank One B,scayne tower Su It 2200 Miami, Fla,,aa 33131 Teleoho�e 305 372•4200 PC IIC.0 May 2, 1991 Urban League of Greater Miami, Inc. 8500 N.W. 25th Avenue Miami, Florida 33147 Attn: T. Willard Fair, President Re: $378,680.00 Loan (the "Loan") to finance the construction of a 21-unit rental apartment complex located at 1501-1599 N.W. 60th Street, Dade County, Florida. Gentlemen: NCNB NATIONAL BANK OF FLORIDA, N.A., a national banking association (the "Lender"), offers to make the Loan to the Borrower (as herein defined) upon the following terms and conditions: 1. Loan Amount: $378,680.00. 2. Borrower: A limited partnership which shall be formed by the Urban League of Greater Miami, Inc. (the "Urban League") and in which the Urban League shall be the managing general partner. A ninety-nine percent (99%) limited partnership interest in the Borrower will be purchased by the •Enterprise Social Investment Corporation, a Maryland not -for -profit corporation (the "Purchaser") or an alternative third party which shall be.subject to the_.apprnwal.of.the Lender.in•tha-exercise of its sole discretion. 3. Interest Rate:. (a) Until the Conversion Date (as herein defined), Interest shall be charged at a per annum rate... equal.. to Lender's Prime Rate (as herein defined) (the "Applicable Interest Rate"). (b) Subject to the conditions set forth in Section 7 below, for the Mini -Perm Term (as herein defined), Interest shall be charges) at a per annum rate equal to two and one-half —shall be (2.50%) above the 3-year Treasury Bill Rate (as herein defined) in effect on the Conversion Date. For the purposes of / 3 aim 2 of 1_u anomie Viabi1iLy iicrating Pro Forma Page _ 3 of L4, _ I.B EVIDENCE OF FIGURES USED TO OBTAIN COMMITMENT Urban League of Greater Miami, Inc. May 2, 1991 Page 2 illilstratibn only, if' the Conversion Date was today, said rate would equal 9.64%. (c) After default, Interest shall be charged at the maximum per annum rate permitted under applicable law in effect from time to time. 4. Interest Payments: Interest on the outstanding principal balance of the Loan shall be payable monthly commencing on the tenth (loth) day of the•first calendar month following the date of closing of the Loan and continuing on the tcnth (loth) day of each and every calendar month thereafter until the. Loan has been repaid in full. 5. Late Charge: Four percent (4%) of any payment more than fifteen (15) days late. 6. Twelve (12) months after the Closing Date (as herein defined), unless extended pursuant to Section 7 below. . 7. Maturity Date Extension: The term of the. Loan shall be extended for an additional three (3) year period (the "Mini -Perm Term") upon satisfaction of each and every of the following conditions: (i) no Event of Default shall have occurred during the term of the Loan, (ii) the Lender shall have received, not later than thirty (30) days prior to the Conversion Date, by registered or certified mail, return receipt requested, written notice of Borrower's intention to extend the term of the Loan together with payment of a consulting fee payable to Homes of South Florida in the amount of $2,522.00, (iii) the ..Lender. shall have received thirty (30) days prior to the Conversion Date a copy of the certificate of occupancy for the Project together with Pvidence that all condition.- to. the-. Final. Advance. as set forth in Section 4(1) of the General Conditions hereto have been satisfied, (iv) the Lender shall have received a principal reduction in the amount -of $126,532.00, in•immediataly available funds, no later than ten (10) days prior to the one-year anniversary of the Closing Date; and (v) the Purchaser shall have made its initial capital contribution of $155,000.00 for its acquisition of the limited partnership interest in the Borrower. The Maturity Date shall be extended to a date which is thirty-six (36) months from the date of satisfaction of each of the conditions contained in this Section 7 (the "Conversion Date"); provided, however, that in no event shall the Conversion Date be later than the one year anniversary of the Closing Date. u Cr7 ter. x Iut_I, uC 1� Icon' .nic viability operating Pro Forma Page S` I.B EVIDENCE OF FIGURES USED TO OBTAIN COMMITMENT Urban League of Greater Miami, Inc. May 2, 1991 Page 3 8. Principal Payments: Borrower shall pay to the Lender no later than ten (10) days prior to the one-year anniversary of the Closing Date, a principal payment in the amount of $126,532.00. If the term of the Loan is extended pursuant to Section 7 above, the Borrower shall make the following payments of principal to the Lender on the dates specified below: On May 1, 1993 - $100,000.00 On May 1, 1994 - $100,000.00 On May. 1, 1995.. -: . • $ 52,148.00.. In any event, if the term of the Loan is not extended pursuant to Section 7 above, the unpaid principal amount of the Loan shall.be paid in full on the Maturity Date. 9. Prepayment: Borrower may prepay all or any portion of the Loan at any time without fee, premium or penalty. 10. Collateral: To secure the full repayment of the Loan the Borrower shall grant the Lender a first mortgage lien and security interest in and to the following property (the "Mortgaged Property"): (a) LAnd. . The- real .proper.t.y-located at 1501-1599 N.W. 60th Street in the City of Miami, Dade County, Florida, as more particularly described on Exhibit "All attached hereto; of V (b) Improvements. All buildings, structures, appurtenances and improvements, including all additions thereto and replacements and extensions thereof, now constructed or hereafter to be constructed under, on, or above the Land, including, but not limited to, a three-story structure containing twenty-one (21) total units consisting of seven three- bedroom/two-bath (1046•• square--foot-y--units• and fourteen two- bedroom/one and one-half bath (940 square foot) units. Each unit will have central air conditioning, standard kitchen appliances and,- washer -dryer hookups. There' will,be"a total of twenty-eight (28) parking spaces or such larger number of spaces as may be required by applicable law. The Improvements together with the Land are sometimes hereinafter collectively referred to herein as the "Project"; (c) Fixtures. All property and equipment now owned or hereafter acquired by Borrower and now or hereafter located under, on, or above the Land, whether or not permanently affixed, which, to the fullest extent permitted by applicable law in effect from time to time, shall be deemed fixtures and a part of. the Land; . p a 'S 4 e.. '' n 4 Uk ? z • r 4 i.. Form 2 of 1G Ill E,1omic Viability Op -rating Pro forma Page I.B EVIDENCE OF FIGURES USED TO OBTAIN COMMITMENT Urban League of Greater Miami, Inc. May 2, 1991 Page 4- (d) Leases and Rents. Any and all leases, subleases, licenses, concessions, or grants of other possessory interests together with the security therefor, now or hereafter in force, oral or written, covering or affecting the Land or the Improvements or any part thereof, together with all of the rents, royalties, issues, revenues, income, profits, security deposits and other benefits whether past due, or now or hereafter arising from the Land and Improvements and the occupancy, use and enjoyment thereof; (e) Personal Property. All tangible and intangible personal property now or hereafter owned or existing, or hereafter acquired or arising, whether located in, on, pertaining to, used or intended to be used in the construction of or in connection with or arising from the operation of the Project; (f) Tax Credit Contribution- Proceeds. All of Borrower's and its partners right, title and interest in and to the proceeds derived from the sale by Borrower or its partners of ownership interests in the Borrower (the "Tax Credit -Contribution Proceeds"); (g) Proceeds. All proceeds, products, replacements, additions, betterments, extensions, improvements, substitutions, renewals and accessions of any and all of the foregoing. 11. Special Conditions Precedent to Loan Closing: In addition to the General Conditions attached hereto, the Borrower shall provide to the Lender on or before the Closing Date the following documents for its review and approval: (a) A Preliminary Allocation Certificate ("Certificate") issued by the Florida Housing Finance Authority ("FHFA") setting forth a - preliminary., allocation of low income housing tax credits (the "Tax Credits") reserved to the Mortgaged Property in the annual amount of $124,227.00. The Certificate shall be verified by the FHFA as.being in full force and effect on the Closing Date (as herein defined) and shall confirm that such annual tax credit amount is provided to the Project each year for a ten (10) year period; 0f (b) A Commitment Letter issued by the Enterprise Social Investment Corporation, a Maryland not -for -profit corporation (the "Purchaser") or an alternative third party acceptable to the Lender in the exercise of its sole and absolute t 5 r-n l W _,.I I X It��° Fo' l of: 16 Ecviiomic Viability Operating Pro Forma Page of I/(- I.B EVIDENCE OF FIGURES USED TO OBTAIN COMMITMENT Urban League of Greater Miami, Inc. May 2, 1991 Page 5 discretion. describing . its., comm.i z=t .. to., .acquire the limited partners' interests in the Borrower; (c) Evidence acceptable to Lender that Borrower's independent certified public accountants have concurred that, based upon the best information presently available (including, without limitation, cost estimates of the Improvements and the basis of the Borrower therein), the annual amount of the tax credits allocated to the Mortgaged Property under Section 42 of the Internal Revenue Code of 1986, as amended, will be not less than $124,227.00; (d) Copies of all documents between the Purchaser and the Borrower; (e) Copies of all documents e,:.livered to all federal and state agencies relating to the tax credit allocations; (f) The Lender shall have received evidence satisfactory to it that the commitment letter issued by Metropolitan Dade County, Florida, Department of Special Housing Programs ("Dade County") dated April 26, 1991 (the "Dade County Commitment"), offering the Borrower a loan in the amount of $598,500.00 (the "Dade County Loan") is -.in full force and effect on the Closing Date. In addition, the Lender must receive and approve all documentation in connection with the Dade County Loan and shall receive from Dade County an executed subordination agreement which shall be prepared by Lender's counsel. The transactions contemplated by the Dade County Commitment shall be consummated concurrently with the closing of the Loan and if not, the Lender shall have no obligation to close the Loan; and (g) The Lender shall have received evidence satisfactory to it that,the- co=itmerrt•"letter issued by the Greater Miami Neighborhoods, Inc. ("Greater Miami") dated January 11, 1991, as amended by letter dated April 11, 1991 (collectively the "Greater Miami Commitment"? offerih?g'the Borrower a loan in the amount of $60,000.00 (the "Greater Miami Loan") is in full force and effect on the Closing Date. In addition, the Lender must receive and approve.. all- documentation• in connection with the Greater Miami Loan and shall receive from Greater Miami an executed subordination agreement which shall be prepared by Lender's counsel. The transactions contemplated by the Greater Miami Commitment shall be consummated concurrently with the closing of the Loan and if not, the Lender shall have no obligation to close the Loan. Dade County and Greater Miami may I i i . � 1�.I 4 c. qy Form z of G(11omic Op —acing Paqe 16 %liability Pro Forma I.B EVIDENCE OF FIGURES USED TO OBTAIN COMMITMENT Urban League of Greater Miami, Inc. May 2, 1991 Page 6 sometimes hereinafter be collectively referred to as the "Junior Lenders". 12. Commencement and'Completion of Improvements: The Borrower shall commence construction of the Improvements within thirty (30) days following the Closing Date and shall diligently and continuously proceed with the completion of the Improvements and the satisfaction of the Conditions to the Final Advances set forth in Section 4(1) of the General Conditions hereto no later than nine (9) months after the Closing Date. 13. Borrower's General Contractor: The general contractor (the "General Contractor") for the Project shall be a general contractor duly licensed by the State of Florida acceptable to Lender in the exercise of its sole and absolute discretion. No other general contractor shall be used for the construction of the Improvements without the express prior written consent of the Lender. 14. Lender's Counsel: Our attorney ("Lender's Counsel") in this matter is Jay A. Steinman, Esq. of Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., 2200 Museum Tower, 150 West Flagler-Street,• Miami, Florida 33130 (305) 789- 3200. Lender's attorneys' fees shall be $10,000.00, which shall be exclusive of all out-of-pocket expenses incurred in connection with the closing of 'the Loan provided unusual circumstances do not occur. 15. Consulting Fee: Borrower shall provide to the Lender for the benefit.of Homes of South Florida a consulting fee (the "Consulting Fee") in the amount of $3,787.00 which shall be due and payable on the acceptance of this Commitment by Borrower. Borrower acknowledges that the Consulting Fee shall be fully earned upon acceptance of this Commitment. 16. Lender's Costs: Whether or not the Loan is closed (for any reason whatsoever), the Borrower shall be responsible for the payment of, and- shall• promptly- pay, all fees, expenses, taxes (except income taxes payable by Lender), other charges and any out-of-pocket expenses that may be charged to the Lender or incurred by the Lender.. in.. connection_ with this Commitment or in connection with any event, transaction, or document required or contemplated by this Commitment, including, without limitation legal fees and disbursements charged by Lender's Counsel plus all costs and expenses incurred in connection therewith; premiums for title insurance; recording fees; Florida documentary stamp and intangible taxes; abstracting charges; brokerage fees or commissions (whether earned or claimed); appraisal fees; of __6� �! gn- Ec_.iomic Viability Operating Pro Forma Page _8 of. I.B EVIDENCE OF FICURE9 USED TO OBTAIN COMMITMENT Urban League of Greater Miami, Inc. May i, 1991 Page 7 can stxuction...advisors4, fees;.... and...rurvey costs (hereinafter collectively referred to as the "Lender's Costs"). All of the Lender's Costs are to be paid on the Closing Date and shall be deducted from the proceeds of the Loan. 17. Default: If the Borrower has not satisfied all of the conditions to the Closing of the Loan and the first advance of Loan proceeds has not been made on or before November 15, 1991, (the "Closing Date") , or if an Event of Default has occurred, as described in Section 16 of the General Conditions of Commitment, Lender shall retain the consulting Fee -.received by Lender as paid and agreed upon liquidated damages to the Lender for Borrower's default; provided however that Borrower shall -remain liable to Lender pursuant to the indemnities described in Section 7 of the General Conditions of Commitment. In that event the Lender shall be relieved and released of any further liability or obligation to the Borrower. If the Lender defaults in its obligations hereunder, the Borrower's sole remedy shall be that of specific performance and the Borrower does hereby waive any right to recover damages by reason of a default by Lender. 18. Environmental Audit: Borrower shall provide Lender with a Phase I Audit prepared 'by an' environmental consulting firm acceptable to Lender in its sole discretion, in form. and content acceptable to Lender and stating among other things, that the Land has not been and is not presently being used for the handling, storage, transportation or disposal of asbestos, polychlorinated biphenyls and petroleum products and any other hazardous or toxic materials, wastes and substances which are defined, determined or identified as such in any federal, state or local laws, rules, or regulations (whether now existing or hereafter enacted or promulgated) or any judicial ••or••administrative interpretation of such laws, rules or regulations (any such asbestos, polychlorinated biphenyls and petroleum products and any such other hazardous or toxic materials," oastes and substances being herein collectively called "Hazardous Substances"). The Phase I Audit shall be in full conformance with Lender's guidelines and requirements. 19. Financial Statements: Borrower shall deliver to Lender within ninety (90) days -after -the end of each fiscal year, audited financial statements of Borrower prepared and certified by independent certified public accountants acceptable to Lender. All financial statements and other financial information shall be prepared in accordance with generally accepted accounting principles consistently applied. Borrower shall also monthly, during the Mini -Perm Term, until all of the obligations of the Borrower have been fully paid and performed, furnish Lender with t Form r of 1_6 gnomic Viability uperating pro Forma Page 7 of 1.2 EVIDENCE OF FIGURES USED TO OBTAIN COMMITMENT Urban League of Greater Miami, Inc. May 2, 1991 Pacie 8 statements of earnings for the Mortgaged Property (the 'operating statements") 'tdreach' dal''nd'ar h6nth'of'6or`rower' in such detail as Lender may reasonable require, showing gross income and detailed operating expenses of and a balance -sheet for the operation of the Mortgaged Property including where applicable, the rent roll, (together with, a schedule showing the name of each tenant, the space occupied and the lease expiration date), other income and sales volume of tenants where leases provide for payment of rentals based on percentages of volume of business done. All such financial statements shall be certified under oath by the Borrower as being true, correct and complete. EAch.such statement shall•.be for and cover a whole --month.- Such statements shall be furnished not later than ten (10) days after the end of each calendar month. Failure to' furnish such statements shall be an Event of Default under the Mortgage. Upon reasonable notification, Borrower shall permit Lender, at Lender's expense, to examine Borrower's books and records. 20. Appraisal. The Lender shall engage and have received an Appraisal, addressed to the Lender, in form and content acceptable to Lender and prepared by an appraiser on Lender's approved list, reflecting a value of the Project in an amount satisfactory to the . Leader.... Updated .appraisals ..shall .be prepared at Borrower's expense at least every three (3) years or more frequently if requested by Lender. Such appraisals shall be prepared in accordance with written instructions from Lender and prepared by a professional appraiser satisfactory to Lender who is a member of the Society of Real Estate Appraisers or the American Institute of Real Estate Appraisers, and is certified and appropriately licensed by the State of Florida. 21. Payment and Performance Bond: A dual,.obligee payment and performance bond, satisfactory in form and content and issued by a surety acceptable to Lender, in its sole discretion, shall . be. required with... respect ..to .. the construction of the Improvements for the General Contractor and for any subcontractor whose contract amount is in excess of $50,000.00. 22. Participation: Lender shall have the option of placing or selling all or any portion of the Loan with third parties acceptable to Lender, ,on terms and conditions acceptable to Lender without the prior written consent of the Borrower. Notwithstanding the foregoing, Lender shall not be obligated to participate the Loan with participants. fVi�+1WWMJ�OM�'�lu. "7Tf'y'�"hM Yl4! 23. Termination: Provided no Event of Default has occurred hereunder, the Loan shall be closed and the first advance .. .� hereunder shall be made on or before the Closing Date in a .� J,�,j 1! . 9 FPU;1 t LORIDA HoLjsING FINANCE AGENCY ju.ly 16, 1991 Mr. Agustin Dominguez 14GO Hrickell Avenue, suite 309 Miami., Florida 33131 Rik: 1991 Low Income Rental Housing Tax Credit Program M & M Maison Apartments Phase I1, #91-050 Dear Mr. Dominguez: �IAMONCHI tit THOMAS A. SIIVtN{ �hiirm.n WIRIf► 8U YN1 �'i� C�,anmin ,MrM►frl rAUt r„ I'll A03MAW f, I I VIND iCCIF. T ONi, In. WAIII W. NI^VLN(K cvntirmo R. NlfNft WItUAM I. IUMStY I"OA"q N. TOMrKINi WIMAM f. S#,OONYSKI MARK IIINDKII'K}QN f •r(v�ivr r•vr•pp• It iss my pleasure to inform you that the tar, credit (LUITC) application for the above -referenced Project scored a sufficient number of points to be ranked within the funding range of the large county set -aside. Currently, the Agency has sut icient LZHTC allocation authority tQ fund your credit request of $143,897.00. Prior to the allocation of tax credits, the Agency must determine the amount of credits needed for the financial feasibility and viability of the Project throughout the credit period. This is accomplished through the credit underwriting process. The underwriter (an institution under contract with the Agency) will perform an analysis of credit need and make a recommendation to the Agency. The Agency will then issue a preliminary allocation of credits based upon the underwriter s recommendation. Should you desire to enter credit underwriting, a copy of your application will be sent to Midland Mortgage Investment corporation (the credit underwriter assigned to your Project). The underwriting fee is $3500.00. Payment of the credit underwriting fee and submission of the information required pursuant to Rule 9I-�33.009(s), F.A.C., must be made within seven calendar days of the date of this latter. Failure to cubmit the requited fee and information to the underwriLtar will be grounds for rejection of the Application. .3 .9 ,.. _ .. ,.1.-n- ' . (h' ' 1.41 1 V rq(1.% 1git-grno 15 Q FROH TO Mr. Agustin Dominguez July 16, 1991 Page Two The Agency is now extending to you the opportunity to enter credit underwriting. If you wish to do so at this time, pl(asP execute the acknowledgement and return this letter to theft. Agency immediately. For your convenience, the Agency's tax number ig 904/488-9809. If you have any questions, please do not hositate to call me at 904/488-9285. cMc:kgb sincerely, W Candy cKinney-Coates Administrator Tax Credit Program ACKNOWLBDCEHENT I hereby acknowledge that I have received the Florida Housing Finance Agencyfs letter dated its of the above dato, extending to me the opportunity to enter- credit underwriting for the M & M Maison Apartment-., phase 11 LIHTc Application (;091- 050). I undoratan,d and agree to thQ term: and condirionK of the subject letter and have decided to enter the credit underwriting process at this tune. DATE SIGNATURE NME (please print or type) It I-OLw, L UL lb Ecramomic viability OP tang Pro Forma Page :in of __ ., I.B EVIDENCE OF FIGURES USED TO OBTAIN COMMITMENT ® GREATER MIAMI NEIGHBORHOODS, INC, GENERATING AFFORDABLE HOUSING April 11, 1991 T. Willard Fair The Utban League uE Greater Miami 8500 N. W. 25th Avenue Miami, Florida 331417 ast 925,000 Construction Loan H & H Ma1son Phase II Dear Mr. Fair: This letter will serve to amend the Commitment Letter dated January 11, 1991, which sets Forth the terms and conditiona for the above -referenced construction loan. In order to be able to build the 21-unit projec.L, Greater Miami Neighbochuucls, Inc. hereby agreco to increase the loan anwucit up to $GO,000, based on the estimates prnvidoa. Except an modified as bet Earth hprmtn, all terms and conditions of the Commitment. Letter shall remain in full force and effect as vritten. If LhIs amendment correctly sets forth your nhllnrntanding, plcoce sign and return the "nclosed copy of this letter. We are happy to be able to assist you with your project. Ve t ly o % Robert W. Pollack, Jr. Ausistant Secretary APPROVED BY1 f 6_ & T 111 S 3.1 1460 &PICKELL AVE.. SUITE 309 MIAMI. FLORIDA 33131 PIIONE (305) 3/A 5503 • FAX (305) 375-9181 P ULlil L UL 1.0 Economic Viability Ope Eating Pro Forma n, Page 3! 0E q I.B EVIDENCE OF FIGURES USED TO OBTAIN COMMITMENT ■ GREATER MIAMI NEIGHBORHOODS, INC. GENERATING AFFORDABLE HOUSING January 11, 1991 Mr. T. W. Fair The Urban League of Greater•Miami, Inc. 8500 N. W. 25th Avenue Miami, Florida 33147 Dear Mr. Fair: Greater Miami Neighborhoods, Inc. (hereinafter also referred to as "Lender") Is pleased to inform you that we have appioved a construction loan subject to the following terms and conditions: 1. BORROWER: THE URBAN LEAGUE OF GREATER MIAMI, INC. 2. AMOUNT: Twenty -Five Thousand and no/100 Dollars ($25,000.00) 3. PROJECT: 21 Unit M 6 M Malson Phase II Project 4. DISBURSEMENT SCHEDULE: Single disbursement of loan funds 5. PAYMENT TERMS: A. Term of the Loan: Fifteen (15) years B. Annual Interest Rate: Five Percent (5L) C. trite interest begins accruing: Date of disbursement D. Repayment Schedule: The loan shall be repaid as from the available cash flow. If there is no cash flaw bath principal and Interest will be deferred. 6. SECURTTY/LIEN POSITION: Third Mortgage 7. BUDGET: Project costs have been eztlmated to he ;988,575.00. 8. TERM OF COMMITMENT: This Commitment must be executed by Borrower and returned to Lender on or before thn, close of husineos thirty (30) ralendar days from the date hereof and in the event that the accepted Commitment is not actually received by Lender within such time, this Commitment Shall become null and void. 1460 BRICKELL AVE., SUITE 309 MIAMI, FLORIDA 33131 PHONE (305) 374-5503 • FAX (305) 375.9181 t of i •� �1 W1 F01:111 L uL lt: ECqWmic Viability op sating Pro Forma Page _3A o f I.B EVIDENCE OF FIGURES USED TO OBTAIN COMMITMENT 9. SETTLEMENT: Settlement is defined as the date of execution and delivery of the Note and other required Loan Documents by the Borrower to Greater Miami Neighborhoods. Settlement must occur on or before the date six (6) months from the date of this Commitment Letter, time being of the essence herein, or Lender shall be relieved of all obligations to make the Loan. 10. DOCUMENTS AND LEGAL REQUIREMENTS: Borrower will be required to execute a Note and to furnish such other documents as are described on Appendix A attached hereto and made a part hereof. Borrower agrees that the Loan and this Commitment are subject to such additional documentation and legal requirements as may be deemed necessary by Lender's counsel. 11. SPECIAL CONDITIONS: Borrower shall furnish to Lender copies of all invoices evidencing expenditures of Loan proceeds to the extent that they have been disbursed, and a disbursement schedule acceptable to Lender, evidencing proposed use of the balance of the loan proceeds. 12. CLOSING EXPENSES: The Loan is to be closed at.no expense to Lender and specifically, Borrower agrees to pay or shall have paid all applicable recording and transfer fees, taxes, title and other insurance premiums, Borrower's attorneys' fees, survey fees and all other expenses of closing the Loan. 13. ASSIGNMENT: The identity of the entity or parties with whom we are dealing being of material importance to Lender, this Commitment Is issued on the condition that Lender's obligation shall in no event be assignable without Lender's prior written approval. 14. LOW-INCOME RESTRICTION: The Loan funds are to be used only to provide housing for low-income individuals and families. Before leasing to potential occupants Borrower shall take reasonable actions to determine the income of each potential occupant and shall ensure that such Income does not exceed the Lender's low-income restrictions. Borrower shall maintain all income verification records in one central location and shall, upon request, immediately make such files available to Lender for review. 15. TERMINATION OF COMMITMENT: Lender may terminate this Commitment if Borrower makes any misrepresentations in any documents evidencing the Loan application or in any Loan application meetings with employees or representatives of Lender, or if any material adverse change shall have occurred with respect to the Property to be mortgaged at any time prior to the date of 1} -. 3 } i:� 5' Economic Ope--atIng . Page 33 Viability Pro Forma o f 9(1__ I.B EVIDENCE OF FIGURES USED TO OBTAIN COMMITMENT Settlement, or if any material part of the Property shall have been taken in condemnation or nther like proceedings, or if such proceedings are pending at the time of Settlement. The Commitment also may lie terminated if Borrower or the Guarantor, If any, shall be Involved in any arrangement, bankruptcy, reorganization or Insolvency proceeding or shall have suffered any material adverse change in its financial condition or if there is any increase In projected sales prices to be paid by low-income home -buyers any decrease in the number of dwelling units, or any other changes which In the sole Judgement of the Lender indicates the infeasibility of the Project. 16. REPORT AND INSPECTION REQUIREMENTS: A. Financial Reports: (1) Before disbursement of funds, the following.reports must be furnished to Lender; (1) organization's latest financial statements (audited if available); and (11) any reports on any loan or grant that are overdue. (2) Borrower will provide Lender with a narrative and financial report (the "Initial Financial Report") on the use of the Loan Proceeds within six (6) months of the date of disbursement of the Loan Proceeds. (3) Annual Financial Reports shall be due in all subsequent years ninety (90) days after the close of their fiscal year until the Loan Is repaid in full to Lender. Site Inspections: In addition, Borrower agrees that Lender may periodically, during the term of the Loan, monitor and conduct evaluations of Project operations. This may include meetings with Borrower's staff to discuss the Project and to review the financial and other records pertaining to the activities financed by the Loan. 17. INDEMNITY OF LENDER: None of the approvals made by Lender pursuant to the Loan herein shall constitute a representation or warranty by Lender or its agents, representatives, or designees as to the technical sufficiency, adequacy, or safety of the improvements made on the Property. All acts (or failures to act) by Lender, its agents, representatives, or designees are performed solely for the benefit of Lender to assure repayment of the Loan and are not for the benefit of Borrower or any other party. Nothing set forth herein or In the subsequent conduct of the parties shall he deemed 0 EC omic Viability 0, _ating Pro Forma Page 3 `t— of -quo__ I.B EVIDENCE OF FIGURES USED TO OBTAIN COMMITMENT to constitute Lender as Borrower's partner for any pnrposn whitnoever, the relationship between the parties he.ing nolely that of debtor and creditor. 18. MISCELLANEOUS PROVISIONS: A. Governing Law. Borrower agrees that this Commit:ment Shall be governed in all respects by the 'laws or thr- State of Florida. B. Amendments. This Commitment may not be modified except in writing signed by the parties. C. Entire Agreement. The terms of this Commitment constitute the entire agreement and understanding of the parties, and all prior agreements and representations in respect of the Loan are merged herein. D. Survival of Commitment. The terms and conditions of thIs Commitment shall survive the Settlement of the Loan; provided, however, if any of the terms and conditions of this Commitment shall conflict with any of the terms and conditions of the Loan Documents, the terms and conditions of the Loan Documents shall prevail. E. Tax Status. The Borrower agrees to notify the Lunder if there is any change in its tax status during the term of the Loan. If the Borrower can provide to . Lender at Settlement only an Initial Section 501(c)(3) Determination Letter then following Settlement Borrower shall diligently pursue and obtain from the Internal Revenue Service a final Section 501 (c)(3) Determination Letter. F. Default. If Borrower fails to make any payment.; on the Loan when due or Is otherwise in default under the terms of the Loan or any other loan or grant to Borrower from Lender, Lender may withhold further disbursements, declare the Loan due and payable In full and Borrower shall not be eligible for any further loans or grants from Lender. As an indication of your acceptance of the foregoing terms and conditions, please return the enclosed copy of this Commitment duly executed as indicated above the AIA:ention of Robert W. Pollack. 11 j.: N Economic Viability Or rating Pro Forma Page 3, of�— I.B EVIDENCE OF FIGURES USED TO OBTAIN COMMITMENT Greater Miami Neighborhoods, Inc. is pleased to make this Loan and to help make the Project possIhie . Should you have ,any questions concerning your Loan, please feel free to contact our offices. Sincerely, Robert W. Pollack Executive Director THE FORFGOTNr TERMS AND CONDITIONS ARE HEREBY ACCEPTED AND AGREED TO THIS DAY OF , 1990. ATTEST: THE URBAN LEAGUE OF GREATER MIAMI, INC. Secretary Signatu IN c .4-,/1 ��✓,C r. C '+�°:�ri Prins Title 91003 EXHIBIT "B" CONTRACT FOR SALE AND PURCHASE BIsTWCsGN CITY OF HIA14I ("SELLER") AND URBAN LEAGUE OF GREATER MIAMI, INC. ("BUYER") This Agreement is entered into this_, 1991, by and between the CITY or MIAMI, Dade County, a Municipa11 Corporation of the State of Florida (Thc "SGLIJ:R") and URBAN LEAGUE OF GREATER MIAMI, INC. ('The "BUYER") whose address is 0500 Northwest 25th Avenue, 111'ami, Florida 33147 (telephone 696-4450). WITNESSGTH WHEREAS, the City, in cooperation with the Purchaser, is implementing a project to increase the supply of affordable rental housing for families and Individuals in the Model City Community Development Target Area; and WilERGAS, in June of 1904, through Resolution No. 04-309, the Miami City Commission authorized the expenditure of Community Development Block Grant funds in the amount of $500,000 for the acquisition of suitable housing site in the Model City neighborhood under the Model City/Little Havana Demonstration Program; and WHEREAS, the City of Miami has acquired several parcels of land in connection with the development of new housing resources affordable to low and moderate income families and individuals in the Model City neighborhood; and WHEREAS, in April of 1991, through Resolution No. 91-309, the Miami City Commission established $95,000.00 as the purchase price for parcel numbers 05-61-03, 05-61-04, 05-61-05 and 05-61- 06 and agreed to convey the subject parcels to the Buyer for the purpose of developing affordable rental housing in the Model City neighborhood; and WIIEIIEAS, tho Diiyer de!;ires to purchase said properties located at 1603 Northwest 6 0 t h Street, 1545 Northwest 60th Street, 1535 Northwest 601.h Street and 1540 Northwest 6 1 s t Street, for use in conjunction with the development of affordable rental houslny in the City of III ami. NOW, THEREFORE. in consideration of the mutual covenants contained herein, the Uuyer and Seller hereby agree that the Seller shall sell and the Buyer shall buy the teal property described below upon the following terms and conditions which include the Standards for Real Estate Transaction that are attached hereto and are incorporated by reference (Attachment "A"). DESCRIP'PION The leyal descriptions and street addresses of the real estate that is the subject matter of this Contract are found in Attachment "13 which is attached hereto and incorporated by reference. PURCHASE PRICE PURCHASE PRICE . . . . . . . . . . . . . . . . . . . . . $95,000 CONTINGENCIES The Seller shall convey the property to the Buyer only after all of the following contingencies have been satisfied: 1) The City Commission of the City of I4iami must have given final approval to this contract. 2) The parties must have successful negotiated a separate agreement to be known as the 'Memorandum of Agreement" dealing with the construction and rental of the housing on the real estate being conveyed by this Contract (whereas the terms of this Contract for Sale and Purchase govern only the conveyance of title from Seller to Buyer). Such "Memorandum / of Agreement" must additional) have g y been given final approval by the City Commission of the City of Miami. 2 0 al t 4o'i `��s. rci - 3) All property disposition requirements imposed by state law upon municipalities must be satisfied. 4) The Buyer must submit plans to the Seller which shall consist of EiFla 1 working drawings and specifications including (without limitations) the Cot Lowing information: a) Definitive architectural drawings; °1 b) Definitive foundation and structural crawings; c) Definitive electrical and mechanical drawinys and final specifications within sixty (GO) days. The Seller shall review these Cinal working drawings and specifications and shall promptly provide the Buyer notice of its approval or disapproval. In the event of disapproval, the Seller shall promptly set forth in detail its reasons for the disapproval. These reasons shall be given to Buyer not more than thirty (30) days after receipt of the documents. The Seller's approval of these final working drawings and specifications is a precondition to closing. Such approval shall not be unreasonably withheld. 5) The Buyer shall have received the commitment or commitments for the construction and permanent financing of the housing to be built on the real property. The Buyer shall present to the Seller such evidence of this commitment or commitments as may be reasonably satisfactory to the Seller. The Seller's approval of these commitments is a precondition to closing. Such approval shall not be unreasonably withheld. TITLE EVIDENCE Within fifteen (15) days from the date of this contract, the Seller shall, at its expense, deliver to the Buyer or its attorney, in accordance with Standard A (Attachment "A") an abstract of title. — 3 — .._. 4:c� r,,".3t CLOSING DATE This transaction sha11. be closed and the deed and other closing papers delivered either before or Simultaneously with the closing on the construction lean ([or the construction of the residential units on the property). Ri:s'rRICTION: EASEMENTS, LIMITATIONS The Buyer shall take title subject to: zoning, restriction, prohibitions and other requirements imposed by governmental authority; restrictions and matters appearing on the plat or otherwise common to the subdivision; public utility easements of record (easements are to be located contiguous to property lines and are not more than 10 feet in width as to the rear or front lines and 7 1/2 feet in width as to the side lines, unless otherwise specified herein); taxes for the year of closing and subsequent years (see Exhibit "A", Section K "Prorations" regarding proration of the taxes for the current year); and assumed mortgages and purchase money mortgages, if any. Provided, However, that there exists at closing no violation of the foregoing and the same does not prevent the use of the property for the construction of housing units. USE OF PROPERTY The Buyer promises to use the real estate which is the subject matter of this Contract for the purpose of building affordable rental housing units in accordance with the terms of the "Memorandum of Agreement" to be negotiated and executed prior to the closing of this Contract (see the section entitled "Contingencies", above). SIGNATURE OF BUYER UR13AN 'AGUE OF GRC t IAMI, INC. By: _ Pre sid Date Attest: La�ti� Secre y Seams -n- SIGNATURr OF Slif,l,rR CITY OF MIAMI, a MUD'cipal Cotporalion or. the State of Florida Cesar U. Orin Date City Manager Attest: ;. I�(J r'C�il��7 �;•r✓ C�..rr'C.��/�i lL�• cJ j �� r NaEty IIIrai l(;eaI City Clerk APPROVED AS 'rR FORM AND CORRUCTNrSS Jorge F Fernandez — Date City Attorney 5 ATTACIIrIRNT "A" STANDARDS FOR REAL ESTATE TRANSACTIONS A) EVIDENCE OF TITLE. An abstract of title purporting to be an affecting title to records of the count y prepared by a reputable abstract firm accurate synopsis of the instruments the Property recorded in the public wherein the Property is located which the earliest public records, or such customary in the county: Seller shall convey a marketable title, subject only to liens, encumbrances, exceptions, or qualifications set forth in this Contract and those which shall be discharged by Seller at or before closing. Marketable title shall be determined according to applicable 'Pule Standards adopted by authority of the Florida Bar and in accordance with law. Upon closing of this transaction the abstract shall become property of the Buyer, subject to the right of retention thereof by the first mortgagee until fully paid. Buyer shall have ten (10) days from the date of receiving evidence of title to examine same. If title is found defective, Buyer shall, within three (3) days thereafter, notify seller in writing specifyiny defect(s). If said defect(s) render title unmarketable Seller will have 120 days from receipt of notice within which to remove said defect(s), and if Seller is unsuccessful in removing them within said time, Buyer shall have the option of either accepting the title as it then is, or demanding a refund of all monies paid hereunder which shall forthwith be returned to Buyer and thereupon Buyer and Seller shall be released, as to one another, of all further obligations under this Contract. B) SURVEY Buyer, at Buyer's expense, within the time allowed for delivery of evidence of title and examination tlie reof, may have the Property surveyed and certified by a registered Florida surveyor. If the survey shows any encroachment on the Property or that improvements intended to be located on the Property in fact encroach on setback lines, easements, lands of others, or violate any restrictions, contract covenants, or applicable governmental regulations, Buyer shall have the option of either accepting the Property as it is or terminating this agreement with no further obligation on its part to purchase the Property. C) INGRESS AND EGRESS Seller warrants that there is ingress and egress to the Property sufficient for the intended use as described in this Contract. D) LIE14S Seller shall, both as to the Property and Personalty being sold hereunder, furnish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise provided for herein, of any financing statements, claims of 3 RrzOW h',.,,'-.�'""wjf`ri� 1 •3i5"'xt rsW., '�.M-,tw7i' _i .. .. r lien or. potential lienor known to seller and further attesting that there have been no improvements or repairs to the Property for ninety (90) days immediately preceding the date of closing. If the Property has been improved, or repaired within said time, Seller shall deliver releases or waivers of mechanic's liens, executed by all general contractors, sub -contractors, suppliers and materlalinen, in addition to seller's lien affidavit setting forth the names of all such general contractors, sub -contractors, suppliers and materialrnen and further reciting that in fact all bills for work to the Property or Personalty which could serve as a basis for a mechanic's lien or a claim for damages have been paid or will be paid at closing. C) PLACE OF CLOSING Closing shall be held in the county wherein the Property is located, at the office of: the attorney or other closing agent designated by the Seller. G) TIME Time is of the essence of this Contract. Any reference herein to time periods of less than six (6) days shall in the computation thereof exclude Saturdays, Sundays and legal holidays and any time period provided for herein which shall end on a Saturday, Sunday or Legal holiday shall extend to 5:00 P.N. of the next full business day. 11) PRORATIONS Taxes, assessments, rent, interest, insurance and other expenses and revenue of the Property shall be prorated through the day to the closing. Cash at closing shall be increased or decreased as may be required by said prorations. All prorations will be made through the day prior to occupancy if occupancy occurs before closing. Taxes shall be prorated based on the current year's tax. If closing occurs at a date when the current year's millage is not fixed, and current year's assessment is available, taxes will be prorated based upon such assessment and the prior year's millage. If the current year's assessment is not available, then taxes will be prorated on the prior year's tax, provided, however, if there are completed improvements on the Property by January 1st of the prior year, then taxes shall be prorated based upon the prior year's millage and at an equitable assessment too be agreed upon between t11e parties, failing which, request will be made to the County Property Appraiser for an informal assessment taking into consideration homestead exemption, if any. However, any tax prorations based on an estimate may at the request of either the buyer or the Seller be subsequently readjusted upon receipt of tax bill on condition that a statement to that effect is set forth in the closing statement. I) SPECIAL ASSESS14ENT LIENS Certified, confirmed and ratified special assessment liens as of the date of closing (and not as of Effective Date) are to be paid by the Seller. Pending liens as of the date of closing shall be assumed by Buyer, provided, however, that if the improvement has been substantially completed as of 2 EECective Date, such pendinj lien shall be considered as certified, confirmed and ratified and Seller shall, at closing, be charged an amount equal to the last estimate by the public body of assessment for the improvement. I) C0N'PRAC'1' NOT Ri CORf)nllLTi; PQW4NtT UO0N0; NOVj Neither this Contract. nor any notice thereof shall be recorded In any public records. This Contract shall bind and inure to the benefit of the parties hereto and their successors in interest. Whenever the context permits, sInyu A r shall include plural and one gender shall include all. Notice given by or to the attorney for any party shall be as effective as if given by or to said party. K) COWLYANCC Seller shall convey title to the Property by quitclaim deed. Seller shall retain a right of reversion in the property as follows: If the "PROJECT (as defined in the Memorandum of Agreement) is not completed within 24 months of the conveyance of the Property, the Seller may enter and terminate the estate being conveyed in Parcel Numbers 05-61- 03, 05-61-04, 05-61-05 anti 05-61-06 (as described in "Attachment T3" below). - 3 - A,ri,AcnriGwr "B" LEGAL DE SCIM"I'[ON or Pru)rrRTY PARCEL NO. 05-GI-03 PARCEL ADDRESS: PROPERTY LEGAL DESCRIPTION: FOLIO, NUMBER: LAND AREA: PARCEL NO. 05-61-04 PARCEL ADDRESS: PROPEIt'rY LEGAL DESCRIPTION: FOLIO NUMBER: LAND AREA: PARCEL NO. 05-61-05 PARCEL ADDRESS: PROPERTY LEGAL DESCRIPTION: FOLIO NUMBER: LAND AREA: PARCEL NO. 05-61-06 PARCEL, ADDRESS: PROPERTY LEGAL DESCRIPTION: FOLIO NWIDER: LAND AREA: 1603 Northwest 60th Street Lots: 1-1. & 12, tiLock : 12 Orange Ileights, Plat (look: 14/02 01-3114-035-21.80 100 x 106 1515 Northwest 60th street Lot: 13, Block: 12 Orange Ileights, Plat Book: 14/62 01-3114-035-2190 50 x 100 1535 Northwest GOth Street Lot: 14, Block: 12 Orange Heights, Plat (look: 14/62. 01-3114-035-2200 50 x 106 1540 tlorthwert 61st Street Lot: 23, Block: 12 Orange Heights, Plat Book: 14/62 01-3114-035-2270 50 x 106 J-91-392 425/91 RESOLUTION N0. sij.— 909 A RESOLUTION APPROVING, IN PRINCIPLE, THE DESIGNATION OF THE URBAN LEAGUE OF GREATER MIAMI, INC., A NOT -FOR -PROFIT CORPORATION, AS PROJECT SPONSOR TO UNDERTAFE THE DEVELOPMENT OF A LOW -DENSITY RENTAL HOUSING PROJECT AFFORDABLE TO FAMILIES AND INDIVIDUALS OF LOW AND MODERATE INCOME ON CITY -OWNED PARCEL LOCATED IN THE MODEL CITY COMMUNITY DEVELOPMENT TARGET AREA, AND WHICH IS MORE PARTICULARLY DESCRIBED IN SECTION 2 OF THIS RESOLUTION; ESTABLISHING $95,000 AS THE REIMBURSEMENT AMOUNT TO BE PAID TO THE CITY FOR ACQUISITION OF THE SUBJECT PARCELS; AUTHORIZING THE CITY MANAGER TO EXECUTE A PURCHASE AND SALE AGREEMENT, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, WITH THE SAID CORPORATION IN ORDER TO ESTABLISH EVIDENCE OF SITE CONTROL FOR THE PROJECT SPONSOR'S APPLICATION FOR PROJECT FINANCING UNDER THE STATE OF FLORIDA'S LOW INCOME RENTAL HOUSING TAX CREDIT PROGRAM; INSTRUCTING THE CITY MANAGER TO RETURN TO THE CITY COMI~IISSION FOR FINAL APPROVAL OF CONVEYANCE OF SAID PARCELS AND FOR APPROVAL OF ALL PROJECT -RELATED AGREEMENTS. 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 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; and WHEREAS, the City has acquired four (4) parcels in the Model City neighborhood utilizing Community Development Block Grant funds for approximately $95,000, in connection with th? development of new housing resources in the City; and WHEREAS, the Urban League of Greater Miami, Inc. has secured preliminary financing through the Dade County Documentary Surtax Program in the amount of $598,500 and $365,075 from Homes for South Florida, Inc., in addition to $25,000 from Greater Miami Neighborhoods, Inc.; and CITY CC,1-�4411`110 Q MEET'_"-.'' 7 OF APR 25 1991 91- 309' w s s 0 WHEREAS, the Urban League of Greater Miami, Inc. is desirous of developing a twenty-one (21) unit rental housing project in the Model City neighborhood on City -owned parcels located at Northwest 15th and 16th Avenue between 60th and 61st Streets; and WHEREAS, it is recommended that the City Commission approve the Urban League of Greater Miami, Inc. as the project sponsor for the development of an affordable housing project on said City -owned parcels; 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 - hereto and incorporated herein as if fully set forth in this Section. Section 2. The designation of the Urban League of Greater Miami, Inc., a not -for -profit corporation is hereby approved, in principle, to sponsor the development of a low - density, affordable rental housing development on City -owned parcels as indicated below: TARGET AREA PARCEL ADDRESS LOT SIZE Model City 1535 Northwest 60th Street 50 x 106 Model City 1545 Northwest 60th Street 50 x 106 Model City 1540 Northwest 61st Street 50 x 106 Model City 1603 Northwest 60th Street 100 x 106 Section 3. The City Commission hereby establishes 595,000 as the reimbursement amount to be paid to the City for acquisition of the subject parcels. Section 4. The City Manager is hereby authorized to execute a purchase and sale agreement, in a form acceptable to the City Attorney, with the Urban League of Greater Miami, Inc. for the purpose of establishing evidence of site control for inclusion in the project sponsor's application for project financing under the State of Florida's Low Income Rental Housing Tax Credit Program. Section 5. The City Commission hereby instructs the City Manager to return for final City Commission approval of __ r:1 conveyance of said parcels and for approval of all project - related agreements. Section 6. This Resolution shall become effective .immediately upon its adoption. PASSED AND ADOPTED this __231h day of April 1991. XAVIER L. 911AREZ, MAYOR flTTE MATTY HIRAI CITY CLERK PREPARED AND APPROVED BY: !- LINDA K. KEARSON ASSISTANT CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: JORGE L. FERNANDEZ CITY ATTORNEY ,IEM: gb: M2183 - 3 - (111- 309 CITYOF r�l1AN11. FLORDA INTER -OFFICE MEMORANDUM • 25 Honorable Mayor and 'Members of the City Commission .nor., Cesar 1-1. Odio City Manager RECOMMENDATION: [)ATEi 31 'J Uelating Resolutionto SURUECT Urban League of Greater Miami, Inc. Affordable Townhome Project REFERENCES City Commission Agenda Item - November 14, 1991 ENCLOSURES It is respectfully recommended that the City Commission adopt the attached resolution related to the development of a 21 unit affordable townhome project planned for development on publicly - owned parcels situated at Northwest 60th and 61st Streets between 15th and 17th Avenues in the Model City neighborhood by the Urban League of Greater Miami, Inc. The attached resolution ratifies and reaffirms Resolution No. 91-309, adopted by the City Commission on April 25, 1991, whereby the City Commission approved in principle, the aforementioned not -for -profit corporation as project sponsor to undertake the development of a 21 unit low density rental housing project on the subject parcels, affordable to low and moderate income families and individuals. The resolution establishes $95,000 as the reimbursement amount to be paid to the City for the parcels of vacant land where the proposed townhome project will be constructed. The attached resolution further authorizes the City Manager to execute the attached Memorandum of Agreement between the City and the Urban League of Greater Miami, Inc., subject to certain terms and conditions as enumerated therein. BACKGROUND: The Department of Development and Housing Conservation recommends ratification of the attached resolution in connection with the development of a 21 unit townhome project planned for development on publicly -owned parcels situated at Northwest 60th and 61st Streets between 15th and 17th Avenues in the Model City neighborhood by the Urban League of Greater Miami, Inc. The attached resolution designates the Urban League of Greater Miami, Inc. as project sponsor to undertake the development of the proposed housing project, in addition to establishing $95,000 as the reimbursement amount to be paid to the City for its cost of site acquisition. The attached resolution further authorizes the City Manager to execute the attached Memorandum of Agreement between the City of Miami and the Urban League of Greater Miami, Inc., subject to certain terms and conditions as enumerated therein. ��;.l a ;'... { Resolution Relating,_) the Urban League of Greater Miami, Inc. Page - 2 - At the April 25, 1991 City Commission meeting, the City Commission, through Resolution No. 91-309, approved in principle, the designation of the Urban League of Greater Miami, Inc., as the project sponsor for the development of a 21 unit rental housing project on publicly -owned parcels in the Model City neighborhood. Since April of 1991, the Urban League of Greater Miami, Inc. has been working diligently on moving the construction of the proposed rental housing project forward. To date, the project sponsor has secured a preliminary financial commitment from Metropolitan Dade County through the County's Documentary Surtax Program in the amount of $598,500 and $378,680 from Homes for South Florida, Inc. In addition, the project sponsor has secured a ten (10) year commitment in the amount of $143,897 per year through the Low Income Tax Credit Program, along with $25,000 from Greater Miami Neighborhoods, Inc. The Urban League's proposal calls for the development of a 21 unit two-story townhome structure consisting of seven (7) 3-bedroom 2- bath units and fourteen (14) 2-bedroom 1.5 bath units. To date, the Urban League of Greater Miami, Inc. has been successful in developing a 30 unit townhome project in cooperation with the City of Miami on a 1.2 acre parcel donated to the not -for -profit corporation by the City in July of 1986. The $1.3 million rental project, M & M Maison, located at 1521 Northwest 61st Street in the Model City neighborhood, is indicative of the City's commitment to promoting the production of affordable housing in the City of Miami through various public/private sector sponsored housing ventures. The proposed M & Al Maison II Housing Project is the Urban League's most recent housing initiative to provide affordable housing opportunities to low and moderate income families in the area. In an attempt to further stimulate the development of new affordable housing units in the City, City Commission ratification of the attached resolution is recommended. z