HomeMy WebLinkAboutM-89-0913= 9
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Honorable Mayor and Memb .: ;
TO
of the City Commission
mom. Cesar H. Odi D
RECOMMENDATION:
BACKGROUND:
CITY OF MIAMI. FLORIDA
INTER- OFFICE MEMORANDUM
3.c T
OCT s
198
CA -31
F LE
Resolution Authorizing
Acquisition of Parcel
(8600 East Dixio Highway)
- ..= _ -ENCES . City Commission Agenda
City MRnager Item - October 12, 1989
E',C_0SURES
It is respectfully recommended that the City Commission adopt the
attached resolution authorizing the negotiation and purchase of a
2.8 acre parcel located at 8600 East Dixie Highway in the
.Northeast section of the City of Miami, in the amount of $275,000,
for the purpose of _ieveloping a:`_ fordable sales housing in
connection with the City sponsored Scattered Site Affordable
Housing Development Program.
The Department of Development and Hooa: sing Conservation recommends
ratification of the attached resolution which authorizes the City
Manager to negotiate and purchase a 2.8 acre parcel located at
8600 East Dixie Highway in Northeast Miami, in the amount of
'$275,000, for the purpose: of developing affordable sales housing
in connection with the City sponsored Scattered Site Affordable
Housing Development Program.
In October of 1986, t'arough Resolution No. 86 -840, the City
Commission approved the implementation of the City's Scattered
Site Affordable Homeownership Development Program for the purpose
of providing owner- occupied residential units within the
affordability range of qualified low and moderate income
purchasers.
To date, seven (7) new single family homes have been sold and are
occupied by low and mo : cate income families in the Model City
neighborhood. Construction has been recently completed on two (2)
new single family homes in the Wynwood neighborhood and are now
occupied by two (2) low and moderate income families.
It is also anticipated that construction on four (4) new single
family home in the Allapattah neighborhood and six (6) additional
homes in the Mode]. City neighborhood will be underway by early
November, 1989.
Resolution Authorizing Acquisition
of Parcel (8600 East Dixie Highway)
Page - 2 -
Moreover, within the next six months, with the City serving as
developer, City also plans to construct approximately thirty (30)
new 2- story, single family homes on the 3 acre City -owned St. Hugh
Oaks parcel located in the Coconut Grave neighborhood. The
proposed 1,500 square foot 3- bedr)om 2 l/2 -bath homes will be
marketed to moderate income families. (N Family of four with an
average yearly income of approximately $32,000 to $35,000). The
project sales price of the new single family homes planned on the
St. Hugh Oaks property are estimata_•3 between $80,000- $85,000, with
monthly mortgage payments of approximately $690.
Since October of 1986, with the City Commission's adoption of the
City sponsored Scattered Site Afforiabie Homeownership Development
Program, the major emphasis of t'ne Program has focused on the
provision of affordable homeownership opportunities in the
Allapattah, Coconut Grove, Model City, ana Wynwood neighborhoods.
New housing efforts in the construction of both rental and
homeownership housing units in the Model City and East Little
Havana neighborhoods, have also been stimulated through the
efforts of Tacolcy Economic Development Corporation and the East
Little Havana Community Development Corporation with the
development of approximately 175 units of rental housing and 114
condominium units in the East LittlD Havana neighborhood, in part,
through the provision of $3.2 million in financial assistance from
the City of Miami. To date, very Eew new housing opportunities
have been made available to qualified low and moderate income
families in the Edison- Little River Community Development' Target
Area and northeast Miami.
In an attempt to expand the availability of affordable
homeownership housing opportunities in the northeast section of
the City of Miami, City staff has develop._d a preliminary housing
proposal for the development of twenty -one (21) new single family
homes affordable to qualified low and moderate income families on
the 2.8 acre site located at the intersection of Northwest 86th
Street and East Dixie Highway.
A few key aspects of the housing ?r,posal are:
1) 21 single family homes are proposed for development on
the site (see attachment preliminary site plan).
2) The homes would consist , 3F. 3- beirooms, 2 1 /2 baths, and
contain approximately 1,500 square feet of living area
(see attached typical).
Resolution Authorizing Acquisition
of Parcel (8600 East Dixie Highway)
Page - 3 •-
3) The project sales price of the homes is $67,500-S70,000,
inclusive of the cost of thfl lot. (This estimate is
based on a construction cost of approximately $60,000
($35.00 per sq. ft. x 1,500 sq. ft.) and the .333 ?ning of
$15,000 as the cost of the lot).
4) The housing proposal calls for the provision "soft"
second mortgages to the prospective homebuyer(s) by the
City (City funded Second Mortgage Loan Pool). This is
necessary in order to maintain the proper balance between
the homebuyer's income and the monthly mortgaga related
homeownership carrying cost (PITI). First mortgage home
purchase financing will be provided by one or r local
financial institutions.
Upon the City's request, on July 29, 1989, an appraisal r =_port was
prepared by Luke A. Ross, of Ralph Ross Real Estate Co., Inc. The
fair market value determined by the appraiser is $231,564.
Preliminary negotiations between the City and the property owner
have established a recommended purchases price of $275,000.
Eleventh Year Community Development Block Grant Land Acquisition
funds which exist as an available balance remaining from the
$1,000,000 previously authorized by the City Commission, are
available to fund the cost of acquiring the subject parcel.
In view of the need to provide affordable homeownership
opportunities to low and moderate income families in :northeast
Miami in connection with the City's Scattered Site Affordable
Homeownership Development Program, City Commission ratification of
the attached resolution is recommended.
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