HomeMy WebLinkAboutR-87-0331J-87-374
4/8/87
RESOLUTION NO. 87"-331'
A RESOLUTION DIRECTING THE CITY MANAGER TO
MAKE A PERSONAL APPEARANCE BEFORE THE
METROPOLITAN DADE COUNTY DOCUMENTARY SURTAX
ADVISORY COUNCIL FOR THE PURPOSE OF SECURING
A FORWARD COMMITMENT OF DOCUMENTARY SURTAX
FUNDING TO ASSIST IN FINANCING THE
DEVELOPMENT OF HOUSING AFFORDABLE TO FAMILIES
AND INDIVIDUALS OF LOW AND MODERATE INCOME ON
THE PUBLICLY -OWNED MELROSE NURSERY AND CIVIC
CENTER SITES.
WHEREAS, there exists, in the City of Miami, a severe
shortage of homes 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 sales housing within the affordability limits and
purchasing power of families and individuals of low and moderate
income; and
WHEREAS, in January of 1987, the Miami City Commission
conditionally designated Melrose Townhome Development, Inc. and
CODEC, Inc., two not for profit corporations as sponsors for the
development of sales housing within the affordable limits and
purchasing power of families and individuals of low and moderate
income; and
WHEREAS, final designation and approval by the City
Commission of the project sponsors is predicated upon the
preparation of final project plans and specifications,
construction and home purchase financing, unit prices,
construction schedules and marketing plans; and
WHEREAS, the use of a tandem mortgage home purchase
financing method offers substantial affordable homeownership
opportunities to families and individuals earning less than 80%
of median income, well within low and moderate income guidelines;
and
WHEREAS, first mortgage home purchase financing commitments
have been secured from a consortium of local private financial
institutions in an amount not to exceed $6,000,000; and crrr MUMN
APR
WHEREAS, it is necessary to secure second mortgage financing
commitments through the Metropolitan Dade County Documentary
Surtax Program in order to provide soft second mortgages to the
purchasers of the sales housing planned;
NOW, THEREFORE BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
The City Manager is hereby directed to request a personal
appearance before the Metropolitan Dade County Documentary Surtax
Advisory Council, for the purpose of securing a forward
commitment of surtax funding to assist in the financing of the
sales housing projects planned for development on the publicly -
owned Melrose Nursery and Civic Center sites.
PASSED AND ADOPTED this 9th day of April _ )-W.
ATTEST:
WTTY HIRAI, CITY CLERK
PREPARED AND APPROVED BY:
ROBERT F. CLARK
CHIEF DEPUTY CITY ATTORNEY
APPROVED Ajr)fO FORM AND CORRECTNESS:
CIT4F ATTORNEY