HomeMy WebLinkAboutR-83-0482J-33-410
rr RESOLUTION NO.
A RESOLUTION ALLOCATING AN ADDITIONAL SUM
OF $670,000 FROM PROGRAM INCOME AND 6TH
AND 7TH YEAR COMMUNITY DEVELOPMENT BLOCK
GRANT FUNDS FOR ADDITIONAL EXPENSES IN
THE ACQUISITION OF LAND IN THE OVERTOWN
AREA.
WHEREAS, on October 30, 1973, the City Commission
approved Resolution No. 79-724, approvin-4 the Overtown
Community Redevelopment Plan; and
WHEREAS, this Plan identified acquisition sites for
acquisition; and
WHEREAS, Dade County, in partnership with the City,
proceeded to acquire these properties; and
WHE?LEAS, during the acquisition process there has been a
significant escalation of land values within the Overtown
target area; and
WHEREAS, an additional S670,000 is required from the
City to cover the cost overrun;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. An additional sum of $670,000 is hereby
allocated from Program Income and 6th and 7th Year Community
Development Block Grant Funds for additional expenses in the
acquisition of land in the Overtown area.
PASSED AND ADOPTED this 9th day of June , 1983.
Maurice A. Ferre
MAURICE A. FFRRE
M A Y O R
ATTEST:
RALP FV (33. ONGIE, CITY CLERY
CITY COMMISSION
MEETINC CF
! I-1 9 1983
F
PREPARED WID APPROVED BY:
r
j JOEL E. MAXWFLL
{ 43SISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
44 t - I /-? 4 4 4 - � r
SE R. GARCIA-PEDROSA
TY ATTORNEY
-2-
83-482
37
CITY OF MIAMI. FLORIOA
INTER -OFFICE MEMORANDUM (J"
TO Howard V. Gary
City Manager
FROM Dena Spillman
Director
Community Development
DATE May 17, 1983 VILE
SUBJECT Acquisition of Land
in Overtown Area
City Commission Agenda,
REFERENCESJune 9, 1983
ENCLOSURES
It is recommended that the City
Manager be authorized to allocate
an additional $670,000 for the
acquisition.of land and associated
expenses in the Overtown area; funds
being provided from program income
and 6th and 7th year Community
Development contingency funds.
On October 30, 1979, the City Commission approved the Overtown Community
Redevelopment Plan. In part, the Plan called for the acquisition of a
number of parcels of land in the area for infill housing development.
Metropolitan Dade County and the City agreed to share the cost of acqui-
sition of these parcels, estimated at a value of approximately $2,000,000.
The City allocated $1,080,174 in Community Development Block Grant funds
from the fourth, fifth and seventh program years to provide funding for
its share of the estimated acquisition costs.
As a result of the implementation of a number of publicly funded projects
adjacent to the Overtown area including Metrorail, Government Center and
the Overtown Transit Station, land values in the neighborhood have risen
dramatically. In one instance, property values have risen from $5.00 to
$12.00 per square foot.
The effect of this rapid and unanticipated increase in land values in
Overtown is that the funding approved by the City and Dade County for
acquisition of the infill housing sites mentioned above is not suffi-
cient to meet final costs, which are approximately $3,100,000.
We have estimated that an additional $670,000 in Community Development
Block Grant funds will be required to fund the City's share of final
acquisition costs. Dade County will be required to provide a similar
amount.
It is recommended that these funds be allocated from federal site reim-
bursement proceeds that we will receive from Dade County - approximately
$300,000 - and that the balance be allocated from 6th and 7th year
Community Development contingency funds.
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83-482