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HomeMy WebLinkAboutR-81-0173s"TIVE FULLOW RESOLUTION NO. A RESOLUTION DESIGNATING THE UTILIZATION OF 58,000,000 IN CITY OF MIAMI GENERAL OBLIGATION HOUSING BOND PROCEEDS FOR THE ACQUISITION OF LAND FOR THE DEVELOPMENT OF LOW AND MODERATE INCOME RENTAL HOUSING. WHEREAS, the City Commission has determined there exists a critical shortage of rental housing in the City of Miami affordable to low and moderate income families; and WHEREAS, the City Commission considers the availability of an adequate supply of rental housing for families in the low and moderate income range to be of utmost importance to the economic well being of the City and its citizens; and WHEREAS, the development of such housing is contingent. in part, upon the availability of assembled land appropriate for such housing, either publicly or privately sponsored; and WHEREAS, the City Commission has determined it to be in the public interest to acquire and assemble such land as may be necessary to accomplish the development of such housing; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The City Manager is hereby directed to initiate the process leading to the acquisition of land suitable for the development of a minimum of 1,000 units of rental housing for low and moderate income families. Section 2. The City Manager is hereby directed to issue general obligation housing bonds in the amount of eight million dollars for the purpose of funding such land acquisition, subject to such legal deter- minations as may exist. FOLLV`Vr� "DUL14MENT IIrDEX ITEM CITY Comhosslom MKlTING OF Ap�wr na,g,Y , :, 1,, 77 • PASSED AND ADOPTED this 17 ATTEST: ALPH : ON E, CITY CLERK PREPARED AND APPROVED BY: ASS STANT CITY ATTORNEY `day of --- MARCH ---- ----- 1981. MAURICE A. FERRE MAURICE A. FERRE,RAYOR APPROVED AS TO FORM AND CORRECTNESS: f O ERT T. CLARK� ACTING CITY ATTORNEY ppO�; ���, ..k' I F 0 LLO` 11 $i 7� 76v Richard L. Fosmoen March 10, 1981 City Manager Land Acquisition and Site Assembly for Affordable Rental Housing Development Dena Spillman, Director City Commission Agenda Item Department of Community Development March 17, 1981 00 r� It is recommended that the City Commission approve the attached resolution authorizing the use of eight million dollars in General c, Obligation Housing Bond proceeds for the acquisition of land for the development of low to moderate income rental housing. ='v In my memo of January 16, 1981, on the subject, I stated that the lack of raw land at reasonable cost has been and continues to be one of the major impediments to participation by the private sector in the development of affordable rental housing. Public acquisition and assembly of suitable land for housing development and its subsequent disposition to private developers at reasonable cost is one of the key ingredients necessary to the production of affordable rental hous- ing in Miami. A survey of potential housing development sites in the City is ongoing. To date, several sites have been identified. Some of these are vacant. We are confident that there are sufficient sites in the City to provide for the development of at least 1,000 units of multifamily rental housing. The City Law Department has been directed to provide a formal legal opinion as to the City's authority to directly acquire land for low and moderate income housing, as well as the legal requirements for disposition of the land. We anticipate the utilization of General Obligation Housing Bond proceeds to acquire housing sites should the Law Department's response be favorable. We estimate that between five million and eight million dollars will be required to acquire land suitable and sufficient for the development of a one thousand unit program. Joe Guandolo of Brown, Wood, Ivey, Mitchell and Petty has indicated verbally that the proceeds of City housing bonds cannot be employed for"land banking" unless the City has a specific housing program in mind for utilization of the land acquired. Therefore, it will be necessary to develop a rental hous- ing production strategy and to secure Mr. Guandolo's (legal) opinion that the strategy is solid enough to obviate the land banking issue. In this regard, we have directed Evenson-Dodge, Inc. to prepare an affordable rental housing development strategy to be presented to the City Commission in late April or early May. << © Tll / SU P OR I I E FOLLUNI, 81 17 R Richard L. Fosmoen Page two March 10, 1981 To date, $5,600,000 in housing bond proceeds have been expended or committed for expenditure to support the development of approximately 790 units of assisted housing for low income families, including 424 of Turnkey Section 8 New Construction and 360 units of public housing. City Commission approval of the above request to commit an additional $8,000,000 in bond proceeds for land acquisition will bring the total bond commitment to $17,900,000. City Commission approval is recommended. /rj f I.