HomeMy WebLinkAboutExhibit B 1EXHIBIT "B"
Performance Requirement and Restrictions*
The following Performance Requirements will apply to the Project to be developed on the City -owned
properties located at 400-420 Southwest 8th Avenue, and 430 Southwest 8th Avenue, Miami, Florida;
Property Conveyance
1. The construction of the Project must commence no later than October 1, 2009
2. The project must be completed (all units constructed, issued Certificates of Occupancy, and
leased to eligible tenants within (30) thirty months from the date of conveyance.
Project Restrictions:
1. A minimum of twenty-five (25) rental units to be constructed on the Property.
2. Rental units wilt be geared towards elderly residents with incomes at or below sixty (60)
percent of Area Median Income.
3. The development will include an outdoor park -like pavilion/green space and an indoor
building community room dedicated to the memory and memorabilia of the former Teatro
Marti on that site.
4. The Affordability Period for all affordable housing units shall be thirty (30) years.
S. The City's loan shall be secured by a Mortgage and Declaration of Restrictive Covenants, and
such other documents as the City may deem necessary for this purpose.
Aspirational Goal:
1. Biscayne Housing Group, LLC will pursue additional funding, including, but not limited to, tax
credits, in a good faith effort to build up to 70 units on the site.
2. In the pursuit of additional public funding, if Biscayne Housing Group, LLC desires to partner
with a local non-profit, the City of Miami must approve the non-profit partner.
*The restrictions for the Property conveyance and the loan to the Developer for the Project shall
include, but not be limited to, the items contained herein. All related Federal, state, and local
laws, rules and regulations shall apply.