HomeMy WebLinkAboutSummary FormDate: 01 / 115/2009
AGENDA ITEM SUMMARY FORM
1 0 • ILS %.
Commission Meeting Date: 02/12/2009
Law Department
Matter ID No.
09-44
Requesting Department: Community Development
District Impacted: 5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: EXTENSION OF CLOSING OF THE SALE OF THE PROPERTY CONVEYED TO
PALMETTO HOMES OF MIAMI, INC.
Purpose of Item:
AUTHORIZING THE CITY MANAGER TO EXTEND THE CLOSING DATE OF THE SALE OF THE
PROPERTY LOCATED AT 1477 NW 60TH STREET ("PROPERTY"), LEGALLY DESCRIBED IN
EXHIBIT A, ATTACHED AND INCORPORATED, BETWEEN THE CITY OF MIAMI AND PALMETTO
HOMES OF MIAMI, INC., FROM DECEMBER 31, 2008 TO DECEMBER 31, 2009; FURTHER
AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENTS IN
ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE PURCHASE AND SALE
AGREEMENT.
Background Information:
Please see attached
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No.-
NO
o:NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
If using or receiving capital funds
Grants
Final Approvals
(SIGN AND DATE)
Budget
Risk
Purchasin Dept.
Chief City I
Page 1 of
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution Number 08-0334, adopted on June 12, 2008, the Miami City Commission
authorized the conveyance of the parcel of land, with parcel reverter provisions, located at 1477 NW
60th Street, to Palmetto Homes of Miami, Inc. ("Palmetto") for the construction of affordable housing
for eligible low and moderate income persons.
The Purchase and Sale Agreement between the City of Miami ("City") and Palmetto was executed on
August 5, 2008 which required that the closing date be on December 31, 2008.
Due to the need for additional research and documentation required for a Green Project and TEED
Certification, Palmetto is requesting an extension of time to the closing date from December 31, 2008
to December 31, 2009.
The Administration recommends extending the closing of the sale of the Property from December 31,
2008 to December 31, 2009.