HomeMy WebLinkAboutExhibit B2EXHIBIT 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 811, Avenue, and 430 Southwest
8'h Avenue, Miami, Florida,
Property Conveyance
1. The construction of the Project must commence by October 31, 2009 for the
construction of a minimum of 25 units and in the event that the developer is
awarded funding from Miami Dade County and/or tax credits the
commencement date for construction will be extended to June 30,2010 for
the construction of seventy (70) units.
2. The project must be completed (ail 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 will be geared towards elderly residents with incomes at or below
sixty (60) percent of Area Median Income.
3. The development will include on 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.
5. 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.
& Any developer mortgages on the parcel will be subject to approval by the
City of Miami, Department of Community Development.
7. The Closing of this Purchase and Sale Agreement will take place
simultaneously with Closing of the construction financing.
8. All necessary permits needed to construct the unit(s) must be provided to the
Department of Community Development prior to the Closing.
9. Evidence of the financial commitments from the lender(s) for full project
financing must be provided to the Department of Community Development
prior to the Closing.
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