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HomeMy WebLinkAboutLegislationFile Number: 09-00173 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING (i) THE ASSIGNMENT OF THE PURCHASE AND SALE AGREEMENT WITH BISCAYNE HOUSING GROUP, LLC, A FLORIDA LIMITED LIABILITY COMPANY, (THE "DEVELOPER"), PURSUANT TO RESOLUTION NO. 09-0022, ADOPTED JANUARY 15, 2009, FOR CITY OF MIAMI OWNED REAL PROPERTY LOCATED AT 400-420 SOUTHWEST 8TH AVENUE AND 430 SOUTHWEST 8TH AVENUE, MIAMI, FLORIDA, AS LEGALLY DESCRIBED IN EXHIBIT "A", ATTACHED AND INCORPORATED, TO TEATRO MARTI APARTMENTS, LLC., A NEWLY FORMED ENTITY; (ii) THE EXTENSION OF THE CONSTRUCTION COMMENCEMENT DATE FROM OCTOBER 1, 2009 TO OCTOBER 31, 2009, FOR THE DEVELOPMENT OF A MINIMUM OF TWENTY-FIVE (25) UNITS; IN THE EVENT THAT DEVELOPER IS SUCCESSFUL IN OBTAINING FUNDING FROM MIAMI-DADE COUNTY AND/OR IS AWARDED TAX CREDITS FROM FLORIDA HOUSING FINANCE CORPORATION, THE CONSTRUCTION COMMENCEMENT DATE WILL BE EXTENDED TO JUNE 30, 2010, FOR THE DEVELOPMENT OF A SEVENTY (70) UNIT MIXED-USE, ELDERLY RENTAL HOUSING PROJECT; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY DOCUMENTS FOR SAID PURPOSE. WHEREAS, On October 21, 2008, Biscayne Housing Group, LLC (the "Developer") submitted an Affordable Housing Development Proposal to the City of Miami (the "City") for the development of a mixed-use affordable rental development for the elderly (the "Project") on the City -owned properties located at 400-420 Southwest 8th Avenue and 430 Southwest 8th Avenue, Miami, Florida, as legally described on Exhibit "A", attached and incorporated (jointly referred to as the "Property"); and WHEREAS, the Developer is a for-profit limited liability company formed on September 1, 2004 to develop affordable housing; and WHEREAS, pursuant to Resolution No. 09-0022, adopted January 15, 2009, the Miami City Commission authorized the conveyance of the City -owned parcel of land located at 400-420 Southwest 8th Avenue and 430 Southwest 8th Avenue, Miami, Florida, commonly known as Teatro Marti Property, to the Developer for the development of a mixed-use, elderly rental housing project; and WHEREAS, the Developer has created a separate legal entity for the development of the Project known as Teatro Marti Apartments, LLC.; and WHEREAS, the Administration recommends the following: (i) that the City authorize the City of Miami Page I of 2 Printed On: 2/1812009 City of Miami Legislation Resolution File Number: 09-00173 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING (i) THE ASSIGNMENT OF THE PURCHASE AND SALE AGREEMENT WITH BISCAYNE HOUSING GROUP, LLC, A FLORIDA LIMITED LIABILITY COMPANY, (THE "DEVELOPER"), PURSUANT TO RESOLUTION NO. 09-0022, ADOPTED JANUARY 15, 2009, FOR CITY OF MIAMI OWNED REAL PROPERTY LOCATED AT 400-420 SOUTHWEST 8TH AVENUE AND 430 SOUTHWEST 8TH AVENUE, MIAMI, FLORIDA, AS LEGALLY DESCRIBED IN EXHIBIT "A", ATTACHED AND INCORPORATED, TO TEATRO MARTI APARTMENTS, LLC., A NEWLY FORMED ENTITY; (ii) THE EXTENSION OF THE CONSTRUCTION COMMENCEMENT DATE FROM OCTOBER 1, 2009 TO OCTOBER 31, 2009, FOR THE DEVELOPMENT OF A MINIMUM OF TWENTY-FIVE (25) UNITS; IN THE EVENT THAT DEVELOPER IS SUCCESSFUL IN OBTAINING FUNDING FROM MIAMI-DADE COUNTY AND/OR IS AWARDED TAX CREDITS FROM FLORIDA HOUSING FINANCE CORPORATION, THE CONSTRUCTION COMMENCEMENT DATE WILL BE EXTENDED TO JUNE 30, 2010, FOR THE DEVELOPMENT OF A SEVENTY (70) UNIT MIXED-USE, ELDERLY RENTAL HOUSING PROJECT; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY DOCUMENTS FOR SAID PURPOSE. WHEREAS, On October 21, 2008, Biscayne Housing Group, LLC (the "Developer") submitted an Affordable Housing Development Proposal to the City of Miami (the "City") for the development of a mixed-use affordable rental development for the elderly (the "Project") on the City -owned properties located at 400-420 Southwest 8th Avenue and 430 Southwest 8th Avenue, Miami, Florida, as legally described on Exhibit "A", attached and incorporated (jointly referred to as the "Property"); and WHEREAS, the Developer is a for-profit limited liability company formed on September 1, 2004 to develop affordable housing; and WHEREAS, pursuant to Resolution No. 09-0022, adopted January 15, 2009, the Miami City Commission authorized the conveyance of the City -owned parcel of land located at 400-420 Southwest 8th Avenue and 430 Southwest 8th Avenue, Miami, Florida, commonly known as Teatro Marti Property, to the Developer for the development of a mixed-use, elderly rental housing project; and WHEREAS, the Developer has created a separate legal entity for the development of the Project known as Teatro Marti Apartments, LLC.; and WHEREAS, the Administration recommends the following: (i) that the City authorize the City of Miami Page I of 2 Printed On: 2/1812009 File Number: 09-00173 assignment of the Purchase and Sale Agreement with the Developer, pursuant to Resolution No. 09- 0022, to Teatro Marti Apartment, LLC, a newly formed entity, for the development of mixed-use housing, elderly rental project; (ii) the extension of construction commencement date from October 1, 2009 to October 31, 2009, for the construction of a minimum of twenty-five (25) units; and in the event that the Developer is awarded funding from Miami -Dade County and/or tax credits from Florida Housing Finance Corporation, the construction commencement date will be extended to June 30, 2010 for the construction of a seventy (70) unit project;(iii) all other conditions and restrictions as indicated on Exhibit "B", attached and incorporated; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as if fully set forth in this Section. Section 2. The assignment of the Purchase and Sale Agreement with the Developer, pursuant to Resolution No. 09-0022, adopted January 15, 2009, to Teatro Marti Apartments, LLC., a newly formed entity, for the development of mixed-use housing, elderly rental project; (ii) the extension of construction commencement date from October 1, 2009 to October 31, 2009, for the construction of a minimum of twenty-five (25) units; and in the event that the Developer is awarded funding from Miami -Dade County and/or Florida Housing Finance Corporation tax credits, the construction commencement date will be extended to June 30,2010 for the construction of a seventy (70) unit project, is authorized; and (iii) all other conditions and restrictions as indicated on Exhibit "B", attached and incorporated. Section 3. The City Manager is authorized{1) to execute the necessary documents for said purpose. Section 4. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.{2) APPROVED AS TO FORM AND CORRECTNESS: JULIE O. BRU CITY ATTORNEY Footnotes: {1} The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code provisions. {2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. City of Miand Page 2 of 2 Printed On: 2/18/2009