HomeMy WebLinkAboutPre Legislation 2File Number: 08-01319
City of Miami
Legislation
Resolution
City ]-tall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CONVEYANCE OF THE CITY OF MIAMI OWNED PARCELS
OF LAND LOCATED AT 400-420 SOUTHWEST 8TH AVENUE, AND 430
SOUTHWEST 8TH AVENUE, MIAMI, FLORIDA, AS LEGALLY DESCRIBED IN
EXHIBIT "A`,ATTACHED AND INCORPORATED, COMMONLY KNOWN AS THE
TEATRO MARTI PROPERTY, WITH PARCEL REVERTER PROVISIONS, TO
BISCAYNE HOUSING GROUP, LLC., FOR THE DEVELOPMENT OF A
MIXED-USE, ELDERLY RENTAL HOUSING PROJECT ON THE SITE, SUBJECT
TO THE TERMS INDICATED ON EXHIBIT "B", ATTACHED AND
INCORPORATED; AUTHORIZING THE CITY MANAGER TO EXECUTE A
PURCHASE AND SALE AGREEMENT, IN SUBSTANTIALLY THE ATTACHED
FORM, AND ALL 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, Biscayne Housing Group, LLC is a for-profit limited liability company formed on
September 1, 2004 to develop affordable housing; and
WHEREAS, Biscayne Housing Group, LLC has completed various affordable housing
developments within the City and currently has others at various stages of construction and is currently
in good standing with the City; and
WHEREAS, the Administration recommends the conveyance of the City -owned parcels of land
located at 400-420 Southwest 8th Avenue, and 430 Southwest 8th Avenue, Miami, Florida with parcel
reverter provisions, to Biscayne Housing Group, LLC.; and
WHEREAS, the Administration recommends that the conveyance of the Property be subject to
the following conditions and restrictions: (i) the Developer provide to the City (a) all necessary permits
needed to construct the Project , and (b) evidence of firm financial commitments for full Project
financing from the Project iender(s), (ii) the conveyance of the Property occur simultaneously with the
closing of the Project construction financing by the lender(s), if any, (iii) any mortgages on the Property
obtained by the Developer be subject to the approval of the City of Miami Department of Community
Development, (iv) The Project shall consist of a minimum of twenty-five (25) affordable rental units,
and (v) all other conditions and restrictions as indicated on Exhibit "B", attached and incorporated; and
WHEREAS, the Administration. recommends that the City authorize the assignment of the
Purchase and Safe Agreement for the Property from Biscayne Housing Group., LLC to a wholly owned
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File /dumber, 08-01519
subsidiary for the purpose of securing tax credits from the Florida Housing Finance Corporation;
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 conveyance of the City -owned parcels of land located at 400-420 Southwest
8th Avenue and 430 Southwest 8th Avenue, Miami, Florida, as legally described on Exhibit "A",
attached and incorporated, with parcel reverter provisions, to Biscayne Housing Group, LLC., for the
development of a mixed-use affordable rental development for the elderly, is authorized.
Section 3. The Property conveyance shall be subject to the following restrictions(i) the
Developer provide to the City (a) all necessary permits needed to construct the Project , and (b)
evidence of firm financial commitments for full Project financing from the Project lender(s), (ii) the
conveyance of the Property occur simultaneously with the closing of the Project construction financing
by the lender(s), if any, (iii) any mortgages on the Property obtained by the Developer be subject to the
approval of the City of Miami Department of Community Development, (iv) The Project shall consist of
a minimum of twenty-five (25) affordable rental units, and (v) all other conditions and restrictions as
indicated on Exhibit "B," attached and incorporated.
Section 4. The assignment of the Purchase and Sale Agreement for the Property from
Biscayne Housing Group, LLC to a wholly owned subsidiary for the purpose of securing tax credits
from the Florida Housing Finance Corporation, is authorized.
Section 5. The City Manager is authorized{1} to execute a Purchase and Sale Agreement, in
substantially the attached form, and all necessary documents for said purpose.
Section 6. This Resolution shall become effective immediately upon its adoption and signature
of the M2yor.{2}
APPROVED AS TO FORM AND CORRECTNESS:
JULIE O. BRU
CITYATTORNEY
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 (10)
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.
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