HomeMy WebLinkAboutPre Summary FormAGENDA ITEM SUMMARY FORM Law Department
_ Matter ID No.
FILE ID: 0
Date: 12/19/2008 Requesting Department: Community Development
Commission Meeting Date: 01/15/2009 District Impacted: 3
'Type: gl Resolution ❑ Ordinance ❑ Emergency Ordinance E]Discussion Item P H . Q V
❑ Other
Subject: CONVEYANCE OF TWO (2) PARCELS OF LAND TO BISCAYNE HOUSING GROUP,
LLC. FOR DEVELOPMENT OF RENTAL HOUSING
L U1 1,u3%; U, .«U,.
AUTHORIZING THE CONVEYANCE TO BISCAYNE HOUSING GROUP, LLC., WITH PARCEL
REVERTER PROVISIONS, OF THE CITY OF MIAMI OWNED PARCELS OF LAND LOCATED
AT 4DO-420 SOUTHWEST 8Trt AVENUE, AND 430 SOUTHWEST 8T" AVENUE, MIAMI,
FLORIDA, AS LEGALLY DESCRIBED IN EXHIBIT "A", ATTACHED AND INCORPORATED,
COMMONLY KNOWN AS THE TEATRO MARTI PROPERTY, 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.
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 Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Annrovals
SIGN AND DAT
CIP Budget
[fusing or receiving capital funds
Grants Risk Management_
Purchas' Dept. DirectorACV
Chief City Manager
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
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 81h Avenue and 430 Southwest Bt" Avenue, Miami, Florida, as legally described
on Exhibit "A", attached and incorporated (jointly referred to as the "Property").
Biscayne Housing Group, LLC is a for-profit limited liability company formed on September 1, 2004 to
develop affordable •housing.
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.
The Administration recommends the conveyance to Biscayne Housing Group, LLC , with parcel
reverter provisions, of the City -owned parcels of land located at 400-420 Southwest 8'" Avenue, and
430 Southwest 8"Avenue, Miami, Florida.
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 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.
The Administration recommends that the City authorize 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.