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HomeMy WebLinkAboutSummary FormES -18-2009 11:46 From:CITY MWAGER AGENDA ITEM SUMMARY FO�Larw Department ya Matter ID No. FILE ID:. �—�17� Date: Wj$tM Requesting Department: Community Develop nt Commission Meeting Date: 924&f2M District Impacted: DisVict 3 Type: S Rmlution ❑ Ordinance [] Ftnergency Ordinance EJ- Discussion Itcm Subject: ASSIGNM.NT (IF iI CAYNE TIOUSiNG GROUT' ir,LQ'S RIONTS AND OBJ C-QALIONS TINDER RESOLUTION 49.0022 Purpose of Item: AUTHORIZING (i) THE ASSIGNMENT OF THE PURCHASE AND SALE AGREEMENT WITH BISCAYNE HOUSING GROUP, LLC, A FLORIDA LIMITED LIABILITY COMPANY, {THE "DEVELOPER'), UNDER RESOLUTION 09-0022, FOR CITY OF MIAMI OWNED REAL PROPERTY LOCATED AT 400-420 SOUTHWEST P AVENUE AND 430 SOU'"I34WEST $7v AVENUE, MIAMI, FLORIDA, AS LEGALLY DESCRIBED IN EXHIBIT "A", ATTACHED AND INCORPORATED, TO TEATRO MARTI APARTMENTS, LLC., A NEWLY FORMI✓D CN TITY; (h) THE EXTENSION OF THP CONSTRUCTION COMMENCEMENT DATE FROM OCTOBER I, 2009 TO OCTOBER 31, 2009, FOR THE DEVELOPMENT' OF A MINIMUM OF 25 UNITS; IN THE EVENT THAT DEVELOPER IS SUCCESSFUL IN OBTAINING FUNDING FROM MIAMI DADE COUNTY AND/OR IS AWARDED TAX CREDITS FROM FLORIDA HOUSiNO FINANCE CORPORATION, THIS CONSTRUCTION COMMENCEMENT DATE WILL BE EXTENDED TO JUNE 30, ?A 10, FOR THE DEVELOPMENT OF A SEVENTY (10) UNIT MIXED-USE, ELDERI.Y RENTAL HOUSING PROJECT; FURTHER. AUTHO IZIN`G THE CITY MANAGER TO EXECUTE THE NECESSARY DOCUMENTS FOR SA1D PURPOSE- laekaround Budeet Impact Anatvsis IP'kaw Soo OEUO*W NO Is this item reiated to revenue? YES is this Item an expenditurc? If so, please identify funding source below. General Account No. Speciat Revenue Account No: CIP Project Na: NO is this Item funded by Homeland Defense/Neighborhood improvement Donda7 Start Up Capital Cast: Maintenance Cost: Total Fiscal Impact: Final Approvals ($EGG AtJQANQ OAT J CIP l3ud9 Grants or rtxctvtnR COW funds Rink P Purchas' _ Dept. Chief C=ity A Page i of i FEB -18-2009 11:46 From:CITY MPNAGER AGENDA ITEM SUMMARY FORM CONTINii>EI? 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 400.4201 Southwest $a' Avenue and 3430 Southwest e Avenue, Miami, Florida, as legally described on Exhibit "A`, attached and incorporated (jointly referred to as the "Property"). I The Developer is a for-profit limited liabildy company formed on September 1, 2004 to develop affordable housing. Pursuant to Resolution 08-0022, adopted on January 15, 2009, the Miami City Commission 'authorized the conveyance of the City of Miami ("City') owned parcel of land located at 400-420 Southwest a Avenue and 430 Southwest Om Avenue, commonly known as Teatro, Marti Property, to `the Developer for the development of a mixed-use, elderly rental housing project. The Developer has created a separate legal entity for the development of The project known as Teatro Marti Apartments, LLC, -,and The Administration recommends the following; (i) that the City authorize the assignment of the Purchase and Sale Agreement with the Developer, under Resolution 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, 2008 to October 31, 2W9, fpr the construction of a minimum of 25 units; and in the event that the Developer is awarded funding from Miami -bade County andtor tax credits from Florida !-lousing 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 "or, attached and