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