HomeMy WebLinkAboutExhibit B (2)Exhibit B
Performance Requirements and Restrictions*
The following Performance Requirements will apply to all the properties to be rehabilitated on
the City -owned sites attached as Exhibit A.-
Property
:
Property Conveyance
1. The construction of the Project must commence within (12) twelve months from the date
of property conveyance.
2. The Project must be completed (all units constructed, issued Certificates of Occupancy,
and sold to qualified buyers) within (24) twenty-four months of conveyance.
3. Any developer mortgages on the parcel will be subject to approval by the City of Miami,
Department of Community Development.
4. The Closing of this Purchase and Sale Agreement will take place simultaneously with
Closing of the construction financing.
5. All necessary permits needed to construct the unit(s) must be provided to the
Department of Community Development prior to the Closing.
6. Evidence of the financial commitments from the lender(s) for full project financing must
be provided to the Department of Community Development prior to the Closing.
Project Restrictions:
A minimum of eighteen (18) units will be rehabilitated and utilized for operation on the
properties
2. Properties must be utilized for the purpose of providing a supportive housing program
as part of the Housing Opportunities for Persons with AIDS ("HOPWA") program for a
minimum of ten (10) years, any change in use may cause the City to exercise its right
to recapture the properties.
3. The City's loan shall be secured by a Mortgage and Declaration of Restrictive
Covenants, and such other documents as the City may deem necessary for this
purpose.