Loading...
HomeMy WebLinkAboutLegislationFile Number: 09-00184 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), ALLOWING THE CONVEYANCE OF TRACTS A AND C, AS LEGALLY DESCRIBED IN EXHIBIT "A", ATTACHED AND INCORPORATED, FROM MADISON HOUSING II, LTD. TO MADISON HOUSING, LTD., A FLORIDA LIMITED PARTNERSHIP ("MADISON"), FOR THE DEVELOPMENT OF AN AFFORDABLE RENTAL HOUSING PROJECT FOR LOW INCOME HOUSEHOLDS (THE "PROJECT"), SUBJECT TO: (1) ALL RESTRICTIONS AND CONDITIONS STATED IN THE DEED OF CONVEYANCE FROM THE CITY OF MIAMI ("CITY") TO MADISON HOUSING II, LTD., DATED AS OF AUGUST 20, 2008, AND (2) MADISON'S ASSUMPTION OF ALL OBLIGATIONS OF MADISON HOUSING II, LTD. UNDER THE PROPERTY CONVEYANCE DOCUMENTS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTION AGREEMENT BY AND BETWEEN MADISON HOUSING II, LTD. AND THE CITY, AND THE NOTE AND MORTGAGE MODIFICATION AGREEMENT BY AND BETWEEN MADISON, MADISON HOUSING II, LTD. AND THE CITY, BOTH DATED AS OF AUGUST 20, 2008 (THE "CONVEYANCE DOCUMENTS"); IN THE EVENT THAT THE DEVELOPER DETERMINES THAT TRACT A IS NOT NEEDED FOR THE DEVELOPMENT OF THE PROJECT, AUTHORIZING THE CONVEYANCE OF TRACT A FROM MADISON HOUSING II, LTD. TO THE CITY, CONCURRENT WITH THE CONVEYANCE OF TRACT C TO MADISON AND SUBJECT TO PARAGRAPH 4 OF THE AUGUST 20, 2008 CORRESPONDENCE FROM THE CITY MANAGER, ATTACHED AS EXHIBIT "1" AND INCORPORATED; AUTHORIZING (A) THE EXTENSION OF THE PROJECT CONSTRUCTION COMMENCEMENT DEADLINE FROM AUGUST 20, 2009 TO DECEMBER 31, 2009 AND EXTENSION OF THE PROJECT CONSTRUCTION COMPLETION DEADLINE TO TWENTY-FOUR (24) MONTHS FROM THE EFFECTIVE DATE OF LOAN DOCUMENTS AND/ OR LOAN MODIFICATION DOCUMENTS TO BE EXECUTED BETWEEN THE DEVELOPER AND THE CITY, AND (B) THE MODIFICATION OF THE PROJECT FROM 115 AFFORDABLE RENTAL UNITS TO 120 AFFORDABLE RENTAL UNITS; GRANTING THE DEVELOPER AN OPTION TO TERMINATE THE CONVEYANCE DOCUMENTS AND RE -CONVEY TRACTS A, B, C AND D TO THE CITY ON OR BEFORE JUNE 30, 2009, SUBJECT TO THE CONDITIONS TO THE RE -CONVEYANCE OF THE PROPERTY AND THE TERMINATION OF THE CONVEYANCE DOCUMENTS STATED IN PARAGRAPHS 3 AND 4 OF EXHIBIT "1", ATTACHED AND INCORPORATED; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY DOCUMENTS FOR SAID PURPOSE; REQUIRING THAT DOCUMENTATION EFFECTUATING MATTERS ALLOWED AND AUTHORIZED BY THIS RESOLUTION BE IN A FORM ACCEPTABLE TO THE CITY ATTORNEY. WHEREAS, pursuant to Resolution No. 07-0173, adopted on March 22, 2007, the Miami City Commission authorized the conveyance of certain parcels of land, Tracts B and D, legally described in City of Miami Page I of Printed Ont 3/2/2009 City of Miami f Legislation Resolution File Number: 09-00184 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), ALLOWING THE CONVEYANCE OF TRACTS A AND C, AS LEGALLY DESCRIBED IN EXHIBIT "A", ATTACHED AND INCORPORATED, FROM MADISON HOUSING II, LTD. TO MADISON HOUSING, LTD., A FLORIDA LIMITED PARTNERSHIP ("MADISON"), FOR THE DEVELOPMENT OF AN AFFORDABLE RENTAL HOUSING PROJECT FOR LOW INCOME HOUSEHOLDS (THE "PROJECT"), SUBJECT TO: (1) ALL RESTRICTIONS AND CONDITIONS STATED IN THE DEED OF CONVEYANCE FROM THE CITY OF MIAMI ("CITY") TO MADISON HOUSING II, LTD., DATED AS OF AUGUST 20, 2008, AND (2) MADISON'S ASSUMPTION OF ALL OBLIGATIONS OF MADISON HOUSING II, LTD. UNDER THE PROPERTY CONVEYANCE DOCUMENTS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTION AGREEMENT BY AND BETWEEN MADISON HOUSING II, LTD. AND THE CITY, AND THE NOTE AND MORTGAGE MODIFICATION AGREEMENT BY AND BETWEEN MADISON, MADISON HOUSING II, LTD. AND THE CITY, BOTH DATED AS OF AUGUST 20, 2008 (THE "CONVEYANCE DOCUMENTS"); IN THE EVENT THAT THE DEVELOPER DETERMINES THAT TRACT A IS NOT NEEDED FOR THE DEVELOPMENT OF THE PROJECT, AUTHORIZING THE CONVEYANCE OF TRACT A FROM MADISON HOUSING II, LTD. TO THE CITY, CONCURRENT WITH THE CONVEYANCE OF TRACT C TO MADISON AND SUBJECT TO PARAGRAPH 4 OF THE AUGUST 20, 2008 CORRESPONDENCE FROM THE CITY MANAGER, ATTACHED AS EXHIBIT "1" AND INCORPORATED; AUTHORIZING (A) THE EXTENSION OF THE PROJECT CONSTRUCTION COMMENCEMENT DEADLINE FROM AUGUST 20, 2009 TO DECEMBER 31, 2009 AND EXTENSION OF THE PROJECT CONSTRUCTION COMPLETION DEADLINE TO TWENTY-FOUR (24) MONTHS FROM THE EFFECTIVE DATE OF LOAN DOCUMENTS AND/ OR LOAN MODIFICATION DOCUMENTS TO BE EXECUTED BETWEEN THE DEVELOPER AND THE CITY, AND (B) THE MODIFICATION OF THE PROJECT FROM 115 AFFORDABLE RENTAL UNITS TO 120 AFFORDABLE RENTAL UNITS; GRANTING THE DEVELOPER AN OPTION TO TERMINATE THE CONVEYANCE DOCUMENTS AND RE -CONVEY TRACTS A, B, C AND D TO THE CITY ON OR BEFORE JUNE 30, 2009, SUBJECT TO THE CONDITIONS TO THE RE -CONVEYANCE OF THE PROPERTY AND THE TERMINATION OF THE CONVEYANCE DOCUMENTS STATED IN PARAGRAPHS 3 AND 4 OF EXHIBIT "1", ATTACHED AND INCORPORATED; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY DOCUMENTS FOR SAID PURPOSE; REQUIRING THAT DOCUMENTATION EFFECTUATING MATTERS ALLOWED AND AUTHORIZED BY THIS RESOLUTION BE IN A FORM ACCEPTABLE TO THE CITY ATTORNEY. WHEREAS, pursuant to Resolution No. 07-0173, adopted on March 22, 2007, the Miami City Commission authorized the conveyance of certain parcels of land, Tracts B and D, legally described in City of Miami Page I of Printed Ont 3/2/2009 File Number. 09-00184 Exhibit "A", attached and incorporated, to Madison Housing, Ltd. ("Madison") for the development of at least 75 affordable rental and/or homeownership units; and WHEREAS, pursuant to Resolution No. 07-0174, adopted on March 22, 2007, the Miami City Commission authorized the conveyance of certain parcels of land, Tracts A and C, legally described in Exhibit "A", attached and incorporated, to Madison Housing Il, Ltd. for the development of 40 affordable rental and/or homeownership units; and WHEREAS, it was intended that Tracts A, B, C and D (collectively, the "Property") be developed together as one affordable housing project (the "Project"); and WHEREAS, the Purchase and Sale Agreements between the City of Miami ("City") and Madison and the City and Madison Housing II, Ltd., dated April 6, 2007, required the conveyance of the Property to the developer by December 29, 2008; and WHEREAS, on August 20, 2008, the Property was conveyed to the developer in order to facilitate the developer's timely financing application with Miami -Dade County; and WHEREAS, the developer has informed the City that the development of the Project would be best served if the ownership of the Property is held by one entity; and WHEREAS, the developer has agreed that Madison will assume all obligations of Madison Housing II, Ltd. under the Property Conveyance Documents, including the Assumption Agreement by and between Madison Housing II, Ltd. and the City, and under the Note and Mortgage Modification Agreement by and between Madison, Madison Housing II, Ltd. and the City, both dated as of August 20, 2008; and WHEREAS, in the event that Tract A is not needed for construction of the Project, the developer has agreed to convey it back to the City at the time Madison Housing II, Ltd. conveys Tract C to Madison; and WHEREAS, the Administration recommends allowing the conveyance of Tracts A and C, as legally described in Exhibit "A", attached and incorporated, from Madison Housing II, Ltd. to Madison, for the development of an affordable rental housing project for Low Income households, subject to: (1) all restrictions and conditions stated in the deed of conveyance from the City to Madison Housing II, Ltd., dated as of August 20, 2008, and (2) Madison's assumption of all obligations of Madison Housing ll, Ltd. under the Property Conveyance Documents, including, but not limited to, the Assumption Agreement by and between Madison Housing II, Ltd. and the City, and the Note and Mortgage Modification Agreement by and between Madison, Madison Housing II, Ltd. and the City, both dated as of August 20, 2008 (the "Conveyance Documents"); and WHEREAS, the Administration recommends the following: (a) in the event that the developer determines that Tract A is not needed for the development of the Project, authorizing the conveyance of Tract A from Madison Housing II, Ltd. to the City, concurrent with the conveyance of Tract C to Madison and subject to paragraph 4 of the August 20, 2008 correspondence from the City Manager, attached as Exhibit "1" and incorporated; (b) the extension of the Project construction commencement deadline from August 20, 2009 to December 31, 2009 and extension of the Project construction completion deadline to twenty-four (24) months from the effective date of loan documents and/or loan modification documents to be executed between the developer and the City, and (c) the modification of City of Miami Page 2 of 4 Printed On: 3/2/2009 File Number.' 09-00184 the Project from 115 affordable rental units to 120 affordable rental units; and WHEREAS, the Administration recommends granting an option to the developer to terminate the Conveyance Documents and re -convey Tracts A, B, C and D to the City on or before June 30, 2009, subject to the conditions to the re -conveyance of the Property and the termination of the Conveyance Documents stated in paragraphs 3 and 4 of Exhibit 1", attached and incorporated; 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 Tracts A and C, as legally described in Exhibit "A", attached and incorporated, from Madison Housing II, Ltd. to Madison, for the development of an affordable rental housing project for Low Income households, subject to: (1) all restrictions and conditions stated in the deed of conveyance from the City to Madison Housing II, Ltd., dated as of August 20, 2008, and (2) Madison's assumption of all obligations of Madison Housing II, Ltd. under the Property Conveyance Documents, including, but not limited to, the Assumption Agreement by and between Madison Housing II, Ltd. and the City, and the Note and Mortgage Modification Agreement by and between Madison, Madison Housing II, Ltd. and the City, both dated as of August 20, 2008, is allowed. Section 3. The following are authorized: (a) in the event that the developer determines that Tract A is not needed for the development of the Project, the conveyance of Tract A from Madison Housing II, Ltd. to the City, concurrent with the conveyance of Tract C to Madison and subject to paragraph 4 of the August 20, 2008 correspondence from the City Manager, attached as Exhibit "1" and incorporated; (b) the extension of the Project construction commencement deadline from August 20, 2009 to December 31, 2009 and extension of the Project construction completion deadline to twenty-four (24) months from the effective date of loan documents and/or loan modification documents to be executed between the developer and the City, and (c) the modification of the Project from 115 affordable rental units to 120 affordable rental units. Section 4. The developer is granted an option to terminate the Conveyance Documents and re -convey Tracts A, B, C and D to the City on or before June 30, 2009, subject to the conditions to the re -conveyance of the Property and the termination of the Conveyance Documents stated in paragraphs 3 and 4 of Exhibit 1", attached and incorporated. Section 5. The City Manager is authorized {1} to execute all necessary document(s) for said purpose. Section 6. Documentation effectuating matters allowed and approved by this Resolution shall be in a form acceptable to the City Attorney. Section 7. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.{2} City of Miami Pape 3 of 4 Printed nn ..3/2/2009 File Number.- 09-00184 APPROVED AS TO FORM AND CORRECTNESS: JULIE O. BRUT CITY ATTORNEY 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 calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall beco City of Miami Page 4 of 4 Printed On: 3/2/2009