HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
;& Law Department
Matter ID No.
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FILE ID: 09-380
Date: 02/12/2009 Requesting Department: Community Development
Commission Meeting Date: 03/12/2009 District Impacted: 5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: ASSIGNMENT OF TRACTS A AND C FROM MADISION HOUSING II, LTD. TO MADISON
HOUSING, LTD.; EXTENSION OF CONSTRUCTION COMMENCEMENT AND COMPLETION DATE;
MODIFICATION OF THE PROJECT NUMBER OF AFFORDABLE UNITS AND EXTENSION OF
OPTION TO TERMINATE CONVEYANCE DOCUMENTS
Purpose of Item:
AUTHORIZING THE (i) ASSIGNMENT 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 LIABILITY
COMPANY; (ii) EXTENSION OF THE CONSTRUCTION COMMENCEMENT DATE
FROM AUGUST 20, 2009 TO DECEMBER 31, 2009 AND EXTENSION OF
CONSTRUCTION COMPLETION DATE TO DECEMBER 31, 2011; (iii) MODIFICATION
OF THE PROJECT FROM 115 AFFORDABLE UNITS TO 120 AFFORDABLE UNITS (iv)
EXTENSION OF THE OPTION TO TERMINATE THE CONVEYANCE DOCUMENTS
FROM DECEMBER 29, 2008 TO JUNE 30, 2009; FURTHER AUTHORIZING THE CITY
MANAGER TO EXECUTE THE NECESSARY DOCUMENTS FOR SAID PURPOSE.
Background Information:
Budget Impact Analysis
Please see attached
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 Approvals
(SIGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Management
Purcha�ing,�_�� Dept. Director
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
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 Exhibit "A",
attached and incorporated, to Madison Housing, Ltd. for the development of at least 75 affordable
rental and/or homeownership units.
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.
On April 6, 2007, the Purchase and Sale Agreements between the City of Miami and Madison
Housing, Ltd. and Madison Housing II, Ltd. were executed which required the developer to close on
the project by December 29, 2008.
On August 20, 2008, Quit Claim Deeds for Tracts A and C, and Tracts B and D, were executed in
order to facilitate the timely financing application with Miami -Dade County.
The developer has informed the City of Miami that the development of the project would be best
served if the ownership is under one entity.
In the event that Tract A is not needed for construction, it will be conveyed back to the City of Miami
at the time Madison Housing 11, Ltd. assigns tracts to Madison Housing, Ltd.
The Administration recommends the following: (i) the City Manager authorize the assignment of
Tracts A and C, as legally described in Exhibit "A", attached and incorporated, from Madison Housing
11, Ltd. to Madison Housing, Ltd.; (ii) the extension of the construction commencement date from
August 20, 2009 to December 31, 2009 and extension of construction completion date to December
31, 2011; (iii) modification of the project from 115 affordable units to 120 affordable units; (iv)
extension of the option to terminate the conveyance documents from December 29, 2008 to June 30,
2009.