Loading...
HomeMy WebLinkAboutPre Legislation 4b I,-�Ejo I rac4.-- /�1 File Number: 07-00892 Resolution p �( Final Acticn Late: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE CITY MANAGER TO EXECUTE THE SECOND AMENDMENT AND CONSENT TO ASSIGNMENT OF PURCHASE AND SALE AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, OF THE CITY OF MIAMI ("CITY") OWNED REAL PROPERTY LOCATED AT 779 NORTHWEST 57TH STREET, MIAMI FLORIDA, BETWEEN THE CITY AND PROGRESSIVE VISION COMMUNITY DEVELOPMENT CORPORATION, INC., A FLORIDA NOT-FOR-PROFIT CORPORATION ("PROGRESSIVE"), TO: (1) AUTHORIZE THE ASSIGNMENT OF PROGRESSIVE'S RIGHTS AICD OBLIGATIONS UNDER THE AGREEMENT TO A NEW ENTITY, WHOSE MEMBERS SHALL BE SOLELY PROGRESSIVE, AND PALMETTO HOMES OF MIAMI, INC., IN ORDER TO COMPLY WITH THE FINANCING REQUIREMENTS SET FORTH IN THE LOAN COMMITMENT DATED JUNE 14, 2007, FROM GIBRALTAR PRIVATE BANK & TRUST COMPANY, AND (2) EXTEND THE DEADLINE FOR SATISFACTION OF CONDITIONS PRECEDENT BY A PERIOD OF SEVENTY (70) DAYS, EXPIRING ON SEPTEMBER 7, 2007, WITH THE TERMS AND CONDITIONS MORE PARTICULARLY SET FORTH IN SAID SECOND AMENDMENT. WHEREAS, the City of Miami ("City") is the owner of certain real property located at 779 Northwest 57th Street, Miami, Florida ("Property"); and WHEREAS, the City has a severe shortage of housing within the affordability range of families and individuals of very low, low and moderate -income; and WHEREAS, the City declared the property surplus and authorized the execution of an Agreement for Purchase and Sale ("Agreement") with Progressive Vision Community Development Corporation, Inc. ("Progressive"), pursuant to Resolution No. 05-0347, adopted May 26, 2005; and WHEREAS, pursuant to Resolution No, 07-0192, adopted April 12, 2007 the City Commission authorized the City Manager to execute a First Amendment to the Agreement to provide for: (1) three month extension to satisfy the conditions precedent, and (2) modification of the unit count and type of unit to provide three (3) owner occupied townhouse units within the economic affordability range of very low, low and/or moderate income families and/or individuals, with the terms and conditions more particularly set for in said First Amendment; and WHEREAS, on June 22, 2007, Progressive requested the City's consent to: (1) a seventy (70) days extension of the period in which to satisfy the conditions precedent, and (2) the assignment of the Agreement by Purchaser to a new entity that will have, as its sole members Progressive and Palmetto Homes of Miami, Inc.; and WHEREAS, Progressive has represented to the City that it needs the City's consent to the City of Miami Page 1 of 2 Prinled On: 612 71200 7 City of Miami Hall 3500 Pan American 4L�`oFCity Drive of, op; Legislation Miami, FL 33133 www.miamigov.com File Number: 07-00892 Resolution p �( Final Acticn Late: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE CITY MANAGER TO EXECUTE THE SECOND AMENDMENT AND CONSENT TO ASSIGNMENT OF PURCHASE AND SALE AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, OF THE CITY OF MIAMI ("CITY") OWNED REAL PROPERTY LOCATED AT 779 NORTHWEST 57TH STREET, MIAMI FLORIDA, BETWEEN THE CITY AND PROGRESSIVE VISION COMMUNITY DEVELOPMENT CORPORATION, INC., A FLORIDA NOT-FOR-PROFIT CORPORATION ("PROGRESSIVE"), TO: (1) AUTHORIZE THE ASSIGNMENT OF PROGRESSIVE'S RIGHTS AICD OBLIGATIONS UNDER THE AGREEMENT TO A NEW ENTITY, WHOSE MEMBERS SHALL BE SOLELY PROGRESSIVE, AND PALMETTO HOMES OF MIAMI, INC., IN ORDER TO COMPLY WITH THE FINANCING REQUIREMENTS SET FORTH IN THE LOAN COMMITMENT DATED JUNE 14, 2007, FROM GIBRALTAR PRIVATE BANK & TRUST COMPANY, AND (2) EXTEND THE DEADLINE FOR SATISFACTION OF CONDITIONS PRECEDENT BY A PERIOD OF SEVENTY (70) DAYS, EXPIRING ON SEPTEMBER 7, 2007, WITH THE TERMS AND CONDITIONS MORE PARTICULARLY SET FORTH IN SAID SECOND AMENDMENT. WHEREAS, the City of Miami ("City") is the owner of certain real property located at 779 Northwest 57th Street, Miami, Florida ("Property"); and WHEREAS, the City has a severe shortage of housing within the affordability range of families and individuals of very low, low and moderate -income; and WHEREAS, the City declared the property surplus and authorized the execution of an Agreement for Purchase and Sale ("Agreement") with Progressive Vision Community Development Corporation, Inc. ("Progressive"), pursuant to Resolution No. 05-0347, adopted May 26, 2005; and WHEREAS, pursuant to Resolution No, 07-0192, adopted April 12, 2007 the City Commission authorized the City Manager to execute a First Amendment to the Agreement to provide for: (1) three month extension to satisfy the conditions precedent, and (2) modification of the unit count and type of unit to provide three (3) owner occupied townhouse units within the economic affordability range of very low, low and/or moderate income families and/or individuals, with the terms and conditions more particularly set for in said First Amendment; and WHEREAS, on June 22, 2007, Progressive requested the City's consent to: (1) a seventy (70) days extension of the period in which to satisfy the conditions precedent, and (2) the assignment of the Agreement by Purchaser to a new entity that will have, as its sole members Progressive and Palmetto Homes of Miami, Inc.; and WHEREAS, Progressive has represented to the City that it needs the City's consent to the City of Miami Page 1 of 2 Prinled On: 612 71200 7 File Number: 07-00892 aforementioned requests in order to receive construction financing pursuant to the loan commitment dated June 14, 2007 from Gibraltar Private Bank and Trust Company ("Loan Commitment"); and WHEREAS, it is in the best interest of the City to extend the date for closing by seventy (70) days, expiring September 7, 2007, and to grant the purchaser the ability to assign the Agreement to the new entity, as required by the Loan Commitment, in order for the purchaser to obtain the construction financing; 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 City Manager is authorized(l) to execute the Second Amendment to the Agreement, of the City -owned real Property, between the City and Progressive, in substantially the attached form, to: (1) authorize the assignment of Progressive's rights and obligations'under the Agreement to a new entity, whose members shall be solely Progressive, and Palmetto Homes of Miami, Inc., in order to comply with the financing requirements set forth in the Loan Commitment, and (2) extend the deadline for satisfaction of conditions precedent by a period of seventy (70) days, expiring on September 7, 2007, with the terms'and conditions more particularly set forth in said Second Amendment. Section 3. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.{2} APPROVED AS TO FORM AND CORRECTNESS: JORGE L. FERNANDEZ 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 become effective immediately upon override of the veto by the City Commission. City of Miami Page 2 of 2 Printed On: 6127/2007