HomeMy WebLinkAboutSummary Form}' ,= AGENDA ITEM SUMMARY FORM
FILE ID: _(0�-C/O
Date: 6/12/2009 Requesting Department: City Manager's Office
Commission Meeting Date: 6/25/2009 District Impacted: 5
Law Department
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item Matter ID No.
❑ Other
Subject: Release of Reverter Provision on Property Conveyed to the Southeast Overtown/Park West
CRA
Purpose of Item:
It is respectfully recommended that the City of Miami Commission adopt the attached resolution
authorizing the City Manager to convey the property located at 345 N.W. 10 Street to the Southeast
Overtown/Park Fest Community Redevelopment Agency ("CRA") by Quitclaim Deed, for the
purpose of development of senior affordable housing by UDG V, LLC.
Background Information:
On January 9, 1996, the City of Miami ("City") conveyed by warranty deed all properties owned
within the Southeast Overtown/Park West Redevelopment Area to the Southeast Overtown/Park West
Community Redevelopment Agency ("CRA''). Section 4 of the warranty deed contains a reverter
provision in favor of the City of Miami in the event the CRA ceases to exist as a legal entity.
On July 7, 2008, the CRA and UDG V, LLC ("Developer'') entered into a development agreement for
the development of the Jazz Village project at 345 N.W. 10rl' Street. (This property was contained in
the warranty deed.) The development agreement contemplates that the parties will enter into a ground
lease for a term of 99 years. The Developer is seeking funding through the U.S. Department of
Housing ("HUD" ), and has advised CRA that HUD has expressed concerns about the City honoring
the contemplated ground lease should the SEOPW CRA cease to exist as a legal entity. Therefore; the
SEOPW CRA has requested that the City relinquish any right of reversion and/or right to reenter the
Property described in Exhibit "A" to SEOPW CRA by way of Quitclaim Deed.
Budget Impact Analysis
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
o.NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
If using of receivin- apical funds
Grants
Purchasing
Chief
/,I h
Final Approvals
(SIGN AND DATE)
Budget
Risk Management _
Dept. Director
City Manager
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