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AGENDA ITEM SUMMARY FORM Law Department
j Matter ED No.
`—C FILE ID• V -�13� 09-3628
Date: 11/20/2009 Requesting Department: Community Development
Commission Meeting Date: 12/17/2009 District Impacted: 5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: EXTENSION OF CONSTRUCTION COMPLETION DATES AND CONVEYANCE
OF CD BUILDING PROJECT FOR MIAMI DREAM HOMES INVESTMENT GROUP INC
ose of item:
GRANTING MIAMI DREAM HOMES INVESTMENT GROUP, INC., AN EXTENSION TO COMPLETE
CONSTRUCTION AND CONVEY THE CD BUILDING PROJECT TO THE CITY OF MIAMI,
LOCATED AT 1525 NORTHWEST 60TH STREET, LEGALLY DESCRIBED IN EXHIBIT "A",
ATTACHED AND INCORPORATED, FROM DECEMBER 31, 2009 TO JUNE 30,2010;
AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENT(S) FOR SAID
PURPOSE(S).
Background Information:
Please see attached
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 or receiving capital funds
Grants
Purchasin
Chief
Final Approvals
(SIGN AND DATE)
Budget
Risk r
Dept.
City I4
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 05-0357, adopted May 26, 2005, the Miami City Commission approved
the conveyance, with title reverter conditions, of eleven parcels of City of Miami ("City") owned land
directly to developers, for the construction of affordable housing for eligible low and moderate income
persons.
On September 27, 2005, a Quit Claim Deed was executed between the City and Miami Dream
Homes Investment Group, Inc. ("Miami Dream Homes").
On April 28, 2006, the Housing and Commercial Loan Committee approved the allocation of
$796,993 in Home Investment Partnership ("HOME") Program funds and $240,007 in State Housing
Initiative Partnership Program ("SHIP") funds in connection with the development of the CD Building
project.
On July 5, 2006 Loan Agreements in the amounts of $796,993 in HOME funds and $240,007 in SHIP
funds were executed between the City and Miami Dream Homes.
Pursuant to Resolution No. 06-0329, adopted May 25, 2006, the Miami City Commission amended
Resolution 05-0357 to reflect the parcel located at 1525 Northwest 60th Street to be developed as a
new construction multi- family rental project consisting of seven (7) units for low income persons and
said property will be conveyed to the City upon issuance of a Certificate of Occupancy.
Pursuant to Resolution No. 07-0133, adopted on March 8, 2007, the Miami City Commission
approved the modification of condition/restriction No. 5 of the Corrective Quit Claim Deed, dated July
5, 2006, approving the extension of the commencement of construction to July 1, 2007 and the
reversion of the property located at 1477 Northwest 60th Street to the City.
Pursuant to Resolution Nos. 08-0250 and 09-0174 adopted May 8, 2008 and April 2, 2009
respectively, the Miami City Commission granted Miami Dream Homes an extension of time until
December 31, 2009 to complete the project on the Property described in Exhibit "A", and for the
conveyance of the multi -family rental project to the City.
Due to delays in identifying additional funding for the project due to a change order from the
developer caused by increases in cost.
On September 18, 2009, the Housing and Commercial Loan Committee approved additional
allocation of $100,000 in Housing Opportunities for Person with Aids ("HOPWA") funds that will assist
with the completion of the project and make project financially feasible.
The Administration recommends granting Miami Dream Homes an extension of time to complete
construction of the CD Building Project located at 1525 Northwest 60th Street, legally described in
Exhibit "A", attached and incorporated, from December 31, 2009 to June 30, 2010, and for the
conveyance of the project to the City.