HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM Law Department
-' `t,'. Matter ID No.
r" FILE ID: PH. 1
Date: 01/29/2010 Requesting Department: Community Development
Commission Meeting Date: 02/25/2010 District Impacted: 5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: SALE OF CITY OF MIAMI OWNED PROPERTY TO JESSICA PINNOCK
Purpose of Item:
APPROVING THE SALE OF A CERTAIN CITY OF MIAMI ("CITY") OWNED PROPERTY LOCATED
AT 1436 NORTHWEST 61ST STREET, MIAMI, FLORIDA, TO THE INDIVIDUAL, AS SPECIFIED IN
EXHIBIT "A," ATTACHED AND INCORPORATED; AUTHORIZING THE CITY MANAGER TO
EXECUTE A REAL ESTATE PURCHASE AND SALE AGREEMENT, IN SUBSTANTIALLY THE
ATTACHED FORM AND TO EXECUTE SUCH OTHER DOCUMENTS AS MAY BE NECESSARY
TO CONSUMMATE SUCH TRANSACTION IN ACCORDANCE WITH THE TERMS AND
CONDITIONS OF THE AGREEMENT, WHICH TERMS MAY BE AMENDED BY THE CITY
MANAGER AS MAY BE NECESSARY IN ORDER TO MEET THE BEST INTERESTS OF THE CITY.
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 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
Final Approvals
(SIGN AND DATE)_______
Budget
Risk
Purchasing Dept,
Chief City I
VN
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 07-0305, adopted June 12, 2007, the Miami City Commission approved
the sale of the property specified in Exhibit "A" to Tymara Coldin.
Due to the lost of subsidy, Tymara Coldin does not meet qualification for the purchase of the
aforementioned property.
Pursuant to Resolution No. 08-0497, adopted September 11, 2008, the Miami City Commission
approved the sale of the property specified in Exhibit "A" to Maureen Allon and Purchase and Sale
Agreement with the City of Miami ("City") was executed on November 19, 2008.
On August 24, 2009, Maureen Allon submitted a request to cancel the purchase of the
aforementioned property and a Release of Contract was executed on September 10, 2009.
Jessica Pinnock, a new homebuyer, has expressed the desire to purchase said property.
The Department of Community Development has reviewed Jessica Pinnock's household income,
and certifies that she is within 80% of the area median income qualifying the homebuyer as a low
income household.
The following conditions have been put in place for the purchase of said property:
1. The property must remain owner -occupied for 30 years.
2. In the case of sale or transfer of the property, the borrower will be required to sell the
home to an income eligible borrower approved by the City at a price not to exceed the maximum
allowable purchase price approved by the City Commission in existence at the time of sale.