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AGENDA ITEM SUMMARY FORM L ttDeIpaartment FILE ID: Go CQ I
Date: 06/14/2010 Requesting Department: Community Development
Commission Meeting Date: 07/08/2010 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
Purpose 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 JUNE 30, 2010 TO DECEMBER 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 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'ieceiving capital. funds
Grants Risk Management
Purchasing Dept. Director
Chief City Manager
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.
On July 5, 2006, a Corrective Quit Claim Deed was executed between the City and Miami Dream
Homes.
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 No. 08-0250, adopted May 8, 2008, the Miami City Commission granted
Miami Dream homes an extension of time until April 30, 2009 to complete the affordable housing
construction project on the Property described in Exhibit "A", and for the conveyance of the multi-
family rental project to the City.
Pursuant to Resolution No. 09-0174, adopted on April 2, 2009, the Miami City Commission granted
Miami Dream homes an extension of time to complete construction of the CD Building project and for
the conveyance of the Property from April 30, 2009 to December 31, 2009.
On May 1, 2009 an Amended Corrective Quit -Claim Deed was executed between the City and Miami
Dream Homes.
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.
AGENDA ITEM SUMMARY FORM CONTINUED (P2.2)
Background Information:
On October 30, 2009, the developer submitted a request for extension for construction completion
date from December 31, 2009 to June 30, 2010.
Pursuant to Resolution No. 09-0565, adopted December 17, 2009, the Miami City Commission
approved an extension of time to complete construction and convey to the City the CD Building
project, from December 31, 2009 to June 30, 2010.
On January 22, 2010 Second Amended Corrective Quit -Claim Deed was executed between the City
and Miami Dream Homes.
On February 5, 2010, Loan Agreement in the amount of $100,000 in HOPWA funds was executed
between the City and Miami Dream Homes.
On May 26, 2010, Miami Dream Homes submitted a request for the extension of construction
commencement and completion date.
The construction sites located at 1545 Northwest 58th Terrace, 1535 Northwest 58th Terrace, 1533
Northwest 58th Terrace, 1543 Northwest 59th Street, 1600 and 1610 Northwest 60th Street was
completed and the properties were sold with the exception of the property located at 1543 Northwest
59th Street.
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 June 30, 2010 to December 30, 2010, and for the
conveyance of the project to the City.