HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM Law Department
Matter ID No.
FILE ID: /d I0-2303 - O// /
Date: 09/02/2010 Requesting Department: Community Development
Commission Meeting Date: 10/14/2010 District Impacted: 5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: CONVEYANCE OF CD BUILDING PROJECT FROM MIAMI DREAM HOMES
INVESTMENT GROUP, INC
'urpose of Item:
AUTHORIZING THE CITY MANAGER TO ACCEPT THE CONVEYANCE OF THE CD BUILDING
PROJECT ("PROPERTY") LOCATED AT 1525 NORTHWEST 60TH STREET FROM MIAMI DREAM
HOMES INVESTMENT GROUP, INC., LEGALLY DESCRIBED IN EXHIBIT "A°, ATTACHED AND
INCORPORATED; AUTHORIZING THE CITY MANAGER TO CONVEY, WITH PARCEL REVERTER
PROVISIONS, THE PROPERTY TO EMPOWER "U", INC. FOR THE IMPLEMENTATION OF
AFFORDABLE HOUSING OPPORTUNITIES TO LOW INCOME INDIVIDUALS, WITH APPLICABLE
RESTRICTIONS: (1) PROPERTY MUST REMAIN AFFORDABLE FOR THE NEXT THIRTY (30)
YEARS, (2) PROPERTY MUST BE USED BY INDIVIDUALS WITH INCOMES NOT TO EXCEED 80%,
OF THE MEDIAN HOUSEHOLD INCOME; FURTHER 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
If using or receiving capital funds
Grants Risk Management
Purchasing Dept. Director
Chief _ C 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").
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 to be conveyed to the City upon issuance of a Certificate of Occupancy.
Pursuant to Resolution Nos. 07-0133, 08-0250, 09-0174, 09-0565 and 10-0287 adopted on March 8,
2007, May 8, 2008, April 2, 2009, December 17, 2009, and July 8, 2010 the Miami City Commission
approved various extensions for the completion of construction and conveyance of the Property to
the City to December 30, 2010.
Empower "U", Inc. ("Empower "U") is a private, not-for-profit, 501(c)(3) minority, peer -based and
managed organization providing services to HOPWA clients in the City.
Empower" U" has the necessary expertise in managing the building and providing all the necessary
required services to residents of the building.
The Property is currently 95% complete and a certificate of completion is expected soon.
The Administration recommends the acceptance of the conveyance of the Property located at 1525
Northwest 60th Street from Miami Dream Homes, legally described in Exhibit "A", attached and
incorporated.
The Administration further recommends the conveyance, with parcel reverter provisions, of the
Property located at 1525 Northwest 60th Street, Miami, Florida to Empower "U" for the
implementation of specialized needs affordable housing opportunities to low income individuals with
applicable restrictions: (1) Property must remain affordable for the next thirty (30) years; (2) Property
must be used by individuals with incomes not to exceed 80% of the median household income.