HomeMy WebLinkAboutcover memo -1Second Reading Ordinance
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
SR.5
The Honorable Mayor and
Members of the titommissior>�,�
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DAZE :
OCT 15 2003
FILE
SUBJECT: Ordinance Granting, Allocating and
Appropriating Funds for 234 Tower L.L.C.
Condominium Project from the Affordable
FSrERENCEsHOUBi g Trust Fund
ENCLO LMES:
RECOMMENDATION
It is respectfully recommended that the City Commission adopt the attached Ordinance, granting 234
Tower L.L.C. an amount not to exceed $1 million; establishing a new Special Revenue Fund entitled
"234 Tower L,L,C. Condominium Project Fund"; appropriating funds in the amount of $1 million; and
allocate said finds from the Affordable Housing Trust Fund Account #367101,
BACKGROUND
A report titled City of Miami Central Business District Reinvestment Strategy, proposed the
development of 600 units priced for moderate and middle -income households within the Central
Business District as a way of creating a vibrant downtown with urban diversity that reaches all sectors
of the marketplace and citizens of the City. The report was prepared by Larson Realty Group,
Katherine Beebe & Associates and commissioned by the Downtown Development Authority (DDA).
The proposed 234 Tower L.L,C, project (project) will consist of approximately 2,200 square feet of
commercial space and 196 residential units with a mix of one and two bedroom dwellings. The
proposed project encompasses the recommendations made in the report commissioned by the DDA.
Starting sales price for the units will be S99,000 and well below 90% of Miami's median sales price of
$241,000; the median sales price is based on the Florida Association of Realtor's report for the month
of August, 2003 and 90% of the median sales price is $216,900. The starting sales price will be within
the means of moderate -income families and appeal to people who currently work in the Downtown,
Brickell, and other high employment areas of Miami's urban core. A stipulation of the grant will be
that no less than 52% of the units sold (102 units) will exceed the August 2003 median sales price of
$216,900.
In order for the proposed project to be financially feasible, the developers are requesting a $1 million
grant from the Affordable Housing Trust Fund. The grant will be supplemented with additional
&riding from the private and public sector. Lastly, the success of this project will serve as a model for
future residential development in Downtown Miami and aide in our efforts to create an enviromnent
nt
where people live, work and play.
FISCAL IMPACT
This project is funded through the Affordable Housing Trust Fund, the source of which is financial
contributions from developments exceeding allowable FARs. This project hes no impact to the City's
budges
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