HomeMy WebLinkAboutO-12436City of Miami
Legislation
Ordinance: 12436
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 03-0121 Final Action Date: 11/13/2003
AN ORDINANCE OF THE MIAMI CITY COMMISSION ESTABLISHING A NEW
SPECIAL REVENUE FUND ENTITLED: "234 TOWER L.L.C. CONDOMINIUM
PROJECT FUND"; AUTHORIZING THE ALLOCATION OF FUNDS FROM
AFFORDABLE HOUSING TRUST FUND ACCOUNT NO. 367101, IN THE
AMOUNT OF $1,000,000, AND THE APPROPRIATION OF SAID FUNDS INTO
SAID SPECIAL REVENUE FUND; AUTHORIZING A GRANT IN THE AMOUNT OF
$1,000,000, TO 234 TOWER L.L.C., TO DEFER COSTS OF DEVELOPING A 196
UNIT RESIDENTIAL/COMMERCIAL CONDOMINIUM PROJECT KNOWN AS
"THE LOFT", TO BE LOCATED AT 230-234 NORTHEAST 3RD STREET, MIAMI,
FLORIDA, OF WHICH 102 OF THE UNITS WILL BE PRICED NOT IN EXCESS
OF (90) NINETY PERCENT OF MIAMI MEDIAN SALES PRICE; AUTHORIZING
THE CITY MANAGER TO EXECUTE THE NECESSARY DOCUMENT(S), IN A
FORM ACCEPTABLE TO THE CITY ATTORNEY, CONTINGENT UPON 234
TOWER L.L.C. PROVIDING EVIDENCE OF FIRM FINANCING FOR THE FULL
PROJECT AND THE RECEIPT OF A FULL AND COMPLETE APPRAISAL OF
THE PROPOSED PROJECT ACCEPTABLE TO THE CITY; CONTAINING A
REPEALER PROVISION, A SEVERABILITY CLAUSE, AND PROVIDING FOR AN
EFFECTIVE DATE. .
WHEREAS, the City of Miami ("City") wishes to foster the revitalization of Downtown Miami,
including the development and redevelopment of properties for residential use in the Downtown
"Central Business District" ("CBD"); and
WHEREAS, 234 TOWER L.L.C. has requested grant funds in the amount of $1,000,000 to
off -set costs of developing a 196 unit residential/commercial condominium project know as "The
Loft," located at 230-234 Northeast 3rd Street, Miami, Florida, of which 102 of the units will be
priced not in excess of ninety percent (90%) of median Miami Sales Price for August 2003 as
published by the Florida Association of Realtors; and
WHEREAS, funds are available from Affordable Housing Trust Fund Account No. 367101 and
may be utilized for this purpose; and
WHEREAS, disbursement of grant funds and execution of necessary documents shall be
subject to, but not limited to, 234 TOWER L.L.C. providing evidence of firm financing for the full
project and the receipt of a full and complete appraisal of the proposed project acceptable to the
City; and
WHEREAS, to grant funds to 234 TOWER L.L.C., it is necessary to establish a new Special
Revenue Fund entitled "234 TOWER L.L.C. CONDOMINIUM PROJECT FUND," and to
appropriate funds into the Special Revenue Fund from funds allocated from the Affordable
City of Miami
Page 1 of 3 File Id: 03-0121 (Version: 2) Printed On: 8/18/2016
File Number: 03-0121 Enactment Number: 12436
Housing Trust Fund Account No. 367101, in the amount of $1,000,000;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Ordinance are adopted
by reference and incorporated as if fully set forth in this Section.
Section 2. The following new Special Revenue Fund is established and resources are allocated
and appropriated as described herein:
FUND TITLE: "234 TOWER L.L.C. CONDOMINIUM
PROJECT FUND"
RESOURCES: City of Miami Affordable Housing $1,000,000
APPROPRIATIONS: $1,000,000
Section 3. The allocation of funds from Affordable Housing Trust Account No. 367101, in the
amount of $1,000,000, and the appropriation of said funds, into said Special Revenue Fund is
authorized.
Section 4. A grant, in the amount of $1,000,000 to 234 TOWER L.L.C. to defer costs of
developing a 196 unit residential/commercial condominium project to be known as "The Loft,"
located at 230-234 Northeast 3rd Street, Miami, Florida, of which 102 of the units will be priced not
in excess of ninety percent (90%) of median Miami Sales Price for August 2003 as published by
the Florida Association of Realtors is authorized, with funds allocated from the Special Revenue
Fund entitled, "234 Tower L.L.C. Condominium Project Fund.
Section 5. The City Manager is authorized{1} to execute the necessary documents, in a form
acceptable to the City Attorney, contingent upon 234 TOWER L.L.C. providing evidence of firm
financing for the full project and the receipt of a full and complete appraisal of the proposed project
acceptable to the City.
Section 6. All ordinances or parts of ordinances insofar as they are inconsistent or in conflict
with the provisions of this Ordinance are repealed.
Section 7. If any section, part of section, paragraph, clause, phrase, or word of this Ordinance
is declared invalid, the remaining provisions of this Ordinance shall not be affected.
Section 8. This Ordinance shall become effective thirty (30) days after final reading and
adoption thereof.{2}
City of Miami Page 2 of 3 File Id: 03-0121 (Version: 2) Printed On: 8/18/2016
File Number: 03-0121 Enactment Number: 12436
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be
imposed by the City Attorney, including but not limited to those prescribed by applicable City
Charter and Code provisions.
{2} This Ordinance shall become effective as specified herein unless vetoed by the Mayor within
ten days from the date it was passed and adopted. If the Mayor vetoes this Ordinance, it shall
become effective immediately upon override of the veto by the City Commission or upon the
effective date stated herein, whichever is later.
City of Miami Page 3 of 3 File Id: 03-0121 (Version: 21 Printed On: 8/18/2016