HomeMy WebLinkAboutpre resolution2J-96-310
4/10/96
RESOLUTION NO.96-
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A RESOLUTION, WITH ATTACHMENT, RELATING TO THE
DEVELOPMENT OF NEW HOPE/OVERTOWN ("PROJECT"), A 40
UNIT AFFORDABLE HOMEOWNERSHIP PROJECT PLANNED FOR
DEVELOPMENT ON SEVERAL PARCELS OF VACANT LAND
UNDER CITY -OWNERSHIP LOCATED AT NORTHWEST 6TH AND
8TH STREETS BETWEEN NORTHWEST 5TH AND 6TH AVENUES
IN THE OVERTOWN NET SERVICE AREA BY BAME
DEVELOPMENT CORPORATION OF SOUTH FLORIDA, INC.;
ALLOCATING FUNDING IN THE AMOUNT OF $800,000 FROM
THE CITY'S STATE HOUSING INITIATIVES PARTNERSHIP
PROGRAM AND/OR HOME PROGRAM FOR THE PURPOSE OF
PROVIDING CONSTRUCTION FINANCING AND PERMANENT
SECOND MORTGAGE FINANCING TO THE SPONSOR IN
CONNECTION WITH THE AFOREMENTIONED HOUSING
PROJECT; FURTHER AUTHORIZING THE CITY MANAGER TO
EXECUTE THE APPROPRIATE LEGAL DOCUMENTS, IN A FORM
ACCEPTABLE TO THE CITY ATTORNEY FOR DISBURSEMENT
OF SAID ,FUNDING.
WHEREAS, a severe shortage of low and moderate income housing exists .in the
City of Miami; and
WHEREAS, the City Commission recognizes the need for public and private
co, °sector participation to develop affordable housing for low and moderate income families
end individuals, including the elderly; and
ah WHEREAS, pursuant to Motion No. 92-717, adopted November 12,1992 the City
Commission expressed support in connection with the development of an affordable
housing project planned in the Overtown neighborhood, to be sponsored jointly by
ATTACHMENT (5)
CONTAINED
CITY COMMISIRON
MEETING OF
MAY 2 3 1996
Resehatiss N&
96- 320
Revered John F. White of Greater Bethel A.M.E. Church and Christian Community
Service Agency (CCSA); and
WHEREAS. in March of 1994, through Resolution No. 94-19I, the City
Commission approved in principle, the designation of Christian Community Service
Agency and BAME Development Corporation of South Florida, Inc., as sponsor to
undertake the development of a 120 unit multigenerational housing project affordable to
elderly individuals and families of low and moderate income on several parcels of city -
owned land located at Northwest 6th and 8th Streets between Northwest 5th and 6th
Avenues in the Overtown neighborhood; and
WHEREAS, in May of 1995, through Resolution No. 95-303, the City
Commission allocated S125,000 in FY' 1994 HOME Investment Partnership Program
funding to BAME Development. Corporation of South Florida, Inc., to defray the cost of
predevelopment activities in connection with the proposed New HopelOvertown
Housing Project; and
WHEREAS, in an effort to move the proposed housing project forward, the City
Administration recommends allocating S800,000 from the City's State Housing Initiatives
Partnership Program and/or HOME Program for the purpose of providing construction
financing and permanent second mortgage financing to the prospective homebuyers of
the proposed 40 unit project;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
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96- 320
Section 1. The recitals and findings contained in the Preamble to this Resolution
are hereby adopted by reference thereto and incorporated herein as if fully set forth in this
Section.
Section 2. Funding in the amount of S800,000 from the City's State Housing
Initiatives Partnership Program and/or Home Program is hereby allocated for the purpose
of providing -construction and permanent second mortgage financing to BAME
Development of South Florida, Inc. and the prospective homebuyers, respectively, in
connection with the NEW HOPE/Overtown Housing Project.
Section 3. 'The City Manager is hereby authorized I to execute tho'decxisytry
documents, in a form acceptable to the City Attorney in order to disburse the said
funding.
Section 4. This Resolution shall become effective immediately upon its
adoption.
PASSED AND ADOPTED this 2 3 rd day of _ _ 1996.
P. CLARK, MAYOR
ATTEST:
The herein authoriution is further subject to compliance with all
J p requirements that may be imposed by
the City Attorney, including but not limited to those prescribed by applicable City Charter and Code
provision.
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96- 320
PREPARED AND APPROVED BY:
LINDA KELLY KEARSON. /
ASSISTANT CITY ATTORNEY
,_.e
APPROVED AS TO FORM AND CORRECTNESS:
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96- 320