HomeMy WebLinkAboutpre resolution3.Jun ' ' 00 14 : 56 No . 008 P.02
J-96-744
7/2 ./98
RESOLUTION NO. 98- 779
eS , c ..
a. ,..�
WHEREAS, the City, in cooperation with BAKE Development
Corporation of South Florida ("HAM+lS") , is implementing a project
known as the New Hope Overtown housing project ( Project■) to
iner.aae the supply of affordable housing for low and very low
income families and individuals; and
WHEREAS, the Project consists of forty (40) single family
homes, to be constructed in two phases, to be located in the
Overtown Community Development Target Area; and
AREAS, pursuant to Resolution No. 96-320, passed and
A RESOLUTION ALT1'HORIZING AND DIRECTING THE
CITY MANAGER, ALONG WITH TEE STAFF OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY
REDEVELOPMENT AGENCY ("CRA') , TO NEGOTIATE
WITH GAMS DEVELOPMENT CORPORATION OF SOUTH
FLORIDA (*DAME"), TEE AMOUNT OP THE
ADDITIONAL FINANCIAL ASSISTANCE, NOT TO
EXCEED $638,040.00, TO SE PROVIDED TO BANE
FOR THE DEVELOPMENT OF THE NEW HOPE OVERTOWN
HOUSING PROJECT ("PROJECT"), SUBJECT TO
CERTAIN TERMS AND CONDITIONS AS SET FORTE
HEREIN AND THE APPROVAL OF TEE CITY
COMMISSION, WITS FUNDS THEREFOR BEING
AVAILABLE' FROM THE 24TH YEAR COMMUNITY
DEVELOPMENT BLOCK GRANT AND THE HOME GRANT;
FURTESR AUTHORIZING AND DIRECTING TEE CITY
MANAGER TO ENTER INTO A TRI-PARTY AGREEMENT
WITH BAKE AND THE CRA, IN A FORM ACCTu raBLE
TO THE CITY ATTORNEY, TO PROVIDE FOR THE
MARXBTING OF TSB PROJECT.
CUT COIOUSSION
111117010 OW
JUL 211
booktios
- 779
Jun " 00 14:56 No.008 P.03
adopted by the City Commission on August 23, 1996, BAKE was
allocated Sight Hundred Thousand Dollars t$800,000.00) of HOME
funds to assist with the construction financing ioF the
development of the projoat: and
WHEREAS, the total cost for the Project is 65,240,892.00i
and
WHEREAS, SAME has secured funds, including the City's HOME
funds, in the amount of $4, 502, 852.00 to cover the cost of the
Project: and
WHEREAS, notwithstanding,the substantial financing SAME has
secured, there remains a shortfall in:the amount- of ,••$738, 040.00,
inclusive of land cost, to complete, the Project;.. and
WHEREAS, inasmuch as .the . •-project- is.! vital to the
redevelopment of Overtown, the City's commitment to such
..... ...
redevelopment would be further evidenced by an increase n
truction financing and providing additional City resources to
Ooe .r. , . �, t •
ensure the project's completion: and
WHEREAS; 'the Department of Public works has the funds
•
available to construct the off -site infrastructure improvements:
end
WHEREAS, HOME funds are available to provide additional
financing to HAMS for additional Project costs; and
WHEREAS, in order to further ensure the success of the
2
98- 779
Jun
1.00 14:57 No.008 P.04
Project. the City should provide assistance in an effort to
effectively market the Project;
NOW, TSBRSPORS, Bs IT RESOLVED SY THE COMMISSION OP T9 CITY
OF MIANI, FLORIDA:
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. The City Manager is hereby authorised and
directed, along .with the staff of the Southeast Overtowa/park
Waatj ity Redevelopment Agency ("CRA"), to negotiate with
BANN Development Corporation of South Florida ("BANE"), the
'DValifinEttif 1 the additional .. financial assistance, not to exceed
- $B*$, 040:00, to .. be provided .,to pms for . the development of the
New Rime Overtown housing project ("Project"), subject to _the
"-follairii g terms and conditions .and the approval of the City
Commission:
A. All construction estimates for the
Project will be verified by a third party
engineering firm.
B. The Department of Public works will
construct or cause to be constructed the off -
site infrastructure improvements for the
Project, for a cost . not to exceed
$100,000.00, with fund& therefor being
available from the 24 Year Community
Development Block Grant.
C. An amount not to exceed $538,040.00
will be provided to cover an additional
portion of the Projects shortfall, with
funds therefor being available from the BONN
Grant.
D. The additional financing will be
passed on to the purchasers of the housing
3
9 8 - 779