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HomeMy WebLinkAboutpre resolution5J-98-744 7/21/98 RESOLUTION NO. 9 779 A RESOLUTION AUTHORIZING AND DIRECTING THE CITY MANAGER, ALONG WITH THE STAFF OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("CRA"), TO NEGOTIATE WITH BAME DEVELOPMENT CORPORATION OF SOUTH FLORIDA ("BAME"), THE AMOUNT OF THE ADDITIONAL FINANCIAL ASSISTANCE, NOT TO EXCEED $638,040.00, TO BE PROVIDED TO BAME FOR THE DEVELOPMENT OF THE NEW HOPE OVERTOWN HOUSING PROJECT ("PROJECT"), SUBJECT TO CERTAIN TERMS AND CONDITIONS AS SET FORTH HEREIN AND THE APPROVAL OF THE CITY COMMISSION, WITH FUNDS THEREFOR BEING AVAILABLE FROM THE 24TH YEAR COMMUNITY DEVELOPMENT BLOCK GRANT AND THE HOME GRANT; FURTHER AUTHORIZING AND DIRECTING THE CITY MANAGER TO ENTER INTO A TRI-PARTY AGREEMENT WITH BAME AND THE CRA, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, TO PROVIDE FOR THE MARKETING OF THE PROJECT. WHEREAS, the City, in cooperation with BAME Development Corporation of South Florida ("BAME"), is implementing a project known as the New Hope Overtown housing project ("Project") to increase 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 WHEREAS, pursuant to Resolution No. 96-320, passed and CITY COMMISSION MEETING OF J U L 2 1 1998 Ramoiution No. 98- 779 adopted by the City Commission on August 23, 1996, BAME was allocated Eight Hundred Thousand Dollars ($800,000.00) of HOME funds to assist with the construction financing for the development of the Project; and WHEREAS, the total cost for the Project is $5,240,892.00; 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 BAME 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 in construction financing and providing additional City resources to ensure the Project's completion; and WHEREAS, the Department of Public Works has the funds available to construct the off -site infrastructure improvements; and WHEREAS, HOME funds are available to provide additional financing to BAME for additional Project costs; and WHEREAS, in order to further ensure the success of the 2 98- 779 Project, the City should provide assistance in an effort to effectively market the Project; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, 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 authorized -and directed, along with the staff of the Southeast Overtown/Park West Community Redevelopment Agency ("CRA"), to negotiate with BAME Development Corporation of South Florida ("BAME"), the amount of the additional financial assistance, not to exceed $638,040.00, to be provided to BAME for the development of the New Hope Overtown housing project ("Project"), subject to the following 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 funds therefor being available from the 24th Year Community Development Block Grant. C. An amount not to exceed $538,040.00 will be provided to cover an additional portion of the Project's shortfall, with funds therefor being available from the HOME Grant. D. The additional financing will be passed on to the purchasers of the housing 3 98- 779 units within the Project as a credit towards the purchase price. Section 3. The City Manager is further authorized1 and directed to enter into a tri-party agreement with BAME and the CRA, in a form acceptable to the City Attorney, to provide for the marketing of the Project. Section 4. This Resolution shall become effective immediately upon its adoption and signature of the Mayor .2 PASSED AND ADOPTED this 2lst ATTEST: day of July , 1998. JOE CAROLLO, MAYOR ir, accordance with Miami Code Sec. 2-36, since the Mayor did not indicate eopr' ' ^f this legislation by signing it in the designated place provided, sal(: i becomes effective with the elapse of ten (10) days from the data of Cornmiss;cr; regarding same, without the Mayor exercising veto. WALTER J. FOEMAN CITY CLERK APPROVED -AS 1O .FORM CORRECTNESS:. /rF, -=" .-'ALEJAf DRO VII RELLO LCITy ATTORNEY KK/csk/W2740 Wa t�J.'Foeman, City Clerk 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 If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days from the date it was passed and adopted. Tithe Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. 4 98 - 779