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Date: 4/29/2005
AGENQA ITEM SVMMf RY FORM
FILE ID: 05— 00 LI 43
Requesting Department: Economic Development
Commission Meeting Date: 5/26/2005 District Impacted: 5
Type: ® Resolution ❑ Ordinance 0 Emergency Ordinance ❑ Discussion Item
0 Other
Subject: Declaration as Surplus, and Execution of a Purchase and Sale Agreement for 779 NW 57t
Street. Miami, FL. to Progressive Vision Development Corporation.
Purpose of Item:
Resolution declaring surplus the City -owned property located at 779 NW 57th Street, Miami, Florida,
(the "Property"); designating Progressive Vision Community Development Corporation, Inc., a
Florida not -for -profit corporation ("Purchaser/Developer") to undertake the development of four (4)
condominium units, affordable to very low, low and/or moderate -income families and/or individuals;
further authorizing the City Manager to execute a Purchase and Sale Agreement (the "Agreement"), in
substantially the attached form, and to consummate such transaction in accordance with the terms and
conditions of the agreement, which terms may be solely amended by the City Manager as may be
necessary in order to effect such sale in an expeditious manner.
Background Information:
The City of Miami has a severe shortage of housing within the affordability range of families and
individuals of very low, low and moderate -income. The City recognizes that the partnership of the
public and private sector is necessary to foster the development of housing affordable to very low, low
and moderate -income families and individuals within the City. On April 6, 2004, Progressive Vision
Community Development Corporation, Inc., a not -for -profit corporation, ("Purchaser/Developer")
requested that the City donate a vacant City -owned parcel in the Model City area. The donation of
land would allow Purchaser to proffer any savings in total cost of the residence to the homebuyer
because the land is acquired without cost. Currently the property sits vacant, represents a
maintenance cost and liability to the City, and does not generate ad valorem taxes. Section 29B of the
City of Miami Charter exempts affordable housing developments from the competitive bidding
requirements.
The City agrees to convey the Property to Purchaser on the condition that that the Property shall only
be used to provide four (4) condominium units to be occupied by individuals and/or families within
the economic affordability range of very low, low and/or moderate income families and/or
individuals, based on criteria established by federal and/or state law. The Purchase and Sale
Agreement shall contain the following conditions precedent to the conveyance of the Property: 1)
Purchaser shall furnish to the City evidence that it has the funds necessary to construct the
improvements; 2) Purchaser shall furnish evidence that it has secured buyers for the improved
Property who satisfy the applicable affordable housing requirements; 3) Purchaser shall submit a copy
of the construction contract for the construction; and 4) Purchaser shall furnish evidence that it is
ready to commence construction within twelve (12) months from the date of the closing and shall
continue diligently with the construction of the Improvements to completion within twenty-four (24)
months from the date of the closing. The City of Miami does not warrant the sufficiency or its title
nor any interest it may have in the Property, nor does it make any covenant whatsoever as to the
Property, which are being conveyed to Purchaser "AS IS" and "WHERE IS" and which Property,
Purchaser accepts "AS IS" and "WHERE IS."
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Budget Impact Analysis
YES Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
!fusing us rccaNinR capital funds
Grants Risk Management
Purchasing Dept. Direct
Chic . City Manager
Final Approvals
!SIGN Alyp DATE)
Budget
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