HomeMy WebLinkAboutSummary FormAGENDA ITEM 5VMMARY FORM
FILE ID:
1,4;V: °i i r 16/2005
Commission Meeting Date: 12/15/2005
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Requesting Department: ED
District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ['Discussion Item
❑ Other pp r ! ( y
Subject: ��ur y +��
Purpose of Item:
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A Resolution of the Miami City Commission, reducing the number of affordable housing units
required to be built by Wagner Square, LLC on the property known as the Civic Center site, located at
1700 Northwest 14th avenue, from 74 to 52 affordable housing units which number includes 24
workforce housing units and authorizing the City Manager to join in the execution of the attached
amended Declaration of Covenants, in substantially the attached form, and to execute such other
documents as may be required to implement this resolution in a form acceptable to the City Attorney.
Background Information:
On March 10, 2005 the City conveyed to Wagner Square LLC, the property known as the Civic
Center site, located at 1700 NW 14t Avenue, Miami, Florida pursuant to a Purchase and Sale
Agreement dated May 30th, 2003. The developer committed to build two residential towers each
containing 99 units at least 74 of which would be sold as affordable housing units. Since the date of
the agreement on May, 2003 construction costs have increased significantly making the construction
of 74 affordable housing units economically unfeasible for the Developer. As a result, the Developer
has requested to reduce the number of affordable units from 74 to 52, which would include 24 units as
workforce housing.
Budget Impact Analysis
NO 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 N/A
If using or receiving capital funds
Grants N/A
Purchasing
Chief
Final Approvals
(SIGN AND DATE)
Budget N/A
Risk Management N/A
Dept. Director C,
City Manage,
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