HomeMy WebLinkAboutSummary FormDate: 6/15/2006
AGENDA ITEM SUMMARY FORM
FILE ID: 0 O - t ` a`
Requesting Department: Community Development
Commission Meeting Date: 7/13/2006 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: MADISON HOUSING, LTD.
Purpose of Item:
AUTHORIZING THE CONVEYANCE OF CERTAIN CITY OWNED PARCELS OF LAND, WITH
PARCEL REVERTER PROVISIONS, LEGALLY DESCRIBED IN EXHIBIT "A," ATTACHED AND
INCORPORATED ("PROPERTY"), TO MADISON HOUSING, LTD. FOR THE DEVELOPMENT OF
AFFORDABLE RENTAL AND/ OR HOMEOWNERSHIP UNITS ("PROJECT"); REQUIRING SAID
DEVELOPER'S ASSUMPTION OF THE CITY'S TOTAL INVESTMENT IN THE PROJECT AND
THE PROPERTY; AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY
DOCUMENT(S) FOR SAID PURPOSE.
Background Information:
SEE ATTACHED
Budget Impact Analysis
Is this item related to revenue?
Is this item an expenditure? If so, please Identify funding source below.
General Account No:
Special Revenue Account No:
C!P Project No:
Is this item funded by Homeland Defense/Neighborhood improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
Dept. Director.]-'
Chief / 0 City Manager
MADISON HOUSING, LTD.
AGENDA SUMMARY ATTACHMENT
BACKGROUND INFORMATION
• Pursuant to Resolution No. R-06-0284, adopted May 11, 2006, the City
Commission approved rescinding R- 05-0423, adopted July 7, 2005, related to
the conveyance of land, legally described in Exhibit "A", to Rockwood Properties,
LLC ("Rockwood"), for the development of forty (40) single family affordable
units, twenty-one (21), to be subsidized by the City of Miami ("City") for low
income persons ("Project")
In said resolution, the City Commission also required the condition that any future
conveyance of the Property be contingent upon the developer/grantee's
assumption of the City's total investment in the Project and the Property
• The existing debt is in the amount of $1,650,506.60
• Madison Housing, Ltd. consists of a partnership between Gatehouse Group, Inc.
and Mt. Zion Developments, Inc.
• Both entities have extensive experience and involvement in the Overtown
Community
• Said developer will have twelve (12) months from the date of conveyance to start
construction and thirty (30) months to complete
• Rental unit applicants must meet the income eligibility criteria of 80% below area
median income
• Homeownership units applicants musts meet the income eligibility of 120% below
area median income