HomeMy WebLinkAboutSummary FormDate: 1/16/2007
AGENDA ITEM SUMMARY FORM
FILE ID: 0 7- 0 0116
Requesting Department: Community Development
Commission Meeting Date: 1/25/2007 District Impacted:
Type: 21 Resolution ❑ Ordinance ❑ Emergency Ordinance 0 Discussion Item
❑ Other
Subject: CONVEYANCE OF EIGHT (81 CITY OWNED PARCELS OF LAND
Purpose of item:
AUTHORIZING THE CITY MANAGER TO: (A) CONVEY, WITH PARCEL REVERTER
PROVISIONS, EIGHT (8) CITY OF MIAMI ("CITY") OWNED PARCELS OF LAND DIRECTLY TO
THE DEVELOPERS, AS DESCRIBED IN EXHIBIT GA," ATTACHED AND INCORPORATED
("DEVELOPERS"), FOR THE CONSTRUCTION OF AFFORDABLE HOUSING FOR ELIGIBLE LOW
AND MODERATE INCOME PERSONS, AND (B) AUTHORIZE THE TRANSFER OF FUNDS, IN
THE AMOUNT OF $150,000, FROM THE AFFORDABLE HOUSING TRUST FUND TO BETTER
WAY OF MIAMI, INC. FOR THE DEVELOPMENT OF AFFORDABLE HOUSING
Background information:
The Administration is recommending the conveyance, with parcel reverter provisions, of eight City
oN,kged parcels of land to the developers, as described in Exhibit "A", attached and Incorporated
Developers will have six (6) months from the date of land conveyance to begin construction and will
Pave en additional 12 months to complete construction
Habitat for Humanity of Greater Miami, Inc. and Better Way of Miami, Inc. will develop rental housing
units with a twenty year affordability period
Palmetto Homes of Florida, Inc. and Foster Construction of South Florida, Inc. will develop
homeownership housing units where buyers for these units must be approved by the City of Miami
The Administration Is also recommending the transfer of funds, in the amount of $150,000, from the
Affordable Housing Trust fund; allocating said funds, in the form of a 20 year forgivable loan, to Better Way of
Miami, Inc. for the development of affordable housing units
Tho loan will be forgivable after the 20 year affordability period has expired
The City will be meeting and working with Habitat for Humanity of Greater Miami, inc., Palmetto Homes
of Florida, Inc. and Foster Construction of South Florida, Inc. in an effort Io address funding related issues
Any funding recommendations for the aforementioned developers must be approved by the Housing
and Commercial Loan Committee
Budget Impact Analysis
Is this item related to revenue?
Is thls Item an expenditure? If so, please identify funding source below.
Genera! Account No:
Special Revenue Account No:
GIP Project No;
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Final Approvals
(SIGN AND DATE1
C1P Budget
Gawpdr ieceiviitk capital ponds Risk Management
Purchasing Dept. Director
Chief City Manager
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