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HomeMy WebLinkAboutLegislationCity of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 07-00264 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AT THE REQUEST OF WAGNER SQUARE LLC, AND SUBJECT TO NO OBJECTION FROM THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("HUD"), AUTHORIZING WAGNER SQUARE LLC, TO REDUCE THE TOTAL NUMBER OF RESIDENTIAL UNITS TO BE BUILT IN EACH OF THE TWO RESIDENTIAL TOWERS TO BE DEVELOPED ON THE PROPERTY FORMERLY KNOWN AS THE CIVIC CENTER SITE, LOCATED AT 1700 NORTHWEST 14TH AVENUE, MIAMI, FLORIDA ( "PROPERTY"), FROM 99 TO 52, TO ELIMINATE THE 47 MARKET RATE UNITS PLANNED FOR EACH TOWER, BUT MAINTAINING THE REQUIRE❑ 24 WORKFORCE AND 28 AFFORDABLE HOUSING UNITS, AND TO COMMENCE CONSTRUCTION OF THE FIRST RESIDENTIAL TOWER BY NO LATER THAN JUNE 10 , 2008; SUBJECT TO NO OBJECTION FROM HUD, FURTHER AUTHORIZING THE COMMERCIAL COMPONENT OF THE PROJECT TO CONSIST OF A MINIMUM OF 108,000 SQUARE FEET OF COMMERCIAL SPACE; SUBJECT TO NO OBJECTION FROM HUD, AUTHORIZING THE CITY MANAGER TO EXECUTE THE SECOND AMENDED DECLARATION OF RESTRICTIONS, AND FIRST AMENDED DECLARATION OF RESTRICTIONS AND REVERTER, IN SUBSTANTIALLY THE ATTACHED FORMS, TO EVIDENCE THE FOREGOING AUTHORIZATION AND TO EXECUTE SUCH OTHER DOCUMENTS AS MAY BE REQUIRED FOR IMPLEMENTATION OF THIS RESOLUTION. WHEREAS, on March 10, 2005, the City of Miami ("City") conveyed to Wagner Square, LLC ("Wagner"), the property known as the Civic Center Site, located at 1700 Northwest 14th Avenue, Miami, Florida ("Property"), pursuant to a Purchase and Sale Agreement dated May 30, 2003, as amended ("Agreement"); and WHEREAS, a specific part of the consideration for the City's entering into the Agreement, was Wagner's representation that it would build two (2) residential towers on the Property, with each tower to contain 99 units, and at least 74 of which would be sold predominantly as affordable housing units; and WHEREAS, as required in the Agreement, simultaneously with the conveyance of the Property to Wagner, Wagner executed a Declaration of Restrictions, recorded March 22, 2005, in Official Records Book 23191, Pages 1541-1546 of the Public Records of Miami -Dade County, Florida, to assure, among other things, that at least 74 of the 99 units in each residential tower shall be sold predominantly as affordable housing units; and WHEREAS, in 2005, due to significant increases in construction costs since May 30, 2003, Wagner requested the City's permission to reduce the number of affordable housing units from 74 to 52, that included 24 units as workforce housing and 28 units as affordable housing; and City of Miami Page 1 of 3 Printed On; 2/17/2007 File Number: 07-00264 WHEREAS, by Resolution No. 05-0736, adopted by the City Commission on December 15, 2005, the City authorized Wagner's request and consented to the execution of an Amended Declaration of Restrictions to evidence the reduction in the number of required affordable housing units; and WHEREAS, due to current market conditions, Wagner has requested to eliminate the 47 market rate housing units, but maintain the required 24 workforce housing units and 28 affordable housing units in each residential tower; and WHEREAS, the Wagner and the City have requested for the United States Department of Housing and Urban Development ("HUD") to confirm that it has no objection to the proposed modifications, as evidenced by Wagner's and the City's correspondence attached hereto as Attachment "B;" and WHEREAS, Wagner has further requested for HUD's consideration and for the City's consent to establish the date of commencement of construction of the first residential tower as June 10, 2008, and to allow the Commercial Component to consist of a minimum of, rather than "approximately," 108,000 square feet of commercial space, thereby requiring an amendment to the Declaration of Restrictions and Reverter dated Match 10, 2005, recorded March 22, 2005 in Official Records Book 23191, Page 1536 of the Public Records of Miami -Dade County, Florida; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble of this Resolution are adopted by reference and incorporated as if fully set forth in this Section. Section 2. Subject to no objection from HUD, Wagner is authorized to reduce the total number of residential units to be built in each of the two residential towers to be developed in the Property from 99 to 52, thereby eliminating the 47 market rate units but maintaining the required 24 workforce housing units and 28 affordable housing units in each tower. Section 3. Subject to no objection from HUD, Wagner is authorized and directed to commence construction of the first residential tower by not later than June 10, 2008 and is authorized to use a minimum of 108,000 square feet of commercial space for the development of the Commercial Component. Section 4. Subject to no objection from HUD, the City Manager is authorized{1} to execute the Second Amended Declaration of Restrictions and the First Amended Declaration of Restrictions and Reverter, in substantially the attached forms, to implement the foregoing, and to execute such other documents as may be required for implementation of this Resolution, all in a form acceptable to the City Attorney. Section 5. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.{2} APPROVED AS TO FORM AND CORRECTNESS: JORCt CITY AT O' EY City of Miami Page 2 of 3 Printed On: 2/27/2007 File Number: 07-00264 Footnotes: {1 } 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 (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. City of Miami Page 3 of 3 Printed On: 2/27/2007