HomeMy WebLinkAboutSummary FormDate: 2/5/2007
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AGENDA ITEM SUMMARY FORM
FILE ID: 0 ! —0 0 1(
Requesting Department: Economic Development.
District Impacted: 1
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance n Discussion Item
❑ Other
Subject: At the request of Wagner Square LLC ("Wagner"), and subject to no objection from the U.S.
Department of Housing and Urban Development ("HUD"), a resolution to eliminate the market rate
units to be built by Wagner, while maintaining the affordable and workforce housing units, to
commence construction by no later than June 101h 2008, and to allow the commercial component to
consist of a minimum of, rather than approximately 108,000 sq ft.
Purpose of Item:
Please see attached Purpose of Item.
Background Information:
On March 10, 2005 the City conveyed to Wagner, the Civic Center Site pursuant to a Purchase and
Sale Agreement dated May 30th, 2003. Wagner committed to build two residential towers each
containing 99 housing units with at least 74 units being affordable. The contruction of 74 affordable
housing units became unfeasable due to significant increases in construction costs since May 2003,
and a request for permission to reduce the affordable units from 74 to 52 was provided to the City and
was adopted by the Commission on December 15, 2005 (resolution 05-0736). Based on current
market conditions, Wagner has requested (Attachment "A") to eliminate the 47 market rate housing
units, however maintaining the required 24 workforce and 28 affordable housing units and adjust the
commercial component from a minimum of, rather than approximately 108,000 sq ft. Wagner has
requested HUD to confirm it has no objections to the proposed modifications (Attachment "B").
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
If using or receiving, a pitaI funds
Grants
Final Approvals (SIGN AND DATE)
Budget
Purchasilg / %
Chief `-tip,,
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Risk Management
Dept. Director
City Manager
Page 1 of 1
Purpose of Item:
At the request of Wagner, and subject to no objection from HUD, a resolution of
the Miami City Commission, reducing the total number of residential units to be built by
Wagner in each residential tower on the property known as the Civic Center site, located
at 1700 Northwest 14th Avenue to 52 units, consisting of 24 workforce and 28 affordable
housing units, thereby eliminating the 47 market rate units to be built in said residential
towers, requiring construction on the first residential tower to commence no later than
June 10`112008, and allowing the commercial component to consist of a minimum of
108,000 sq ft. and authorizing the City Manager to join in the execution of the attached
Second Amended Declaration of Restrictions and First Amended Declaration of
Restrictions and Reverter, in the attached forms, and to execute such other documents as
may be required to implement this resolution acceptable to the City Attorney.