HomeMy WebLinkAboutR-07-0173City of Miami
Legislation
Resolution: R-07-0173
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 07-00399 Final Action Date: 3/22/2007
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE RESCISSION OF RESOLUTION NO. 06-0423, ADOPTED
JULY 13, 2006, AND THE TERMINATION OF THE PURCHASE AND SALE
AGREEMENT BETWEEN THE CITY OF MIAMI ("CITY") AND MADISON HOUSING,
LTD., DATED AUGUST 1, 2006; FURTHER AUTHORIZING THE CONVEYANCE,
WITH PARCEL REVERTER PROVISIONS, OF CERTAIN CITY OWNED PARCELS
OF LAND, TRACTS B AND D AS LEGALLY DESCRIBED IN EXHIBIT "A,"
ATTACHED AND INCORPORATED, TO MADISON HOUSING, LTD., FOR THE
DEVELOPMENT OF AFFORDABLE RENTAL AND/OR HOMEOWNERSHIP UNITS
("PROJECT"); REQUIRING SAID DEVELOPER'S ASSUMPTION OF $1,237,875, OF
THE CITY'S INVESTMENT IN THE PROJECT AND THE PROPERTY;
AUTHORIZING THE CITY MANAGER TO EXECUTE A PURCHASE AND SALE
AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, AND ALL OTHER
NECESSARY DOCUMENTS FOR SAID PURPOSE.
WHEREAS, pursuant to Resolution No. 06-0423, adopted July 13, 2006, the City Commission
approved the conveyance of certain City of Miami owned parcels (the "Property") to Madison
Housing, Ltd., for the development of affordable rental and/or homeownership units; and
WHEREAS, Madison Housing, Ltd. has requested that to assist with its application for Florida
Housing Finance Corporation tax credits, a portion of the Property, Tracts B and D as legally
described on Exhibit "A," be conveyed to Madison Housing, Ltd., and a portion of the Property, Tracts
A and C as legally described on Exhibit "B," be conveyed to the Madison Housing II, Ltd., both being
partnerships including affiliates of Gatehouse Group, Inc. and Mt. Zion Developments, Inc.; and
WHEREAS, Madison Housing, Ltd. will have twelve (12) months from the date of conveyance of
Tracts B and D to start, and thirty (30) months to complete, construction of at least 75 units (the
"Project"); and
WHEREAS, in the event that the construction of the Project is allocated funding by the City of
Miami ("City") Housing and Commercial Loan Committee, the time frames for commencement and
completion of construction shall be subject to the standard time frames adopted by the Housing and
Commercial Loan Committee;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings continued in the Preamble to this Resolution are adopted by
reference and incorporated as if fully sets forth in this Section.
City of Miami
Page 1 of 2 File Id: 07-00399 (Version: 2) Printed On: 3/23/2017
File Number: 07-00399 Enactment Number: R-07-0173
Section 2. The rescission of Resolution No. 06-0423, adopted July 13, 2006 and the termination
of the Purchase and Sale Agreement between the City of Miami and Madison Housing, Ltd., dated
August 1, 2006, are approved.
Section 3. The conveyance to Madison Housing, Ltd., with parcel reverter provisions, of certain
City owned parcels of land, Tracts B and D as legally described in Exhibit "A," attached and
incorporated, for the Project having at least 75 units, is authorized.
Section 4. The conveyance shall be subject to the condition that Madison Housing, Ltd. shall
have twelve (12) months from the date of conveyance of the property to start, and thirty (30) months
to complete, construction. In the event that the construction of the Project is allocated funding by the
City Housing and Commercial Loan Committee, the time frames for commencement and completion
of construction shall be the standard time frames adopted by the Housing and Commercial Loan
Committee.
Section 5. The assumption by Madison Housing, Ltd. of $1,237,875, of the City's investment in
the Project and the Property, is required.
Section 6. The City Manager is authorized {1} to execute a purchase and sale agreement, in
substantially the attached form, and all other all necessary documents for said purpose.
Section 7. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor {2}.
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 2 of 2 File Id: 07-00399 (Version: 2) Printed On: 3/23/2017