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Text Fife Report
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Miami, FL 33133
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File ID: 06-01192
Enactment #: R-06-0423
Version: 2
Type: Resolution
Status: Passed
Enactment Date: 7/13/06
Introduced: 6/28/06 Controlling Body: Office of the City
Clerk
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING
THE CONVEYANCE, WITH PARCEL REVERTER PROVISIONS, OF CERTAIN CITY OF MIAMI
("CITY") OWNED PARCELS OF LAND, AS 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.
WHEREAS, pursuant to Resolution No. 06-0284, adopted May I t, 2006, the City Commission rescinded Resolution No.
05.0423, adopted July 7, 2005, related to the conveyance of land, legally described in Exhibit "A" ("Property"), to Rockwood
Properties, LLC, for the development of forty (40) single family affordable units, twenty-one (21), to be subsidized by the City
of Mlaml ("City") for low income persons ("Project"); and
WHEREAS, by Resolution No. 06-0284, the City Commission required 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; and
WHEREAS, the City's total investment in the Project and the Property is in the amount of $1,650,506,60; and
WHEREAS, Madison Housing, Ltd. consists of a partnership controlled by the Gatehouse Group, Inc. and Mt, Zion
Developments, Inc. ("Developer"); and
WHEREAS, both entities have extensive experience and involvement in the Overtown Community; and
WHEREAS, the Developer will have thirty-nine (39) months from the date of conveyance of the Property to start
construction, and fifty-seven (57) months to complete the first phase of least 75 units; and
WHEREAS, rental unit applicants must meet the Income eligibility criteria of 80%below area median income; and
WHEREAS, homeownership units applicants musts meet the Income eligibility of 120% below area median income;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and
incorporated as if fully set forth in this Section.
City ofMismi Pogo t
Printed an 3/13/2007
Section 6. This Resolution shall become effective immediately upon its adoption and signature of the Mayor {2).
City of Miemi
Page 2
Printed on 3/1S/2007