HomeMy WebLinkAboutSummary FormAPR-03-2007 16:40 From:CITY MANAGER
AGENDA ITEM IIJ IMARY FORM
FILE iDi 0-1- DO /(o
Data: 4/2/2QQ2 Requesting Department: Public F'Acjlitio4
Commission Meeting Date: 4/12/2007 District Impacted; 5
Type; ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: First Amendntent_to Purchase and Saje Agreemnt for 779 NW 571h $trcet,vMivani Florida. tg
Progressive_ Vision Devalcipinpnt Corporation
Purpose of Item:
Thu administration recommends that the Miami City Commission adopt the attached Resolution
ratifying tho City Manager's execution of the first Amendment, in substantially the attached form, to
the Agreement for Purchase and Salo ("Agreement"), of City -owned real property located at 779 NW
57T Street, Miami, Florida ("Property") between the City of Miami ("City") and Progressive Vision
Community Development Corporation, Inc., a Florida not -for -profit corporation, ("Purchaser") to
provide for: (1) a throe (3) month extension to satisfy the conditions precedent; and (2) modification
of the unit count and type to provide throe (3) owner occupied townhouse units within the economic
affordability range of very low, low and/or moderate income families and/or individuals; with tho
terms and conditions more particularly sot forth in said First Amendment.
Encicground Information:
See Supplemental Shoot
judget Irmpact ARnivets
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: _
CV Project Na
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cast:
Total Fiscal impact:
CIP
Lrrants ur reettl§ibZuIilui runLii
Final Auprovjig
(M1CNM1DQAIP1
Budget N/A-_
Risk Management p1GA
Purchasing LA I. Dept, Director
Chief P _ City Manager
Paste 1 of2
SUPPLEMENTAL SHEET
Subject: First Amendment to Purchase and Sale Agreement for 779 NW 57th Street, Miami, Florida, to
Progressive Vision Development Corporation
Background Information:
The City of Miami has a severe shortage of housing within 'the affordability range of families and
individuals of very low, low and moderate income. The City recognizes that the partnership of the
public and private sector is necessary to foster the development of housing affordable to very low, low
and moderate -income families and individuals within the City.
Progressive Vision Community Development Corporation, Inc., a not -for -profit corporation
("Purchaser") requested that the City convey at no cost a vacant City -owned parcel in the Model City
area located at 779 NW 57th Street, The conveyance of land would allow Purchaser to proffer any
savings in total cost of the residence to the homebuyer because the land is acquired without cost.
Currently the property sits vacant and represents a maintenance cost and liability to the City and does
not generate ad valorem taxes.
The City Commission declared the property surplus and authorized an Agreement for Purchase and
Sale ("Agreement") under Resolution No. 05-0347 on May 26, 2005. The City agreed to convey the
property to the Purchaser with certain conditions precedent that had to be met prior to the sale of the
property. The deadline for satisfying the conditions precedent expires March 28, 2007 and the
Purchaser is requesting an additional three (3) months in order to satisfy such conditions precedent.
The City Commission has determined it to be in the best interest of the City to extend the date for
meeting the conditions precedent by three (3) months and modify the unit count and type of housing
to provide three townhouse units within the economic affordability range of very low, low and/or
moderate income families and/or individuals, based on criteria established by federal and/or state law
or by the City Commission of the City of Miami.
Paae 2 of 2