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HomeMy WebLinkAboutLegislationCity of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 07-00470 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), RESCINDING RESOLUTION NO. 07-0172, ADOPTED MARCH 22, 2007; APPROVING THE SALE OF CERTAIN CITY OF MIAMI ("CITY") OWNED PARCELS TO PROGRESSIVE VISION COMMUNITY DEVELOPMENT CORPORATION, INC. ("PROGRESSIVE"), AS SPECIFIED IN "EXHIBIT A," ATTACHED AND INCORPORATED; AUTHORIZING THE CITY MANAGER TO EXECUTE A PURCHASE AND SALE AGREEMENT(S), AND TO EXECUTE SUCH OTHER DOCUMENTS AS MAY BE NECESSARY TO CONSUMMATE SUCH TRANSACTION IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF SUCH AGREEMENT(S), WHICH TERMS MAY BE AMENDED BY THE CITY MANAGER AS MAY BE NECESSARY IN ORDER TO MEET THE BEST INTERESTS OF THE CITY; AUTHORIZING PROGRESSIVE'S ASSIGNMENT OF SUCH PURCHASE AND SALE AGREEMENTS(S) SUBJECT TO THE PRIOR CONSENT OF THE CITY MANAGER. WHEREAS, Progressive Vision Community Development Corporation, Inc. ("Progressive") is developing a project know as Friendship Village, a 160 unit affordable rental housing development, including ground floor retail and parking ("Project"); and WHEREAS, the Administration has recommended the conveyance to Progressive of certain City of Miami ("City") owned parcels, as specified on Exhibit "A" ("Property"), for the development of the Project; and WHEREAS, the Purchase and Sale Agreement(s) for the sale of the Property to Progressive will be contingent upon Progressive obtaining an award of Low Income Housing Tax Credits for the Project from the Florida Housing Finance Corporation, and will have an expiration date of December 31, 2007; and WHEREAS, it is anticipated that Progressive will assign the Purchase and Sale Agreement(s) with the City to certain other companies for the development of the Project; and WHEREAS, any cost associated with the project/Property paid by the City, will be reimbursed back to the City; 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. Section 2. The sale to Progressive of certain City -owned parcels, as specified in "Exhibit A," attached and incorporated, is approved. City of Miami Page 1 of 2 Printed On: 4/3/2007 File Number: 07-00470 Section 3. The City Manager is authorized {1} to execute a Purchase and Sale Agreement(s) for the sale of the Property to Progressive, and to execute such other documents as may be necessary to consummate such transaction in accordance with the terms and conditions of such Agreement(s), which terms may be amended by the City Manager as may be necessary in order to meet the best interests of the City. Section 4. Progressive is authorized to assign such Purchase and Sale Agreements(s) subject to the prior consent of the City Manager. Section 5. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.{2} APPROVED AS TO FORM AND CORRECTNESS: `*JORGE FER CITY AT ORNi Air 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 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 Printed On: 4/3/2007