HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: Q /2-o Q I
Date: 5/21/2007 Requesting Department: Community Development
Commission Meeting Date: 06/12/2007 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: PURCHASE AND SALE AGREEMENT(S)
Purpose of Item:
APPROVING THE SALE OF CERTAIN CITY OF MIAMI ("CITY") OWNED PROPERTIES, TO THE
INDIVIDUALS , AS SPECIFIED IN "EXHIBIT A," ATTACHED AND INCORPORATED;
AUTHORIZING THE CITY MANAGER TO EXECUTE PURCHASE AND SALE AGREEMENT(S), IN
SUBSTANTIALLY THE ATTACHED FORM(S) AND TO EXECUTE SUCH OTHER DOCUMENTS
AS MAY BE NECESSARY TO CONSUMMATE SUCH TRANSACTIONS IN ACCORDANCE WITH
THE TERMS AND CONDITIONS OF THE 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.
Background Information:
PLEASE SEE ATTACHMENT
Budget Impact Analysis
Is this item related to revenue?
Is this Item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
C1P
Final Approvals
(SIGN AND DATE)
Budget
or receiving capital funds
Risk Manageme
Purchasin Dept. Director,
Chief City Manage
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AGENDA ITEM SUMMARY FORM CONTD.
BACKGROUND INFORMATION:
The Model City Community Revitalization District Trust was established by the City
Commission on July 10, 2001 pursuant to Ordinance Number 12082 to revitalize the
Liberty City Area.
As part of the revitalization effort, the Trust purchased properties from private owners or
properties were transferred to the Trust from the City of Miami's vacant land inventory to
be developed and sold to low income families in the Liberty City Area,
On February 14, 2005 the three properties attached as Exhibit A were deeded from the
City of Miami to the Trust for the construction of new affordable homes.
On October 30, 2006 the Board of the Model City Community Revitalization District Trust
authorized the City Manager to execute a Quit Claim Deed for all properties owned by
the Trust to the City of Miami.
On January 24, 2007, the City Manager executed a Quit Claim Deed on behalf of the
Model City Trust transferring the properties to the City of Miami.
Elaine Rahming, Tillman Richardson and Tymara Coldin have expressed the desire to
purchase the properties as shown in Exhibit A.
The Department of Community Development has reviewed their household incomes,
and certifies that they are 80% of the area median income low income homebuyers.
As part of the proceeds of the sale to go to the Department of Community Development
to pay for past due taxes on all City of Miami properties previously controlled by the
Model City Community Revitalization Trust.
The following conditions have been put in place for the purchase of said properties:
1. The property must remain owner -occupied for 30 years.
2. In the case of sale or transfer of the property, the borrower will be required to sell
the home to an income eligible borrower approved by the City at a price not to
exceed the maximum allowable purchase price approved by the City
Commission in existence at the time of sale,