HomeMy WebLinkAboutSummary FormAGENDA .IrTEM SUMMARY FORM
FILE ID: O 6 -00 CI I 0
Date: 6/19/2007 Requesting Department: Community Development
Commission Meeting Date: 07/ /2007 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: EXTENDING THE TIME TO PAY BALLOON PAYMENT — ALLAPATTAH COMMUNITY ACTION, INC,
Purpose of Item:
IN CONNECTION WITH THE ALLAPATTAH COMMUNITY HOUSING PHASE II PROJECT,
GRANTING ALLAPATTAH COMMUNITY ACTION, INC. AN EXTENSION OF TIME FROM
AUGUST 1, 2007 TO MARCH 31, 2008, TO MAKE THE REQUIRED BALLOON PAYMENT TO THE
CITY OF MIAMI FOR THE $325,000 BRIDGE LOAN APPROVED BY THE CITY COMMISSION ON
DECEMBER 14, 2006; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE THE
NECESSARY DOCUMENTS FOR SAID PURPOSE.
Background Information:
PLEASE SEE ATTACHMENT
CIP
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?
Final Approvals
(SIGN AND DATE
Budget
Risk Management
Purchasing/) /. Dept. Director
Chief City Manager
Grlf us ng or receiving capital funds
Page 1 of I
AGENDA ITEM SUMMARY FORM CONTD.
BACKGROUND INFORMATION:
Pursuant to Resolution No. 04-0380, adoptedpJune 10, 2004, to declare surplus the city
owned property located at 1390 N.W. 24m avenue, and authorize the City Manager to
execute a purchase and sale agreement with Allapattah Community Action, Inc., a non -
for -profit corporation, for the sale of said property; to develop a US HUD elderly housing
facility for low, and/or moderate income families and/or individuals, for a minimum
purchase price of $248,141, pending verification of construction cost estimates and to
consummate such transactions in accordance with the terms and conditions of the
agreement.
Allapattah Community Action, Inc., was approved on January 25, 2006 by the United
States Department of Housing and Urban Development ("U.S. HUD") to construct 79
units of housing for the elderly and one unit for the resident manager under Section 202
Supportive Housing Program for the Elderly.
Pursuant to the City Commission meeting held on October 12, 2006, the City
Commission directed the City Manager to draft legislation funding said agency, in the
form of a bridge loan, to prepare the necessary paperwork to close on a Section 202
grant from the U.S HUD.
In order to close on the Allapattah Community Housing Phase II Project ("Project"), said
agency requested the amount of $325,000.
Pursuant to Resolution No. 06-0711, adopted December 14, 2006, the City of Miami
("City") Commission approved the transfer of funds in the amount of $325,000 from the
Affordable Housing Trust Fund; allocating funds in the form of a bridge loan to Allapattah
Community Action, Inc., to cover pre -development costs for the Allapattah Community
Housing Phase II Project.
Allapattah Community Action, Inc. has yet to close on the US HUD loan due to delays
from HUD.
US HUD has advised the City that said loan will not be closed by August 1, 2007.
The Administration is recommending granting Allapattah Community Action, Inc. an
extension of time from August 1, 2007 to March 31, 2008, to make the required balloon
payment to the City for the $325,000 bridge loan approved by the City Commission on
December 14, 2006.