HomeMy WebLinkAboutExhibit 2EXHIBIT B
Performance Requirements and Restrictions*
The following Performance Requirements will apply to the Project to be developed on the City -
owned properties located at 400-420 Southwest 8` Avenue, and 430 Southwest 8th Avenue,
Miami, Florida:
Property Conveyance
1. The construction of the Project must commence within (12) twelve months from the date
of property conveyance.
2. The Project must be completed (all units constructed, issued Certificates of Occupancy,
and sold to qualified buyers) within (30) thirty months from the date of conveyance.
Project Restrictions:
1. A minimum of sixty (60) homeownership units to be constructed on the Property.
2. A minimum of thirty-eight (38) units must be sold to buyers whose household
income does not exceed 80% of the Area Median Income as published by the
Department of Housing and Urban Development (HUD). The price for these units
cannot exceed $236,000.
3. A minimum of twelve (12) units must be sold to buyers whose household income is
between 80% and 150% of Area Median Income extrapolated from HUD's annual
income publication. The price for these units cannot exceed $300,000.
4. A maximum of twelve (12) market rate units.
5. The Affordability Period for all affordable and/or workforce housing units shall be
(30) thirty years.
6. The City's loan shall be secured by a Mortgage and Declaration of Restrictive
Covenants, and such other documents as the City may deem necessary for this
purpose.
7. The City Manager is authorized to approve a decrease in the number of total Project
units indicated above, not to exceed ten percent (10%)/ six units, if, in the Manager's
discretion, such decrease is warranted in the best interests of the Project.
*The restrictions for the Property conveyance and the loan to the Developer for the Project
shall include, but not be limited to, the items contained herein. All related Federal, state. and
local laws, rules, and regulations shall apply.