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Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133 •
www.miamigov.com
File Number: 07-01189 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CONVEYANCE TO PRESTIGE ENTERPRISE GROUP, INC.,
WITH PARCEL REVERTER PROVISIONS, OF THE CITY OF MIAMI OWNED
PARCELS OF LAND LOCATED AT 400-420 SOUTHWEST 8TH AVENUE, AND
430 SOUTHWEST 8TH AVENUE, MIAMI, FLORIDA, AS LEGALLY DESCRIBED
ON EXHIBIT "A," ATTACHED AND INCORPORATED, COMMONLY KNOWN AS
THE TEATRO MARTI PROPERTY, FOR THE DEVELOPMENT OF A MIXED -USE,
MIXED -INCOME AFFORDABLE HOUSING PROJECT ON THE SITE, SUBJECT
TO THE TERMS INDICATED ON EXHIBIT "B," ATTACHED AND
INCORPORATED; AUTHORIZING THE CITY MANAGER TO EXERCISE THE
DISCRETION INDICATED ON EXHIBIT "B" WITH REGARD TO THE TOTAL
NUMBER OF PROJECT UNITS; FURTHER AUTHORIZING THE CITY MANAGER
TO EXECUTE A DEED AND ALL NECESSARY DOCUMENTS FOR SAID
PURPOSE.
WHEREAS, on May 29, 2007, the City of Miami ("City") issued a Request for Proposal ("RFP") for
qualified real estate developers, for the development of mixed -use mixed -income affordable housing
(the "Project") on the City -owned properties located at 400-420 Southwest 8th Avenue, and 430
Southwest 8th Avenue, Miami, Florida, as legally described on Exhibit "A," attached and incorporated
(the "Property"), and an allocation of $4 million for the Project; and
WHEREAS, three (3) responses were received before the RFP deadline on June 29, 2007; and
WHEREAS, due to insufficient information as to the source of funding, the RFP was re -issued on
August 6, 2007, with a due date of August 24, 2007; and
WHEREAS, two (2) proposals were received by the RFP due date; and
WHEREAS, a review committee comprised of two members from the Little Havana
Homeownership Advisory Board and one staff member from the Department of Community
Development met on September 5, 2007 and recommended Prestige Enterprise Group, Inc. for the
development of the Property; and
WHEREAS, Prestige Enterprise Group, Inc. is a for -profit corporation formed on July 22, 1993 to
develop affordable housing; and
WHEREAS, Prestige Enterprise Group, Inc. has completed one affordable housing
homeownership development in the past year with another three at various stages of construction, and
is currently in good standing with the City; and
WHEREAS, the Administration recommends the conveyance to Prestige Enterprise Group, Inc.,
with parcel reverter provisions, of the City -owned parcels of land located at 400-420 Southwest 8th
City of Miami
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File Number: 07-01189
Avenue, and 430 Southwest 8th Avenue, Miami, Florida, as legally described on Exhibit "A," attached
and incorporated, subject to the terms indicated on Exhibit "B," attached and incorporated; and
WHEREAS, the Administration also recommends that the Property not be conveyed to Prestige
Enterprise Group, Inc. until the City receives evidence of firm financing for the entire Project;
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 conveyance to Prestige Enterprise Group, Inc., with parcel reverter provisions. of
the City -owned parcels of land located at 400-420 Southwest 8th Avenue, and 430 Southwest 8th
Avenue, Miami, Florida, as legally described on Exhibit "A," attached and incorporated, for the
development of mixed -use, mixed income affordable housing, is authorized.
Section 3. The Property shall not be conveyed to Prestige Enterprise Group, Inc. until the City
receives evidence of firm financing for the entire Project. The conveyance shall be subject to terms
indicated on Exhibit "B," attached and incorporated.
Section 4. The City Manager is authorized{1} to approve a decrease in the number of total Project
units indicated on Exhibit "B" 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.
Section 5. The City Manager is further authorized{1} to execute a deed and all necessary other
documents for said purpose.
Section 6. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{2}
APPROVED AS TO FORM AND CORRECTNESS:
JORGE L. FERNANDEZ
CITY ATTORNEY
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 (10) 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
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