HomeMy WebLinkAboutSummary FormDate: 9/18/2007
AGENDA ITEM SUMMARY FORM
FILE ID: 62` a'% (( e9
PH.2
Requesting Department: Community Development
Commission Meeting Date: 9/27/2007 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Conveying Parcels to Prestige Enterprise Group, Inc.
Purpose of Item:
AUTHORIZING THE CITY MANAGER TO CONVEY TO PRESTIGE ENTERPRISE GROUP, INC.,
WITH PARCEL REVERTER PROVISIONS, THE CITY OF MIAMI OWNED ARCELS OF LAND
LOCATED AT 400-420 SOUTHWEST 8TH AVENUE, AND 430 SOUTHWES 8'H AVENUE, MIAMI,
FLORIDA, AS LEGALLY DESCRIBED ON EXHIBIT A, ATTACHED AND IN ORPORATED,
COMMONLY KNOWN AS THE TEATRO MARTI PROPERTY, FOR THE D ELOPMENT OF A
MIXED -USE, MIXED -INCOME AFFORDABLE HOUSING PROJECT ON T E SITE, SUBJECT TO
THE TERMS INDICATED ON EXHIBIT B, ATTACHED AND INCORPORAT D, AUTHORIZING THE
CITY MANAGER TO EXERCISE THE DISCRETION INDICATED ON EXHIBIT B WITH REGARD
TO THE TOTAL NUMBER OF PROJECT UNITS; FURTHER AU.THORIZING THE CITY MANAGER
TO EXECUTE A DEED AND ALL NECESSARY DOCUMENTS FOR SAID PURPOSE.
Background Information:
PLEASE SEE ATTACHED
Budget Impact Analysis
Is this item related to revenue?
Is this item an expendlture? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
GIP Project No:
Is this item funded by Homeland DefenselNelghborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Dept. Direc
Chief
TO(�
Final Approvals
SIGN AND DATE)
Page 1 of 1
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
On May 29, 2007, the 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.
Three (3) responses were received before the RFP deadline on June 29, 2007.
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.
Two (2) proposals were received by the RFP due date.
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.
Prestige Enterprise Group, Inc. is a for -profit corporation formed on July 22, 1993 to
develop affordable housing.
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.
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 Avenue, and 430 Southwest 8`h Avenue, Miami, Florida, as legally
described on Exhibit A, attached and incorporated, subject to the terms indicated on
Exhibit B attached and incorporated.
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.