HomeMy WebLinkAboutSummary Form10/02/2007 16:55 3e54162090 CITY OF MIAMI COMM D
PH.2
AGENDA ITEM SUMMARY FORM
FILE ID:
Date: 10/02/2007
.2
Requesting Department: Community Development.
Commission Meeting Date: 10/I1/2007 District impacted: I
Type: Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: At the request of Wagner Square LLC ("Woozier") a resolution to authorize the reallocation of
the total number of residential units in each Phase, while maintaining the tota1_required affordable and
workforce housing units in order that the first residential Phase would have at least 56 units and the
second residential. Phase would have at least 48 units, based on current site plan requirements.
Purpose of Item:
a see attached Purpose of Item.
T3ackground Information:
On 3/10/05 the City conveyed to Wagner, the Civic Center Site pursuant to a Purchase and Sale
Agreement dated 5/30/03. Wagner committed to build two, 99 unit residential towers, with at least 74
units being affordable. The construction of 74 affordable housing units became unfeasable due to
significant increases in construction costs since 5/03, and a request to reduce the affordable units from
74 to 52 was provided to -the City and was adopted by the Corrlmission on 12/15/05 (resolution 05-
0736). Based on market conditions, Wagner requested on 3/8/07 (resolution 07-00264) to eliminate
the 47 market rate housing units, however maintaining the required 24 workforce and 28 affordable
units (Attachment "A"), with HUD confirming it had no objections. Based on site plan requirements,
Wagner has requested to reallocate the residential units in each tower with the first Phase having at
least 56 units consisting of 28 workforce and 28 affordable housing units and the second Phase
having at least 48 units consisting of at least 28 affordable units and 20 workforce units, still
maintaining the required .,affordable and workforce housing units for the project.
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item ail expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
(F using 0- receiving capital Funds
Grants
Purchasing
Final Approvals (SIGN AND DATE
Budget
Risk Management
Dept_ Director /
Purpose of Item:
At the request of Wagner, a resolution of the Miami City Commission,
reallocating the total residential units to be built by Wagner in each residential tower,
however maintaining the total required 48 workforce and 56 affordable housing units on
the property known as the Civic Center site, located at 1700 Northwest 14th Avenue,
with the first Phase having at least 56 units consisting of 28 workforce and 28 affordable
housing units and the second Phase having at least 48 units consisting of at least 28
affordable housing units and 20 work force units to meet site plan requirements and
authorizing the City Manager to join in the execution of the attached Third Amended
Declaration of Restrictions and Second Amended Declaration of Restrictions and
Reverter, in the attached forms, and to execute such other documents as may be required
to implement this resolution acceptable to the City Attorney.