HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: 07-0 1
Date: 12/13/2007
Commission Meeting Date: 01/10/2008
Type: ® Resolution ❑ Ordinance
II
Other
1
Requesting Department: Community Development
District Impacted:
Emergency Ordinance ❑ Discussion Item
Subject: CONVEY PARCELS OF LAND: LIBERTY CITY SCATTERED SITES
Purpose of Item:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING
THE CITY MANAGER TO CONVEY, WITH PARCEL REVERTER PROVISIONS, CERTAIN CITY
OF MIAMI OWNED PARCELS OF LAND, LOCATED AT 1336 N.W. 60TH STREET, 1233 N.W. 59TH
STREET, 5860 N.W. 17TH AVENUE, 1230 N.W. 58TH TERRACE, 276 N.W. 53RD STREET, 1755
N.W. 2ND COURT, AND 1611 N.W. 3RD AVENUE, MIAMI, FLORIDA, DIRECTLY TO THE
DEVELOPERS, AS DESCRIBED IN EXHIBIT "A," ATTACHED AND INCORPORATED, FOR THE
DEVELOPMENT OF AFFORDABLE HOUSING; FURTHER AUTHORIZING THE CITY MANAGER
TO EXECUTE PURCHASE AND SALE AGREEMENT(S) IN THE ATTACHED FORM, WITH THE
ENTITIES SPECIFIED IN EXHIBIT "A", FOR SAID PURPOSE.
Background Information:
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:
CIF' Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Dept. Director 0
Chief
Final Approvals
(SIGN AND DATE)
City Manager,
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
On December 19, 2006, the City of Miami issued an invitation for qualified real estate developers for
the redevelopment of single family homes on eighteen (18) City -owned scattered site lots in the
Liberty City area with a due date of February 9, 2007.
A total of twenty two (22) responses were received from developers and reviewed by staff from
Liberty City Trust and Department of Community Development, with respect to the
applicants' financial capacities, and the type of use proposed for the sites.
The properties will be conveyed through purchase and sale agreements which will mandate the
following requirements: (i) evidence that the developer has received all necessary permits needed to
construct the homes, (ii) financial commitments from the lender(s) has been received, (iii) any
mortgages obtained by the developer on the property will be subject to the approval of the City of
Miami Department of Community Development, and (iv) the closing of the purchase and sale
agreements will occur simultaneously with the closing of the construction financing by the lender, if
any.
The Administration is recommending the conveyance, with parcel reverter provisions, of certain City
owned parcels of land, located at 1336 N.W. 60th Street, 1233 N.W. 59th Street, 5860 N.W. 17th
Avenue, 1230 N.W. 58th terrace, 276 N.W. 53rd Street, 1755 N.W. 2"d Court, and 1611 N.W. 3rd
Avenue, Miami, Florida, to the developers, as described in Exhibit "A," attached and incorporated.
Developers will have six (6) months from the date of land conveyance to begin construction and will
have an additional twelve (12) months to complete construction.
The properties conveyed will have the following restrictions: (i) all the units must be sold to
households with incomes not to exceed 120% of the median household income for Miami —Dade
County, as published annually by Florida Housing Finance Corporation (ii) the properties must
remain affordable for a minimum of 20 years (iii) the properties may not be used as collateral by the
developer without a written permission of the City of Miami, (iv) the closing of the purchase and sale
agreements must occur simultaneously with the closing of the construction financing by the lender, if
any.