HomeMy WebLinkAboutSummary FormDate: 4/10/2008
AGENDA ITEM SUMMARY FORM
FILE ID: - CC
Requesting Department: City Manager
RE.6
Commission Meeting Date: 4/2t1J2008 District Impacted: II
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Amendment No. 3 of Grant Agreement Among the City of Miami and Flagler First
Condominiums, LLC.
Purpose of Item:
A Resolution of the Miami City Commission authorizing the City Manager to execute Amendment
No. 3 to the agreement with Flagler First Condominiums, LLC, relating to the redevelopment of an
affordable housing condominium project located at 101 East Flagler Street, Miami, FL, providing an
extension of the deadline for the receipt of Certificates of Occupancy until June 30, 2008, and an
extension of the deadline for the sale of all project residential condominium units until June 30, 2010.
Background Information:
The City of Miami entered into an Agreement with Flagler First Condominiums, LLC for the
construction of no less than ninety (90) affordable residential condominium units. Due to problems
related to the rehabilitation/construction of the project, including further structural work required,
hurricane preparations in 2005, sidewalk construction taking place on Flagler Street causing
significant delays in the construction, and the difficulties associated with this site without the use of a
staging area, the developer has requested an additional extension to the agreement. As consideration
for the extension, the City has implemented certain requirements including interest payments and
adherence to specific affordability guidelines.
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an 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:
Final Approvals
(SIGN AND DATE't
CIP Budget
If using or receiving capital funds
Grants
Risk Management
Purchas'ng Dept. Director
Chief City Manage
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