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Date: 04/24/08
AGENDA ITEM SUMMARY FORM
MS
FILE ID: OS D 433
PH.3
Requesting Department: Community Development
Commission Meeting Date: 05/08/08 District Impacted:
Type: ® Resolution ❑ Ordinance [j Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: EXTENDING PROJECT COMPLETION DATE TO MIAMI DREAM HOMES AND
CONVEYING A MULTI -FAMILY RENTAL PROPERTY TO CITY
Purpose of Item:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), GRANTING
MIAMI DREAM HOMES INVESTMENT GROUP, INC., AN EXTENSION, UNTIL DECEMBER
31, 2008, TO COMPLETE THE PROJECTS ON THE PROPERTIES LISTED IN EXHIBIT "A",
ATTACHED AND INCORPORATED, AND FOR THE CONVEYANCE OF THE MULTI-
FAMILY RENTAL PROJECT TO THE CITY; STATING THE INTENTION OF THE CITY
COMMISSION RELATED TO THE CONVEYANCE OF TITLE TO THE PROPERTIES LISTED
ON EXHIBIT "A"; AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY
DOCUMENT(S) FOR SAID PURPOSE(S).
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:
CIP Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Dept. Director
'Chief
Final Approvals
(SIGN AND DATE)
City Manager
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
rPursuant to Resolution No. 05-0357, adopted May 26, 2005, the City Commission approved the
conveyance, with title reverter conditions, of eleven parcels of City owned land directly to developers,
for the construction of affordable housing for eligible low and moderate income persons.
Pursuant to said Resolution, six (6) of the eleven parcels of City -owned land (the "Properties") were
conveyed to Miami Dream Homes Investment Group, Inc. ("Miami Dream Homes"), by quit claim
deed dated September 27, 2005, for the construction of affordable single family homes.
Pursuant to Resolution No. 06-0329, adopted May 25, 2006, the City Commission approved one
parcel, located at 1525 NW 60 street, Miami, Florida, to be developed as a new construction multi-
family rental project consisting of seven (7) units for low income persons.
Pursuant to Resolution No. 07-0133, adopted March 08, 2007, the City Commission approved the
modification of condition/restriction No. 5 of the corrective quit claim deed, dated July 5, 2006, from
the City of Miami to Miami Dream Homes to provide that construction on the properties of one (1) of
the above referenced single family homes must commence no later than July 1, 2007.
Due to issues with architect and engineering companies, and extensive delays in obtaining permits
due to new permit requirements in the development district, Miami Dream Homes was unable to
complete the multi -family rental project on the parcel located at 1525 NW 60TH Street, Miami, Florida,
in the timeframe required.
Due to Miami -Dade County policy changes that gave priority to the Dade County infill program, Miami
Dream Homes experienced delays on the parcels, located at 1533 NW 58th Terrace, 1543 NW 59th
Street, 1600 and 1610 NW 60th Street and 6020 NW 15th Avenue, Miami, Florida.
Miami Dream Homes has completed and sold the single family homes on the parcels located at 1535
and 1545 NW 58th Terrace, Miami, Florida.
Miami Dream Homes has resolved all issues and is ready to complete both the single family homes
and the multi -family rental project.
The Administration recommends granting Miami Dream Homes an extension of time until December
31, 2008, for Miami Dream Homes to complete the projects on the properties listed in Exhibit "A", and
for the conveyance of the multi -family rental project to the City.