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HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM FILE ID: -0003 SP.2 Date: 5/07/2008 Requesting Department: City Manaqprs Office Commission Meeting Date: 6/5/2008 District Impacted: 1 Type: 2 Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item ❑ Other Subject: A resolution to authorize the extension of the current commencement of contruction date of June 10, 2008, for Wagner Square LLC ("Wagner") by ninety days to September 8, 2008. Purpose of Item: Please see the attached Purpose of Item. Background 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 Commission 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, with HUD confirming it had no objections. Based on site plan requirements, Wagner 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 and was adopted by the Commission on 9/20/07 (resolution 07-01210). Budget Impact Analysis NO Is this item related to revenue? NO Is this item an expenditure? If so, please dentify funding source below. General Account No: Special Revenue Account No: /VI CIP Project No: Nf NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds? Start Up Capital Cost: NA - Maintenance Cost: Total Fiscal Impact: j Final Approvals (SIGN AND DATE) CIP NlIi' Budget fitik If using or receiving capital funds / Grants wJ A- Risk Management Nr Purchasi' : IVk Dept. Director / -f 6/CA- /1 -i, Chie City Manager, Page I of 1 Purpose of Item: A full building permit has been issued, the construction lender certifies there is sufficient additional equity to complete construction, physical work has commenced at the site, however there is a possibility that additional time may be needed to simultaneously close the Construction Loan and HUD Home Loan, to meet the defined construction requirements outlined in the Second Amended Declaration of Restrictions and Reverter by June 10, 2008. Therefore, although most of the requirements have already been met, Wagner Square LLC is requesting a ninety day extension to commence construction. City Commission approval is required to authorize the City Manager to amend the Declaration of Restrictions and Reverter to extend the commencement date of construction from June 10, 2008 to September 8, 2008, by executing the Third Amended Declaration of Restrictions and Reverter, in the attached form, and such other documents as may be required to implement this resolution, as acceptable to the City Attorney.