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Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 08-00439 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO CONVEY, WITH TITLE REVERTER
PROVISIONS, THE CITY OF MIAMI OWNED PARCEL OF LAND LOCATED AT
1477 NORTHWEST 60TH STREET, MIAMI, FLORIDA, LEGALLY DESCRIBED IN
EXHIBIT "A", ATTACHED AND INCORPORATED, TO PALMETTO HOMES OF
MIAMI, INC. FOR THE DEVELOPMENT OF AFFORDABLE HOUSING; FURTHER
AUTHORIZING THE CITY MANAGER TO EXECUTE A PURCHASE AND SALE
AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, AND ALL OTHER
NECESSARY DOCUMENT(S) FOR SAID PURPOSE.
WHEREAS, pursuant to Resolution No. 05-0357, adopted May 26, 2005, the Miami City
Commission approved the conveyance of eleven parcels of City of Miami ("City") owned land, with title
reverter provisions, directly to developers for the construction of affordable housing for eligible low and
moderate income persons; and
WHEREAS, six of the eleven parcels were conveyed to Miami Dream Homes Investment Group,
Inc. ("Miami Dream Homes") for the new construction of affordable single family homes; and
WHEREAS, the vacant parcel of land located at 1477 Northwest 60th Street, Miami, Florida
("Property"), was one of the parcels conveyed to Miami Dream Homes; and
WHEREAS, pursuant to Resolution No. 07-0133, adopted March 08, 2007, the Miami City
Commission confirmed that title to the Property reverted back to the City; and
WHEREAS, on March 21, 2008, Miami Dream Homes executed a special warranty deed
confirming that title to the Property reverted to the City; and
WHEREAS, the Administration recommends the conveyance of the Property, with title reverter
provisions, to Palmetto Homes of Miami, Inc. ("Developer") for the development of affordable housing;
and
WHEREAS, the Administration recommends that the conveyance of the Property be subject to the
following restrictions: (i) the Developer provide to the City (a) all necessary permits needed to
construct the unit(s), and (b) evidence of firm financial commitments for full project financing from the
project lender(s), (ii) the conveyance of the Property occur simultaneously with the closing of the
construction financing by the lender, if any, (iii) any mortgages on the Property obtained by the
Developer be subject to the approval of the City of Miami Department of Community Development, (iv)
all the unit(s) be sold to households with incomes not to exceed 80% of the median household income
for Miami -Dade County, as published annually by Florida Housing Finance Corporation, and (v) the
Property remain affordable for a minimum of 20 years; and
City of Miami Page 1 of 2 Printed On: 4/29/2008
File Number: 08-00439
WHEREAS, the Administration recommends that the Developer be given six (6) months from the
date of conveyance of the Property to begin construction, and thirty (30) months from the date of
conveyance for project completion;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by
reference and incorporated as if fully set forth in this Section.
Section 2. The City Manager is authorized {1} to convey, with title reverter provisions, the
City -owned parcel of land located at 1477 Northwest 60th Street, Miami, Florida, legally described in
Exhibit "A", attached and incorporated, to Palmetto Homes of Miami, Inc., for the development of
affordable housing.
Section 3. The conveyance of the Property shall be subject to the following restrictions: (i) the
Developer shall provide to the City (a) all necessary permits needed to construct the unit(s), and (b)
evidence of firm financial commitments for full project financing from the project lender(s), (ii) the
conveyance of the Property occur simultaneously with the closing of the construction financing by the
lender, if any, (iii) any mortgages on the Property obtained by the Developer shall be subject to the
approval of the City of Miami Department of Community Development, (iv) all the unit(s) shall be sold
to households with incomes not to exceed 80% of the median household income for Miami - Dade
County, as published annually by Florida Housing Finance Corporation, and (v) the Property remain
affordable for a minimum of 20 years.
Section 4. The City Manager is authorized {1} to execute a Purchase and Sale Agreement, in
substantially the attached form, and all other necessary document(s) for said purpose.
Section 5. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{2}
APPROVED AS TO FORM AND CORRECTNESS:
CITY ATTORNEY
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be imposed
by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code
provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 Printed On: 4/29/2008