HomeMy WebLinkAboutSummary FormDate: 04/29/08
AGENDA ITEM SUMMARY FORM
FILE ID: Ob— cam c_
PH.2
Requesting Department: Community Development
Commission Meeting Date: ,lo/i2JCS District Impacted:
Type: Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Convey parcel 1477 NW 60 Street, Miami, Florida to Palmetto Homes of Miami, Inc.
Purpose of Item:
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 NW 60 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.
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 Manage
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 05-0357 adopted May 26, 2005, the Miami City Commission approved
the conveyance of eleven parcels of City owned land, with title reverter provisions, directly to
developers for the construction of affordable housing for eligible low and moderate income persons.
Six (6) of the eleven parcels of City owned land were conveyed to Miami Dream Homes Investment
Group, Inc. for new construction of affordable single family homes.
One (1) of the six said parcels included one vacant parcel of land, located at 1477 NW 60th Street,
Miami, FL.
Pursuant to Resolution No. 07-0133, adopted March 08, 2007, the Miami City Commission confirmed
the reversion of said parcel, from Miami Dream Homes to the City.
On March 21, 2008, a special warranty deed was executed between Miami Dream Homes and the
City as it relates to said parcel.
The Administration recommends the conveyance, with parcel reverter provisions, one (1) City owned
parcel of land, located at 1477 NW 60th Street, Miami, Florida, legally described in Exhibit "A",
attached and incorporated, to Palmetto Homes of Miami , Inc, for the development of affordable
housing.
The properties will be conveyed through purchase and sale agreements.
To convey said properties, the City must receive from the developer the following: (i) evidence that
the developer has received all necessary permits needed to construct the units, (ii) evidence that
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; and
The properties conveyed will have the following restrictions: (i) all the units must 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, (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 written permission from the City of Miami, and (iv) the closing of the purchase and
sale agreements must occur simultaneously with the closing of the construction financing by the
lender, if any; and
Said entity will have six (6) months from the date of land conveyance to begin construction and will
have an additional twenty- four (24) months to complete construction;