HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID 66 60 CQ
PH.6
Date: 05/15/2008 Requesting Department: Community Development
Commission Meeting Date: 06/12/2008 District Impacted:
Type: Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑-0ther
Subject: CONVEY PARCELS OF LAND: LIBERTY CITY SCATTERED SITES
Purpose of Item:
AUTHORIZING THE CITY MANAGER TO CONVEY, WITH PARCEL REVERTER PROVIS►ONS,
CERTAIN CITY OF MIAMI OWNED PARCELS OF LAND, LOCATED AT 1544 N.W. 58TH
TERRACE, 1590 NW 54TH STREET, 5435 N.W. 1ST AVENUE, 5515 N.W. 1ST COURT AND 1230
NW 58TH TERRACE, MIAMI, FLORIDA, DIRECTLY TO THE DEVELOPERS, AS DESCRIBED IN
EXHIBIT "A," ATTACHED AND INCORPORATED, FOR THE DEVELOPMENT OF AFFORDABLE
HOUSING; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE PURCHASE AND
SALE AGREEMENT(S) IN THE ATTACHED FORM, WITH THE ENTITIES SPECIFIED IN EXHIBIT
"A", FOR SAID PURPOSE.
Background Information:
Please see attached
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 Imp ct:
(,
Dept. Director
Chief
Final Approvals
(SIGN AND DATE)
City Manager
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
On December 19, 2006, the City of Miami issued an invitation to qualified real estate
developers/contractors for the development of single home ownership units on eighteen (18) City -
owned scattered site lots in the Liberty City area with a due date of February 9, 2007.
A total of twenty two (22) responses were received from developers and reviewed by staff from the
Liberty City Trust and Department of Community Development, with respect to the applicants'
financial capacities, and the type of use proposed for the sites.
The properties will be conveyed through purchase and sale agreements which will mandate the
following requirements: (i) evidence that the developer has received all necessary permits needed to
construct the homes, (ii) financial commitments from the lender(s) have 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.
Developers will have six (6) months from the date of land conveyance to begin construction and will
have an additional eighteen (18) months to complete construction.
The properties conveyed will have the following restrictions: (i) all the units must be sold to
households with incomes not to exceed 120% of the median household income for Miami — Dade
County, as published annually by the United States Department of Housing and Urban Development
(HUD), (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 dosing of the purchase and sale agreements must occur simultaneously with the dosing of the
construction financing by the lender, if any.
The Administration is recommending the conveyance, with parcel reverter provisions, of certain City
owned parcels of land, located at 1544 N.W. 58th Terrace, 1590 N.W. 54th Street, 5435 N.W. 1st
Avenue, 5515 N.W. 1st Court and 1230 NW 58th Terrace, Miami, Florida, to the developers, as
described in Exhibit "A", attached and incorporated.