HomeMy WebLinkAboutSummary Form.14
AGENDA
pITEM SUMMARY FORM
v_
FILE ID: L�CP / �P
PH.5
Date: 06/11/08 Requesting Department: Community Development
Commission Meeting Date: 07/24/08 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Rescinding Resolution 07-0542 (Villas Teatro Marti Property?
Purpose of Item:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), RESCINDING
RESOLUTION NO. 07-0542, ADOPTED SEPTEMBER 27, 2007, RELATING TO THE
CONVEYANCE OF THE CITY OF MIAMI OWNED PARCELS OF LAND LOCATED AT 400-420
SOUTHWEST 8Tr+ AVENUE, AND 430 SOUTHWEST 8T4 AVENUE, MIAMI, FLORIDA, LEGALLY
DESCRIBED IN EXHIBIT "A" , ATTACHED AND INCORPORATED, COMMONLY KNOWN AS THE
VILLAS TEATRO MARTI PROPERTY, TO PRESTIGE ENTERPRISE GROUP, INC., FOR THE
DEVELOPMENT OF A MIXED -USE, MIXED -INCOME AFFORDABLE HOUSING PROJECT (THE
"PROJECT"); AUTHORIZING THE CANCELLATION OF THE REQUEST FOR PROPOSAL IN
CONNECTION WITH SAID PROJECT; FURTHER AUTHORIZING THE CITY MANAGER TO
EXECUTE ALL NECESSARY DOCUMENT(S) 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:
Cif' Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Dept. Director'
Chief City Manager,
Final Approvals
(SIGN AND DATE)
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
On May 29, 2007, the City of Miami (the "City") issued a Request for Proposal ("RFP") for qualified
real estate developers, for the development of mixed -use, mixed income affordable housing on the
City -owned properties located at 400-420 Southwest 8th Avenue, and 430 Southwest 8'h Avenue,
Miami, Florida, legally described in Exhibit A, attached and incorporated, commonly known as the
Villas Teatro Marti property (the "Property").
Pursuant to Resolution No. 07-0542, adopted September 27, 2007, the Miami City Commission
approved the conveyance of the Property to Prestige Enterprise Group, Inc. ("Prestige") for such
purpose (the "Project").
Prestige and the City agree that the construction and sale of condominiums is not feasible in the
current condominium market.
Due to the lack of affordable rental housing for low and moderate income seniors, Prestige and the
City agree that the Property should be used for low and moderate income seniors.
The change in development use agreed to for the Property falls beyond the scope of, and cannot be
effectuated under, the RFP.
The Administration recommends the cancellation of the RFP to allow for the agreed change in
development use of the Property.
The Administration also recommends rescinding Resolution No. 07-0542 relating to the conveyance
of the Property to Prestige.