HomeMy WebLinkAboutPre Summary Form1);Ite.: 1/ 16/2007
AGENDA, ITEM SUMMARY FORM
VILE ID: 0 7-O O l 1
Requesting Department: Community Development
Ctitnmisslon Meeting Date: 1/25120QZ District Impacted:
,: : '1 Resolution ❑ Ordinance U Emergency Ordinance 11 Discussion Item
[_] Other.
Subject: CONVEYANCE OF EIGHT (81 CITY OWNED PARCELS OF LAND
Purpose of Item;
AUTHORIZING THE CITY MANAGER TO; (A) CONVEY, WITH PARCEL REVERTER
PROVISIONS, EIGHT (B) CITY OF MIAMI ("CITY") OWNED PARCELS OF LAND DIRECTLY TO
THE DEVELOPERS, AS DESCRIBED IN EXHIBIT "A," ATTACHED AND INCORPORATED
('EEVELOPERS"), FOR THE CONSTRUCTION OF AFFORDABLE HOUSING FOR ELIGIBLE LOW
F.f;D MODERATE INCOME PERSONS, AND (8) AUTHORIZE THE TRANSFER OF FUNDS, IN
I THE AM;IOUN i- OF $150,000, FROM THE AFFORDABLE HOUSING TRUST FUND TO BETTER
i WAY OF MIAMI, INC. FOR THE DEVELOPMENT OF AFFORDABLE HOUSING
Background Information:
The Administration is recommending the conveyance, with parcel reverter provisions, of eight City
os ; ed parcels of land to the developers, as described in Exhibit "A", attached and Incorporated
Developers will have six (6) months from the date of land conveyance to begin construction and will
hevi an additional 12 months to complete construction
Habitat for Humanity of Greaser Miami, Inc. and Better Way of Miami, Inc. will develop rental housing
uni!k c':lh a Twenty year affordability period
Pai;nellu Homes of Florida, Inc. and Foster Construction of South Florida, Inc, will develop
Iroineo,vner9nH housing units where buyers for these units must be approved by the City of Miami
h ; Aoministretion Is also recommending the transfer of funds, in the amount of W160,000, from the
»,fiurduiHo Housing Trust fund; allocating sald funds, in the form of a 20 year forgivable loan, to Better Way of
Miami, Inc. for the development of affordable housing units
The loan will be forgivable after the 20 year affordability period has explred
The City will be meeting and working with Habitat for Humanity of Greater Miami, Inc., Palmetto Hom
of Florida, Inc. and Foster Construction of South Florida, Inc, in an effort to address funding related issues
Any funding recommendations tor the aforementioned developers must be approved by the Housing
nd Commercial Loan Committee •
—
Budget Impact Analyst
Is this Item related to revenue?
s this Item an expenditure? If so, please identify funding sourco below.
GenaralAccount No:
Special Revomue Account No:
C!P Project No:
is this item funded by Homeland DofenselNoIghborhood Improvement Bonds?
Final Approvals
(SIGN AND DATA
Budget
G'rjiii't3na.,r ,ecervm¢ sup. WI n nds Risk Management
Purchasing_ Dept. Dlrectur
Chief City Manner
Pulse 1 of 1