HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: c-Ol21�
PH.5
Date: 10/09/2008 Requesting Department: Community Development
Commission Meeting Date: 11/13/2008 District Impacted: 5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance n Discussion Item
❑ Other
Subject: RESCIND RESOLUTION NO, 07-0137 AND CONVEY FIVE (5) PARCELS OF LAND TO
PARKVIEW GARDENS, LTD.
Purpose of Item:
RESCIND RESOLUTION NO. 07-0137, ADOPTED MARCH 8, 2007, RELATING TO THE
CONVEYANCE OF THE FIVE (5) CITY OF MIAMI OWNED PARCELS OF LAND, LEGALLY
DESCRIBED IN EXHIBIT "A", ATTACHED AND INCORPORATED, TO PARKVIEW
GARDENS, L.P., FOR THE DEVELOPMENT OF AFFORDABLE HOUSING FOR ELIGIBLE
LOW AND MODERATE INCOME PERSONS; AUTHORIZING THE CONVEYANCE OF
SAID FIVE (5) CITY OF MIAMI OWNED PARCELS OF LAND, LEGALLY DESCRIBED IN
EXHIBIT "A", ATTACHED AND INCORPORATED, WITH PARCEL REVERTER
PROVISIONS, TO PARKVIEW GARDENS, LTD. FOR THE DEVELOPMENT OF
AFFORDABLE HOUSING FOR ELIGIBLE LOW AND MODERATE INCOME PERSONS;
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:
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 Manager
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 06-0164, adopted March 9, 2007, the Miami City Commission approved
the conveyance of the five (5) City of Miami owned parcels of land to Carlisle Group VI, Ltd.
The Agreement for Purchase and Sale was executed between Carlisle Group VI, Ltd. ("Carlisle") and
the City of Miami on April 7, 2006 and expired on December 31, 2006.
Pursuant to Resolution No. 07-0137, adopted March 8, 2007, the Miami City Commission conveyed
the five (5) parcels of land, with parcel reverter provisions, to Parkview Gardens, L.P, a partnership of
Carlisle and Tacolcy Economic Development Corporation ("Tacolcy).
On September 24, 2007 Carlisle filed a petition with Florida Housing Finance Corporation to change
the identity and ownership structure to replace Carlisle with Carrfour Supportive Housing, Inc.
("Carrfour").
On October 26, 2007, a final order was issued approving said petition for the new co -development
team, Carrfour and Tacolcy.
The project has received the following funding from Florida Finance Housing Corporation: $8 million
of tax exempt bond financing, $2,890,000 of 4% tax credits, a $4 million SAIL loan and $1.35 million
of Miami Dade County Surtax funding.
Carrfour has partnered with Tacolcy and created a new entity, Parkview Gardens, Ltd.to replace
Parkview Gardens, L.P. as the developer of Parkview Gardens.
The City has indentified $56,000, of project related costs that will be assigned and charged to said
project.
Parkview Gardens, Ltd. will have twelve (12) months from the date of land conveyance to start
construction; and thirty-six (36) months from the date of land conveyance to complete construction.
The Administration recommends rescinding Resolution No. 07-0137 relating to the conveyance of the
five (5) City of Miami owned parcels of land, to Parkview Gardens, L.P.
The Administration also recommends conveying the said parcels of land, with parcel reverter
provisions, to the new entity, Parkview Gardens, Ltd.