HomeMy WebLinkAboutSummary FormDate: 11/25/2008
AGENDA ITEM SUMMARY FORM
FILE ID: Og - 3 ��
PH.8
Requesting Department: Community Development
Commission Meeting Date: 12/11/2008 District Impacted: 5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: ASSIGNMENT OF THE PURCHASE AND SALE AGREEMENT WITH CARRFOUR
SUPPORTIVE HOUSING, INC TO OSPREY APARTMENTS, LLC.
Purpose of Item:
AUTHORIZING THE ASSIGNMENT OF THE PURCHASE AND SALE AGREEMENT WITH
CARRFOUR SUPPORTIVE HOUSING, INC., A FLORIDA NOT -FOR -PROFIT
CORPORATION, FOR THE CITY OF MIAMI OWNED REAL PROPERTY LOCATED AT
5329 NORTHWEST 17TH AVENUE, MIAMI FLORIDA, TO OSPREY APARTMENTS, LLC, A
FLORIDA LIMITED LIABILITY COMPANY, FOR THE DEVELOPMENT OF MIXED- USE
AFFORDABLE HOUSING; AUTHORIZING THE CITY MANAGER TO EXECUTE THE
NECESSARY DOCUMENTS 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:
C/P Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Dept. Direc
Chief /CL7 '- City Manager
Final Approvals
(SIGN AND DATE)
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
On December 19, 2006, the City issued a Request for Proposals ("RFP") for qualified real estate
developers for the development of mixed -use affordable housing.
Carrfour Supportive Housing, Inc, ("Carrfour") was the only respondent to the RFP for the lot located
at 5329 NW 17th Avenue, Miami, Florida (the "Property").
Pursuant to Resolution No. 07-0461, adopted August 1, 2007, the Miami City Commission authorized
the conveyance of the Property to Carrfour for the development of mixed -use affordable housing.
Carrfour has created a separate legal entity for the project, Osprey Apartments, LLC, a Florida
limited liability company ("Osprey") in connection with its application for low income housing tax
credits from the Florida Housing Finance Corporation.
In support of its application for tax credits from the Florida Housing Finance Corporation, Carrfour
has requested that the City authorize the assignment of the Purchase and Sale Agreement for the
Property to Osprey.
The Administration recommends that the City authorize the assignment of the Purchase and Sale
Agreement for the Property from Carrfour to Osprey, for the development of mixed -use affordable
housing.