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HomeMy WebLinkAboutAgenda Item Summary Form AGENDA ITEM SUMMARY FORM File ID: #10635 Date: 09/01/2021 Requesting Department: Department of Housing and Community Development Commission Meeting Date: 05/12/2022 Sponsored By: District Impacted: All Type: Resolution Subject: Transfer Property - Tacolcy Economic Development Purpose of Item: AUTHORIZING THE CITY MANAGER TO AWARD THE CONVEYANCE WITH AFFORDABLE HOUSING RESTRICTIONS AND AUTOMATIC REVERTER PROVISIONS, CERTAIN CITY OF MIAMI-OWNED PROPERTIES LOCATED AT 750 NW 70 STREET AND 754 NW 70 STREET, MIAMI, FLORIDA, AS LEGALLY TACOLCY ECONOMIC DEVELOPMENT CORPORATION FOR THE REHABILITATION AND UTILIZATION OF THE UNITS EXCLUSIVELY FOR AFFORDABLE HOUSING FOR LOW-INCOME PERSONS; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, INCLUDING AMENDMENTS, EXTENSIONS, AND MODIFICATIONS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY, FOR THE COMPLETION OF SAID TRANSACTION. Background of Item: On December 2011, Liberty City Community Economic Development Corporation properties located at 750-754 NW 70 Street, Miami, Florida, consisting of two-story building for the implementation of affordable housing for low-income persons. approved the change of ownership from LCCEDC to Liberty City 70th Street LLC. On October 26, 2020, the City of Miami filed a complaint at the Circuit Court of the 11th Judicial Circuit in and For Miami-Dade, Florida to foreclose on its mortgage due to non- compliance with the terms of the loan documents executed between the City and Liberty 70th Street LLC. In anticipation of the City taking ownership of the properties should there be no bid after the final judgement and sale of the properties, the City has selected a non-profit in the community capable of managing the properties. -profit, community-based organization founded in 1983 to undertake a comprehensive program of housing and community development in the Liberty City Community. TEDC has completed various affordable housing developments within the City and Miami-Dade County utilizing federal funding and is currently in good standing with The City. The Administration recommends the conveyance to TEDC with parcel reverter provisions of the properties located at 750 NW 70 Street and 754 NW 70 Street, Miami, Section 29(B)A of the charter of the City of Miami, as amended, for the continuing use to provide affordable housing for low-income persons; contingent upon the City taking ownership of the property at a foreclosure sale. The Administration also recommends that the conveyance of the Property be subject to the following restrictions: (i) the Developer make all necessary repairs to the properties to bring it into compliance with City code, (ii) any mortgages on the Property obtained by the Developer be subject to the approval of the City of Miami Department of Housing and Community Development, and (iii) the Properties continue to be made affordable to low income residents for 30 years. Budget Impact Analysis Item has NOT an Expenditure Item is NOT Related to Revenue Item is NOT funded by Bonds Total Fiscal Impact: N/A Reviewed By Agenda Office Carolina Aguila Department Head Review Skipped 10/04/2021 2:13 PM Department of Community and Economic Development George Mensah Department Head Review Completed 09/02/2021 8:49 AM Office of Management and Budget Luis Hernandez-Torres Budget Analyst Review Completed 09/03/2021 8:16 AM Office of Management and Budget Leon P Michel Budget Review Completed 09/16/2021 12:22 PM Fernando Casamayor Assistant City Manager Review Completed 09/16/2021 12:46 PM Legislative Division Valentin J Alvarez Legislative Division Review Completed 09/17/2021 2:20 PM Arthur Noriega V City Manager Review Completed 11/03/2021 3:18 PM Office of the City Attorney Richard Appleton ACA Review Completed 11/05/2021 11:24 AM Office of the City Attorney Barnaby L. Min Deputy City Attorney Review Completed 11/06/2021 9:08 AM Office of the City Attorney Victoria Méndez Approved Form and Correctness Completed 11/08/2021 2:00 PM City Commission Nicole Ewan Meeting Completed 11/18/2021 9:00 AM City Commission Maricarmen Lopez Meeting Completed 05/12/2022 9:00 AM City of Miami City Hall 3500 Pan American Drive Legislation Miami, FL 33133 www.miamigov.com Resolution File Number: 10635 Final Action Date:5/12/2022 MAY BE WITHDRAWN A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), PURSUANT TO SECTION 29-B(A) OF THE CHARTER OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, CONVEYING, WITH AFFORDABLE HOUSING RESTRICTIONS AND AUTOMATIC REVERTER PROVISIONS, CITY OF MIAMI-OWNED PROPERTIES LOCATED AT 750 NORTHWEST 70 STREET AND 754 NORTHWEST 70 STREET, MIAMI, FLORIDA, ALL AS (COLLECTIVELY, "PROPERTIES"), TO TACOLCY ECONOMIC DEVELOPMENT CORPORATION, INC., A FLORIDA NOT FOR PROFIT CORPORATION, FOR THE REHABILITATION AND UTILIZATION OF THE PROPERTIES EXCLUSIVELY FOR AFFORDABLE HOUSING FOR LOW- INCOME PERSONS; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, INCLUDING AMENDMENTS, EXTENSIONS, AND MODIFICATIONS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY, FOR SAID PURPOSE. WHEREAS, in December 2011, Liberty City Community Economic Development properties located at 750 and 754 Northwest 70 Street, Miami, Florida, as more particularly consisting of two- story buildings for the implementation of affordable housing for low-income persons; and WHEREAS, on August 10, 2012, the CityHousing Commercial Loan Committee th 70 St; and WHEREAS, on October 26, 2020, the City filed a complaint in the Circuit Court of the 11th Judicial Circuit in and for Miami-Dade County, Florida to foreclose on its mortgage due to th non-compliance with the terms of said loan by 70 St; and WHEREAS, the foreclosure action was completed and the City obtained title to the Properties through a certificate of title; and WHEREAS, the City has selected a non-profit organization in the community that is capable of managing and operating the Properties as affordable housing developments; and WHEREAS, Tacolcy Economic Development Corporation, Inc. Tacolcy-profit and community-based organization founded in 1983 to undertake a comprehensive program of housing and community development in the Liberty City community; and WHEREAS, Tacolcy has developed various affordable housing developments within the City and Miami-Dade County utilizing federal funding and is currently in good standing with the City; and WHEREAS, the conveyance of the Properties shall be subject to the following restrictions: (i) Tacolcy must make all necessary repairs to the Properties in order to bring them into full two (2) years of the conveyance, which requirement may be amended by the Director of the the Properties obtained by Tacolcy shall be subject to the prior written approval of the Director, and (iii) the Properties must continue to be made affordable to low income residents for thirty WHEREAS, in the event that the Properties are no longer affordable to low income residents during the Term, the Properties shall automatically revert to the City; and WHEREAS, the Administration recommends the conveyance of the Properties to Tacolcy with affordable housing restrictions and automatic reverter provisions pursuant to Section 29-B(a) of the Charter of the City of Miami, Florida, as amended , for the continuing use of providing affordable housing for low-income persons; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as if fully set forth in this Section. 1 Section 2. The City Manager is authorized, pursuant to Section 29-B(a) of the City Charter, to convey, with affordable housing restrictions and automatic reverter provisions, the Properties to Tacolcy for the rehabilitation and utilization of the Properties exclusively for affordable housing for low income persons. 1 Section 3. The City Manager is further authorized to negotiate and execute any and all necessary documents, including amendments, extensions, and modifications, all in forms acceptable to the City Attorney, for said purpose. Section 4. This Resolution shall become effective immediately upon its adoption and 2 signature of the Mayor. APPROVED AS TO FORM AND CORRECTNESS: 1 The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to those prescribed by applicable City Charter and City Code provisions. 2 If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission.