HomeMy WebLinkAboutSummary FormDate: 11/09/2010
AGENDA ITEM SUMMARY FORM
FILE ID: /I- o/33
Law Department
Matter ID No.
Requesting Department: Community Development
Commission Meeting Date: 12/16/2010 District Impacted: 1,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: EXECUTING PURCHASE AND SALE AGREEMENTS FOR THE SALE OF
FIFTEEN (15) PROPERTIES WITH NEIGHBORHOOD STABILIZATION AND
NEIGHBORHOOD INITIATIVE PROGRAM FUNDS
Purpose of Item:
AUTHORIZING THE CITY MANAGER TO EXECUTE PURCHASE AND SALE AGREEMENTS FOR
THE SALE OF FIFTEEN (15) PROPERTIES UNDER THE NEIGHBORHOOD STABILIZATION
PROGRAM ("NSP") AND THE NEIGHBORHOOD INITIATIVE PROGRAM ("NI"), LEGALLY
DESCRIBED IN EXHIBIT "A", ATTACHED AND INCORPORATED, AND TO EXECUTE SUCH
OTHER DOCUMENTS AS MAY BE NECESSARY TO CONSUMMATE SUCH TRANSACTIONS IN
ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE AGREEMENTS, WHICH TERMS
MAY BE AMENDED BY THE CITY MANAGER AS MAY BE NECESSARY IN ORDER TO MEET
THE BEST INTERESTS OF THE CITY; FURTHER AUTHORIZING THE CITY MANAGER TO
EXECUTE ALL NECESSARY DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY,TO EFFECTUATE THE SALE OF THE PROPERTIES.
Background Information:
Please see attached
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
ISIGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Manage
Purchasing Dept. Director
Chief C City Manager
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Ordinance No. 12374, adopted June 12, 2003, the Miami City Commission established a
new revenue fund entitled, "The Neighborhood Initiative Grant For Model City Community
Revitalization District Trust" (NI) for certain special projects and appropriated funds, in the amount of
$1.26 million from the United States Department of Housing and Urban Development ("HUD").
On July 30, 2008, the President of the United States signed the Housing Economic Recovery Act of
2008 ("HERA"), which included the NSP, administered by HUD.
The NSP provides targeted emergency assistance to state and local governments to acquire and
redevelop foreclosed properties that might otherwise become sources of abandonment and blight
within their communities.
On September 26, 2008, the City accepted the sum of $12,063,702 for the implementation of the
Neighborhood Stabilization Program (NSP) which provided emergency assistance to the City to
acquire foreclosed properties that might otherwise become sources of abandonment and blight and
rehabilitate, resell, or redevelop the properties to stabilize neighborhoods and stem the decline of
house values of neighboring homes.
As part of the NSP plan approved by the City and HUD, the City of Miami Department of Community
Development CCD") will be redeveloping and building fifteen (15) new construction single family
homes on subject lots.
On October 28, 2009 HUD approved the use of $1.26 million in NI funds to leverage NSP funds for
the construction of eight (8) single family homes on lots currently owned by the City in Liberty City.
Seven (7) properties will be funded solely with CD's NSP grant funds in the amount of $1,004,807
and CD will be partnering with the Liberty City Trust to fund the remaining eight (8) properties and will
contribute $702,164 and the NI Program will contribute the amount of $482,357.
Under NSP and NI program guidelines, the fifteen (15) homes, upon construction completion, will be
sold to income eligible buyers.
The properties will be advertised and made available to all eligible buyers pursuant to the Fair
Housing Act of 1968, and subsequently amended in 1988.
The Administration recommends the approval of a Purchase and Sale Agreements, for the sale of
fifteen (15) properties under the NSP and the NI Programs, legally described in Exhibit "A", attached
and incorporated, and to execute such other documents as may be necessary to consummate such
transaction in accordance with the terms and conditions of the agreements, which terms may be
amended by the City Manager as may be necessary in order to meet the best interests of the city;
further authorizing the city manager to execute all necessary documents, to effectuate the sale of the
properties, in a form acceptable to the city attorney.