HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID:
e�- 0003l
Date: 01/03/2011
Commission Meeting Date: 02/10/2011
Law Department
Matter ID No.
Requesting Department: Community Development
District Impacted: 5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: EXTENSION OF CONSTRUCTION COMPLETION DATES AND CONVEYANCE
OF CD BUILDING PROJECT FOR MIAMI DREAM HOMES INVESTMENT GROUP, INC
Purpose of Item:
GRANTING MIAMI DREAM HOMES INVESTMENT GROUP, INC., AN EXTENSION TO COMPLETE
CONSTRUCTION AND CONVEY THE CD BUILDING PROJECT TO THE CITY OF MIAMI,
LOCATED AT 1525 NORTHWEST 60TH STREET, LEGALLY DESCRIBED IN EXHIBIT "A",
ATTACHED AND INCORPORATED, FROM DECEMBER 30, 2010 TO JUNE 30, 2011;
AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENT(S) FOR SAID
PURPOSE(S).
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
(SIGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Management
Purchasing Dept. Director
Chief 9/,i•_City Manager
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 05-0357, adopted May 26, 2005, the Miami City Commission approved
the conveyance, with title reverter conditions, of eleven parcels of City of Miami ("City") owned land
directly to developers, for the construction of affordable housing for eligible low and moderate income
persons.
On September 27, 2005, a Quit Claim Deed was executed between the City and Miami Dream
Homes Investment Group, Inc. ("Miami Dream Homes").
Pursuant to Resolution No. 06-0329, adopted May 25, 2006, the Miami City Commission amended
Resolution 05-0357 to reflect the parcel located at 1525 Northwest 60th Street to be developed as a
new construction multi -family rental project consisting of seven (7) units for low income persons and
said property to be conveyed to the City upon issuance of a Certificate of Occupancy.
Pursuant to Resolution Nos. 07-0133, 08-0250, 09-0174, 09-0565 and 10-0287 adopted on March 8,
2007, May 8, 2008, April 2, 2009, December 17, 2009, and July 8, 2010 the Miami City Commission
approved various extensions for the completion of construction and conveyance of the Property to
the City to December 30, 2010.
The Administration recommends granting Miami Dream Homes an extension of time to complete
construction of the CD Building Project located at 1525 Northwest 60th Street, legally described in
Exhibit "A", attached and incorporated, from December 30, 2010 to June 30, 2011, and for the
conveyance of the project to the City.
The Property is currently 95% complete and a certificate of completion is expected soon.