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HomeMy WebLinkAboutLetter from Tacolcy Economic DevTACOLCY ECONOMIC DEVELOPMENT CORPORATION Mr. George Mensah, Director Department of Community Development City of Miami 444 SW 2nd Avenue, 2nd Floor Miami, FL 33130 Re: Donation of vacant land for new affordable housing developments. Dear Mr. Mensah : Please consider this letter a formal request by Tacolcy Economic Development Corporation ("TEDC") for the City of Miami to donate (by way of a purchase agreement) the following vacant parcels of land totaling approximately 66,391 square feet for two new Low Income Housing Tax Credit ("LIHTC") financed affordable housing developments: • 5988 NW 7th Avenue - Folio # 01-3114-000-0120 • 5900 NW 7th Avenue - Folio # 01-3114-000-0170 • 737 NW 59th Street - Folio # 01-3114-000-0150 • 730 NW 60th Street - Folio # 01-3114-000-0220 • 5901 NW 7th Court - Folio # 01-3114-000-0210 The plan is to establish a joint venture agreement between the TEDC and Global Development Initiatives (GDI) to develop two new apartment buildings. TEDC and GDI's architects have evaluated the site and confirmed that it's large enough to accommodate a two -phased affordable housing development with a total of approximately 184 units and ground floor retail/commercial space fronting on 7th Avenue. We will apply for both phases of funding during the 2011 tax credit cycle; however, each Phase will be funded independently and can operate individually should only one of the Phases win credits. Phase I will be a family development with 80 units of affordable housing and approximately 15,000 square feet of ground floor retail commercial space. Phase II would be an elderly housing development of approximately 104 units. Each Phase will pay for its own parking garage and amenity package - although ultimately the two parking garages will likely be tied together. The planned amenities will include a frilly equipped exercise facility, a large multi- purpose community room with kitchen facility, a large patio space on the top of the parking garage, a play area for children, a computer lab, and a small library, game room for the seniors, laundry facility and office space for property management. The Projects will be designed in beautiful neo-Mediterranean style. The grounds will be lushly landscaped and the parking garages will be carefully hidden by the retail/commercial space and ground floor liner townhouses on the south and east sides. The concept is that from the surrounding side streets the Project will have the look and feel of a pedestrian friendly residential community. The primary 675 N.W. 56th STREET, BUILDING C • MIAMI, FLORIDA 33127 TEL: (305) 757-3737 FAX (305) 757-5856 EMAIL: tedcmlaml@aoLcom • .224.. r ,o.acr • ea, • orientation of the units will be toward the surrounding streets and most will have beautiful views of downtown Miami. Because this will be a phased development we respectfully request that as the City of Miami drafts its Purchase Agreement, it also does a unity of title for the site. The Unity of Title is necessary so that we can submit two tax credit applications to Florida Housing Finance Corporation this year (we can then subdivide the site by employing a simple legal description that divides the property into to equal parcels, east and west). TEDC and GDI will be co -developers and the Project will be managed by the Tacolcy Property Management Corporation, a subsidiary of TEDC. We look forward to working with you and your staff to make this exciting Project a reality and fulfill the City of Miami's desire to build new affordable housing community on this important parcel. Sincerely, /1111-- arol Gardner President 675 N.W. 56th STREET, BUILDING C • MIAW, FLORIDA 33127 TEL: (305) 757-3737 FAX (305) 757-5856 EMAIL: tockmiami@aoLcom