HomeMy WebLinkAbout12-00336 Submittal - Executive Summary Island LivingEXECUTIVE SUMMARY
DEVELOPMENT AGREEMENT WITH ISLAND LIVING APARTMENTS, LLP
DEVELOPER: Island Living Apartments, Ltd., a Florida limited liability partnership
(the "Developer"). The Developer is an affiliate of Carlisle
Development Group, LLC, a Florida limited liability company and is
controlled by Matthew S. Greer
PROPERTY: Cortada Property and Parking Lot
PROJECT The Project is to consist of approximately 60 to 70 affordable rental
DESCRIPTION: units.
COMMUNITY The Developer is required to present Schematic Design Documents to
INPUT: the Historic Overtown Folk Life District Improvement Association
("HOFLDIA") and the Overtown Community Oversight Board
("OCOB") for their review and comment. The Developer is to revise the
Schematic Design Documents for the Project to address reasonable
comments and concerns of HOFLDIA and OCOB.
CRA APPROVAL The Developer is required to submit to the Executive Director for
OF DESIGN: approval the Schematic Design Documents for the Project taking into
account the concerns of HOFLDIA and OCOB, which approval is not to
be unreasonably withheld. In addition, the Developer is required to
submit to the Executive Director for approval the plans and
specifications for the Project for review and approval which approval
will not be unreasonably withheld and which approval will be given if
the plans and specifications are consistent with the Schematic Design
Documents approved for the Project.
COMPLETION A. The Project is to commence within 450 days of the execution of the
DATES: Development Agreement and to be completed within 16 months
from commencement of construction.
PARTICIPATION A. The Developer is required to cause the general contractor to hire not
REQUIREMENTS: less than 20% of the subcontractors for the Project utilizing
subcontractors who have their principal place of business either in
the Redevelopment Area or the City.
B. The Developer is required to have the general contractor and all
subcontractors for the Project to hire 40% of the unskilled labor for
construction of the applicable Phase from workers residing either in
the Redevelopment Area or the City.
AFFORDABLE Developer is required to rent the Units in the Project to qualified
HOUSING households with a gross income below 60% of Miami -Dade County
REQUIREMENTS: mean income. The Property will be restricted to affordable resident
requirements for a period of 15 years from the completion of the Project.
Submitted into the public
record in connection with
item #8 on 03/29/12.
Priscilla A. Thompson
City Clerk
PROJECT A. The CRA will contribute up to $8,000,000.00 for the construction of
DEVELOPMENT: the Project together with the land. The amount of the CRA
Contribution will be determined initially based upon the budget for
the Project. Upon completion of the Project an independent third
party accounting firm will be retained by the CRA to prepare a Cost
Certificate based upon the costs and expenses incurred in achieving
completion of the Project. Based upon this Cost Certificate, the
amount of the CRA Contribution will be adjusted downward so that
the total developer fee, developer overhead and profit with respect to
the Project, will not exceed what is typical for transactions of this
nature.
B. The CRA will have approval over the Project Budget, the Loan
Commitment, the Construction Contract and Developer Equity.
C. The CRA will enter into a Funding Agreement with the Developer,
Developer's Lender and the Institutional Investors providing the
equity which will govern the disbursement of the $8,000,000.00
CRA Contribution.
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Submitted into the public
record in connection with
item #8 on 03/29/12.
Priscilla A. Thompson
City Clerk