HomeMy WebLinkAboutCRA-R-08-0030 Legislation 05-19-084.7
City of Miami
Legislation
CRA Resolution
City Hall
3500 Pan American
Drive
Miami. FL 33133
+Nww.miamigov.com
File Number: 08-00549 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE OF A GRANT, IN AN AMOUNT NOT TO EXCEED
$475,000, TO JINT HOLDINGS, LLC TO REHABILITATE TWENTY-FOUR (24)
RESIDENTIAL RENTAL UNITS AT 149 NW llth STREET, M1AMI, FLORIDA;
AUTHORIZING THE EXECUTIVE DIRECTOR, AT HIS DISCRETION, TO
DISBURSE THE GRANT FUNDS ON A REIMBURSEMENT BASIS, OR DIRECTLY
TO VENDORS, UPON PRESENTATION OF INVOICES AND SATISFACTORY
DOCUMENTATION; AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE
ALL DOCUMENTS NECESSARY FOR SAID PURPOSE; ALLOCATING FUNDS
FROM SEOPW TAX INCREMENT FUND, ENTITLED "CONSTRUCTION IN
PROGRESS," ACCOUNT CODE NO. 10050.920101.670000.0000.00000.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA')
is responsible for carrying out redevelopment activities and projects in the Southeast Overtown/Park
West Redevelopment Area; and
WHEREAS, on December 18, 2006, the Board of Commissioners directed the CRA to identify
housing units in need of rehabilitation; and
WHEREAS, Section III.B, at page 13, of the Southeast Overtown/Park West Redevelopment
Plan Lists "rehabilitation of existing housing, replacing] dilapidated housing, [and] [p]rovid[ing]
opportunities] for residents to continue to live in Overtown" as stated objectives; and
WHEREAS, JINT Holdings, LLC owns a twenty-four (24) unit residential building at 149 NW
11 th Street in Overtown: and
WHEREAS, the building is subject to rent -restrictions through programs administered by the
City of Miami's Department of Community Development; and
WHEREAS, the units are in need of rehabilitation and JINT Holdings, LLC has requested a
grant to rehabilitate the units; and
WHEREAS, in exchange for the grant, JINT Holdings, LLC has agreed to execute a restrictive
covenant requiring compliance with the Department of Community Development's rent -restrictions for
a period of seven (7) years; and
WHEREAS, the Board of Commissioners wishes to authorize the grant;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST DVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY OF THE CITY
OF MIAMI, FLORIDA:
City for Viumxi
Pane 1 of 2 Printe On: 5113/2008
File Number: 08-00549
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.
Section 2. A grant, in an amount not to exceed $475,000, to JINT holdings, LLC for the
rehabilitation of twenty-four (24) residential units at 149 NVV 11th Street, Miami, Florida, is authorized,
Section 3. The Executive Director is authorized, at his discretion, to disburse grant funds on a
reimbursement basis, or directly to vendors, upon presentations of invoices and satisfactory
documentation.
Section 4. The Executive Director is authorized to execute all documents necessary for said
purpose.
Section 5. Funds are to be allocated from SEOPW Tax Increment Funds, entitled
"Construction in Progress," Account Code No. 10050.920101.670000.0000.00000.
Section 6. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
JULFE O. BRU
GENERAL COUNSEL
Cur of ifictin
Page 2 of ? Printed On: 5/13/2003