HomeMy WebLinkAboutCRA-R-08-0064 Backup•
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Executive Summary
Development Agreement
for CRA Parking Lot P-2
229-247 N.W. 12th Street
Developer: Dev-Con Urban Partners, LLC, a Florida limited liability
company
Property: Lots 9, 10. and 11, Block 9 Plat Book B. Page 27
Proposed Development:
40 Affordable Rental Units; 8,800 square feet of commercial
space
Affordable Rental Housing: 1/3 of the Units reserved For qualified renters whose gross
income is between 60% - 80°A of the Miami -Dade County
Median Income.
1/3 of the Units reserved for qualified renters whose gross
income is between 80.01% - 120% of the Miami -Dade County
Median Income.
1/3 of the Units reserved for qualified renters whose gross
income is between 120.01% - 150% of the Miami -Dade County
Median Income.
Affordable Rental Period: 12 years
Unit Mir:
Parking:
5 one bedroom/one bath units — 575 square feet
20 two bedroom/one bath units — 830 square feet
10 three bedroom/one bath units — 985 square feet
5 three bedroom/two bath units — 1,025 square feet
Developer provides the CRA with use of 20 parking spaces for
public parking at no cost to the CRA to replace parking lost with
the closure of Parking Lot P-2.
CRA Contribution to
Developer: $1,400,000 to be disbursed during construction
TIF: CRA does not contribute any TIF to Project
Minority Participation: Similar requirements to Jazz Village
Closing Date: On or before May 1, 2010
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Conditions to Closing:
Lease:
Conversion to Condo:
5 192i v1
As a condition to the execution of the Lease, the Developer has
to be ready to commence construction of the Project and
satisfied the following conditions precedent:
a) The Executive Director has approved the Plans and
Specifications.
b) Developer has obtained a loan for the Project.
c) Developer has obtained a building permit.
d) Developer has all required equity for the Project.
e) Developer has obtained payment and performance bond,
f) Developer, Lender and the CRA have executed a Tri-
Party Agreement dealing with the disbursement of the
loan proceeds and CRA Contribution.
The Lease will be for a term of 99 years. Rent will be $1.00 per
year triple net with the Developer paying taxes, insurance, and
maintenance costs. Terms of Development Agreement
incorporated into Lease,
If Developer converts the Project to condominiums, the
Developer pays to the CRA 7% of the gross sales price for each
unit sold.
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