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HomeMy WebLinkAboutPre-LegislationsCity of Miami Legislation Resolution: R-09-0022 City Hall 3500 Pan Amerloan Drive Miami, FL 33133 www.mlamtgov.com File Number: 08-01519 Final Action Date:1/15/2009 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE CONVEYANCE OF THE CITY OF MIAMI OWNED PARCELS OF LAND LOCATED AT 400-420'SOUTHWEST 8TH AVENUE, AND 430 SOUTHWEST 8TH AVENUE, MIAMI, FLORIDA, AS LEGALLY DESCRIBED IN EXHIBIT "A", ATTACHED AND INCORPORATED, COMMONLY KNOWN AS THE TEATRO MARTI PROPERTY, WITH PARCEL REVERTER PROVISIONS, TO BISCAYNE HOUSING GROUP, LLC., FOR THE DEVELOPMENT OF A MIXED -USE, ELDERLY RENTAL HOUSING PROJECT ON THE SITE, SUBJECT TO THE TERMS INDICATED ON EXHIBIT "B", ATTACHED AND INCORPORATED; AUTHORIZING THE CITY MANAGER TO EXECUTE A PURCHASE AND SALE AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, AND ALL NECESSARY DOCUMENTS FOR SAID PURPOSE. WHEREAS, On October 21, 2008, Biscayne Housing Group, LLC (the "Developer") submitted an Affordable Housing Development Proposal to the City of Miami (the "City") for the development of a mixed -use affordable rental development for the elderly (the "Project") on the City -owned properties located at 400-420 Southwest 8th Avenue and 430 Southwest 8th Avenue, Miami, Florida, as legally described on Exhibit "A", attached and incorporated (Jointly referred to as the "Property"); and WHEREAS, Biscayne Housing Group, LLC is a for -profit limited liability company formed on September 1, 2004 to develop affordable housing; and WHEREAS, Biscayne Housing Group, LLC has completed various affordable housing developments within the City and currently has others at various stages of construction and is currently in good standing with the City; and WHEREAS, the Administration recommends the conveyance of the City -owned parcels of land located at 400-420 Southwest 8th Avenue, and 430 Southwest 8th Avenue, Miami, Florida with parcel reverter provisions, to Biscayne Housing Group, LLC.; and WHEREAS, the Administration recommends that the conveyance of the Property be subject to the following conditions and restrictions: (I) the Developer provide to the City (a) all necessary permits needed to .construct the Project , and (b) evidence of firm financial commitments for full Project financing from the Protect lender(s), (ID the conveyance of the Property occur simultaneously with the closing of the Project construction financing by the lender(s), If any, (Iii) any mortgages on the Property obtained by the Developer be subject to the approval of the Clty of Miami Department of Community Development, (Iv) The Project shall consist of a minimum of twenty-five (25) affordable rental units, and (v) all other conditions and restrictions as Indicated on Exhibit "B", attached and incorporated; and WHEREAS, the Administration recommends that the Clty authorize the assignment of the Purchase and Sale Agreement for the Property from Biscayne Housing Group, LLC to a wholly owned QO, of Mfamf Page 1 of 2 Printed On: 10/21/5009 File Number 08-015.19 .Enactment Number; R-094022 subsidiary for the purpose of securing tax credits from the Florida Housing Finance Corporation; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA Section 1. The recitals and findings contained in the Preamble to thls Resolution are adopted by reference and incorporated as if fully set forth in this Section. Section 2. The conveyance of the City -owned parcels of land located at 400-420 Southwest 6th Avenue and 430 Southwest 8th Avenue, Miami, Florida, as legally described on Exhibit "A", attached and incorporated, with parcel reverter provisions, to Biscayne Housing Group, LLC., for the development of a mixed -use affordable rental development for the elderly, Is authorized, Section 3, The Property conveyance shall be subject to the following restrictions(I) the Developer provide to the City (a) all necessary permits needed to construct the Project , and (b) evidence of firm financial commitments for full Project financing from the Project lender(s), (ii) the conveyance of the Property occur simultaneously with the closing of the Project construction financing by the lender(s), if any, (HI) any mortgages on the. Property obtained by the Developer be subject to the approval of the City of Miami Department of Community Development, (iv) The Project shall consist of a minimum of twenty-five (25) affordable rental units, and (v) all other conditions and restrictions as Indicated on Exhibit "B," attached and incorporated. Section 4. The assignment of the Purchase and Sale Agreement for the Property from Biscayne Housing Group, LLC to a wholly owned subsidiary for the purpose of securing tax credits from the Florida Housing Finance Corporation, Is authorized. Section 5. The City Manager is authorized{1) to execute a Purchase and Sale Agreement, in substantially the attached form, and all necessary documents for said purpose. Section 6. This Resolution shall become effective Immediately upon its adoption and signature of the Mayor.{2} Footnoted: (1) The herein -authorization -is -further subject -to -compliance with all requirements that may -be------ imposed by the City Attorney, including but not limited to, those prescribed by applicable City Charter and Code. provisions. (2) If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, It shall become effective Immediately upon override of the veto by the City Commission. City of Mond Page 2 of 2 Printed On: 10/21/2009 .EXTTIErr "A" property Description • 400-420 SW 8th Avenue Lots 1, 2, and 3 in Block "U" of Riverview, according to Plat thereof, as recorded in Plat Book 5, at Page 43, of the Public records of Miami -Dade County, Florida • 430 SW 86Avenue Lot 16 of Carolina Court, according to the Plat thereof, as recorded in Plat Book 15, at Page 56, of the Public Records of Miami -Dade County, Florida `1;1A) 18 EXHIBIT "B" Performance Requirement and Restrictions* The following Performance Requirements will apply to the Protect to be developed on the City -owned properties located at 400-420 Southwest 8th Avenue, and 430 Southwest 8th Avenue, Miami, Florida; Property Conveyance 1. The construction of the Project must commence no later than October 1, 2009 2. The project must be completed (all units constructed, issuedCertificates of Occupancy, and leased to eligible tenants within (30) thirty months from the date of conveyance, Project Restrictions: 1. A minimum of twenty-five-(25)rental units to be constructed on the Property. 2. Rental units will be geared towards elderly residents with incomes at or below sixty (50) percent of Area Median Income. 3. The development will Include an outdoor park -like pavilion/green space and an indoor building community room dedicated to the memory end memorabilia of the former Teatro Marti on that site, 4. The AffordabilityPerlod for all affordable housing units shall be thirty (30) years. 5. The City's loan shall be secured by a Mortgage and Declaration of Restrictive Covenants, and such other documents as. the City may deern necessary for this purpose. Aspiration) Goal: 1. Biscayne Housing Group, LLC will pursue additional funding, Including, but not limited to, tax credits, in a good faith effort to build up to 70 units on the site, 2. hi the pursuit of additional public funding, If Biscayne Housing Group, LLC desires to partner with a local non-profit, the City of Miami must approve the non-profit partner. *The restrictions for the Property conveyance and the loan to the Developer for the Project shall include, but not be limited to, the Items contained herein, All related Federal, state, and local laws, rules and regulations shall apply. City of Miami Legislation Resolution: R-09-0089 City Hall 3500 Pan American Drive Miami,' FL 33133 www.mlamlgov,com File Number: 09-00173 Final Action Date:2/264009 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING (I) THE ASSIGNMENT OF THE PURCHASE AND SALE AGREEMENT WITH BISCAYNE HOUSING GROUP, LLC, A FLORIDA LIMITED LIABILITY COMPANY, (THE "DEVELOPER"), PURSUANT TO RESOLUTION NO, 09-0022, ADOPTED JANUARY 15, 2009, FOR CITY OF MIAMI OWNED REAL PROPERTY LOCATED AT 400-420 SOUTHWEST 8TH AVENUE AND 430 SOUTHWEST 8TH AVENUE, MIAMI, FLORIDA, AS LEGALLY DESCRIBED IN EXHIBIT "A", ATTACHED AND INCORPORATED, TO TEATRO MARTI APARTMENTS, LLC., A NEWLY FORMED ENTITY; (ID THE EXTENSION OF THE CONSTRUCTION COMMENCEMENT DATE FROM OCTOBER 1, 2009 TO OCTOBER 31, 2009, FOR THE DEVELOPMENT OF AMINIMUM OF TWENTY-FIVE (25) UNITS; IN THE EVENT THAT DEVELOPER IS SUCCESSFUL IN OBTAINING FUNDING FROM MIAMI-DADE COUNTY AND/OR IS AWARDED TAX CREDITS FROM FLORIDA HOUSING FINANCE CORPORATION, THE CONSTRUCTION COMMENCEMENT DATE WILL BE EXTENDED TO JUNE 30, 2010, FOR THE DEVELOPMENT OF A SEVENTY (70) UNIT MIXED -USE, ELDERLY RENTAL HOUSING PROJECT; FURTHER -AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY DOCUMENTS FOR SAID PURPOSE. WHEREAS, On October 21, 2008, Biscayne Housing Group, LLC (the "Developer") submitted an Affordable Housing Development Proposal to the City of •Miami (the "City") for the development of a mixed -use affordable rental development for the elderly (the "Project") on the City -owned properties located at 400-420 Southwest 8th Avenue and 430 Southwest 8th Avenue, Miami, Florida, as legally described on .Exhibit "A", attached and incorporated (jointly referred to as the "Property"); and WHEREAS, the Developer Is a for-proflt IimIted liability company formed on September 1, 2004 to develop affordable housing; and ---'--"--'--FJ6HEREAS-pursu"ant to-Resolution-No.'0 9-0022-'adopted January-5,..20D9,-the'Miarni-C-aity.__.. Commission authorized the conveyance of the •City -owned parcel of land located at 400-420 Southwest 8th Avenue and 430 Southwest 8th Avenue, Miami, Florida, commonly known as Teatro Marti Property, to the Developer for the development of a mixed -use, elderly rental housing project; and WHEREAS., the Developer has created a separate legal entity for the development of the Project known as Teatro Marti Apartments, LLC.; and WHEREAS, the Administration recommends the following: (I) that the City authorize the CUy of Miami . Page 7.of 2 Printed Ow JOl2l/2009 File Number 08-00173 Enactment Number: R-09-0089 assignment of the Purchase and Sale Agreement with the Developer, pursuant to Resolution No. 09- 0022, to Teatro Marti Apartment, LLC, a newly formed entity, for the development of mixed -use housing, elderly rental project; (11) the extension of construction commencement date from October 1, 2009 to October 31, 2009, for the construction of a minimum of twenty-five (25) units; and in the event that the Developer is awarded funding from Miaml-Dade County and/or tax credits from Florida Housing Finance Corporation, the construction commencement date will be extended to June 30, 2010 for the construction of a seventy (70) unit project;(iii) all other conditions and restrictions as indicated on Exhibit "B", attached and Incorporated; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings oontained in the Preamble to this Resolution are adopted by reference and Incorporated as if fully set forth in this Section. Section 2. The assignment of the Purchase and Sale Agreement with the Developer, pursuant to Resolution No. 09-0022, adopted January 15, 2009., to Teatro Marti Apartments, LLC., a newly formed entity, for the development of mixed -use housing, elderly rental project; (ii) the extension of construction commencement date from October 1, 2009 to October 31, 2009, for the construction of a minimum of twenty-five (25) units; and in the event that the Developer is awarded funding from Miami -Dade County and/or Florida Housing Finance Corporation tax credits, the construction commencement date will be extended to June 30,2010 for the construction of a seventy (70) unit project, is authorized; and (11I) all other conditions and restrictions as Indicated on Exhibit "B", attached and Incorporated. Section 3. purpose. Section 4. of the Mayor.(2) The City Manager is authorized(1) to execute the necessary documents for said This Resolution shall become effective immediately upon its adoption and signature Footnotes: {1) The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, Including but not limited to those prescribed by applicable City Charter and Code provisions. {2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, It shall become effective immediatelyupon override of the veto by the City Commission. City of Miam! Page 2 of 2 Printed On; 10121/2009 OR BK. 27062 PG 174-8 LAST PAGE EXHIBIT B Performance Requirement and .Restrictions"` The following Performance Requirements will apply 10 the Project to be developed on the City -owned properties locoted of 400-420 Southwest 81h Avenue, and 430Southwest 8!h Avenue, Miami, Florida; Property Conveyance t. The construction of the Project must commence by October 31, 2009 for the construction of a minimum of 25 units and in the event that the developer is awarded funding from Miami Dade County and/or fax credits the commencement date forconstruction will be extended to June 30,2010 for the construction of seventy (70) units. 2. The project must be completed (all units constructed, issued Certificates of Occupancy, and leased to eligible tenants) within (30) thirty months from the date of conveyance. Project Restrictions; 1. A minimum of twenty-five (25) rental units to be constructed on the Property, 2. Rental units will be geared towards elderly residents with Incomes al or below sixty (60) percent of Area Median Income, 3. The development will include an outdoor park like pavilion/green space and an indoor building community room dedicated to the memory and memorabilia of the former Teatro Marti on that site. 4. The Affordablllty Period for all affordable housing units shall be thirty (30) years. 5. The City's loan shall be secured by a Mortgage and Declaration of Restrictive Cavenants, and such other documents as the CIty may deem. necessary for this purpose. 6. Any developer mortgages on the parcel will be subject to approval by the City of Miami, Department of Community Development. 7. The Closing of this Purchase and Sale Agreement will take place sirnultaneousiy with Closing of the construction financing. 8, Alt necessary permits needed to construct theunit(s) muss be provided to the Department of Community Development prior to the Closing. 9. Evidence of the finareclal commitments from the lenders) for full project financing must be provided to the Department.ofCornrnunity Development prior to the Closing. 'STATE OF FLORIDA, COUNTY OF DADS y; c:Vi;h HEPEt3Y CE_ f7/FY that this u a true o y at the 19 :. ��'' cnnR \Pn. .rnn.nal,,tt�'ied in rh eTcs on r _ dayyol /':' . Y.jf , ,\l: iAfbt 'uif F�;nu17N nand end OtrGlar Sca. By D.c. ' `' cottttt�,