HomeMy WebLinkAboutSummary FormDate: 04/ 11 /2011
AGENDA ITEM SUMMARY FORM
FILE ID: I f - OD 3 31
Law Department
Matter ID No.
11-609
Requesting Department: Community Development
Commission Meeting Date: 05/12/2011 District Impacted: 3
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: RESCINDING RESOLUTION NOS. 09-0222 AND R-09-0089 AND AUTHORIZING
THE CONVEYANCE OF PROPERTY FROM TEATRO MARTI APARTMENTS TO THE
CITY OF MIAMI AND THE EXECUTION OF A NEW 50 YEAR LAND LEASE
Purpose of Item:
RESCINDING RESOLUTION NO. 09-0022, ADOPTED JANUARY 15, 2009, RELATING TO THE
CONVEYANCE OF THE CITY OF MIAMI ("CITY") OWNED PARCELS OF LAND LOCATED AT 400-
420 SOUTHWEST 8TH AVENUE, AND 430 SOUTHWEST 8THAVENUE, MIAMI, FLORIDA, LEGALLY
DESCRIBED IN EXHIBIT "A", ATTACHED AND INCORPORATED, COMMONLY KNOWN AS THE
TEATRO MARTI PROPERTY (PROPERTY") AND RESOLUTION NO. 09-0089, ADOPTED
FEBRUARY 26, 2009, RELATING TO THE ASSIGNMENT OF THE PURCHASE AND SALE
AGREEMENT WITH BISCAYNE HOUSING GROUP, LLC ("DEVELOPER"), A FLORIDA LIMITED
LIABILITY COMPANY TO TEATRO MARTI APARTMENTS, LLC.; AUTHORIZING THE
CONVEYANCE OF SAID PROPERTY TO THE CITY OF MIAMI FROM TEATRO MARTI
APARTMENTS AND THE EXECUTION OF A NEW 50 YEAR LAND LEASE FOR THE
DEVELOPMENT OF A MIXED USE, TWENTY-SEVEN (27) UNIT ELDERLY RENTAL HOUSING
PROJECT; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY
DOCUMENTS, IN SUBSTANTIALLY THE ATTACHED FORM(S), FOR SAID PURPOSE.
Background Information:
Please see attached
Budt_et Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
If using or receiving capital funds
Grants
Final Approvals
(SIGN AND DATE)
Budget
Risk Management
Dept. Director
City Manager
Page I of 1rOg•
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 09-0022, the Miami City Commission approved the conveyance of said
Property to the Developer for the development of a mixed use, twenty-seven (27) unit elderly rental
housing project.
Pursuant to Resolution No. 09-0089, the Miami City Commission approved the assignment of the
Purchase and Sale Agreement with Biscayne Housing Group, LLC to Teatro Marti Apartments LLC
("Teatro Marti"), a separate legal entity organized by the Developer for the development of the
Project.
On October 26, 2009, a City Deed was executed conveying the Property to Teatro Marti, subject to
certain restrictions and reverter provisions.
It is the intent of the Developer and the City's Department of Community Development to jointly
revise the Teatro Marti Apartments project as a 50 year land lease between the City and Teatro Marti
for the construction of a twenty-seven (27) unit elderly rental housing project.
The Administration recommends rescinding Resolution No. 09-0022, adopted January 15, 2009,
relating to the conveyance of the City owned parcels of land located at 400-420 Southwest 8th
Avenue, and 430 Southwest 8th Avenue, Miami, Florida, legally described in Exhibit "A", attached and
incorporated, commonly known as the Teatro Marti Property and Resolution No. 09-0089, adopted
February 26, 2009, relating to the assignment of the Purchase and Sale Agreement with Biscayne
Housing Group, LLC, a Florida limited liability company to Teatro Marti Apartments, LLC and
authorizing the conveyance of said property to the City from Teatro Marti Apartments and the
execution of a new 50 year land lease for the development of a mixed use, twenty-seven (27) unit
elderly rental housing project.