HomeMy WebLinkAboutR-11-0290City of Miami
Legislation
Resolution: R-11-0290
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 11-00617 Final Action Date: 7/14/2011
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
ACKNOWLEDGING AND CONFIRMING THAT IN THE EVENT TITLE TO THE
PARCELS MORE FULLY DESCRIBED IN EXHIBIT "A" ("PROPERTY"), ATTACHED
AND INCORPORATED, REVERTS TO THE CITY OF MIAMI ("CITY") AS A RESULT
OF AN OCCURRENCE OF ANY OF THE EVENTS, TRIGGERING SUCH
REVERSION, SPECIFIED IN THE DEED DATED DECEMBER 23, 2010 AND
RECORDED IN OFFICIAL RECORDS BOOK 27537, PAGE 2972 OF THE PUBLIC
RECORDS OF MIAMI-DADE COUNTY CONVEYING THE PROPERTY FROM THE
CITY TO PARKVIEW GARDENS, LTD., THAT THE CITY'S TITLE TO THE
PROPERTY WILL BE SUBJECT TO THE MORTGAGES THEN OUTSTANDING BY
JP MORGAN CHASE BANK, N.A., FIRST HOUSING DEVELOPMENT
CORPORATION OF FLORIDA AND MIAMI-DADE COUNTY; FURTHER
AUTHORIZING THE CITY MANAGER TO EXECUTE THE ACKNOWLEDGEMENT
AND CONFIRMATION AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM,
FOR SAID PURPOSE.
WHEREAS, pursuant to Resolution No. 08-0636, adopted November 13, 2008, the Miami
City Commission conveyed five (5) parcels of land more fully described in Exhibit "A" ("Property"),
attached and incorporated, by virtue of a Quit Claim Deed dated December 23, 2010 recorded in the
Official Records Book 27537, Page 2972 of the Public Records of Miami -Dade County (the "Deed") to
Parkview Gardens, Ltd. ("Parkview"), for the construction of six (6) garden style, new construction
apartment buildings with a total of 60 affordable housing units ("Project"); and
WHEREAS, the Deed from the City to Parkview contains parcel reverter provisions, providing
that title to the Property shall immediately and automatically revert to and vest in the City upon the
occurrence of certain events as more particularly set forth in the Deed attached as Exhibit "B"; and
WHEREAS, Parkview is obtaining loans from JP Morgan Chase Bank, N.A. ("Chase"), First
Housing Development Corporation of Florida ("First Housing"), Miami -Dade County ("County") and the
City for the construction of the Project, which loans will be secured by mortgages on the Property;
and
WHEREAS, Chase, First Housing and the County, as a condition for making the loans to
Parkview, require that the City expressly acknowledge and confirm that in the event title reverts to the
City as a result of an occurrence of any of the events specified in the Deed triggering such reversion,
that the City's title to the Property will be subject to the mortgages then outstanding by Chase, First
Housing and the County; and
WHEREAS, such acknowledgment and confirmation will facilitate the funding for the Project
and its completion, which in turn will increase the supply of affordable housing within the City;
City of Miami
Page 1 of 2 File Id: 11-00617 (Version: 1) Printed On: 10/13/2017
File Number: 11-00617 Enactment Number: R-11-0290
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 this Resolution are adopted
by reference and incorporated as if fully set forth in this Section.
Section 2. The City Commission acknowledges and confirms that in the event title to the
Property reverts to the City as a result of an occurrence of any of the events triggering such reversion
specified in the Deed, that the City's title to the property will be subject to the mortgages then
outstanding by Chase, First Housing and the County.
Section 3. The City Manager is authorized {1} to execute the Acknowledgment and
Confirmation Agreement in substantially the attached form, for said purpose.
Section 4. This Resolution shall become effective immediately upon its adoption and signature
of the Mayor. {2}
Footnotes:
{1} The herein authorization is further subject to compliance 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 immediately upon override of the veto by the City.
City of Miami Page 2 of 2 File Id: 11-00617 (Version: 1) Printed On: 10/13/2017