HomeMy WebLinkAboutSummary FormDate: 08/12/2011
AGENDA ITEM SUMMARY FORM
FILE ID: bb159
Law Department
Matter ID No.
Requesting Department: Community Development
Commission Meeting Date: 09/15/2011 District Impacted: 5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
Other
Subject: CONVEYANCE OF A CITY OF MIAMI OWNED PARCEL OF LAND TO LIBERTY
CITY COMMUNITY ECONOMIC DEVELOPMENT CORPORATION ("LCCEDC") AND
ASSIGNMENT OF PURCHASE AND SALE AGREEMENT.
Purpose of Item:
AUTHORIZING THE CONVEYANCE TO LIBERTY CITY COMMUNITY ECONOMIC -
DEVELOPMENT CORPORATION ("LCCEDC"), WITH PARCEL REVERTER PROVISIONS, OF
THE CITY OF MIAMI OWNED PARCELS OF LAND LOCATED AT 5899 NORTHWEST 17TH
AVENUE, MIAMI, FLORIDA, AS LEGALLY DESCRIBED IN EXHIBIT "A", ATTACHED AND
INCORPORATED, FOR THE CONSTRUCTION OF ELIZABETH MANOR PROJECT, A MIXED USE
PROJECT; ALLOWING FOR THE ASSIGNMENT OF THE PURCHASE AND SALE AGREEMENT
TO THE PARTNERSHIP TO BE FORMED FOR THE DEVELOPMENT OF THIS PROPERTY;
AUTHORIZING THE CITY MANAGER TO EXECUTE A PURCHASE AND SALE AGREEMENT, IN
SUBSTANTIALLY THE ATTACHED FORM, AND ALL NECESSARY DOCUMENTS FOR SAID
PURPOSE.
Background Information:
Please see attached
Budget 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:
Final Approvals
(SIGN AND DATE)
CIP Budget
Grants Risk Management
If using or receiving capital funds
Purchasin ' Dept. Director
Chief City Manager
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
In 1987, the City of Miami ("City") awarded Community Development Block Grant ("CDBG") funds to
Miami, Ltd. II to rehabilitate eight (8) Section 8 Housing properties in the Liberty City area.
In 2000, these properties were in need of additional repairs but due to the extensive work needed,
the City decided to relocate the tenants by means of vouchers to other locations and the buildings
were condemned and demolished.
The City pursued foreclosure of these properties (lots) and the City was issued the certificate of title
on October 14, 1999, for said properties.
LCCEDC and A Mother's Care, Inc., both Florida non-profit corporations, will establish a limited
partnership with Global Development Initiatives, LLC ("GDI") to develop a new 64-unit apartment
building with the ground floor dedicated as a new facility for A Mother's Care, Inc.
Funding for the project will be with tax exempt bonds and a combination of County NSP III and
Surtax funding and GDI will be responsible for securing any necessary bank financing, such as
private bank construction loans and permanent debt.
The property will be conveyed subject to the following restrictions: (i) the Developer provide to the
City (a) all necessary permits needed to construct the unit(s), and (b) evidence of firm financial
commitments for full project financing from the project lender(s); (ii) the conveyance of the Property
occurs simultaneously with the closing of the construction financing by the lender, if any; (iii) 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 construction of the Project must commence within
twelve (12) months from the date of property conveyance; (v) The Project must be completed (all
units constructed, issued Certificates of Occupancy, and rented within thirty six (36) months of
conveyance;(vi) all other restrictions as indicated on Exhibit "B," attached and incorporated.
The Administration recommends the conveyance to LCCEDC, with parcel reverter provisions, of the
City owned parcel of land located at 5899 Northwest 17th Avenue, Miami, Florida, as legally
described in Exhibit "A", attached and incorporated, for the construction of the Elizabeth Manor
Project, a mixed use project; authorizing the City Manager to sign the Purchase and Sale Agreement
and allowing LCCEDC to assign the Purchase and Sale Agreement to the partnership formed for the
development of this parcel.