HomeMy WebLinkAboutExhibit 2EXHIBIT B
Performance Requirements and Restrictions*
The following Performance Requirements and Restrictions will apply to the Project 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 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 tax credits the commencement date for construction will be extended
to June 30, 2010 for the construction of seventy (70) units.
2. The ;orejest 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 at 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 Affordability Period for all affordable housing units shall be t .ir-fifty_(44;550) 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 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 -b-i-s Purc" e-a-&- grccmcnt will t - Ivcc simu#taneo' Closing
of the Cit;!'s construction financing for the iProiect take place on or before 31,
2010.
8. All necessary permits needed to construct the unit(s) must be provided to the Department
of Community Development prior to the Closing of the City's construction financing.
;?_Evidence of the financial commitments + 41.1-e-Jen e4s)-.for full prejett--Project financing
must be provided to the Department of Community Development prior to the Closing of the
City's construction finarcinR.
10, In the pursuit of additional public funning, if Teatro M r 6 A artmerits, LLC desires to #artner
with a local non-profit the non-.,pr0fiJ2P.. tner shall )a .._subject_ to ap.proval_by..-the
Miami.
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Aspirational Goals:
1. TeatroMarti Apartments, LLCwill pursue additional funding, including but not limited to, tax
credits, in a good faith effort to build up to 70 units on the site.
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