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HomeMy WebLinkAboutResolutionCity of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 10-00418 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), RELATING TO THE PROPERTY LOCATED AT 400-420 SOUTHWEST 8TH AVENUE, AND 430 SOUTHWEST 8TH AVENUE, MIAMI, FLORIDA, AS LEGALLY DESCRIBED ON EXHIBIT "A", ATTACHED AND INCORPORATED, COMMONLY KNOWN AS THE TEATRO MARTI PROPERTY, CONVEYED TO TEATRO MARTI APARTMENTS, LLC PURSUANT TO CITY OF MIAMI RESOLUTION NO. 09-0089 ADOPTED FEBRUARY 26, 2009, FOR THE DEVELOPMENT OF A MIXED -USE, ELDERLY HOUSING RENTAL PROJECT ON THE SITE, REVISING THE PROJECT RESTRICTIONS AND REQUIREMENTS AS INDICATED ON EXHIBIT "B", ATTACHED AND INCORPORATED; AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENTS FOR SAID PURPOSE. WHEREAS, on October 21, 2008, Biscayne Housing Group, LLC ("BHG") submitted an Affordable Housing Development Proposal to the City of Miami (the "City") for the development of a high quality, 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" (the "Property"), attached and incorporated; and WHEREAS, pursuant to Resolution No. 09-0089 adopted February 26, 2009, the City Commission authorized the conveyance of the Property to Teatro Marti Apartments, LLC (the "Developer"; a separate legal entity organized by BHG for the development of the Project), subject to certain Performance Requirements and Restrictions; and WHEREAS, on October 26, 2009, a City Deed was executed conveying the Property to the Developer, subject to certain restrictions and reverter provisions; and WHEREAS, the Developer was reluctant to move forward with the Closing of the City's construction financing until a City of Miami lien on the Property in the amount of $1.67 million was released of record; and WHEREAS, such lien has been cleared, and the Developer intends to move forward with the Project in order to provide a mixed use, elderly housing rental project; and WHEREAS, on November 20, 2009, the City of Miami Housing and Commercial Loan Committee approved an extension of the required Affordability Period for the Project from thirty (30) years to fifty (50) years; and WHEREAS, the Administration recommends revising the previously approved Project Performance Requirements and Restrictions to provide for: (1) an extension of the Project's Affordability Period to fifty (50) years, (2) the Closing of the City's construction financing to take place on or before July 31, 2010, and (3) such other revisions as indicated on Exhibit "B", attached and City of Miami Page 1 of 2 File Id: 10-00418 (Version: 1) Printed On: 7/25/2024 File Number: 10-00418 incorporated; 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 Miami City Commission approves revising the Project Performance Requirements and Restrictions to provide for: (1) an extension of the Project's Affordability Period to fifty (50) years, (2) the Closing of the City's construction financing to take place on or before July 31, 2010, and (3) such other revisions as indicated on Exhibit "B", attached and incorporated. Section 3. The City Manager is authorized {1} to execute all necessary documents 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 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 Miami Page 2 of 2 File Id: 10-00418 (Version: 1) Printed On: 7/25/2024