HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID:
Date: 04/15/2010
/O-6cci/ s.
Law Department
Matter ID No.
09-2714
Requesting Department: Community Development
Commission Meeting Date: 05/13/2010 District Impacted: 3
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
D Other
Subject: REVISING THE TEATRO MARTI PROPERTY PROJECT RESTRICTIONS AND
REQUIREMENTS
Purpose of Item:
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 NUMBER 09-0089 ADOPTED FEBRUARY 26, 2009, FOR THE
DEVELOPMENT OF A MIXED -USE, ELDERLY RENTAL HOUSING 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.
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:
i
Final Approvals
(SIGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Management
Purchasing Dept. Director ,,��i(1/►
City Manager i
Chief
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
On October 21, 2008, Biscayne Housing Group, LLC (the "Developer") 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.
Pursuant to Resolution No. 09-0089, the City Commission authorized the conveyance of the Property
to Teatro Marti Apartments, LLC (a separate legal entity organized by the Developer for the
development of the Project), subject to certain Performance Requirements and Restrictions.
On October 26, 2009, a City Deed was executed conveying the Property to Teatro Marti Apartments,
LLC, subject to certain restrictions and reverter provisions.
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.
Such lien has been cleared, and the Developer intends to move forward with the Project in order to
provide a mixed use, elderly rental housing project.
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.
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 incorporated.