HomeMy WebLinkAboutSummary FormDate: 03/08/2012
AGENDA ITEM SUMMARY FORM
FILE ID: 12-00224
Requesting Department: Public Facilities/Asset Management
Commission Meeting Date: 03/22/2012 District Impacted: 5
Type: ® Resolution •❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Transfer of Overtown Shopping Center to the SEOPW CRA
Purpose of Item:
A Resolution of the Miami City Commission, with attachment(s), authorizing the City Manager tot
execute a quitclaim deed, in substantially the form of Exhibit "A," attached hereto and made a part
hereof, conveying at no cost to the Southeast Overtown/Park West Community Redevelopment
Agency ("CRA"), the City -owned property located at 1490 Northwest Third Avenue, Miami, Florida,
also known as the Overtown Shopping Center; further authorizing the execution and recordation of a
covenant of use in favor of the United States Department of Commerce Economic Development
Administration, in substantially the fonn of Exhibit "B," attached hereto and made a part hereof.
Law Department
Matter ID No.
12-311
Background Information:
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
If using or receiving capital funds
Grants _ , ____ __. _ Risk Management
Purchasing Dept. Director
Chief City Manager
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Background Information:
The City intends to convey to the CRA, the Overtown Shopping Center for proposed rehabilitation
efforts and sub -leasing as part of its redevelopment activities in the area surrounding the Shopping
Center.
The Shopping Center was constructed in the early l 980s using grant funds from the federal Economic
Development Administration ("EDA"). Under the terms of the federal grant, a property interest was
given to the EDA which prevents any conveyance without the E:DA's written consent, for a 40-year
period. The City intends to take advantage of the EDA's early release program whereby, in exchange
for the City granting a covenant of use in favor of the :EDA, the EDA will release its property interest
prior to the expiration of the 40-year term.
The attached covenant of use will prevent the Shopping Center from being used by entities who
violate certain federal non-discrimination requirements or engage in inherently religious activities.
.The proposed deed will convey the Shopping Center. to the CRA. thereby allowing it. to renovate and
sublease the Shopping Center pursuant to its approved redevelopment plan.
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