HomeMy WebLinkAboutSummary Form 06/14/12Date: 04/18/2012
AGENDA ITEM SUMMARY FORM
FILE ID: /a? —ere'
Commission Meeting Date: 05/24/2012
Law Department
Matter ID No.
11-2462
Requesting Department: Community Development
District Impacted: 5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑'Discussion Item
C Other
Subject: EXTENSION OF CONSTRUCTION COMPLETION DATES AND CONVEYANCE
OF CD BUILDING PROJECT FOR MIAMI DREAM HOMES INVESTMENT GROUP, INC
Purpose of Item:
GRANTING MIAMI DREAM HOMES INVESTMENT GROUP, INC., AN EXTENSION TO COMPLET
CONSTRUCTION AND CONVEY THE CD BUILDING PROJECT TO THE CITY OF MIAMI,
LOCATED AT 1525 NORTHWEST 60TH STREET, LEGALLY DESCRIBED IN EXHIBIT "A",
ATTACHED AND INCORPORATED, FROM JUNE 30, 2011 TO.I.I. 30, 2012; AUTHORIZING THE
CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENT(S) FOR SAID PURPOSE(S).
Background Information:
Please see attached
Budget Impact Analysis
NO Is this item related to revenue?
fNO 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:
CIP ► A
If using o�.receiv nR capital fonds.
Grants
Purchasing
Chief
A
Final Approvals
(SIGN AND DATE)
Budget
Risk Management
Dept. Director
City Manager
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 05-0357, adopted May 26, 2005, the Miami City Commission approved
the conveyance, with title reverter conditions, of eleven parcels of City of Miami ("City") owned land
directlyto developers, for the construction of affordable housing for eligible low and moderate income
persons.
On September 27, 2005, a Quit Claim Deed was executed between the City and Miami Dream
Homes Investment Group, Inc. ("Miami Dream Homes").
The Housing and Commercial Loan Committee approved $769,993 in Home Investment Partnership
("HOME") Program funds and $240,007 in State Housing Initiative Partnership Program ("SHIP")
funds in connection with the development of the CD Building project.
On July 5, 2006, Loan Agreements in the amount of $769,993 in HOME funds and $240,007 in SHIP
funds were executed between the City and Miami Dream Homes Investment Group, Inc.
Pursuant to Resolution No. 06-0329, adopted May 25, 2006, the Miami City Commission amended
Resolution 05-0357 to reflect the parcel located at 1525 Northwest 60th Street to be developed as a
new construction multi -family rental project consisting of seven (7) units for low income persons and
said property to be conveyed to the City upon issuance of a Certificate of Occupancy.
Pursuant to Resolution Nos. 07-0133, 08-0250, 09-0174, 09-0565 10-0287 and 11-0047 adopted on
March 8, 2007, May 8, 2008, April 2, 2009, December 17, 2009, July 8, 2010 and February 10,
2011, the Miami City Commission approved various extensions for the completion of construction
and conveyance of the Property to the City to June 30, 2011.
The project is currently completed as the developer is awaiting the Certificate of Occupancy, this
extension is needed to remove any possible cloud from the title.
The Administration recommends granting Miami Dream Homes an extension of time to complete
construction of the CD Building Project located at 1525 Northwest 60th Street, legally described in
Exhibit "A", attached and incorporated, from June 30, 2011 to June 30, 2012, and for the conveyance
of the project to the City.