HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: i14*- NY) 45
Law Department
Matter ID No.
Date: 01/14/2014 Requesting Department: Community & Economic Development
Commission Meeting Dater 02/27/2014 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
0 Other
Subject: EXECUTION OF AMENDMENT NO. 5 TO THE, AGREEMENT WITI3 FLAGLER
FIRST CONDOMINIUMS
Purpose of Item:
AUTHORIZING THE CITY MANAGER TO EXECUTE AMENDMENT NO. 5, IN SUBSTANTIALLY
THE ATTACHED FORM, TO THE AGREEMENT WITH FLAGLER FIRST CONDOMINIUMS, LLC,
RELATING TO THE REDEVELOPMENT OF AN AFFORDABLE HOUSING CONDOMINIUM
PROJECT KNOWN AS FLAGLER FIRST CONDOMINIUM, LOCATED AT 101 EAST FLAGLER
STREET, MIAMI, FLORIDA ("PROJECT"); PROVIDING AN EXTENSION OF THE DEADLINE FOR
THE SALE OF ALL PROJECT RESIDENTIAL CONDOMINIUM UNITS UNTIL DECEMBER 2, 2014.
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 Ls this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CItieing or receiving capitaliUnds
Grants
Final Approvals
Budge ri0e/
Risk Management „� o
Purchasi Dept. Director
City Manager
Page I of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
The City of Miami ("City") entered into an Agreement ("Agreement") with Flagler First Condominiums, LLC
("Developer") relating to the redevelopment of an affordable housing condominium project, known as
Flagler First Condominium, located at 101 East Flagler Street, Miami, Florida, to consist of no less than
(90) affordable residential condominium units and approximately 7,000 square feet of retail space
("Project").
In accordance with the Agreement, the Developer was required to obtain certificates of occupancy for the
Project and sell ninety-one (91) of the Project's residential condominium units by June 23, 2005.
The Developer experienced delays beyond its reasonable control in conducting extensive structural
testing as required by the City (including complete asbestos abatement), in vacating tenants and in
bringing the building's premises to hurricane/wind load and fire code requirements, which resulted in a
delay in the completion of the Project not initially contemplated by the Developer.
For the aforesaid reasons, the Developer requested an extension until December 23, 2006, for the receipt
of the Project certificates of occupancy and the sale of ninety-one (91) of the Project's residential
condominium units, and was granted the extension pursuant to Resolution No. 05-0371, adopted June 9,
2005.
The Developer experienced unexpected further delays due to further structural work required, hurricane
preparations in 2005, sidewalk construction taking place on Flagler Street causing significant delays in the
construction, and the difficulties associated with this site without the use of a staging area.
For the aforesaid reasons, the Developer requested an additional extension until June 30, 2007, in order
to complete construction of the building, and obtain its certificate of occupancy, and was granted the
extension pursuant to resolution No. 06-0733, adopted December 14, 2006.
The Developer experienced further delays, which resulted in a delay in the completion of the Project
pursuant to Resolution No. 08-0227, adopted April 24, 2008, and was granted an extension until June 30,
2008, for the receipt of Project certificates of occupancy and until June 30, 2010, for the sale of all the
Project's residential condominium units.
The Developer obtained the Project certificates of occupancy by the City's June 30, 2008 deadline, but
has experienced delays in the sale of all ninety-one (91.) of the Project's residential condominium units.
For the aforesaid reasons, the Developer requested an additional extension until December 2, 2013, in
order to sell the ninety-one (91) residential units, and was granted the extension pursuant to Resolution
No. 11-0163, adopted April 14, 2011.
The Developer experienced further delays due to newly imposed restrictions by Miami -Dade County
making it difficult to sell the remaining residential units to eligible buyers.
The Developer has requested an extension until June 30, 2015, for the sale of all the Project's residential
condominium units.