HomeMy WebLinkAboutSummary FormDate: 04-24-2015
AGENDA ITEM SUMMARY FORM
FILE ID: 15-00520
Law Department
Matter ID No.
15-870
Requesting Department: Community & Economic Development
Commission Meeting Date: 05-28-2015 District Impacted:
Type: // Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: EXECUTION OF AMENDMENT NO. 6 TO THE AGREEMENT WITH FLAGLER
FIRST CONDOMINIUMS
Purpose of Item:
AUTHORIZING THE CITY MANAGER TO EXECUTE AMENDMENT NO. 6, TO THE
AGREEMENT WITH FLAGLER FIRST CONDOMINIUMS, LLC, IN SUBSTANTIALLY THE
ATTACHED FORM, 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 THE
PROJECT RESIDENTIAL CONDOMINIUM UNITS UNTIL MARCH 31, 2016.
Background Information:
See attachment
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: TO BE DETERMINED
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 Z.
If using or receiving capital funds
Grants Risk Management
Purchasing Dept. Director
Chief - /GPity Manage
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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
ninety (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 all of the Project's residential
condominium units by June 23, 2005.
The Developer experienced delays beyond its reasonable control, such as
bringing the building's premises to hurricane/wind load and fire code
requirements, delays in construction due to Hurricane preparations in 2005, and
additional unforeseen structural work that was required.
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, 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
extended June 30, 2008 deadline pursuant to Resolution 08-0227, adopted April
24, 2008, but experienced delays in the sale of all of the Project's residential
condominium units.
Pursuant to R- 14-0058, adopted February 27, 2014, the Developer was granted
an extension on the sale because of delays due to the restrictions imposed by
Miami -Dade County making it difficult to sell the remaining residential units to
eligible buyers.
The Developer has yet to obtain eligible buyers for all of the Project's residential
condominium units, the Developer has requested an additional extension until
March 31, 2016 for the sale of all units.