HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID:
16-00171
Date: 2-11-2016
Commission Meeting Date: 03-11-2016
Type: // Resolution ❑ Ordinance
❑ Other
Law Department
Matter ID No.
Requesting Department: Community & Economic Development
District Impacted:
Emergency Ordinance Discussion Item
Subject; EXECUTION OF AMENDMENT NO. 7 TO TIIE AGREEMENT WITH FLAGLER
FIRST CONDOMINIUMS, LLC.
Purpose of Item:
AUTHORIZING THE CITY MANAGER TO EXECUTE AMENDMENT NO. 7, 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 SEPTEMBER 30, 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:
CIP
If using or receiving capital funds
Grants
Final Approvals
(SIGN AND DATE)
Budget
Purchaing
Chief
Risk anagement
Dept. Director
City Manager
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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 Toad 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, 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 obtained the Project certificates of occupancy by the City's
extended deadline, but experienced delays in the sale of all of the Project's
residential condominium units.
Pursuant to R- 15-0242, adopted March 28, 2015, 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 and has thus requested an additional extension until
September 30, 2016 for the sale of all units.