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HomeMy WebLinkAboutAgenda Item Cover PageAGENDA ITEM COVER PAGE File ID: #1392 Resolution Sponsored by: Commissioner Francis Suarez TO BE WITHDRAWN City of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 1392 Final Action Date:6/22/2017 TO BE WITHDRAWN A RESOLUTION OF THE MIAMI CITY COMMISSION DIRECTING THE CITY MANAGER TO UPDATE THE CASH CONTRIBUTION AMOUNT FOR PAYMENT INTO THE MIAMI 21 PUBLIC BENEFITS TRUST FUND IN EXCHANGE FOR BONUS HEIGHT/FLOOR LOT RATIO AND PERIODICALLY UPDATE SAID AMOUNT THEREAFTER CONSISTENT WITH THE PROVISIONS OF SECTION 3.14.4(A)(3) OF ORDINANCE NO. 13114, THE ZONING ORDINANCE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED. WHEREAS, on October 22, 2009, Ordinance No. 13114, the Zoning Ordinance of the City of Miami, Florida ("Miami 21 Code") was adopted as the City of Miami's ("City") Zoning Ordinance; and WHEREAS, Section 3.14 of the Miami 21 Code allows for development projects to obtain Bonus Capacity Height ("Bonus Height") and Floor Lot Ratio ("FLR") in certain transect zones in exchange for the developer's contribution to specified programs that provide benefits to the public ("Public Benefits Program"); and WHEREAS, one way a developer may obtain Bonus Height and FLR through the Public Benefits Program is by making a cash contribution to the Public Benefits Program to further assist in the creation of affordable/workforce housing; and WHEREAS, Section 3.14.4(a)(3) of the Miami 21 Code provides "the cash contribution shall be determined based on a percentage of the market value of the per square foot price being charged for units at projects within the market area where the proposed project seeking the bonus is located. The calculation assumes a land value per saleable or rentable square foot within market area to equate to between 10 (ten) to 15 (fifteen) percent of market area's weighted average sales price per square foot"; and WHEREAS, Section 3.14.4(a)(3) of the Miami 21 Code requires that "the cash contributions shall be adjusted on an annual basis to reflect market conditions effective October 1st of every year"; and WHEREAS, it is in the best interest of the City to have the most up to date market information related to the aforementioned provision of the Miami 21 Code to ensure ease of use by developers seeking Bonus Height and FLR by making cash contributions that further the City's goal of additional affordable/workforce housing; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as if fully set forth in this Section. Section 2. The City Manager is directed to update the cash contribution amount for payment into the Miami 21 Public Benefits Trust Fund in exchange for Bonus Height/FLR and periodically update said amount thereafter consistent with the provisions of Section 3.14.4(a)(3) of the Miami 21 Code. Section 3. This Resolution shall become effective immediately upon its adoption and signature of the Mayor. APPROVED AS TO FORM AND CORRECTNESS: ndez, City Httor ey ) 4/28/2017 1 If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission.