HomeMy WebLinkAboutR-19-0404City of Miami
Resolution R-19-0404
Legislation
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 6374 Final Action Date: 10/24/2019
A RESOLUTION OF THE MIAMI CITY COMMISSION PURSUANT TO
SECTION 29-B(A) OF THE CHARTER OF THE CITY OF MIAMI, FLORIDA, AS
AMENDED, AUTHORIZING THE CITY MANAGER TO SELL, WITH
AFFORDABLE HOUSING RESTRICTIONS AND AUTOMATIC REVERTER
PROVISIONS, CERTAIN CITY OF MIAMI-OWNED PROPERTIES LOCATED IN
THE CITY OF NORTH MIAMI, FLORIDA, TO KB FINANCIAL GROUP, LLC, A
FLORIDA LIMITED LIABILITY COMPANY ("KB"), FOR THE TOTAL AMOUNT
OF $825,000.00 FOR THE DEVELOPMENT OF AFFORDABLE HOUSING
PROJECTS WITH SIX (6) UNITS SET ASIDE TO BE USED FOR HOUSING
FOR PERSONS WITH AIDS; FURTHER AUTHORIZING THE CITY MANAGER
TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS,
INCLUDING AMENDMENTS, EXTENSIONS, AND MODIFICATIONS, ALL IN
FORMS ACCEPTABLE TO THE CITY ATTORNEY, FOR THE COMPLETION
OF SAID TRANSACTION.
WHEREAS, on May 8, 2008, pursuant to Resolution No. 08-0252, the Miami City
Commission authorized the acceptance of a conveyance from MOVERS, Inc. to the City of
Miami ("City") of certain properties located within the City of North Miami, Florida ("Properties");
and
WHEREAS, multiple unsuccessful attempts were made to obtain a purchaser for the
acquisition, rehabilitation, and operation of the Properties; and
WHEREAS, on August 8, 2019, KB Financial Group, LLC, a Florida Limited Liability
Company ("KB"), submitted a Letter of Interest for the purchase of the Properties for the total
amount of Eight Hundred Twenty -Five Thousand Dollars ($825,000.00); and
WHEREAS, KB proposes to rehabilitate the Properties and use them exclusively for
Affordable Housing as defined in Section 2-416 of the Code of the City of Miami, Florida, as
amended ("Affordable Housing"), with six (6) units set aside for housing for persons with AIDS
("HOPWA"); and
WHEREAS, the Affordable Housing will be rehabilitated/constructed on the Properties
and will be made available for HOPWA eligible residents whose annual income is under eighty
percent (80%) of area median income ("AMI") as published annually by the United States
Department of Housing and Urban Development ("HUD") for a minimum of ten (10) years; and
WHEREAS, the proceeds of the sale will be used for eligible HOPWA activities; and
WHEREAS, the affordable housing restrictions and automatic reverter provisions
contained in the conveying instruments require the Properties to automatically revert to the City
if (i) the Properties are not fully developed within twenty-four (24) months of the date of closing
City of Miami Page 1 of 3 File ID: 6374 (Revision:) Printed On: 4/25/2025
File ID: 6374 Enactment Number: R-19-0404
as evidenced by a Certificate of Occupancy, where the twenty-four (24) month requirement may
be amended by the Director of the Department of Housing and Community Development
("Director") by a written communication and (ii) the Properties are not solely used for Affordable
Housing with six (6) HOPWA units set aside for housing for persons with AIDS; and
WHEREAS, the addresses of the Properties cannot be disclosed for confidentiality
purposes pursuant to 24 CFR 574.440; and
WHEREAS, the Properties shall be for the development of Affordable Housing in
accordance with Section 29-B(a) of the Charter of the City of Miami, Florida, as amended ("City
Charter"); and
WHEREAS, the City shall require the following in order to convey the Properties to KB:
(i) evidence satisfactory to the Director that financial commitments from the lender or lenders
have been received; (ii) any mortgages obtained by KB on the Properties will be subject to the
approval of the Director; and (iii) the closing of the Properties occurs simultaneously with the
closing of the construction financing by the lender(s), if any; and
WHEREAS, the City's Administration recommends the sale of the Properties, with
affordable housing restrictions and automatic reverter provisions, to KB for a total amount of
$825,000.00 for the development of Affordable Housing, with six (6) HOPWA units to be used
for housing for persons living with AIDS;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISISON 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. Pursuant to Sections 29-B(a) of the City Charter, the sale of the Properties,
with Affordable Housing restrictions and automatic reverter provisions, to KB in the total amount
of $825,000.00 for the development of Affordable Housing projects with six (6) units set aside to
be used for housing for persons with AIDS is authorized.'
Section 3. The City Manager is authorized' to negotiate and execute any and all
necessary documents, including amendments, extensions, and modifications, all in forms
acceptable to the City Attorney, for the completion of said transaction.
Section 4. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.2
1 The herein authorization is further subject to compliance with all requirements that may be imposed by
the City Attorney, including, but not limited to, those prescribed by applicable City Charter and Code
provisions.
2 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.
City of Miami Page 2 of 3 File ID: 6374 (Revision:) Printed on: 4/25/2025
File ID: 6374 Enactment Number: R-19-0404
APPROVED AS TO FORM AND CORRECTNESS:
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City of Miami Page 3 of 3 File ID: 6374 (Revision:) Printed on: 4/25/2025