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HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM File ID: #10635 Date: 09/01/2021 Commission Meeting Date: 05/12/2022 Requesting Department: Department of Housing and Community Development Sponsored By: District Impacted: All Type: Resolution Subject: Transfer Property - Tacolcy Economic Development Purpose of Item: AUTHORIZING THE CITY MANAGER TO AWARD THE CONVEYANCE WITH AFFORDABLE HOUSING RESTRICTIONS AND AUTOMATIC REVERTER PROVISIONS, CERTAIN CITY OF MIAMI-OWNED PROPERTIES LOCATED AT 750 NW 70 STREET AND 754 NW 70 STREET, MIAMI, FLORIDA, AS LEGALLY DESCRIBED IN ATTACHMENT "A", ATTACHED AND INCORPORATED, TO TACOLCY ECONOMIC DEVELOPMENT CORPORATION FOR THE REHABILITATION AND UTILIZATION OF THE UNITS EXCLUSIVELY FOR AFFORDABLE HOUSING FOR LOW-INCOME PERSONS; 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. Background of Item: On December 2011, Liberty City Community Economic Development Corporation ("LCCEDC") executed a loan with the City of Miami ("City") for the acquisition of the properties located at 750-754 NW 70 Street, Miami, Florida, consisting of two-story building for the implementation of affordable housing for low-income persons. On August 10, 2012, the City of Miami Housing Commercial Loan Committee ("HCLC") approved the change of ownership from LCCEDC to Liberty City 70th Street LLC. On October 26, 2020, the City of Miami filed a complaint at the Circuit Court of the 11th Judicial Circuit in and For Miami -Dade, Florida to foreclose on its mortgage due to non- compliance with the terms of the loan documents executed between the City and Liberty 70th Street LLC. In anticipation of the City taking ownership of the properties should there be no bid after the final judgement and sale of the properties, the City has selected a non-profit in the community capable of managing the properties. Tacolcy Economic Development Corporation ("TEDC") is a non-profit, community -based organization founded in 1983 to undertake a comprehensive program of housing and community development in the Liberty City Community. TEDC has completed various affordable housing developments within the City and Miami -Dade County utilizing federal funding and is currently in good standing with The City. The Administration recommends the conveyance to TEDC with parcel reverter provisions of the properties located at 750 NW 70 Street and 754 NW 70 Street, Miami, Florida, as legally described in Attachment "A", attached and incorporated, pursuant to Section 29(B)A of the charter of the City of Miami, as amended, for the continuing use to provide affordable housing for low-income persons; contingent upon the City taking ownership of the property at a foreclosure sale. The Administration also recommends that the conveyance of the Property be subject to the following restrictions: (i) the Developer make all necessary repairs to the properties to bring it into compliance with City code, (ii) any mortgages on the Property obtained by the Developer be subject to the approval of the City of Miami Department of Housing and Community Development, and (iii) the Properties continue to be made affordable to low income residents for 30 years. Budget Impact Analysis Item has NOT an Expenditure Item is NOT Related to Revenue Item is NOT funded by Bonds Total Fiscal Impact: N/A Reviewed B Agenda Office Carolina Aguila Department of Community and Economic Development Review Completed 09/02/2021 8:49 AM Office of Management and Budget Luis Hernandez -Torres Office of Management and Budget Leon P Michel City Manager's Office Fernando Casamayor Legislative Division Valentin J Alvarez City Manager's Office Arthur Noriega V Office of the City Attorney Richard Appleton Office of the City Attorney Barnaby L. Min Office of the City Attorney Victoria Mendez City Commission Nicole Ewan City Commission Maricarmen Lopez Department Head Review George Mensah Budget Analyst Review Budget Review Assistant City Manager Review Legislative Division Review City Manager Review ACA Review Deputy City Attorney Review Approved Form and Correctness Meeting Meeting Skipped 10/04/2021 2:13 PM Department Head Completed Completed Completed Completed Completed Completed Completed Completed Completed Completed 09/03/2021 8:16 AM 09/16/2021 12:22 PM 09/16/2021 12:46 PM 09/17/2021 2:20 PM 11/03/2021 3:18 PM 11/05/2021 11:24 AM 11/06/2021 9:08 AM 11/08/2021 2:00 PM 11/18/2021 9:00 AM 05/12/2022 9:00 AM City of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 10635 Final Action Date:5/12/2022 MAY BE WITHDRAWN A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), PURSUANT TO SECTION 29-B(A) OF THE CHARTER OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, CONVEYING, WITH AFFORDABLE HOUSING RESTRICTIONS AND AUTOMATIC REVERTER PROVISIONS, CITY OF MIAMI-OWNED PROPERTIES LOCATED AT 750 NORTHWEST 70 STREET AND 754 NORTHWEST 70 STREET, MIAMI, FLORIDA, ALL AS LEGALLY DESCRIBED IN EXHIBIT "A", ATTACHED AND INCORPORATED (COLLECTIVELY, "PROPERTIES"), TO TACOLCY ECONOMIC DEVELOPMENT CORPORATION, INC., A FLORIDA NOT FOR PROFIT CORPORATION, FOR THE REHABILITATION AND UTILIZATION OF THE PROPERTIES EXCLUSIVELY FOR AFFORDABLE HOUSING FOR LOW- INCOME PERSONS; 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 SAID PURPOSE. WHEREAS, in December 2011, Liberty City Community Economic Development Corporation ("LCCEDC") executed a loan with the City of Miami ("City") for the acquisition of the properties located at 750 and 754 Northwest 70 Street, Miami, Florida, as more particularly described in Exhibit "A", attached and incorporated (collectively "Properties"), consisting of two- story buildings for the implementation of affordable housing for low-income persons; and WHEREAS, on August 10, 2012, the City's Housing Commercial Loan Committee ("HCLC") approved the change of ownership from LCCEDC to Liberty City 70th St LLC ("70th St"); and WHEREAS, on October 26, 2020, the City filed a complaint in the Circuit Court of the 11th Judicial Circuit in and for Miami -Dade County, Florida to foreclose on its mortgage due to non-compliance with the terms of said loan by 70th St; and WHEREAS, the foreclosure action was completed and the City obtained title to the Properties through a certificate of title; and WHEREAS, the City has selected a non-profit organization in the community that is capable of managing and operating the Properties as affordable housing developments; and WHEREAS, Tacolcy Economic Development Corporation, Inc. ("Tacolcy") is a non-profit and community -based organization founded in 1983 to undertake a comprehensive program of housing and community development in the Liberty City community; and WHEREAS, Tacolcy has developed various affordable housing developments within the City and Miami -Dade County utilizing federal funding and is currently in good standing with the City; and WHEREAS, the conveyance of the Properties shall be subject to the following restrictions: (i) Tacolcy must make all necessary repairs to the Properties in order to bring them into full compliance with the Code of the City of Miami, Florida, as amended ("City Code"), within two (2) years of the conveyance, which requirement may be amended by the Director of the City's Department of Housing and Community Development ("Director"), (ii) any mortgages on the Properties obtained by Tacolcy shall be subject to the prior written approval of the Director, and (iii) the Properties must continue to be made affordable to low income residents for thirty (30) years from the date of the conveyance ("Term"); and WHEREAS, in the event that the Properties are no longer affordable to low income residents during the Term, the Properties shall automatically revert to the City; and WHEREAS, the City's Administration recommends the conveyance of the Properties to Tacolcy with affordable housing restrictions and automatic reverter provisions pursuant to Section 29-B(a) of the Charter of the City of Miami, Florida, as amended ("City Charter"), for the continuing use of providing affordable housing for low-income persons; 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 authorized', pursuant to Section 29-B(a) of the City Charter, to convey, with affordable housing restrictions and automatic reverter provisions, the Properties to Tacolcy for the rehabilitation and utilization of the Properties exclusively for affordable housing for low income persons. Section 3. The City Manager is further authorized' to negotiate and execute any and all necessary documents, including amendments, extensions, and modifications, all in forms acceptable to the City Attorney, for said purpose. Section 4. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: ndez, City Attor ey 11/8/2021 1 The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to those prescribed by applicable City Charter and City 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.