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HomeMy WebLinkAboutLegislationFile Number; 16-00171 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE CITY MANAGER TO EXECUTE AMENDMENT NO. 7 TO THE AGREEMENT WITH FLAGLER FIRST CONDOMINIUMS, L.L.C., 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; AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ALL OTHER DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, AS MAY BE NECESSARY TO COMPLETE THE FLAGLER FIRST CONDOMINIUM TRANSACTION. WHEREAS, the City of Miami ("City") entered into an Agreement ("Agreement") with Flagler First Condominiums, L.L.C. ("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"); and WHEREAS, 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; and WHEREAS, 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; and WHEREAS, the Project, pursuant to Resolution No. 08-0227, adopted April 24, 2008, was granted an extension until June 30, 2008 for the receipt of all certificates of occupancy and until June 30, 2010 for the sale of all the Project's residential condominium units; and WHEREAS, 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; and WHEREAS, pursuant to Resolution No. 15-0242, adopted March 28, 2015, the Developer was granted an extension on the sale of all the units because of delays due to the restrictions imposed by Miami -Dade County making it difficult to sell the remaining residential units to eligible buyers; and WHEREAS, 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; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: City of Miami Page 1 of 2 File Id: 16-00171 (Version: 1) Printed On: 212212016 City of Miami f axaaI' ll, 1 '7 Legislation Resolution File Number; 16-00171 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE CITY MANAGER TO EXECUTE AMENDMENT NO. 7 TO THE AGREEMENT WITH FLAGLER FIRST CONDOMINIUMS, L.L.C., 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; AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ALL OTHER DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, AS MAY BE NECESSARY TO COMPLETE THE FLAGLER FIRST CONDOMINIUM TRANSACTION. WHEREAS, the City of Miami ("City") entered into an Agreement ("Agreement") with Flagler First Condominiums, L.L.C. ("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"); and WHEREAS, 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; and WHEREAS, 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; and WHEREAS, the Project, pursuant to Resolution No. 08-0227, adopted April 24, 2008, was granted an extension until June 30, 2008 for the receipt of all certificates of occupancy and until June 30, 2010 for the sale of all the Project's residential condominium units; and WHEREAS, 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; and WHEREAS, pursuant to Resolution No. 15-0242, adopted March 28, 2015, the Developer was granted an extension on the sale of all the units because of delays due to the restrictions imposed by Miami -Dade County making it difficult to sell the remaining residential units to eligible buyers; and WHEREAS, 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; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: City of Miami Page 1 of 2 File Id: 16-00171 (Version: 1) Printed On: 212212016 File Number: 16-00171 Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as fully set forth in this Section. Section 2. The City Manager is authorized{1} to execute Amendment No, 7 to the Agreement with the Developer, in substantially the attached form, relating to the Project, providing an extension of the deadline for the sale of all the Project residential condominium units until September 30, 2016. Section 3. The City Manager is further authorized{1 } to negotiate and execute all other documents, in a form acceptable to the City Attorney, as may be necessary to complete the Flagler First Condominium transaction. Section 4. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.{2} APP OVED AS TO FORM A D�CORRECTNESS: VICTORIA TORIA ENDEZ CITY ATTORNEY Footnotes: {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 Mia lni Page 2 of 2 File Id: 16-00171 (Version: 1) Printed On: 2122/2016