HomeMy WebLinkAbout2006-26255 Reso
RESOLUTION NO. 2006-26255
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, APPROVING AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE A HOME INVESTMENT
PARTNERSHIPS (HOME) PROGRAM AGREEMENT WITH THE HOUSING
AUTHORITY OF THE CITY OF MIAMI BEACH (HACMB), PROVIDING
$200,000 OF FISCAL YEAR 2005/06 HOME PROGRAM FUNDS, FOR THE
CONSTRUCTION OF A THIRTY (30) UNIT APARTMENT BUILDING, TO
BE LOCATED AT 321-327 MICHIGAN AVENUE, MIAMI BEACH, FOR THE
CREATION OF RENTAL HOUSING FOR INCOME-ELIGIBLE ELDERLY
PARTICIPANTS, IN ACCORDANCE WITH THE HOME PROGRAM
REQUIREMENTS.
WHEREAS, on February 18, 1992, the City was designated by the U.S. Department
of Housing and Urban Development (HUD) as a Participating Jurisdiction to receive funds
through the HOME Investment Partnerships (HOME) Program under 24 CFR 92; and
WHEREAS, the City has established a HOME Investment Partnerships Program
(HOME Program) in accordance with HUD rules, which provides financial assistance for
the purpose of providing affordable housing within the City; and
WHEREAS, the City issued a HOME Notice of Funding Availability (NOFA) on April
3, 2006, for affordable rental housing and homeownership development, with a closing
date of May 1 , 2006; and
WHEREAS, on May 19 and on June 2, 2006, the City's Loan Review Committee
reviewed the HOME NOFA responses submitted, including the response by HACMB, for
the construction of a thirty (30) unit apartment building, to be built on the three contiguous
parcels owned by the Housing Authority, located at 321-327 Michigan Avenue, to provide
affordable rental housing for elderly income eligible persons, and recommended that the
Mayor and City Commission approve and award HOME Program funds, in the amount of
$200,000; and
WHEREAS, the Administration would hereby recommend that the Mayor and City
Commission approve and authorize the Mayor and City Clerk to execute the attached
HOME Agreement with HACMB.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City Clerk
are hereby approved and authorized to execute a HOME Investment Partnerships (HOME)
Program agreement with Housing Authority of the City of Miami Beach (HACMB), providing
$200,000 of HOME Program funds from fiscal year 2005/06 to HACMB, for the
construction of a thirty (30) unit apartment building, to be located at 321-327 Michigan
Avenue, Miami Beach, for the creation of rental housing for income-eligible elderly persons,
in accordance with the HOME Program requirements.
PASSED AND ADOPTED THIS
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CITY CLERK
.. Robert Parcher
,2006
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MAYO
David Dermer
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APPROVED AS TO
FORM & LANGUAGE
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COMMISSION ITEM SUMMARY
Condensed Title:
A Resolution authorizing the Mayor and City Clerk to execute the attached HOME Investment
Partnerships (HOME) Program Agreement with the Housing Authority of the City of Miami Beach
(HACMB), providing $200,000 of Fiscal Year 2005/06 HOME Program funds, for the construction of a
thirty (30) unit apartment building, to be located at 321-327 Michigan Avenue, Miami Beach, for income-
eligible elderly persons, in accordance with the HOME Program requirements.
Ke Intended Outcome Su orted:
Increase access to workforce or affordable housing.
Issue:
Shall the City enter into a HOME Program Agreement which provides $200,000 of Fiscal Year
2005/06 HOME Program funds, for the construction of a thirty (30) unit apartment building, to be
located at 321-327 Michigan Avenue, Miami Beach, for income-eligible elderly persons, in accordance
with the HOME Proaram reauirements.
Item Summary/Recommendation:
During April 2006, HACMB responded to a FY 2005/06 HOME Program Notice of Funding
Availability, requesting $367,613 toward the cost of constructing a thirty (30) unit apartment building,
to be located at 321-327 Michigan Avenue, to provide rental units for income-eligible elderly persons
in accordance with the HOME Program requirements. Total funding for this project, from all sources
(City of Miami Beach, Miami-Dade County, the Florida Housing Finance Corporation and private bank
financing), amounts to $5,018,607. The construction cost for the 10,420 square foot project is
$3,960,000, or $380 per square foot/$132,000 per unit. The request was favorably reviewed by
Administration and recommended for fundina.
Adviso Board Recommendation:
On June 2, 2006, the Loan Review Committee (LRC) reviewed and recommended approval by the
City Commission for HACMB to be awarded $200,000 toward the cost of the constructing of a thirty
(30) unit apartment building, to be located at 321-327 Michigan Avenue, Miami Beach, for income-
eli ible elderl ersons, in accordance with the HOME Pro ram re uirements.
Financial Information:
Source of Amount Account Approved
Funds: 1 $200,000 151-5234- 000349
D 2
3
4
OSPI Total $200,000
Financial Impact Summary:
Ci Clerk's Office Le islative Trackin
Vivian P. Guzman
Sign-Offs: Department
Director
Assistant City Manager
City Manager
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MIAMI BEACH
AGENDA ITEM
DATE
C70
7-12-0~
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MIAMI BEACH
City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibeachfl.gov
COMMISSION MEMORANDUM
FROM:
Mayor David Dermer and Members of the City Commission
Jorge M. Gonzalez, City Manager ~......--~
July 12, 2006 0
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, APPROVING AND AUTHORIZING
THE MAYOR AND CITY CLERK TO EXECUTE A HOME INVESTMENT
PARTNERSHIPS (HOME) PROGRAM AGREEMENT WITH THE
HOUSING AUTHORITY OF THE CITY OF MIAMI BEACH (HACMB),
PROVIDING $200,000 OF FISCAL YEAR 2005/06 HOME PROGRAM
FUNDS, FOR THE CONSTRUCTION OF A THIRTY (30) UNIT
APARTMENT BUILDING, TO BE LOCATED AT 321-327 MICHIGAN
AVENUE, MIAMI BEACH, FOR INCOME-ELIGIBLE ELDERLY
PERSONS, IN ACCORDANCE WITH THE HOME PROGRAM
REQUIREMENTS.
TO:
DATE:
SUBJECT:
ADMINISTRATION RECOMMENDATION
Adopt the Resolution.
ANALYSIS
The Housing Authority of the City of Miami Beach (HACMB) owns three contiguous parcels
at 321-327 Michigan Avenue. During April 2006, HACMB submitted a funding application in
response to the City's FY 2005/06 HOME Notice of Funding Availability (NOFA), requesting
the total amount of the NOFA, $367,613, to be used toward the construction of a new thirty
(30) unit apartment building for low-income elderly persons. The resulting average unit size
will be 550 square feet; all units will be one-bedroom, one-bath, and handicap
accessible/ADA compliant. This four-story building will be located within one block of
HACMB offices. The building will have a total finished area of 10,420 square feet. The
units will be rented to income-eligible elderly participants qualifying under the HOME
Program requirements.
On June 2,2006, the Loan Review Committee reviewed HACMB's request for $367,613 of
FY 2006 HOME NOFA funds for the Project, and has recommended that the City
Commission award HOME Program funds to HACMB in the amount of $200,000.
The $200,000 of HOME funds requested with this application would be combined with other
secured funding in the amount of $4,362,100 (this amount does not reflect the land equity
value of $1,440,000 and $288,894 in deferred developer fees) for this project.
Total funding for this project, from all sources, amounts to $5,018,607. The construction
cost for the 10,420 square foot project $3,960,000, or $380 per square foot/$132,OOO per
unit.
Commission Memorandum
July 12, 2006
Page 2 of 2
CONCLUSION
The Administration recommends that the Mayor and City Commission approve and authorize
the Mayor and City Clerk to execute the attached HOME Investment Partnerships (HOME)
Program Agreement with the Housing Authority of the City of Miami Beach (HACMB),
providing $200,000 of Fiscal Year 2005/06 HOME Program funds, for the construction of a
thirty (30) unit apartment building, to be located at 321-327 Michigan Avenue, Miami Beach,
for income-eligible elderly persons, in accordance with the HOME Program requirements.
JMG/HMFN(ITU/EJB
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