2007-26481 Reso
RESOLUTION NO. 2007-26481
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, APPROVING ARE-PROGRAM
OF $309,469 IN FISCAL YEAR (FY) 2002/03 HOME INVESTMENT
PARTNERSHIPS (HOME) PROGRAM FUNDS, PREVIOUSLY
AWARDED TO CARRFOUR SUPPORTIVE HOUSING FOR THE
REHABILITATION OF THE BUILDING LOCATED AT 530 MERIDIAN
AVENUE, MIAMI BEACH (THE PROPERTY), TO MBCDC MERIDIAN
PLACE, LLC, FOR THE ACQUISITION AND/OR REHABILITATION
OF THE PROPERTY TO PROVIDE THIRTY-FOUR (34) RENTAL
HOUSING UNITS FOR ELDERLY PROGRAM-ELIGIBLE PERSONS,
IN ACCORDANCE WITH THE HOME PROGRAM REQUIREMENTS;
AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A
HOME PROGRAM AGREEMENT WITH MBCDC MERIDIAN PLACE,
LLC, UTILIZING THE AFOREMENTIONED $309,469 RE-
PROGRAMMED HOME FUNDS, TOWARDS THE COST OF THE
ACQUISITION AND/OR REHABILITATION OF SAID PROPERTY.
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) under the rules of the U.S. Department of Housing and Urban Development (U.S.
HUD), which provides financial assistance forthe purpose of providing affordable housing
within the City; and
WHEREAS, on December 10, 2003, the Mayor and City Commission approved
Resolution No. 2003-25433, which awarded $309,469 of Fiscal Year (FY) 2002/2003
HOME funds to Carrfour Supportive Housing (Carrfour), to acquire and rehabilitate the
apartment building known as Sunsouth Place Apartments, located at 530 Meridian Avenue,
Miami Beach (the Property); and
WHEREAS, Carrfour has decided not to pursue completion of the its Project and
has entered into a purchase agreement to sell the Property to the Miami Beach Community
Development Corporation (MBCDC); and
WHEREAS, MBCDC Meridian Place, LLC., a limited liability entity created and held
by MBCDC as owner of the Property, closed on the Property on February 6, 2007; and
WHEREAS, MBCDC Meridian Place, LLC. has decided to rename the project
Meridian Place, and proposes to convert the Property into thirty-four (34) units of
affordable housing for elderly persons; and
WHEREAS, the Administration would hereby recommend that the Mayor and City
Commission approve and authorize the Mayor and City Clerk execute the attached HOME
Investment Partnerships (HOME) Agreement with MBCDC.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, approving a re-program of
$309,469 in Fiscal Year (FY) 2002/03 HOME Investment Partnership (HOME) Funds,
previously awarded to Carrfour Supportive Housing for the rehabilitation of the building
located at 530 Meridian Avenue, Miami Beach (the Property), to MBCDC Meridian Place,
LLC., for the acquisition and/or rehabilitation of the Property to provide thirty-four (34)
rental housing units for elderly homeless program eligible persons, in accordance with the
HOME Program requirements; and, authorizing the Mayor and City Clerk to execute a
HOME Program Agreement with MBCDC Meridian Place, LLC., utilizing the
aforementioned $309,469 re-programmed HOME funds, towards the cost of the acquisition
and/or rehabilitation of said Property.
PASSED AND ADOPTED THIS 14th DAY OF March
,2007
ATTEST:
~( PM~~
CITY CLERK
Robert Parcher
MiCha!~~.~NC)rv-
Vice-Mayor
T:\AGENDA\2007\feb1407\Consent\Meridian Place Resolution.doc
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
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COMMISSION ITEM SUMMARY
Condensed Title:
A resolution of the Mayor and City Commission of the City of Miami Beach, Florida, approving are-program
of $309,469 in Fiscal Year (FY) 2002/03 HOME Investment Partnership (HOME) funds, previously awarded
to Carrfour Supportive Housing for the rehabilitation of the building located at 530 Meridian Avenue, Miami
Beach (the Property), to MBCDC Meridian Place LLC., for the purpose of the acquisition and/or
rehabilitation of the Property, to provide thirty-four (34) rental housing units for elderly formerly homeless
program eligible persons, in accordance with the HOME Program requirements; and, authorizing the Mayor
and City Clerk to execute a HOME Program Agreement with MBCDC Meridian Place LLC., utilizing the
aforementioned $309,469 re-programmed HOME funds, towards the cost of the acquisition and/or
rehabilitation of said Property.
Ke Intended Outcome Su orted:
Increase access to workforce or affordable housing.
Issue:
Shall the City reprogram $309,469 of HOME Program funds, and enter into a HOME Program
Agreement with MBCDC Meridian Place LLC., to provide for the acquisition and/or rehabilitation of the
Meridian Place Apartments, located at 530 Meridian Avenue, Miami Beach, to provide 34 rental units
for income-eli ible artici ants in accordance with the HOME Pro ram re uirements.
Item Summary/Recommendation:
On December 10, 2003, the City awarded $309,469 of HOME Program funds to Carrfour Corporation
for the cost of rehabilitation of a 76 unit building at 530 Meridian Avenue, also known as the Sunsouth
Project, to provide 50 transitional housing units for formerly homeless persons. Carrfour
subsequently determined that it could not complete the project, and agreed to sell the property to
MBCDC Meridian Place LLC., is changing the scope of the project to the creation of thirty four (34)
rental units for income-eligible elderly, formerly homeless participants in accordance with the HOME
Program requirements. The request was favorably reviewed by Administration and recommended for
fundinQ.
Advisory Board Recommendation:
I N/A
Financial Information:
OBPI
Amount
$309,469
Account
151-5231- 000509
Approved
Source of
Funds:
HOME
Program
$309,469
Financial Impact Summary:
City Clerk's Office Legislative Tracking:
I Vivian P. Guzman
Si n-Offs:
Department Director
City Manager
m
,.,.
MIAMI BEACH
AGENDA ITEM C 7 G-
DA TE 3-/1/-0"/
m
MIAMI BEACH
City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibeachfl.gov
TO:
FROM:
DATE:
SUBJECT:
COMMISSION MEMORANDUM
Mayor David Dermer and Members of the City Com
Jorge M. Gonzalez, City Manager \}./'
March 14,2007 0
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, APPROVING ARE-PROGRAM
OF $309,469 IN FISCAL YEAR (FY) 2002/03 HOME INVESTMENT
PARTNERSHIPS (HOME) PROGRAM FUNDS, PREVIOUSLY
AWARDED TO CARRFOUR SUPPORTIVE HOUSING FOR THE
REHABILITATION OF THE BUILDING LOCATED AT 530 MERIDIAN
AVENUE, MIAMI BEACH (THE PROPERTY), TO MBCDC MERIDIAN
PLACE LLC., FOR THE ACQUISITION AND/OR REHABILITATION
OF THE PROPERTY, TO PROVIDE THIRTY-FOUR (34) RENTAL
HOUSING UNITS FOR ELDERLY PROGRAM-ELIGIBLE PERSONS,
IN ACCORDANCE WITH THE HOME PROGRAM REQUIREMENTS;
AND, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE
A HOME PROGRAM AGREEMENT WITH MBCDC MERIDIAN
PLACE LLC., UTILIZING THE AFOREMENTIONED $309,469 RE-
PROGRAMMED HOME FUNDS, TOWARDS THE COST OF THE
ACQUISITION AND/OR REHABILITATION OF SAID PROPERTY.
ADMINISTRATION RECOMMENDATION
Adopt the Resolution.
ANAL YSIS
On December 10, 2003, the City of Miami Beach awarded $309,469 of Fiscal Year 2002/03
HOME funds to Carrfour Supportive Housing (Carrfour), for the rehabilitation of the property
located at 530 Meridian Avenue, Miami Beach, for the purpose of providing affordable rental
housing for formerly homeless persons. On June 2001, Carrfour acquired the property for
$1,650,000, utilizing funds provided by the Federal Home Loan Bank and a purchase money
mortgage. In addition, Carrfour secured $1,000,000 from the Florida Housing Finance
Corporation, $604,395 from the Miami-Dade County Documentary Surtax Program, and
$395,605 in Miami-Dade HOME Investment Partnerships Program for the rehabilitation of
the building. The total cost of the project was estimated at $3,989,425, or $275 per square
foot (Carrfour estimated the square footage as 14,507). Carrfour named the project
Sunsouth Place.
The three story building was built in 1940, and until 2001 had been operated as a transient
hotel. Carrfour purchased the building at that time, and began construction. Restoration
completed by Carrfour included roofing and structural systems.
Carrfour subsequently decided not to pursue completion of the Sunsouth Place project, and
entered into negotiations with the Miami Beach Community Development Corporation
(MBCDC), which agreed to purchase the property for $3,800,000. This amount represents
Carrfour's purchase price and construction cost investments up until that point in time.
MBCDC has renamed the project "Meridian Place Apartments", and has formed "MBCDC
Meridian Place LLC.", a limited liability entity created and held by MBCDC as owner of the
property.
The original Scope of Work proposed by Carrfour called for the creation of fifty-five (55)
Single Room Occupancy units, fifteen (15) affordable units, and one (1) Manager's unit. The
new Scope of Work proposed by MBCDC specifies the creation of thirty-four (34) studio and
one-bedroom apartments for elderly, formerly homeless persons. The building, according to
a new survey undertaken by MBCDC, has a total area of 16,525 square feet. The total
project cost, including the purchase price of $3,800,000, is $6,360,000. MBCDC estimates
hard and soft construction costs of $2,560,000. The cost per unit is $187,059; the cost per
square foot is $385. MBCDC has retained funding previously awarded to Carrfour as follows:
$1,000,000 State Demonstration Loan, $1,379,395 Miami-Dade County Surtax, and
$395,605 Miami-Dade County HOME Program. In addition, MBCDC received $1,500,000
from the City of Miami Beach Redevelopment Agency for acquisition, is in the process of
obtaining $400,000 from a private lender, has applied for $400,000 of Special Housing
Assistance from the State of Florida, and has also applied for an additional $975,531 of
Miami Dade Surtax funds. MBCDC closed on the property on February 6,2007. In light of
the sale of the property to MBCDC, it is recommended that the funding previously allocated
to Carrfour for their project at this building, be reallocated to MBCDC for their rehabilitation of
this building.
No funds from any of the City of Miami Beach housing programs were disbursed to Carrfour
for this project and are available for reallocation.
CONCLUSION
The Administration recommends that the Mayor and City Commission of the City of Miami
Beach, Florida, approve a re-program of $309,469 in Fiscal Year (FY) 2002/03 HOME
Investment Partnership (HOME) Funds, previously awarded to Carrfour Supportive Housing
for the rehabilitation of the building located at 530 Meridian Avenue, Miami Beach (the
Property), to MBCDC Meridian Place LLC., for the acquisition and/or rehabilitation of the
Property, to provide thirty-four (34) rental housing units for elderly formerly homeless
program eligible persons, in accordance with the HOME Program requirements; and,
authorizing the Mayor and City Clerk to execute a HOME Program Agreement with MBCDC
Meridian Place LLC., utilizing the aforementioned $309,469 re-programmed HOME funds,
towa:rje cost of the acquisition and/or rehabilitation of said Properly
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l'IAR-5-2007 17: 48 FRO!'!: GILLER & GILLER
5385921
TO: 3055382863
P.2
Giller & Giller, Inc.
The Giller Building
975 Arthur Godfrey ROi1d
Miami Beach, Florida 33140
(305) 538-6324 fax/modem (305) 538.5921
Reg. #AA C001364
FAXMEMO
Project:
SUNSOUTH ELDERLY APTS.
530 Meridian Ave.
To: Thomas Urriola
eMS Economic Dev. Dept.
From: Ira Giller, A. I. A. ~~
Date:
March 5, 2007
Comm. No: 06108
Pages transmitted including this page: 1
Please be advised that the total gross area of the project is 16,525 square feet.
If you have any questions. please call me.
ARCHITECTS
INTERIOR DESIGNERS
CONSTRUCTION MANAGERS