Miami-Dade Legislative Item
File Number: 060444
Printable PDF Format Download Adobe Reader  

File Number: 060444 File Type: Resolution Status: Adopted
Version: 0 Reference: R-258-06 Control: County Commission
File Name: SURTAX FUNDS TO CORINTHIAN APARTMENTS, LTD Introduced: 2/10/2006
Requester: Miami-Dade Housing Agency Cost: Final Action: 3/7/2006
Agenda Date: 3/7/2006 Agenda Item Number: 8G1C
Notes: TLL- 2/10/06 Title: RESOLUTION VACATING RESOLUTIONS R-1482-02, R-753-03 AND R-1335-05 AND AUTHORIZING THE ALLOCATION OF $4,000,000 OF SURTAX FUNDS TO CORINTHIAN APARTMENTS, LTD., APPROVE THE REDUCTION OF TOTAL NUMBER OF UNITS AND CHANGE THE UNIT COMPOSITION FOR THE CORINTHIAN APARTMENTS DEVELOPMENT; AND AUTHORIZING THE COUNTY MANAGER OR HIS DESIGNEE TO EXECUTE ANY NECESSARY AGREEMENTS
Indexes: SURTAX FUNDS
Sponsors: Audrey M. Edmonson, Prime Sponsor
Sunset Provision: No Effective Date: Expiration Date:
Registered Lobbyist: None Listed


Legislative History

Acting Body Date Agenda Item Action Sent To Due Date Returned Pass/Fail

Board of County Commissioners 3/7/2006 8G1C Adopted P

Community Empowerment & Econ. Revitalization Cmte. 2/14/2006 4E Forwarded to BCC with a favorable recommendation P
REPORT: Assistant County Manager Tony Crapp, Sr. read the foregoing proposed resolution into the record. Hearing no questions or comments, the Committee proceeded to vote on the foregoing proposed resolution as presented.

County Attorney 2/13/2006 Assigned Shannon D. Summerset 2/13/2006
REPORT: "NED"

County Manager 2/10/2006 Additions Community Empowerment & Econ. Revitalization Cmte. 2/14/2006

County Manager 2/10/2006 Referred Community Empowerment & Econ. Revitalization Cmte. 2/14/2006

County Manager 2/10/2006 Assigned County Attorney 3/7/2006
REPORT: MDHA (CEERC 2/14/06)

County Manager 2/10/2006 Assigned Tony Crapp 1/25/2006 2/10/2006

Legislative Text


TITLE
RESOLUTION VACATING RESOLUTIONS R-1482-02, R-753-03 AND R-1335-05 AND AUTHORIZING THE ALLOCATION OF $4,000,000 OF SURTAX FUNDS TO CORINTHIAN APARTMENTS, LTD., APPROVE THE REDUCTION OF TOTAL NUMBER OF UNITS AND CHANGE THE UNIT COMPOSITION FOR THE CORINTHIAN APARTMENTS DEVELOPMENT; AND AUTHORIZING THE COUNTY MANAGER OR HIS DESIGNEE TO EXECUTE ANY NECESSARY AGREEMENTS

BODY
WHEREAS, this Board desires to accomplish the purposes outlined in the accompanying memorandum, a copy of which is incorporated herein by reference,

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA that this Board approves the vacating of resolutions R-1482-02, R-753-03 and R-1335-05 and authorizing the allocation of $4,000,000 of Surtax Funds to Corinthian Apartments, Ltd., and approve the reduction of total number of units and change the unit composition for the Corinthian Apartments Development, as set forth in the attached memorandum; and further authorizes the County Manager or his designee to execute agreements, contracts, and amendments on behalf of Miami-Dade County, following approval by the County Attorneyís Office; to shift funding sources for this program activity without exceeding the total amount allocated to that agency; and to exercise amendment, modification, renewal, cancellation and termination clauses on behalf of Miami-Dade County, Florida.


HEADER
Date:

To: Honorable Chairman Joe A. Martinez
and Members, Board of County Commissioners

From: George M. Burgess
County Manager

Subject: Resolution Vacating Resolutions R-1482-02, R-753-03 and R-1335-05 and Authorizing the Allocation of $4,000,000 of Surtax Funds to Corinthian Apartments, Ltd., Approve the Reduction of Total Number of Units and Change the Unit Composition for the Corinthian Apartments Development; and Authorizing the County Manager or His Designee to Execute Any Necessary Agreements

STAFF RECOMMENDATION
It is recommended that the Board of County Commissioners (BCC) vacate resolutions R-1482-02, R-753-03 and R-1335-05 and authorize the allocation of $4,000,000 of Surtax funds to Corinthian Apartments, Ltd., approve the reduction of the total number of units a change in the unit composition for the Corinthian Apartments development. The development is being developed by Pinnacle Housing Group. The development is located at 2160 NW 79th Street, in Commission District 2.

MANAGER'S BACKGROUND
The BCC awarded The Corinthian Apartments, Ltd. $1,000,000 of Surtax funds through R-1482-02 and up to $3,000,000 of Surtax funds through R-753-03 for The Corinthian Apartments development. Resolution R-1335-05 superseded R-1482-02 and sets the award amount at $2,500,000 for this resolution resulting in a total project award of $5,500,000. Resolution R-1335-05 incorrectly superseded the R-1482-02 instead of R-753-03 resulting in a total project award of $5,500,000 instead of $3,500,000. Originally, the development consisted of 144 rental units to house families and individuals earning up to 60% of area median income.

It is now proposed that the development will encompass 126 garden style units in three residential buildings plus a club house and related amenities. The property will be financed using 9% housing credits that were awarded to the development in October 2004 through the Florida Housing Finance Corporation. The proposed new unit mix of the development is as follows:


Number of Square Gross Proposed Number Previous Number
Bedrooms/Bathrooms Footage Rent of Units of Units

1/1 630 $546 27 16

2/2 783 $657 61 84

3/2 1,037 $751 35 32

4/2 1,115 $836 3 12

Total Number of Units 126 144

The above mentioned changes were necessary in order to make the development financially feasible in light of the dramatic increase in construction costs and to facilitate the environmental remediation required at the development site and construction delays and rising construction costs caused by Hurricanes Katrina and Wilma. These increased costs have resulted in a funding gap of $500,000 according to staffís review and the total project cost is estimated at $18,971,263. The developer expects to begin construction by Spring 2006 and anticipates completion by Spring 2007.

Miami-Dade Housing Agency is recommending reducing the total number of units, changing the unit composition and vacating resolutions R-1482-02, R-753-03 and R-1335-05 and allocating $4,000,000 for The Corinthian Apartments. The Affordable Housing Advisory Board approved the initial funding recommendation at its meeting of September 28, 2005. Pursuant to a directive from the December 13, 2005 CEER Committee the housing agency has reviewed the developerís request for additional funding and is recommending that an additional $500,000 be allocated to this project. Attached please find correspondence that has been received from the developer regarding the request for additional funding.

The Principals for The Corinthian Apartments, Ltd. are:

Louis Wolfson III, Chairman
9400 S. Dadeland Blvd., Suite 100
Miami, Florida 33156
(305) 854-7100

Michael D. Wolf, President
9400 S. Dadeland Blvd., Suite 100
Miami, Florida 33156
(305) 854-7100

David O. Deutch, Vice President
9400 S. Dadeland Blvd., Suite 100
Miami, Florida 33156
(305) 854-7100

Mitchell M. Friedman, Vice President
9400 S. Dadeland Blvd., Suite 100
Miami, Florida 33156
(305) 854-7100

Attached is a detailed statement of project financing for the funding of this development. It indicates the current project status of approved funding. (Attachment A).


Attachment



_______________________
Assistant County Manager
Tony E. Crapp, Sr.

OTHER
ATTACHMENT A
The Corinthian Apartments Development

Sources of Funds Current Allocation MDHA Uses of Funds
as of 12/6/05 Recommended
as proposed for Allocation
correction


Tax Credit Equity $10,393,961 $10,393,961 Construction; Finance Fees;
Hard Cost Contingency; Washer/Dryers

First Mortgage Conventional 3,600,000 3,600,000 Construction; Accounting; Marketing;
Construction Loan Cost; Developer Fee;
Land Acquisition

Miami-Dade County 3,500,000 4,000,000 Construction Cost; Land Clearing; Appraisal;
Surtax Funds Architect Fees; Building Permit; Engineering Fees;
Environmental; Insurance

Deferred Developerís Fee 977,302 977,302 Developer Fees

Total $18,471,263 $18,971,263



Home  |   Agendas  |   Minutes  |   Legislative Search  |   Lobbyist Registration  |   Legislative Reports
2014 BCC Meeting Calendar  |   Miami-Dade County Code of Ordinances   |   ADA Notice  |  

Home  |  Using Our Site  |  About Phone Directory  |  Privacy  |  Disclaimer

E-mail your comments, questions and suggestions to Webmaster  

Web Site © 2014 Miami-Dade County.
All rights reserved.