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RESOLUTION APPROVING ALLOCATION OF $10,592,308.00 FROM BUILDING BETTER COMMUNITIES GENERAL OBLIGATION BOND PROGRAM PROJECT NUMBER 249 � �PRESERVATION OF AFFORDABLE HOUSING UNITS AND EXPANSION OF HOME OWNERSHIP� TO FUND DEVELOPMENT OF AFFORDABLE HOUSING COMPONENT OF CUTLER BAY CENTRE IN DISTRICT 8

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WHEREAS, pursuant to Resolution No. R-918-04 (the �Affordable Housing Resolution�), the voters approved the issuance of general obligation bonds in a principal amount not to exceed $194,997,000.00 to construct and improve affordable housing for the elderly and families; and
WHEREAS, Appendix A to the Affordable Housing Resolution lists projects eligible for funding from the Building Better Communities General Obligation Bond Program (the �BBC Program�) by project number, municipal project location, BCC district, project name, project description, street address and allocation; and
WHEREAS, one of the projects listed in Appendix A to the Affordable Housing Resolution and approved by the voters for funding is Project No. 249 � �Preservation of Affordable Housing Units and Expansion of Home Ownership� with an original allocation of $137.7 million (�Project No. 249�); and
WHEREAS, there is a need for the development of low income elderly affordable housing in District 8; and
WHEREAS, this need may be satisfied in part through the proposed development of a new 4-story residential development with approximately 100 units of affordable housing for low and moderate income elderly persons, to include fifty (50) one bedroom/one bath units containing a minimum of 650 square feet of heated and cooled living area and fifty (50) two bedroom/two bath units containing a minimum of 850 square feet of heated and cooled living area, and an attached parking structure, to be sited at 11150 SW 211th Street, Cutler Bay, Florida (the �Cutler Bay Centre Project�); and
WHEREAS, the it is anticipated the Cutler Bay Centre Project will be developed by Cutler Bay Centre, LLC, a Florida limited liability company; and
WHEREAS, the Cutler Bay Centre Project may also include other amenities on the site, including approximately 7,000 square feet of dining and recreational activity space for the elderly; and
WHEREAS, the Cutler Bay Centre Project is located within walking distance to the South Dade Cultural Center, the South Dade Government Center and Southland Mall, thereby creating a mixed-used community corridor for local residents and commuters alike that will include affordable housing, retail and access to government services and cultural performances; and
WHEREAS, this Board wishes to approve the allocation of $10,592,308.00 from Project No. 249 to fund the development of the affordable housing component of the Cutler Bay Centre Project in District 8, subject to Board approval of all necessary agreements,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that:
Section 1. The foregoing recitals are incorporated in this resolution and are approved.
Section 2. This Board hereby approves the allocation of $10,592,308.00 from the $137.7 million allocated for BBC Program Project No. 249 � �Preservation of Affordable Housing Units and Expansion of Home Ownership� to fund the development of the affordable housing component of the Cutler Bay Centre Project in District 8, subject to Board approval of all necessary agreements.