C7O - Purchase 1735 Normandy Drive for Affordable Hou...

A Resolution Of The Mayor And City Commission Of The City Of miami Beach, Florida, Approving An "as Is" Residential Contract for Sale And Purchase Between The City, As Buyer, And normandy 1735 Llc, As Seller, Relating To A Fourplex Residential property, Located At 1735 Normandy Drive, Miami Beach, Florida, for The Total Purchase Price Not To Exceed $1,600,000.00 Plus closing Costs, Payable From Community Development Block grant (cdbg) Funds And Home Investment Partnership (home) funds; Said Purchase Being Contingent Upon: (1) The Interim City manager's Acceptance Of Inspections In Accordance With The contract; (2) An Independent Appraisal Reflecting An Appraised market Value For The Property Equal To Or Greater Than $1,600,000.00; Provided, However, That In The Event The Property appraises Below $1,600,000.00, The Interim City Manager Will Have authority To Increase The City's Offer By Up To $100,000.00 Above the Appraised Value, Not To Exceed A Total Purchase Price Of $1,600,000.00; (3) Satisfaction Of Hud's Area Median Purchase And maximum Per-unit Subsidy Requirements; And (4) Receipt Of funding Authorization From Hud; And, Further, Authorizing The interim City Manager To Take All Actions, And Negotiate And execute All Documents, Which May Be Necessary In Connection with The Purchase, Rehabilitation And Operation Of The property As An Affordable Housing Project Pursuant To Hud guidelines.