C7AK - Purchase $220k Condo for Affordable Housing

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 Rre Proyect Llc, As Seller, For The Purchase Of A Condominium Unit, Located At 8420 Byron Ave, Unit 5, Miami Beach, Florida, For The Total Sales Price Not To Exceed $220,000.00 Plus Closing Costs, Payable From Community Development Block Grant (cdbg) Funds; Said Purchase Being Contingent Upon: (1) The 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 $190,000.00; (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 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 Unit Pursuant To Hud Guidelines; And, Further, Should This Transaction Fail To Close, Authorizing The City Manager To Negotiate And Execute A New “as Is” Contract For The Purchase Of Another Property Within The City Of Miami Beach Boundaries For Use As Affordable Housing For A Total Sum Not To Exceed $932,979.55; Provided That The New Contract Is Contingent Upon The Approval Of The City Commission And In The Form Approved By The City Attorney.