City of Miami HCLC Committee Meeting: Edison Towers 2 Lien Release and Entity Change, October 28, 2026

The City of Miami HCLC committee met on October 28, 2026, at 14:15 UTC (10:15 a.m. EDT). No agenda or minutes were available, so this summary is based on the raw transcript. The meeting had one substantive item: releasing a $200,000 CDBG loan lien and changing the borrowing entity for the Edison Towers 2 affordable housing project. Two other items were deferred and are expected to return in January.

Consent Calendar

• The committee unanimously approved the minutes of the September 30 meeting.

Public Comments & Testimony

• Carol Gardner, identified as president/CEO of TEDC (Tacosa Economic Development Corporation), said the requested lien release clears title on the second parcel for Edison Towers 2 and allows the project to move forward with pre-development, property tax exemption, and low-income housing tax credit financing. She said the project is fully funded and drawings are being submitted to the City of Miami.
• In response to a committee member's question about a vacant former bank property near 58th Street and 7th Avenue, Gardner said TEDC has tried to acquire the site: the owner bought it for about $3 million; TEDC offered $5 million and was countered at $7 million, then offered $7 million and was countered at $10 million. She said TEDC would put affordable housing there if it can acquire the property.

Discussion Items

• Staff recommended approval to release the $200,000 CDBG lien (executed in 2010) against the Edison Towers 2 property so TEDC can obtain clear title, and to change the borrower from Edison Towers 2, LLC to Edison Towers 2 Apartments, LP to qualify for property tax exemption and LIHTC financing. The project is an eight-story, 96-unit tower in Liberty City. The committee approved a $3.5 million HOME CHDO set-aside for the project in July. TEDC is a Florida nonprofit community housing development organization that has operated in South Florida for over 40 years.
• Committee member Pierre Rutledge asked whether releasing the lien on the second parcel would preserve the city's security for the $200,000 loan. Gardner responded that the old Tower 1 debt was supposed to remain on Tower 1; staff/city attorney discussion indicated the new loan documents would include covenants and rent restrictions, with the property transferring to Edison Towers 2 Apartments, LP at closing.
• There was confusion about the current legal owner of the parcel. Gardner initially said TEDC Affordable Communities is the owner; after a check of the Miami-Dade property appraiser website, she said the owner is the Colsay Economic Development Corporation (also rendered elsewhere in the transcript as Teculsey/Tacosa Economic Development Corporation). The staff memo was to be amended to clarify the owner.

Key Outcomes

• The committee unanimously approved the staff recommendation to release the $200,000 CDBG lien and change the borrowing entity to Edison Towers 2 Apartments, LP, with a minor amendment/correction to the staff memo to clarify ownership. No one voted against.
• The amended memo will be distributed to committee members.
• The next HCLC meeting is scheduled for November 18, 2026. No December meeting is scheduled; the following HCLC meeting is expected in January 2027, when the two deferred items are expected to return.