HomeMy WebLinkAboutR-20-0337City of Miami
f
Legislation
Resolution: R-20-0337
File Number: 7993
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 10/14/2020
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AMENDING AND SUPPLEMENTING RESOLUTION NO. R-19-0111 ADOPTED
BY THE CITY COMMISSION ON MARCH 14, 2019, WHICH AUTHORIZED THE
CITY MANAGER, THE CITY ATTORNEY, AND BOND COUNSEL TO TAKE
ANY AND ALL STEPS NECESSARY TO VALIDATE THE APPROVED AND
EXPECTED FUTURE EXPENDITURES NOT TO EXCEED ONE HUNDRED
MILLION DOLLARS ($100,000,000.00) OF THE AGGREGATE PRINCIPAL
TOTAL AMOUNT OF THE AFFORDABLE HOUSING AND ECONOMIC
DEVELOPMENT PORTION OF THE MIAMI FOREVER BONDS IN ORDER TO
REFLECT CHANGES TO FOUR (4) OF THE PROGRAM TYPE STANDARD
OPERATING PROCEDURES FOR THE AFFORDABLE HOMEOWNERSHIP
STRATEGY, AFFORDABLE NEW CONSTRUCTION RENTAL STRATEGY,
AFFORDABLE WORKFORCE NEW RENTAL STRATEGY, AND
HOMEOWNERSHIP PRESERVATION STRATEGY, ALL AS SET FORTH IN
COMPOSITE EXHIBIT "A," ATTACHED AN INCORPORATED.
WHEREAS, on March 14, 2019, pursuant to Resolution Nos. R-19-0062 and R-19-0111,
the City Commission authorized the initiation of validation proceedings for the November 7,
2017 Bond Referendum and the issuance of the City of Miami's ("City") taxable and tax-exempt
bonds in the aggregate principal amount not exceeding Four Hundred Million Dollars
($400,000,000.00) in one or more separate series of City Tax -Exempt and Taxable Limited Ad
Valorem Tax Bonds (Miami Forever Capital Program) (collectively, "Miami Forever Bonds"),
including tax-exempt and taxable bonds in one or more separate series not exceeding One
Hundred Million Dollars ($100,000,000.00) for affordable housing and economic development
capital projects ("Affordable Housing and Economic Development Bonds") of which an
amount not to exceed Fifteen Million Dollars ($15,000,000.00) are proposed for the first tranche;
and
WHEREAS, for all series of the Affordable Housing and Economic Development Bonds,
Resolution Nos. R-19-0111 and R-19-0325 set forth seven (7) affordable housing and economic
development program types of projects ("Program Types") as follows: i) Affordable Workforce
New Rental Strategy, ii) Homeownership Preservation Strategy, iii) City Acquisition of Land,
iv) Affordable Homeownership Strategy, v) Affordable Rental Housing Preservation Strategy, vi)
Affordable New Construction Rental Strategy, and vii) Long Term Lease/Build/Manage Strategy;
and
WHEREAS, on December 16, 2019, Judge Carlos Guzman found that the Miami
Forever Bonds served a paramount public purpose and issued an order validating the Miami
Forever Bonds in an aggregate principal amount not to exceed Four Hundred Million Dollars
($400,000,000.00) ("Final Order"); and
City of Miami Page 1 of 2 File ID: 7993 (Revision: A) Printed On: 111612020
File ID: 7993
Enactment Number: R-20-0337
WHEREAS, the Final Order identified the Program Types and acknowledged that the
City had established clear and detailed Standard Operating Procedures ("SOP") for each
Program Type, as such SOPs may be "amended and updated from time to time"; and
WHEREAS, based upon the City Administration's experience to date in proceeding to
implement the Program Types, the City Administration has recognized the need to amend,
supplement, and update four (4) of the original seven (7) Program Type SOPs for additional
public benefits: Affordable Homeownership Strategy, Affordable New Construction Rental
Strategy, Affordable Workforce New Rental Strategy, and Homeownership Preservation
Strategy, all as set forth in Composite Exhibit "A," attached and incorporated;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
hereby adopted by reference and incorporated herein as if fully set forth in this Section.
Section 2. The City Manager is authorized' to amend and supplement Resolution No. R-
19-0111 adopted by the City Commission on March 14, 2019, which authorized the City
Manager, the City Attorney, and Bond Counsel to take any and all steps necessary to
validate the approved and expected future expenditures of the Affordable Housing and
Economic Development Bonds portion of the Miami Forever Bonds in order to reflect the
changes to four (4) Program Type SOPs for Affordable Homeownership Strategy, Affordable
New Construction Rental Strategy, Affordable Workforce New Rental Strategy, and
Homeownership Preservation Strategy, all as set forth in Composite Exhibit "A," attached and
incorporated.
Section 3. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.2
APPROVED AS TO FORM AND CORRECTNESS:
1
i � 4aindez, City ttor ey 1113l2020
' The herein authorization is further subject to compliance with all requirements that may be imposed by
the City Attorney, including but not limited to, those prescribed by applicable City Charter and City Code
provisions.
2 If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days
from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective
immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 File ID: 7993 (Revision: A) Printed on: 111612020