HomeMy WebLinkAboutAgenda Item Summary Form1IV OF
3 AGENDA ITEM SUMMARY FORM
File ID: #7993
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Date: 10/05/2020 Requesting Department: Department of
Housing and Community Development
Commission Meeting Date: 10/14/2020 Sponsored By:
District Impacted: All
Type: Resolution
Subject: Amend - Miami Forever Affordable Housing and Economic Development Bonds
Purpose of Item:
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 OF NOT TO EXCEED ONE HUNDRED MILLION DOLLARS
($100,000,00.00) OF AGGREGATE PRINCIPAL TOTAL AMOUNT OF THE
AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT PORTION OF THE
MIAMI FOREVER BONDS ("MIAMI FOREVER AFFORDABLE HOUSING AND
ECONOMIC DEVELOPMENT BONDS") IN ORDER TO REFLECT THE 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, AS SET
FORTH COMPOSITE EXHIBIT "A," ATTACHED AN INCORPORATED.
Background of Item:
On March 14, 2019, pursuant to Resolution Nos. 19-0062 and 19-0111, the City
Commission authorized the initiation of validation proceedings for the November 7,
2017 Bond Referendum ("Bond Referendum") and the issuance of the City of Miami
("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 of 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 ("First
Tranche Series Bonds").
For all series of the Affordable Housing and Economic Development Bonds, Resolutions
No. 19-0111 and 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.
On December 16, 2019, the City appeared before the Honorable Carlos Guzman and
upon the conclusion of the hearing, Judge 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").
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 SOP's may be "amended and updated from time to time".
Based upon the administration's experience to date in proceeding to implement the
Program Types, the administration has recognized the need to amend, supplement, and
update four (4) of the original seven (7) Program Type SOP's for additional public
benefit: Affordable Homeownership Strategy, Affordable New Construction Rental
Strategy, Affordable Workforce New Rental Strategy, and Homeownership Preservation
Strategy, as set forth in Composite Exhibit "A," attached and incorporated.
Budget Impact Analysis
Item is NOT Related to Revenue
Item is an Expenditure
Item is NOT funded by Bonds
Total Fiscal Impact:
N/A
Reviewed By
Department of Community and Economic Development
Review Completed 10/05/2020 5:16 PM
Office of Management and Budget Luis Hernandez -Torres
Office of Management and Budget Christopher M Rose
City Manager's Office
Sandra Bridgeman
City Manager's Office
Arthur Noriega V
Legislative Division
Valentin J Alvarez
Office of the City Attorney
Richard Appleton
Office of the City Attorney
Barnaby L. Min
Office of the City Attorney
Victoria Mendez
City Commission
Nicole Ewan
Office of the Mayor
Mayor's Office
Office of the City Clerk
City Clerk's Office
Legislative Division
Valentin J Alvarez
Office of the City Attorney
Richard Appleton
Office of the City Attorney
Barnaby L. Min
Office of the City Attorney
Victoria Mendez
Office of the City Clerk
City Clerk's Office
George Mensah
Department Head
Budget Analyst Review
Completed
Budget Review
Completed
Assistant City Manager Review
Completed
City Manager Review
Completed
Legislative Division Review
Completed
ACA Review
Completed
Deputy City Attorney Review
Completed
Approved Form and Correctness
Completed
Meeting
Completed
Signed by the Mayor
Completed
Signed and Attested by the City Clerk
Completed
Legislative Division Review
Completed
ACA Review
Completed
Deputy Attorney Review
Completed
Approved Form and Correctness with
Modification(s)
Rendered
Completed
10/06/2020 4:20 PM
10/07/2020 1:57 PM
10/13/2020 10:38 AM
10/13/2020 10:50 AM
10/13/2020 10:52 AM
10/13/2020 1:33 PM
10/13/2020 1:38 PM
10/13/2020 2:08 PM
10/14/2020 11:00 AM
10/19/2020 5:44 PM
10/19/2020 5:45 PM
10/21/2020 9:25 AM
10/28/2020 7:20 PM
10/29/2020 7:47 AM
Completed
11/03/2020 2:12 PM
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City of Miami
City Hall
I1f 111 111T11 X'
„ 11 3500 Pan American Drive
Legislation Miami, FL 33133
r R % www.miamigov.com
Resolution
Enactment Number: R-20-0337
File Number: 7993 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
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
&iria City Httor iey 10/13/2020
' 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.
Z 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.