Loading...
HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM File ID: #8870 Date: 04/09/2021 Commission Meeting Date: 04/08/2021 Requesting Department: C Sponsored By: District Impacted: Type: Resolution Subject: Tranche 2 Affordable Housing Reimbursement Budget Impact Analysis Total Fiscal Impact: City Commission Nicole Ewan Legislative Division Valentin J Alvarez Department of Real Estate and Asset Management Office of Management and Budget Leon P Michel Office of the City Attorney Barnaby L. Min Office of the City Attorney Victoria Mendez Office of the City Clerk City Clerk's Office Reviewed By Meeting Legislative Division Review Jacqueline Lorenzo Budget Review Deputy Attorney Review Approved Form and Correctness Rendered Commission Completed 04/08/2021 9:00 AM Completed 04/15/2021 11:57 AM ACA Review Completed Completed 04/15/2021 10:29 PM Completed 04/16/2021 9:10 AM Completed 04/20/2021 12:09 PM Completed 04/20/2021 3:24 PM GSY v City of Miami 'y ls°1°1 f1ATto �. Legislation Resolution Enactment Number: R-21-0156 File Number: 8870 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date:4/8/2021 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING AND DIRECTING THE CITY MANAGER TO ALLOCATE FROM THE TRANCHE 2 AFFORDABLE HOUSING CATEGORY, IN ACCORDANCE WITH (A) THE NOVEMBER 7, 2017 VOTER REFERENDUM FOR THE CITY OF MIAMI ("CITY") FOREVER LIMITED AD VALOREM BONDS ("VOTER REFERENDUM"), (B) THE FINAL BOND VALIDATION ORDER DATED DECEMBER 16, 2019 ("BONDS VALIDATION ORDER"), AND (C) THE CITY COMMISSION'S UPDATED SEVEN (7) AFFORDABLE HOUSING BONDS PROJECTS STRATEGIES AND THE TRANCHE 2 AFFORDABLE HOUSING BONDS INTENT TO REIMBURSE RESOLUTION NO. R-21-0046 ADOPTED JANUARY 28, 2021, ALL ATTACHED AND INCORPORATED AS COMPOSITE EXHIBIT "A", FUNDING ON A REIMBURSEMENT BASIS IN AN AMOUNT NOT TO EXCEED TWO MILLION TWO HUNDRED SIXTY SIX THOUSAND FIFTY SEVEN AND 50/100 DOLLARS ($2,266,057.50) FROM THE PROPOSED TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS FOR THE AFFORDABLE HOUSING COMPONENTS OF SINGLE FAMILY HOUSING PROJECTS FOR LOW AND/OR MODERATE INCOME PERSONS/FAMILIES TO BE LOCATED WITHIN THE CITY'S DISTRICT 3 AT 1251 SOUTHWEST 7 STREET (FOLIO NO. 01-4102-011- 0370), 1261 SOUTHWEST 7 STREET (FOLIO NO. 01-4102-011-0361), 1269 SOUTHWEST 7 STREET (FOLIO NO. 01-4102-011-0360), AND 643 SOUTHWEST 13 AVENUE (FOLIO NO. 01-4102-011-0340), MIAMI, FLORIDA AND AS LEGALLY DESCRIBED IN THE EXHIBIT "B," ATTACHED AND INCORPORATED (COLLECTIVELY, "DISTRICT 3 SINGLE-FAMILY PROJECTS"), TO BE DEVELOPED BY THE CITY AS THE DEVELOPER; SUCH ALLOCATION TO BE IN COMPLIANCE WITH ALL APPLICABLE FEDERAL, STATE OF FLORIDA, LOCAL, AND CITY LAWS, RULES, AND REGULATIONS FOR AFFORDABLE HOUSING PROJECTS, INCLUDING BUT NOT LIMITED TO THE CITY'S AFFORDABLE HOUSING BONDS PROJECTS STRATEGIES, THE TRANCHE 2 AFFORDABLE HOUSING INTENT TO REIMBURSE RESOLUTION, THE VOTER REFERENDUM, THE BONDS VALIDATION ORDER, THE TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS, THE CHARTER OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, AND THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED; DESIGNATING AN EMERGENCY NATURE; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City Commission expects to provide for the issuance by the City of Miami ("City") of its Tranche 2 taxable and tax-exempt limited ad valorem bonds payable from ad valorem taxes provided that the capital projects debt millage not exceed the rate of 0.5935 mills in accordance with the November 7, 2017 bond referendum approved by the voters ("Voter Referendum"), initially in an expected not to exceed total maximum principal amount of Forty Million Dollars ($40,000,000.00), in order to, among other things, reimburse the City for funds advanced by the City for certain expenses incurred with respect to capital projects to be undertaken by the City to improve affordable housing within the City's limits (collectively, "Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds"), all as indicated in a Resolution No. R-21-0046 adopted January 28, 2021, the related City Manager's Memorandum thereto, and the seven (7) Tranche 2 Affordable Housing Bonds Projects Strategies attached and incorporated therein (collectively, "Tranche 2 Affordable Housing Bonds Intent to Reimburse Resolution"); and WHEREAS, the City's District 3 has previously purchased on February 27, 2019 with funding from District 3 Park Impact Fees authorized by City Commission Resolution No. R-18- 0487 adopted October 25, 2018 four (4) properties located at 1251 Southwest 7 Street (Folio No. 01-4102-011-0370), 1261 Southwest 7 Street (Folio No. 01-4102-011-0361), 1269 Southwest 7 Street (Folio No. 01-4102-011-0360), and 643 Southwest 13 Avenue (Folio No. 01- 4102-011-0340), all as legally described in Exhibit "B" attached and incorporated (collectively, "Properties"), for a total cost of two million two hundred sixty six thousand fifty seven and 50/100 dollars ($2,266,057.50) inclusive of the purchase price and associated acquisition costs sourced from the Office of Capital Improvement ("OCI") Project No. 40-13183415, District 3 Park Land Acquisition, and further broken down as follows: Purchase Price: $ 2,255,000.00 Closing Costs: $ 11,057.50 TOTAL $ 2,266,057.50 WHEREAS, the District 3 Commission is requesting the Properties be utilized for affordable housing which is in the best interests of the City due to the ongoing dire need for affordable housing and to provide authorization to fund, on a reimbursement basis, an amount not to exceed two million two hundred sixty six thousand fifty seven and 50/100 dollars ($2,266,057.50) from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for the affordable housing components for single family projects for persons/families of low and/or moderate income of the City to be developed by the City as Developer (collectively, "District 3 Single Family Projects"); and WHEREAS, the District 3 Commissioner has requested and the City Commission has determined that it is in the best interests of the City to authorize and direct the City Manager, in accordance with the Voter Referendum, the Miami Forever Limited Ad Valorem Bonds Final Validation Order of December 16, 2019 ("Bonds Validation Order"), the City's Affordable Housing Bonds Projects Strategies, and the Tranche 2 Affordable Housing Bonds Intent to Reimburse Resolution, all attached and incorporated in Composite Exhibit "A", to fund, on a reimbursement basis, an amount not to exceed two million two hundred sixty six thousand fifty seven and 50/100 dollars ($2,266,057.50) from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for the affordable housing components of the District 3 Single Family Projects to be developed by the City as the Developer; and WHEREAS, such allocation shall be in compliance with all applicable Federal, State of Florida ("State"), local, and City laws, rules, and regulations for affordable housing projects, including but not limited to the City's Tranche 2 Affordable Housing Bonds Projects Strategies, the Tranche 2 Affordable Housing Intent to Reimburse Resolution, the Voter Referendum, the Bonds Validation Order, the Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds, the Charter of the City of Miami, Florida, as amended ("City Charter'), and the Code of the City of Miami, Florida, as amended ("City Code"); and WHEREAS, in accordance with Section 2-33(f) of the City Code, the City Commission, by a majority vote, hereby deems this Resolution to be of an emergency nature; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as fully set forth in this Section. Section 2. The City Commission hereby authorizes' and directs the City Manager to allocate from the Tranche 2 Affordable Housing category funding on a reimbursement basis in an amount not to exceed two million two hundred sixty six thousand fifty seven and 50/100 dollars ($2,266,057.50) from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for the affordable housing components of the single family housing projects for low and/or moderate income persons/families to be located at the Properties, as legally described in the Exhibit "B", attached and incorporated, to be developed by the City as the Developer, with such allocation to be in compliance with all applicable Federal, State, Local, and City laws, rules, and regulations for affordable housing projects, including but not limited to the City's Affordable Housing Bonds Projects Strategies, the Tranche 2 Affordable Housing Intent to Reimburse Resolution the Voter Referendum, the Bonds Validation Order, the Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds, the City Charter, and the City Code. Section 3. This Resolution shall take effect immediately upon its adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: i 4naindez, City Httor ey 4/20/2021 Pursuant to the resolution, this item became effective immediately upon adoption by the Commission. ' The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to, those prescribed by 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.