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Home My WebLink AboutR-21-0209City of Miami Legislation Resolution: R-21-0209 File Number: 9083 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date: 5/27/2021 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), ALLOCATING FUNDING, ON A REIMBURSEMENT BASIS, IN AN ADDITIONAL AMOUNT NOT TO EXCEED TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($2,500,000.00) FROM THE PROPOSED TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS TO BLOCK 55 RESIDENTIAL, LP, A FLORIDA LIMITED PARTNERSHIP ("DEVELOPER"), FOR THE AFFORDABLE HOUSING COMPONENTS OF A 19-STORY, HIGH RISE MIXED USE COMMERCIAL AND RESIDENTIAL COMPLEX PROJECT TO BE LOCATED AT 249 NORTHWEST 6TH STREET, TO BE KNOWN AS "SAWYER'S LANDING" OR "BLOCK 55" ("PROJECT"), BEING DEVELOPED BY THE DEVELOPER UPON FULFILLMENT BY THE DEVELOPER OF ALL OF THE TERMS AND CONDITIONS SET FORTH IN THE COLLECTIVE MEMORANDA TO THE CITY OF MIAMI'S ("CITY") HOUSING AND COMMERCIAL LOAN COMMITTEE, ATTACHED AND INCORPORATED AS COMPOSITE EXHIBIT "A"; SUCH ALLOCATION TO 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 AFFORDABLE HOUSING BONDS PROJECTS STRATEGIES, THE TRANCHE 2 AFFORDABLE HOUSING INTENT TO REIMBURSE RESOLUTION, AND THE TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, INCLUDING AMENDMENTS, EXTENSIONS, AND MODIFICATIONS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, SUBJECT TO ALL FEDERAL, STATE, AND LOCAL LAWS THAT REGULATE THE USE OF SUCH FUNDS, IN ORDER TO ALLOCATE THE CITY'S MIAMI FOREVER BOND FUNDING TO THE PROJECT; PROVIDING FOR AN EFFECTIVE DATE. SPONSOR(S): Commissioner Jeffrey Watson WHEREAS, the City Commission expects to issue 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, 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 of Miami ("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 separate Resolution, the related City Manager's Memorandum, and the seven (7) Tranche 2 Affordable Housing Bonds Projects Strategies attached and City of Miami Page 1 of 3 File ID: 9083 (Revision: A) Printed On: 611512021 File ID: 9083 Enactment Number: R-21-0209 incorporated therein and thereby (collectively, "Tranche 2 Affordable Housing Bonds Intent to Reimburse Resolution"); and WHEREAS, the City's Housing and Commercial Loan Committee ("HCLC") has approved the Department of Housing and Community Development's recommendation that the Project, as defined below, receive an allocation of funds in an amount not to exceed Seven Million Five Hundred Thousand Dollars ($7,500,000.00) and has set forth certain terms and conditions set forth in the attached and incorporated collective Memoranda (collectively, "HCLC Terms and Conditions for Block 55 Project Reimbursement Basis Funding") for City affordable housing funding, on a reimbursement basis, to be considered and allocated for specific affordable housing components of a 19-story mixed use commercial and residential complex to be located at 249 Northwest 6th Street and to be known as "Sawyer's Landing" or "Block 55" ("Project") to be developed by Block 55 Residential, LP, a Florida limited partnership ("Developer'), which project participated in the City's pipeline affordable housing projects continuing requests for proposals as presented to HCLC; and WHEREAS, the City Commission has previously allocated an amount not to exceed Five Million Dollars ($5,000,000.00) to the development of the residential complex of the Project pursuant to Resolution No. R-21-0047 and a total amount not to exceed Two Million Two Hundred Sixty -Six Thousand Fifty -Seven Dollars and Fifty Cents ($2,266,057.50) for the development of single-family affordable housing in District 3 pursuant to Resolution No. R-21- 0156; and WHEREAS, the Developer has requested and the City Commission has determined that it is in the best interests of the City to fund, on a reimbursement basis, an additional amount not to exceed Two Million Five Hundred Thousand Dollars ($2,500.000.00) from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for the affordable housing components of the Project being developed by the Developer upon the fulfillment by the Developer of all of the terms and conditions set forth in the HCLC Terms and Conditions for Sawyer's Landing/Block 55 Project Reimbursement Basis Funding, attached and incorporated in Composite Exhibit "A"; and WHEREAS, upon the adoption of this Resolution by the City Commission, the total allocated amount of Miami Forever Bond funding from the City for this Project shall be an amount not to exceed Seven Million Five Hundred Thousand Dollars ($7,500,000.00) ("City's Miami Forever Bond Funding"); 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, and the Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds (collectively, "Laws"); 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. City of Miami Page 2 of 3 File ID: 9083 (Revision: A) Printed on: 611512021 File ID: 9083 Enactment Number: R-21-0209 Section 2. The City Commission hereby authorizes' and directs the City Manager to allocate funding on a reimbursement basis in an additional amount not to exceed Two Million Five Hundred Thousand Dollars ($2,500,000.00) from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for the Project being developed by Developer upon the fulfillment by the Developer of all terms and conditions of the HCLC Terms and Conditions Sawyer's Landing/Block 55 Project Reimbursement Basis Funding and subject to compliance with all applicable Laws. Section 3. The City Manager is authorized' to negotiate and execute any and all necessary documents, including amendments, extensions, and modifications, all in forms acceptable to the City Attorney and Bond Counsel, subject to all Laws, in order to allocate the City's Miami Forever Bond Funding to the Project. Section 4. This Resolution shall take effect immediately upon its adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: 1 i ft6ria i "ndez, City Attor iey 6/1412021 ' 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. 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 3 of 3 File ID: 9083 (Revision: A) Printed on: 611512021