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HomeMy WebLinkAboutR-21-0223City %J Miami *( )� Legislation a Resolution: R-21-0223 File Number: 9135 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date: 6/10/2021 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENTS, APPROVING AND AUTHORIZING THE CITY OF MIAMI ("CITY") TO ENTER INTO "THE DECLARATION OF CONSENT TO JURISDICTION OF THE SAWYER'S LANDING COMMUNITY DEVELOPMENT DISTRICT (IMPOSITION OF SPECIAL ASSESSMENTS, AND IMPOSITION OF LIEN OF RECORD) AND MORTGAGEE ACKNOWLEDGMENT OF DISTRICT'S SPECIAL ASSESSMENT LIEN," ATTACHED AND INCORPORATED AS EXHIBIT "A"; FURTHER APPROVING ANY AND ALL UP -FRONT BUILDING FEES OWED TO THE CITY TO BE DEFERRED UNTIL PAYMENT IS DUE FOR THE FEE ASSOCIATED WITH THE ISSUANCE OF THE PROJECT'S BUILDING PERMITS; FURTHER APPROVING AND AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, FOR SAID PURPOSE. SPONSOR(S): Commissioner Jeffrey Watson WHEREAS, on March 12, 2020, the City Commission adopted Resolution No. R-20- 0086, attached and incorporated as Exhibit "B," supporting the creation of the Sawyer's Landing Community Development District ("CDD") by Downtown Retail Associates, LLC, a Florida limited liability company, its affiliates, and subsidiaries ("Developer") for the site generally bounded on the east by Northwest 2 Avenue, on the west by Northwest 3 Avenue, on the south by Northwest 6 Street, and on the north by Northwest 7 Street, Miami, Florida ("Site") and encouraging the Miami -Dade County Board of County Commissioners ("County Commission") to approve a petition submitted by the Developer to create the CDD consistent with the development agreement between the Developer and the Southeast Overtown/Park West Community Redevelopment Agency ("CRA"); and WHEREAS, on January 20, 2021, the County Commission established the CDD as detailed in Exhibit "C", attached and incorporated; and WHEREAS, the City Commission has previously allocated an amount not to exceed Seven Million Five Hundred Thousand Dollars ($7,500,000.00) to the development of the residential complex of the Sawyer's Landing/Block 55 project ("Development") in District 5 pursuant to Resolution No. R-21-0047 and Resolution No. R-21-0209; and WHEREAS, the City's funding of the Development will be in the form of a loan, secured by a mortgage ("City's Mortgage"), which mortgage will be junior and subordinate to the mortgage financing anticipated to be done through the Miami -Dade County Housing Finance Authority ("Miami -Dade County HFA Mortgage") but senior to the mortgage financing anticipated to be done through the CRA ("CRA Mortgage"); and WHEREAS, the Development's budget identifies the CDD as a source of funding of a portion of the cost of the Development in an amount of approximately $85 million, which is City of Miami Page 1 of 3 File ID: 9135 (Revision: A) Printed On: 611812021 File ID: 9135 Enactment Number: R-21-0223 anticipated to be used to construct certain infrastructure for the Development including parking facilities; and WHEREAS, the CDD will issue bonds in an amount that will provide the necessary funds to construct the infrastructure for the Development; and WHEREAS, said bonds will be secured by special assessments on the property in amounts necessary to pay the debt service on the CDD bonds, which assessments constitute a lien on the property of the same strength and priority as ad valorem taxes; and WHEREAS, the assessment lien will have priority to the liens for any mortgage on the property, including the Miami -Dade County HFA Mortgage, the City's Mortgage, and the CRA Mortgage; and WHEREAS, the payment to the City of any and all of the Development's up -front building fees shall be deferred until payment is due for the fee associated with the issuance of the Development's building permits; and WHEREAS, the Developer has requested that the City sign a Declaration of Consent to Jurisdiction of the Sawyer's Landing Community Development District (Imposition of Special Assessments, and Imposition of Lien of Record) and Mortgagee Acknowledgement of District's Special Assessment Lien, attached and incorporated as Exhibit "A" ("Covenant"), whereby the City will consent to the superior $85 million lien on the Site and acknowledge that the City's Mortgage will forever be subordinate to the CDD's lien for the assessments; 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 adopted and incorporated as if fully set forth in this section. Section 2. The City Commission approves and authorizes' for the City to enter into the Covenant, attached and incorporated as Exhibit "A". Section 3. The City Commission approves and authorizes' the payment to the City of any and all of the Development's up -front building fees to be deferred until payment is due for the fee associated with the issuance of the Development's building permits. Section 4. The City Manager is authorized' to negotiate and execute any and all necessary documents, all in forms acceptable to the City Attorney and Bond Counsel, for said purpose. Section 5. This Resolution shall become effective immediately upon its adoption. ' The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to those prescribed by applicable City Charter and City Code provisions. City of Miami Page 2 of 3 File ID: 9135 (Revision: A) Printed on: 6/18/2021 File ID: 9135 Enactment Number: R-21-0223 APPROVED AS TO FORM AND CORRECTNESS: I i ria i ndez, It Httor ey 6/18/2021 City of Miami Page 3 of 3 File ID: 9135 (Revision: A) Printed on: 6/18/2021