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HomeMy WebLinkAboutAgenda Item Cover Page1T F� 93 AGENDA ITEM COVER PAGE 01A1t° " File ID: #9115 3 °3 F f O R,p? Resolution Sponsored by: Commissioner Manolo Reyes A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENTS, ALLOCATING FROM THE TRANCHE 2 AFFORDABLE HOUSING CATEGORY OF THE MIAMI FOREVER LIMITED AD VALOREM BONDS ("BONDS"), IN ACCORDANCE WITH (A) THE NOVEMBER 7, 2017 VOTER REFERENDUM FOR THE CITY OF MIAMI ("CITY") BONDS ("VOTER REFERENDUM"), (B) THE FINAL BOND VALIDATION ORDER DATED DECEMBER 16, 2019 ("BONDS VALIDATION ORDER"), (C) THE CITY COMMISSION'S UPDATED SEVEN (7) AFFORDABLE HOUSING BONDS PROJECTS STRATEGIES ("BOND STRATEGIES"), AND (D) THE TRANCHE 2 AFFORDABLE HOUSING BONDS INTENT TO REIMBURSE RESOLUTION NO. R-21-0046 ADOPTED JANUARY 28, 2021 ("INTENT TO REIMBURSE RESOLUTION"), ALL ATTACHED AND INCORPORATED AS COMPOSITE EXHIBIT "A," FUNDING ON A REIMBURSEMENT BASIS IN AN AMOUNT NOT TO EXCEED ONE MILLION FIVE HUNDRED FIVE THOUSAND DOLLARS ($1,505,000.00) TO COVER ALL ELIGIBLE COSTS OF THE ACQUISITION OF THE PROPERTY LOCATED AT 5215 WEST FLAGLER STREET, MIAMI, FLORIDA (FOLIO NO. 01-4106-030-0020) IN DISTRICT 4 AND AS LEGALLY DESCRIBED IN EXHIBIT "C", ATTACHED AND INCORPORATED, INCLUSIVE OF THE PURCHASE PRICE AND ACQUISITION COSTS, FROM THE BONDS THROUGH THE BOND STRATEGIES' CITY ACQUISITION OF LAND STRATEGY, ATTACHED AND INCORPORATED AS EXHIBIT "B" ("ACQUISITION STRATEGY"), WHICH IS TO BE DEVELOPED INTO MIXED USE/MIXED INCOME AFFORDABLE RENTAL OR HOMEOWNERSHIP DEVELOPMENTS/UNITS TO BE BUILT BY THE CITY OR BY ORGANIZATIONS THAT HAVE BEEN PROCURED THROUGH A COMPETITIVE SOLICITATION PROCESS; SUCH ALLOCATION IS 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 BOND STRATEGIES, THE INTENT TO REIMBURSE RESOLUTION, THE VOTER REFERENDUM, THE BONDS VALIDATION ORDER, THE BONDS, THE CHARTER OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, AND THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED (COLLECTIVELY, "LAWS"); FURTHER AUTHORIZING AND DIRECTING THE CITY MANAGER TO NEGOTIATE AND EXECUTE A PURCHASE AND SALE AGREEMENT ("AGREEMENT") AND ANY AND ALL OTHER NECESSARY DOCUMENTS INCLUDING BUT NOT LIMITED TO ANY AMENDMENTS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, FOR THE ACQUISITION OF THE PROPERTY FOR A PURCHASE PRICE OF ONE MILLION FOUR HUNDRED SEVENTY FIVE THOUSAND DOLLARS ($1,475,000.00) ("PURCHASE PRICE"), SUBJECT TO ALL LAWS THAT REGULATE THE USE OF SUCH FUNDS; FURTHER AUTHORIZING THE PAYMENT OF THE COST OF SURVEY, ENVIRONMENTAL REPORTS, TITLE INSURANCE, SECURING THE PROPERTY, PROJECT SIGNAGE, AND ALL EXPENSES AND CLOSING COSTS ASSOCIATED WITH THIS ACQUISITION IN AN AMOUNT NOT TO EXCEED THIRTY THOUSAND DOLLARS ($30,000.00) ("ACQUISITION COSTS"), SUBJECT TO ALL LAWS THAT REGULATE THE USE OF SUCH FUNDS; PROVIDING FOR AN EFFECTIVE DATE. G-,IV Op . City of Miami City Hall �sLi11 11°Tt° °1 Legislation 3500 Pan American Drive r'0 N) Miami, FL 33133 R N Resolution www.miamigov.com Enactment Number: R-21-0229 File Number: 9115 Final Action Date:6/10/2021 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENTS, ALLOCATING FROM THE TRANCHE 2 AFFORDABLE HOUSING CATEGORY OF THE MIAMI FOREVER LIMITED AD VALOREM BONDS ("BONDS"), IN ACCORDANCE WITH (A) THE NOVEMBER 7, 2017 VOTER REFERENDUM FOR THE CITY OF MIAMI ("CITY") BONDS ("VOTER REFERENDUM"), (B) THE FINAL BOND VALIDATION ORDER DATED DECEMBER 16, 2019 ("BONDS VALIDATION ORDER"), (C) THE CITY COMMISSION'S UPDATED SEVEN (7) AFFORDABLE HOUSING BONDS PROJECTS STRATEGIES ("BOND STRATEGIES"), AND (D) THE TRANCHE 2 AFFORDABLE HOUSING BONDS INTENT TO REIMBURSE RESOLUTION NO. R-21-0046 ADOPTED JANUARY 28, 2021 ("INTENT TO REIMBURSE RESOLUTION"), ALL ATTACHED AND INCORPORATED AS COMPOSITE EXHIBIT "A," FUNDING ON A REIMBURSEMENT BASIS IN AN AMOUNT NOT TO EXCEED ONE MILLION FIVE HUNDRED FIVE THOUSAND DOLLARS ($1,505,000.00) TO COVER ALL ELIGIBLE COSTS OF THE ACQUISITION OF THE PROPERTY LOCATED AT 5215 WEST FLAGLER STREET, MIAMI, FLORIDA (FOLIO NO. 01-4106-030-0020) IN DISTRICT 4 AND AS LEGALLY DESCRIBED IN EXHIBIT "C", ATTACHED AND INCORPORATED, INCLUSIVE OF THE PURCHASE PRICE AND ACQUISITION COSTS, FROM THE BONDS THROUGH THE BOND STRATEGIES' CITY ACQUISITION OF LAND STRATEGY, ATTACHED AND INCORPORATED AS EXHIBIT "B" ("ACQUISITION STRATEGY"), WHICH IS TO BE DEVELOPED INTO MIXED USE/MIXED INCOME AFFORDABLE RENTAL OR HOMEOWNERSHIP DEVELOPMENTS/UNITS TO BE BUILT BY THE CITY OR BY ORGANIZATIONS THAT HAVE BEEN PROCURED THROUGH A COMPETITIVE SOLICITATION PROCESS; SUCH ALLOCATION IS 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 BOND STRATEGIES, THE INTENT TO REIMBURSE RESOLUTION, THE VOTER REFERENDUM, THE BONDS VALIDATION ORDER, THE BONDS, THE CHARTER OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, AND THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED (COLLECTIVELY, "LAWS"); FURTHER AUTHORIZING AND DIRECTING THE CITY MANAGER TO NEGOTIATE AND EXECUTE A PURCHASE AND SALE AGREEMENT ("AGREEMENT") AND ANY AND ALL OTHER NECESSARY DOCUMENTS INCLUDING BUT NOT LIMITED TO ANY AMENDMENTS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, FOR THE ACQUISITION OF THE PROPERTY FOR A PURCHASE PRICE OF ONE MILLION FOUR HUNDRED SEVENTY FIVE THOUSAND DOLLARS ($1,475,000.00) ("PURCHASE PRICE"), SUBJECT TO ALL LAWS THAT REGULATE THE USE OF SUCH FUNDS; FURTHER AUTHORIZING THE PAYMENT OF THE COST OF SURVEY, ENVIRONMENTAL REPORTS, TITLE INSURANCE, SECURING THE PROPERTY, PROJECT SIGNAGE, AND ALL EXPENSES AND CLOSING COSTS ASSOCIATED WITH THIS ACQUISITION IN AN AMOUNT NOT TO EXCEED THIRTY THOUSAND DOLLARS ($30,000.00) ("ACQUISITION COSTS"), SUBJECT TO ALL LAWS THAT REGULATE THE USE OF SUCH FUNDS; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City Commission expects to provide for the issuance of the City of Miami's ("City") 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 municipal boundaries (collectively, "Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds"), all as indicated in 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 ("Bond Strategies") attached and incorporated therein (collectively, "Tranche 2 Affordable Housing Bonds Intent to Reimburse Resolution"); and 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 ("Voter Referendum") and the issuance of the City's 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 (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) was proposed for the first tranche; and WHEREAS, for all series of the Affordable Housing and Economic Development Bonds, Resolution Nos. R-19-0111, R-19-0325, and R-20-0337 set forth the aforementioned seven (7) Affordable Housing Miami Forever Bonds Projects Strategies 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, the City Acquisition of Land Strategy ("Acquisition Strategy") permits the City to acquire buildable vacant parcels of land suitable for the development of mixed use/mixed income affordable rental or homeownership developments/units to be built by the City or by organizations that have been procured through a competitive process; and WHEREAS, the City Commission has set forth certain requirements, terms, and conditions that are set forth in the City Acquisition of Land Program Summary, attached and incorporated as Exhibit "B," for certain costs/activities that are eligible for City funding under the Acquisition Strategy; and WHEREAS, for Tranche 2, the City Commission has allocated an amount not to exceed Seven Million Five Hundred Thousand Dollars ($7,500,000.00) to the development of the residential complex to be located at 249 Northwest 6th Street and to be known as "Sawyer's Landing" or "Block 55" in District 5 pursuant to Resolution No. R-21-0047 and Resolution No. R- 21-0209, 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 City wishes to acquire the real property located at 5215 West Flagler Street, Miami, Florida (Folio No. 01-4106-030-0020), as legally described in Exhibit "C", attached and incorporated ("Property"); and WHEREAS, Edilia Acosta, Juan A Acosta Jr., and Rosa Maria Miralles (collectively, "Sellers") have agreed to enter into a Purchase and Sale Agreement ("Agreement") with the City to convey the Property to the City for a purchase price of One Million Four Hundred Seventy - Five Thousand Dollars ($1,475,000.00) ("Purchase Price"); and WHEREAS, pursuant to Section 166.045(1)(b), Florida Statutes, titled "Proposed Purchase of Real Property by Municipality; Confidentiality of Records; Procedure," for each purchase in an amount in excess of Five Hundred Thousand Dollars ($500,000.00), the governing body shall obtain at least two (2) appraisals by appraisers approved pursuant to Section 253.025, Florida Statutes; and WHEREAS, the City obtained two (2) appraisal reports from licensed State of Florida certified appraisers ("Appraisals"); and WHEREAS, Section 166.045(1)(b), Florida Statutes, further states that if the agreed purchase price exceeds the average price of the two (2) appraisals, the governing body is required to approve the purchase by an extraordinary vote (i.e., a four -fifths (4/5ths) vote of the City Commission); and WHEREAS, the Purchase Price is within the average appraised value indicated in the Appraisals; and WHEREAS, the eligible costs and expenses associated with the acquisition of the Property, inclusive of the cost of survey, environmental reports, title insurance, securing the property, project signage, and all expenses and closing costs associated with this acquisition shall not exceed Thirty Thousand Dollars ($30,000.00) ("Acquisition Costs"); and WHEREAS, for Tranche 2, the City Commission hereby allocates an amount not to exceed One Million Five Hundred Five Thousand Dollars ($1,505,000.00) for the acquisition of the Property which is inclusive of the Purchase Price as well as the Acquisition Costs for the development of single-family affordable housing in District 4; and WHEREAS, the City Commission has determined that it is in the best interests of the City in accordance with the Voter Referendum, the Miami Forever Limited Ad Valorem Bonds Final Validation Order of December 16, 2019 ("Bonds Validation Order"), and the Tranche 2 Affordable Housing Bonds Intent to Reimburse Resolution, all attached and incorporated in Composite Exhibit "A," to authorize the allocation of One Million Five Hundred Five Thousand Dollars ($1,505,000.00) for the acquisition of the Property from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for certain costs/activities that are eligible for City funding under the Acquisition Strategy; and WHEREAS, such allocations shall comply with all applicable Federal, State of Florida ("State"), Miami -Dade County ("County"), and City laws, rules, and regulations for affordable housing projects, including but not limited to the City's Tranche 2 Affordable Housing Miami Forever 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. Section 2. The City Manager is directed and authorized' to allocate from the Tranche 2 Affordable Housing Category, in accordance with the Voter Referendum, the Bonds Validation Order, the Bonds Strategies, and the Tranche 2 Affordable Housing Bonds Intent to Reimburse Resolution, all attached an incorporated as Composite Exhibit "A," funding on a reimbursement basis in an amount not to exceed One Million Five Hundred Five Thousand Dollars ($1,505,000.00) to cover the Purchase Price and all Acquisition Costs from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds through the Acquisition Strategy to acquire the Property which is to be developed into mixed use/mixed income affordable rental or homeownership developments/units to be built by the City or by organizations that have been procured through a competitive solicitation process, subject to compliance with all applicable Laws. Section 3. The City Manager is directed and authorized' to negotiate and execute the Agreement and any and all other necessary documents including but not limited to amendments thereto, all in forms acceptable to the City Attorney and Bond Counsel, for the acquisition of the Property for the Purchase Price subject to compliance with all applicable Laws. Section 4. The City Manager is further authorized' to pay the Acquisition Costs, subject to compliance with all applicable Laws. Section 5. This Resolution shall take effect immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: 1 ji� 4M�dez, y Httor ey 6/1/2021 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 applicable City Charter and City Code provisions.