HomeMy WebLinkAboutR-21-0391City of Miami
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Resolution: R-21-0391
File Number: 10718
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 9/23/2021
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
APPROVING THE TERMS, CONDITIONS, AND AFFORDABILITY
REQUIREMENTS SET FORTH IN THE HOUSING AND COMMERCIAL LOAN
COMMITTEE'S MEMORANDA, ATTACHED AND INCORPORATED AS
EXHIBIT "A," FOR THE LOAN, AS DESCRIBED HEREIN, TO 8TH STREET
PROPERTIES, LLC, A FLORIDA LIMITED LIABILITY COMPANY, TO
CONSTRUCT THE AFFORDABLE HOUSING PROJECT TO BE LOCATED AT
829 SOUTHWEST 8TH STREET, 845 SOUTHWEST 8TH STREET, AND 847
SOUTHWEST 8TH STREET TO BE KNOWN AS "ESSENCE MIAMI"
("PROJECT"); 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, IN ORDER
TO LOAN FIVE MILLION DOLLARS ($5,000,000.00) IN MIAMI FOREVER
BONDS TO THE DEVELOPER TO CONSTRUCT THE PROJECT.
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 Resolution No. R-21-0046 adopted on January 28, 2021, the related
City Manager's Memorandum, and the seven (7) Tranche 2 Affordable Housing Bonds Projects
Strategies ("Bonds Strategies") attached and incorporated therein and thereby (collectively,
"Intent to Reimburse Resolution"); 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 to be known as "Sawyer's Landing/Block 55" in District 5 pursuant to
Resolution Nos. R-21-0047 and 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 proposed mixed -use development known as Essence Miami will be
located at 829 Southwest 8th Street, 845 Southwest 8th Street, and 847 Southwest 8th Street
and will provide no less than eighty-eight (88) affordable rental units in District 3 for low income
and workforce income households (the housing portion of the Essence Miami development shall
hereinafter be referred to as the "Project"); and
City of Miami Page 1 of 3 File ID: 10718 (Revision:) Printed On: 101412021
File ID: 10718 Enactment Number: R-21-0391
WHEREAS, at the June 10, 2021 City Commission meeting ("Meeting"), the City
Commission approved Resolution No. R-21-0222 allocating Five Million Dollars ($5,000,000.00)
in Miami Forever Bonds to be loaned to the Project's developer, 8th Street Properties, LLC, a
Florida limited liability company ("Developer'), subject to certain conditions set forth in the
Resolution ("Loan"); and
WHEREAS, at the time of the Meeting, the Project had not yet submitted a responsive
and responsible proposal to the City's pipeline affordable housing projects continuing requests
for proposals and since the City's Housing and Commercial Loan Committee ("HCLC") had not
yet reviewed the Project nor had the Department of Housing and Community Development
("HCD") reviewed a completed proposal for the Project in order for the Project to receive an
allocation of funds in the form of a loan on a reimbursement basis, the City Commission's
approval was subject to the approval of the Project by HCD and HCLC and the Developer
fulfilling, in a timely manner, any and all terms, requirements, and conditions to be set forth by
HCLC in its memoranda and fulfilling all requirements in order to be in compliance with the Bond
Strategies; and
WHEREAS, on July 30, 2021, the Project was approved and the Project's terms,
requirements, and conditions were established by HCLC as set forth in Exhibit "A," attached and
incorporated, and is now returning to the City Commission for further review and approval as
required by Resolution No. R-21-0222; and
WHEREAS, the City's Administration recommends the approval of the terms, conditions,
and affordability requirements in compliance with HCLC's memoranda, attached and
incorporated in Exhibit "A," for the Loan to the Developer to construct the Project;
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 terms, conditions, and affordability requirements set forth in HCLC's
memoranda, attached and incorporated as Exhibit "A," for the Loan to the Developer are
approved.
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, in order to make the Loan to the Developer
to construct the Project.
Section 4. 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: 10718 (Revision:) Printed on: 101412021
File ID: 10718
Enactment Number: R-21-0391
APPROVED AS TO FORM AND CORRECTNESS:
1
Vft6ria-Vrdel, City Attor iey 9/14/2021
City of Miami Page 3 of 3 File ID: 10718 (Revision:) Printed on: 101412021