HomeMy WebLinkAboutR-21-0455City of Miami
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Resolution: R-21-0455
File Number: 11002
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 10/28/2021
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENTS,
AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE
JOINDERS AS MORTGAGEE PURSUANT TO A MIAMI FOREVER BOND
MORTGAGE AND SECURITY AGREEMENT FOR SAWYER'S WALK BY
BLOCK 55 RESIDENTIAL, LP, A FLORIDA LIMITED PARTNERSHIP, WHICH
ARE RELATED TO THE MIAMI-DADE COUNTY ("COUNTY") AFFORDABLE
HOUSING COVENANT, ATTACHED AND INCORPORATED AS EXHIBIT "A,"
THE COUNTY ELDERLY HOUSING COVENANT, ATTACHED AND
INCORPORATED AS EXHIBIT "B," AND THE DECLARATION OF
RESTRICTIVE COVENANTS FOR DEFERRED COUNTY ROAD IMPACT
FEES, ATTACHED AND INCORPORATED AS EXHIBIT "C," ALL IN FORMS
ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL.
WHEREAS, the City of Miami ("City") is the mortgagee under a Miami Forever Bond
Mortgage and Security Agreement dated August 12, 2021 and recorded August 25, 2021 in
Book 32702, Page 915 of the public records of Miami -Dade County, Florida ("Mortgage");
and
WHEREAS, the Mortgage relates to the property located at 249 Northwest 6 Street,
Miami, Florida ("Block 55 Property"); and
WHEREAS, Block 55 Residential, LP, a Florida limited partnership ("Developer"), is
the mortgagor under the Mortgage; and
WHEREAS, the Developer is committed to developing a mixed -use project on the
Block 55 Property consisting of not less than 578 residential affordable and workforce units
(collectively, "Residential Units"); not less than 250,000 rentable square feet of
retail/restaurant/entertainment uses, a portion of which may consist of office spaces
(collectively, "Commercial Uses"); a minimum of 925 parking spaces; and the improvement of
the Sawyer's Walk (collectively, "Block 55 Project"); and
WHEREAS, in order to qualify for impact fee exemptions from Miami -Dade County
("County"), the Developer would like to assure the County that all Residential Units will be
occupied by low income families with monthly rents or monthly mortgage payments including
taxes and insurance which do not exceed thirty percent (30%) of that amount which
represents eighty percent (80%) of the median annual income for households within the
County divided by twelve (12) through an Affordable Housing Covenant executed in favor of
the County ("County Affordable Covenant"), attached and incorporated as Exhibit "A,"
provided that the Covenant Affordable Covenant does not conflict with the terms of the
City's Mortgage and the City's other loan documents executed in connection therewith; and
WHEREAS, the Residential Units are intended to be operated and maintained to
City of Miami Page 1 of 3 File ID: 11002 (Revision:) Printed On: 1111012021
File ID: 11002
Enactment Number: R-21-0455
meet the social and physical needs of persons fifty-five (55) years of age and older as
confirmed in a Declaration of Restrictive Covenants with the City recorded in Book 32661,
Page 2561 of the public records of Miami -Dade County, Florida ("City Elderly Housing
Covenant"); and
WHEREAS, in addition to the commitments included within the City Elderly Housing
Covenant and in order to qualify for impact fee exemptions from the County, the Developer
would like to assure the County through a Covenant in Favor of the County Relating to the
Exemption from Education Facilities Impact Fee for Elderly Housing, attached and
incorporated as Exhibit "B" ("County Elderly Housing Covenant"), that the Residential Units
are intended to be operated and maintained to meet the social and physical needs of
persons fifty-five (55) years of age and older, provided that the County Elderly Housing
Covenant does not conflict with the terms of the City Elderly Housing Covenant, the City's
Mortgage, and the City's other loan documents executed in connection therewith
(collectively, "City Documents"); and
WHEREAS, in order to qualify for an impact fee deferral related to the Commercial
Uses from the County based on inclusion in an Enterprise Zone, the Developer would like
to assure the County through a Declaration of Restrictive Covenants for Deferred County
Road Impact Fees, attached and incorporated as Exhibit "C" ("Deferral Covenant'), that the
Commercial Uses are reasonably anticipated to produce at least 100 full-time jobs provided
that the Deferral Covenant does not conflict with the terms of the City Documents; and
WHEREAS, the City, as Mortgagee under the Mortgage, must approve and join in any
new title encumbrances related to the Block 55 Property; and
WHEREAS, the Developer represents that the terms of the County Affordable Covenant,
the County Elderly Housing Covenant, and the Deferral Covenant (collectively, "Covenants")
are consistent with and expand on the Developer's obligations to the City; and
WHEREAS, timely execution of the Covenants and the related City joinders attached
thereto (collectively, "Joinders") will facilitate the issuance of the building permit for the Block
55 Project and result in much needed affordable and elderly housing and employment
opportunities; and
WHEREAS, in accordance with Section 2-33(f) of the Code of the City of Miami,
Florida, as amended, the City Commission, by a majority vote, hereby deems this
Resolution to be of an emergency nature;
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 by reference and incorporated as fully set forth in this Section.
Section 2. The City Manager is authorized' to negotiate and execute the Joinders
as mortgagee pursuant to the Mortgage, which are related to the Covenants, all in forms
1 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: 11002 (Revision:) Printed on: 1111012021
File ID: 11002
Enactment Number: R-21-0455
acceptable to the City Attorney and Bond Counsel.
Section 3. This Resolution shall become effective immediately upon adoption.
APPROVED AS TO FORM AND CORRECTNESS:
1
i ria i ndez, City tutor iey 11/812021
City of Miami Page 3 of 3 File ID: 11002 (Revision:) Printed on: 1111012021