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HomeMy WebLinkAboutAgenda Item Summary Formys AGENDA ITEM SUMMARY FORM File ID: #11002 JL Date: 10/29/2021 Requesting Department: City Commission Commission Meeting Date: 10/28/2021 Sponsored By: District Impacted: All Type: Resolution Subject: Sawyer's Walk Budget Impact Analysis Item has NO budget impact Total Fiscal Impact: Reviewed By City Commission Maricarmen Lopez Meeting Completed 10/28/2021 9:00 AM Legislative Division Valentin J Alvarez Legislative Division Review Completed 11/03/2021 12:59 PM Office of the City Attorney Richard Appleton ACA Review Completed 11/03/2021 7:38 PM Office of Management and Budget Marie Gouin Budget Review Completed 11/04/2021 3:16 PM Office of the City Attorney Barnaby L. Min Deputy Attorney Review Completed 11/04/2021 5:38 PM Office of the City Attorney Victoria Mendez Approved Form and Correctness Completed 11/08/2021 9:23 PM Office of the City Clerk City Clerk's Office Rendered Completed 11/08/2021 9:29 PM GSY v City of Miami *'y IS°1°1 f1 A'fto Legislation Resolution Enactment Number: 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 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 acceptable to the City Attorney and Bond Counsel. Section 3. This Resolution shall become effective immediately upon adoption. 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. APPROVED AS TO FORM AND CORRECTNESS: Vf ria i dez, ity ttor ey 11/812021 Pursuant to the resolution, this item became effective immediately upon adoption by the Commission.