HomeMy WebLinkAboutR-21-0503City of Miami
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Legislation
Resolution: R-21-0503
File Number: 11059
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 12/9/2021
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
APPORTIONING THE REMAINING MIAMI FOREVER BOND LIMITED AD
VALOREM FUNDING ALLOCATED TO AFFORDABLE HOUSING IN THE
TOTAL NOT TO EXCEED OF AMOUNT OF $66,248,042, TO EACH
COMMISSION DISTRICT PURSUANT TO THE COMMUNITY DEVELOPMENT
BLOCK GRANT METHODOLOGY, AS INDICATED IN EXHIBIT "A,"
ATTACHED AND INCORPORATED, FOR THE COMMISSIONER OF EACH
DISTRICT TO ALLOCATE AND APPROPRIATE BY FUTURE RESOLUTION(S)
TO ELIGIBLE PROJECTS, SUBJECT TO THE CITY TAKING ANY AND ALL
NECESSARY ACTIONS TO AMEND THE MULTI -YEAR CAPITAL PLAN AND
TO COMPLY WITH ALL APPLICABLE LAWS, RULES, REGULATIONS, AND
AUTHORIZATIONS, INCLUDING BUT NOT LIMITED TO, FEDERAL LAWS,
STATE LAWS, THE CITY CHARTER, THE CITY CODE, AND THE MIAMI
FOREVER BOND VALIDATION ORDER.
SPONSOR(S): Commissioner Manolo Reyes
WHEREAS, on November 7, 2017, the registered voters of the City of Miami ("City")
approved, by referendum ballot, for the City to issue General Obligation Bonds in an aggregate
principal amount not to exceed Four Hundred Million Dollars ($400,000,000.00) with interest
payable at or below the maximum rate allowed by law, payable from ad valorem taxes levied on
all taxable property in the City, provided that the capital projects' debt millage not exceed the
current rate of 0.5935, for capital projects to reduce flooding risks; improve stormwater
infrastructure; enhance public safety; and improve affordable housing, economic development,
parks, cultural facilities, streets, and infrastructure ("Miami Forever Bond"); and
WHEREAS, $100,000,000 of the Miami Forever Bond funds were allocated for
Affordable Housing projects intended to create and preserve affordable housing units, as well as
increase employment opportunities through job training and assistance to existing and new
businesses ("Affordable Housing Funds"); and
WHEREAS, the objectives of the City are to improve the availability of affordable
housing units across diverse income levels, and leveraging alternative funding sources and
partnerships; and
WHEREAS, the City has adopted seven (7) Affordable Housing Strategies to guide the
selection of Miami Forever Bond Affordable Housing projects; and
WHEREAS, $31,751,958 of the Affordable Housing Funds have already been allocated
by the City Commission for eligible projects; and
WHEREAS, one of the themes that the City has developed and implemented for the
Miami Forever Bond is Equity with the purpose of ensuring that the benefits of the Miami
City of Miami Page 1 of 2 File ID: 11059 (Revision:) Printed On: 1212012021
File ID: 11059
Enactment Number: R-21-0503
Forever Bond are fairly distributed across the City and all income levels, maintaining the
cohesiveness of the City's social fabric and diversity; and
WHEREAS, the Commissioner for each City Commission District is best situated to
know and understand the needs of their respective District's; and
WHEREAS, the City Commission believes it is in the best interest of the City to allocate
the remaining $66,248,042 of Affordable Housing Funds to the five (5) Commission Districts
pursuant to the Community Development Block Grant ("CDBG") methodology as indicated in
Exhibit 'A" attached and incorporated;
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 if fully set forth in this Section.
Section 2. The City Commission hereby apportions, pursuant to the CDBG
methodology, the remaining Miami Forever Bond Affordable Housing Funds in an amount not to
exceed $66,248,042 between the five (5) Commission Districts as indicated in Exhibit "A,"
attached and incorporated, for the Commissioner of each District to allocate and appropriate by
future resolution(s) to eligible projects, subject to the City taking any and all necessary actions
to amend the Multi -Year Capital Plan and to comply with all applicable laws, rules, regulations,
and authorizations, including but not limited to, federal laws, State laws, the City Charter, the
City Code, and the Miami Forever Bond Validation Order.
Section 3. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
1
i ria i ; ndez, ity Httor ey 11/30/2021
City of Miami Page 2 of 2 File ID: 11059 (Revision:) Printed on: 1212012021