HomeMy WebLinkAboutR-22-0211City of Miami
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Resolution R-22-0211
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Legislation
File Number: 11782
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 6/9/2022
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING AND DIRECTING THE CITY MANAGER TO SUPPLEMENT
THE CITY OF MIAMI'S FIRST TIME HOMEBUYER PROGRAM BY UTILIZING
MIAMI FOREVER BOND FUNDS AND/OR OTHER ELIGIBLE FUNDS, AS
DESCRIBED HEREIN AND IN EXHIBIT "A," ATTACHED AND
INCORPORATED; 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, FOR SAID
PURPOSE; PROVIDING FOR AN EFFECTIVE DATE.
SPONSOR(S): Commissioner Christine King
WHEREAS, on November 7, 2017, the registered voters of the City of Miami ("City")
approved by referendum ballot for the City to issue limited ad valorem bonds in an aggregate
principal amount not to exceed four hundred million dollars ($400,000,000.00), which included
an amount not to exceed one hundred million dollars ($100,000,000.00) to improve affordable
housing and economic development within the City ("Voter Referendum"); and
WHEREAS, on March 14, 2019, pursuant to Resolution Nos. R-19-0062 and R-19-0111,
and as supplemented by R-19-0325, the City Commission authorized the initiation of validation
proceedings ("Validation") for the 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 Bond"), 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; and
WHEREAS, the Miami City Commission expects to provide for the issuance by the City
of its tranche 2 taxable and tax-exempt limited ad valorem bonds payable from ad valorem
taxes ("Tranche 2") provided that the capital projects debt millage not exceed the rate of 0.5935
mills in accordance with the 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 limits (collectively, "Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem
Bonds"), all as indicated in a separate City Commission resolution, the related City Manager's
memorandum, and the seven (7) Tranche 2 Affordable Housing Bonds project strategies
attached and incorporated therein and thereby (collectively, "Tranche 2 Affordable Housing
Bonds Intent to Reimburse Resolution"); and
WHEREAS, pursuant to the terms of the Voter Referendum as confirmed in the
Validation, Miami Forever Bond funds can be utilized to supplement the City's First Time
Homebuyer Program, which is currently funded using state and federal funding sources; and
City of Miami Page 1 of 3 File ID: 11782 (Revision:) Printed On: 612212022
File ID: 11782 Enactment Number: R-22-0211
WHEREAS, the City's First Time Homebuyer Program currently provides zero percent
(0%) deferred loans to first-time homebuyers purchasing a property in the City; and
WHEREAS, it is the desire of the City Commission to supplement the City's First Time
Homebuyer Program, as described herein ("Expanded Program") and in accordance with the
guidelines set forth in Exhibit "A," attached and incorporated, as may be amended from time to
time; and
WHEREAS, this supplement serves the dual purpose of addressing gentrification
concerns and providing homeownership opportunities to lower income individuals within the
boundaries of the City; and
WHEREAS, each District Commissioner is authorized to participate in the Expanded
Program, by contributing funds from his or her allotment of Miami Forever Bond funds, pursuant
to City Commission Resolution No. R-21-0503, or other eligible funding source ("Funds"), so
that qualified applicants ("Applicants") can participate in the Expanded Program in participating
City districts; and
WHEREAS, each participating City Commissioner's Funds shall be used to fund
homeownership transactions within their district, and the Expanded Program's participants shall
be selected by a lottery/random draw; and
WHEREAS, for each participating District, there may be other funding sources available,
such as community redevelopment and/or revitalization programs; and
WHEREAS, the Expanded Program shall feature a City resident preference; and
WHEREAS, up to this point in time, for the Tranche 2 affordable housing projects, 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, 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,
a total amount not to exceed Five Million Dollars ($5,000,000.00) for the development of the
affordable housing rental project known as "Essence Miami" in District 3, a total amount not to
exceed One Million Five Hundred Five Thousand Dollars ($1,505,000.00) for land acquisition for
affordable housing in District 4, and Two Million Dollars ($2,000,000.00) for the affordable
housing components of Citadelle Village in District 5; and
WHEREAS, such allocation shall be in compliance with all applicable Federal, State of
Florida ("State"), local, and City laws, rules, and regulations for affordable housing projects,
including but not limited to the City's Tranche 2 Affordable Housing Bonds Projects Strategies,
the Tranche 2 Affordable Housing Intent to Reimburse Resolution, and the Tranche 2 Miami
Forever Affordable Housing Limited Ad Valorem Bonds; and
WHEREAS, except as described herein, the City's First Time Homebuyer Program shall
continue and shall not be impacted by this Resolution; and
WHEREAS, the City Commission has determined that it is in the best interest of the City
to authorize and direct the City Manager to supplement the City's First Time Homebuyer
Program as described herein;
City of Miami Page 2 of 3 File ID: 11782 (Revision:) Printed on: 6/22/2022
File ID: 11782
Enactment Number: R-22-0211
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 Commission authorizes' and directs the City Manager to
supplement the City's First Time Homebuyer Program by utilizing Miami Forever Bond funds
and other eligible funding sources, as described herein and in Exhibit "A," attached and
incorporated.
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, for said purpose.
Section 4. This Resolution shall take effect immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
1
i 4naindez, City Attor iey 5/31 /2022
' The herein authorization is further subject to compliance with all legal requirements that may be
imposed, including but not limited to, those prescribed by City Charter and City Code provisions.
City of Miami Page 3 of 3 File ID: 11782 (Revision:) Printed on: 6/22/2022