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HomeMy WebLinkAboutAgenda Item Cover PageG*�Y of AGENDA ITEM COVER PAGE * "i" IF ' File ID: #11782 Losi9 Resolution Sponsored by: Commissioner Christine King 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. of .�f City of Miami City Hall * INC IIf 1°AT10 * 3500 Pan American Drive .r;<. 11 eA Legislation Miami, FL 33133 Resolution www.miamigov.com Enactment Number: R-22-0211 File Number: 11782 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. 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 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; 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 ria i ndez, Cify Attor iey 5/3112022 Pursuant to the resolution, this item became effective immediately upon adoption by the Commission. ' 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.