HomeMy WebLinkAboutR-22-0420City of Miami
�✓/ Resolution R-22-0420
>31, II 11 _
Legislation
File Number: 12775
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 1
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACI
AUTHORIZING A LOAN IN AN AMOUNT NOT TO EXCEED ONE MIL
EIGHT HUNDRED THOUSAND DOLLARS ($1,800,000.00) IN RI
RESCUE PLAN ACT OF 2021 ("ARPA") FUNDS ("ARPA FU ) TO
STADIUM TOWER APARTMENTS LLC A FLORIDA LIMI LIAB
COMPANY ("DEVELOPER"), TO CONSTRUCT A NEW A D E
HOUSING DEVELOPMENT THAT WILL CONTAIN NO LES ONE
HUNDRED FORTY NINE (149) CITY OF MIAMI-A N
RENTAL UNITS FOR ELIGIBLE RESIDENTS E A L I IS
EQUAL TO OR LESS THAN SEVENTY PER (70%) O EA EDIAN
INCOME, AS PUBLISHED ANNUALLY BY TH TED STA S
DEPARTMENT OF HOUSING AND URB EV MEN O BE KNOWN
AS STADIUM TOWER APARTMENTS LOC A IMATELY THE
NORTHWEST CORNER OF NOR EST 23 EE D NORTHWEST 8
AVENUE IN MIAMI, FLORIDA, A RLY DESCRIBED IN
EXHIBIT "A", ATTACHED AN C RA OJECT"), WHERE
DISBURSEMENT OF THE AR UN SUBJECT TO THE RECEIPT BY
THE CITY MANAGER OF E TE `ROVAL OF THE LOAN BY THE
CITY'S HOUSING AN ER C OA COMMITTEE ("HCLC
APPROVAL"), AND BJECT TO H CEIPT BY THE CITY MANAGER OF
THE WRITTEN AP VAL OF Ak LO N BY THE CITY'S ARPA
CONSULTANT, OR
SUBJECT TEE
SUCCES R ("CONSULTANT APPROVAL"), AND
S, CO IONS, AND RESTRICTIONS CONTAINED
C L, AND IN THE CONSULTANT APPROVAL;
G THE CITY MANAGER TO NEGOTIATE AND
NECESSARY DOCUMENTS, INCLUDING
IONS, AND MODIFICATIONS, ALL IN FORMS
CITY ATTORNEY, FOR SAID PURPOSE; PROVIDING
DATE.
ioner Alex Diaz de la Portilla
WVwe
, the proposed residential development known as Stadium Towers
tmentlocated at approximately the northwest corner of Northwest 23 Street and
venue in Miami, Florida, as more particularly described in Exhibit "A", attached
nd incorp ated, and will provide no fewer than one hundred forty-nine (149) City of Miami-
ssisted affordable rental units ("City -Assisted Units") in District 1 ("Project"); and
WHEREAS, in exchange for the City of Miami ("City") providing a loan amount not to
exceed One Million Eight Hundred Thousand Dollars ($1,800,000.00) in American Rescue Plan
Act of 2021 ("ARPA") funds ("ARPA Funds") to Stadium Tower Apartments LLC, a Florida
limited liability company ("Developer'), the Developer will construct and cause the City -Assisted
City of Miami
Rescinded by R-22-0456
Page 1 of 3 File ID: 12775 (Revision:) Printed On: 111112022
File ID: 12775
Enactment Number: R-22-0420
Units to be occupied by eligible residents whose annual income is equal to or less than seventy
percent (70%) of area median income ("AMI") as published annually by the United States
Department of Housing and Urban Development ("HUD") ("Eligible Residents") for a period of
no less than thirty (30) years commencing on the date on which the Project has obtained all of
the required Certificates of Occupancy (or Temporary Certificates of Occupancy, if applicable)
and all City -Assisted Units have been leased to Eligible Residents; and
WHEREAS, the City's Housing and Commercial Loan Committee ("HCLC") of yet
reviewed a completed proposal for the Project in order for the Project to receive a to f ARPA
Funds nor has the written approval by the City's ARPA Consultant, Atkins, meOr of NC-
Lavalin Group, or its successor ("ARPA Consultant") been obtained, and th reVvelope
the
disbursement of ARPA Funds is subject to the approval of the loan by Hppro
and the ARPA Consultant ("Consultant Approval"), and is subject to th ling,in
timely manner, any and all terms, requirements, and conditions set forthpprQWI
and/or the Consultant Approval; and /
WHEREAS, the Project shall commence constructio
the loan's closing as described in the HCLC Approval ("C14
Certificates of Occupancy (or Temporary Certificates o Occ
the Project within eighteen (18) months of the Closin d
Assisted Units rented by Eligible Residents within twely
Project's Certificates of Occupancy or Temporary Certifica
occur first, but in no event later than thirty (3
"Benchmarks"); however, these Benchmarks e
WHEREAS, it is now necessary to
Million Eight Hundred Thousretermsg;
the construction of the affordDeveloper fulfills any and all
Consultant Approval; and
WHEREAS,
Florida, local, and
not limited to AR
F.Rhin six ont MqWe date of
), the Pi Je hall Main all
cy, as appl ble) required for
.ect sha ve all City-
mo of e issuances of the
f Oc y, whichever shall
g (c lectively,
LC; and
oan in an amount not to exceed One
ARPA Funds to the Developer for
e Project, provided that the
set forth by the HCLC Approval and the
Fiance with all applicable Federal, State of
ions for affordable housing projects, including but
RESOLVED BY THE CITY COMMISSION OF THE CITY
Mgs and findings contained in the Preamble to this Resolution are
incorporated as fully set forth in this Section.
lk SML 2. City Commission hereby authorizes' the City Manager to loan funds in
it IYiount ceed One Million Eight Hundred Thousand Dollars ($1,800,000.00) in ARPA
:�s to the Dweloper for the construction of the Project, where the disbursement of the ARPA
_,,ect to the receipt by the City Manager of the HCLC Approval, the Consultant
3proval, and the Developer's fulfillment of any and all terms and conditions set forth herein, in
e HCLC Approval, and in the Consultant Approval.
City of Miami
Rescinded by R-22-0456
Page 2 of 3 File ID: 12775 (Revision:) Printed on: 111112022
File ID: 12775
Enactment Number: R-22-0420
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, for said purpose.
Section 4. This Resolution shall become effective immediately upon its adoption.
' 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 3 of 3 File ID: 12775 (Revision:) Printed on: 111112022
Rescinded by R-22-0456