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HomeMy WebLinkAboutAgenda Item Cover PageG4�V op AGENDA ITEM COVER PAGE File ID: #12936 1° AA F Resolution Sponsored by: Commissioner Alex Diaz de la Portilla A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), RESCINDING RESOLUTION NO. R-22-0420 ADOPTED BY THE MIAMI CITY COMMISSION ON OCTOBER 27, 2022 AND REPLACING IN LIEU THEREOF WITH A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING A LOAN IN AN 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"), TO CONSTRUCT A NEW AFFORDABLE HOUSING DEVELOPMENT THAT WILL CONTAIN NO FEWER THAN SIXTY (60) CITY OF MIAMI-ASSISTED RESIDENTIAL RENTAL UNITS FOR ELIGIBLE RESIDENTS WHOSE ANNUAL INCOME IS EQUAL TO OR LESS THAN SEVENTY PERCENT (70%) OF AREA MEDIAN INCOME, AS PUBLISHED ANNUALLY BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, TO BE KNOWN AS STADIUM TOWER APARTMENTS LOCATED AT APPROXIMATELY THE NORTHWEST CORNER OF NORTHWEST 23 STREET AND NORTHWEST 8 AVENUE IN MIAMI, FLORIDA, AS MORE PARTICULARLY DESCRIBED IN EXHIBIT "A", ATTACHED AND INCORPORATED ("PROJECT"), WHERE DISBURSEMENT OF THE ARPA FUNDS IS SUBJECT TO THE RECEIPT BY THE CITY MANAGER OF THE WRITTEN APPROVAL OF THE LOAN BY THE CITY'S HOUSING AND COMMERCIAL LOAN COMMITTEE ("HCLC APPROVAL"), AND SUBJECT TO THE RECEIPT BY THE CITY MANAGER OF THE WRITTEN APPROVAL OF THE LOAN BY THE CITY'S ARPA CONSULTANT, OR ITS SUCCESSOR ("CONSULTANT APPROVAL"), AND SUBJECT TO THE TERMS, CONDITIONS, AND RESTRICTIONS CONTAINED HEREIN, IN THE HCLC APPROVAL, AND IN THE CONSULTANT APPROVAL; FURTHER 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, FOR SAID PURPOSE; PROVIDING FOR AN EFFECTIVE DATE. c-,IV _ ox City of Miami City Hall IILi11 11°Tt° 3500 Pan American Drive °1 Legislation Miami, FL 33133 r o"`g a °) Resolution www.miamigov.com _- Enactment Number: R-22-0456 File Number: 12936 Final Action Date:11/17/2022 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), RESCINDING RESOLUTION NO. R-22-0420 ADOPTED BY THE MIAMI CITY COMMISSION ON OCTOBER 27, 2022 AND REPLACING IN LIEU THEREOF WITH A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING A LOAN IN AN 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"), TO CONSTRUCT A NEW AFFORDABLE HOUSING DEVELOPMENT THAT WILL CONTAIN NO FEWER THAN SIXTY (60) CITY OF MIAMI-ASSISTED RESIDENTIAL RENTAL UNITS FOR ELIGIBLE RESIDENTS WHOSE ANNUAL INCOME IS EQUAL TO OR LESS THAN SEVENTY PERCENT (70%) OF AREA MEDIAN INCOME, AS PUBLISHED ANNUALLY BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, TO BE KNOWN AS STADIUM TOWER APARTMENTS LOCATED AT APPROXIMATELY THE NORTHWEST CORNER OF NORTHWEST 23 STREET AND NORTHWEST 8 AVENUE IN MIAMI, FLORIDA, AS MORE PARTICULARLY DESCRIBED IN EXHIBIT "A", ATTACHED AND INCORPORATED ("PROJECT"), WHERE DISBURSEMENT OF THE ARPA FUNDS IS SUBJECT TO THE RECEIPT BY THE CITY MANAGER OF THE WRITTEN APPROVAL OF THE LOAN BY THE CITY'S HOUSING AND COMMERCIAL LOAN COMMITTEE ("HCLC APPROVAL"), AND SUBJECT TO THE RECEIPT BY THE CITY MANAGER OF THE WRITTEN APPROVAL OF THE LOAN BY THE CITY'S ARPA CONSULTANT, OR ITS SUCCESSOR ("CONSULTANT APPROVAL"), AND SUBJECT TO THE TERMS, CONDITIONS, AND RESTRICTIONS CONTAINED HEREIN, IN THE HCLC APPROVAL, AND IN THE CONSULTANT APPROVAL; FURTHER 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, FOR SAID PURPOSE; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the proposed residential development known as Stadium Towers Apartments will be located at approximately the northwest corner of Northwest 23 Street and Northwest 8 Avenue in Miami, Florida, as more particularly described in Exhibit "A", attached and incorporated, and will provide no fewer than sixty (60) City of Miami -assisted 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 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") has not yet reviewed a completed proposal for the Project in order for the Project to receive a loan of ARPA Funds nor has the written approval by the City's ARPA Consultant, Atkins, member of the SNC- Lavalin Group, or its successor ("ARPA Consultant") been obtained, and therefore, the disbursement of ARPA Funds is subject to the approval of the loan by HCLC ("HCLC Approval") and the ARPA Consultant ("Consultant Approval"), and is subject to the Developer fulfilling, in a timely manner, any and all terms, requirements, and conditions set forth in the HCLC Approval and/or the Consultant Approval; and WHEREAS, the Project shall commence construction within six (6) months of the date of the loan's closing as described in the HCLC Approval ("Closing"), the Project shall obtain all Certificates of Occupancy (or Temporary Certificates of Occupancy, as applicable) required for the Project within eighteen (18) months of the Closing, and the Project shall have all City - Assisted Units rented by Eligible Residents within twelve (12) months after the issuances of the Project's Certificates of Occupancy or Temporary Certificates of Occupancy, whichever shall occur first, but in no event later than thirty (30) months from Closing (collectively, "Benchmarks"); however, these Benchmarks may be modified by HCLC; and WHEREAS, it is now necessary to authorize the loan in an amount not to exceed One Million Eight Hundred Thousand Dollars ($1,800,000.00) in ARPA Funds to the Developer for the construction of the affordable housing components of the Project, provided that the Developer fulfills any and all of the terms and conditions set forth by the HCLC Approval and the Consultant Approval; and WHEREAS, such loan shall be in compliance with all applicable Federal, State of Florida, local, and City laws, rules, and regulations for affordable housing projects, including but not limited to ARPA; 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. Resolution No. R-22-0420 adopted by the Miami City Commission on October 27, 2022 is hereby rescinded. Section 3. The City Commission hereby authorizes' the City Manager to loan funds in an amount not to exceed One Million Eight Hundred Thousand Dollars ($1,800,000.00) in ARPA Funds to the Developer for the construction of the Project, where the disbursement of the ARPA Funds is subject to the receipt by the City Manager of the HCLC Approval, the Consultant Approval, and the Developer's fulfillment of any and all terms and conditions set forth herein, in the HCLC Approval, and in the Consultant Approval. Section 4. 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 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: 1 Una ndez, Ciky Hktor iey 11l712022 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 applicable City Charter and City Code provisions.