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Home My WebLink AboutR-00-1088J-00-1051 12/5/00 RESOLUTION NO. b _ -" U 0 1'-) A RESOLUTION OF THE MIAMI CITY COMMISSION AMENDING RESOLUTION NO. 00-170, WHICH AUTHORIZED THE CITY MANAGER TO ALLOCATE HOME INVESTMENT PARTNERSHIP ("HOME") PROGRAM FUNDS FOR AFFORDABLE HOUSING IN THE CITY OF MIAMI, TO CHANGE THE NAME FROM PINNACLE HOUSING GROUP, INC. TO RAYOS DEL SOL, LTD. AS THE DEVELOPER AWARDED HOME FUNDS TO FINANCE THE RAYOS DEL SOL APARTMENTS PROJECT, AT NORTHWEST 13TH AVENUE BETWEEN NORTHWEST 1ST AND 2ND STREETS, MIAMI, FLORIDA, LOCATED IN THE LITTLE HAVANA NEIGHBORHOOD; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT IN A FORM ACCEPTABLE TO THE CITY ATTORNEY WITH RAYOS DEL SOL, LTD. FOR SAID PURPOSE. WHEREAS, Resolution No. 00-170, adopted February 17, 2000, allocated $1,025,000 in Home Investment Partnership ("HOME") Program funds to Rayos Del Sol, Ltd. for the development of a fourteen (14) story hi -rise containing one hundred ninety-nine (199) apartment units; and WHEREAS, pursuant to Resolution No. 00-170, the name of the entity for the development of the Rayos Del Sol, Ltd. Project was designated as Pinnacle Housing Group, Inc.; and CITY COMMSSION MEETING OF DEC 1 4 2000 tt kiesolution No. e ° µ( WHEREAS, the correct developer's name is Rayos Del Sol, Ltd., which corporation is responsible for receiving the HOME funds from the City in connection with the financing of the proposed housing project; and WHEREAS, prior to the execution of the agreement, between the City and the corporation and the disbursement of the City's funding, Resolution No. 00-170 must be amended to properly change the name of the entity from Pinnacle Housing Group, Inc. to Rayos Del Sol, Ltd.; 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 hereby adopted by reference and incorporated as if fully set forth in this Section. Section 2. Resolution No. 00-170, adopted February 17, 2000, is hereby amended in the following particulars:'/ i� Words and/or figures stricken through shall be deleted. Underscored words and/or figures shall be added. The remaining provisions are now in effect and remain unchanged. Asterisks indicate omitted and unchanged material. Page 2 of 4 , "RESOLUTION NO. 00-170 Section 2. The allocation of funds, in an amount not to exceed $2,205,000, is hereby authorized to four (4) affordable Housing Developers in connection with the development of approximately six hundred ninety-seven (697) units of rental housing in the City from the City's Fiscal Year 1999-2000 and Fiscal Year 2000-2001 Home Investment Partnership Programs in the amounts stated hereinbelow, subject to conditions that (1) financing to complete construction of the project must be secured on or before December 31, 2000, and (2) approval must be granted from the State of Florida's Housing Credit Program or the Department of Housing and Urban Development for assistance in financing each of the proposed. housing projects: Developer's Name Project Name/Location Amount Kayos del Sol Apartments not to exceed Greup, Frye. N.W. 13th Avenue between 1,025,000 Rayos Del Sol, Ltd. N.W. 1st and 2nd Streets not to exceed Total $2,205,000 Section 3. The City Manager is hereby authorizedV to execute the necessary documents, in a form acceptable to the City Attorney, for said purpose. Section 4. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.3/ The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code provisions. Page 3 of 4 ._ 0-1060 0 C PASSED AND ADOPTED this 14th ATTEST: day of December 1 2000. JOE CAROLLO, MAYOR se 1 n c e V1 o Ku., nmi Code Sec. 2-36, yor did not indicam apprO- (I of s7 J ed, io, -'thid'agislation by it in the p1ro-1A '0 becornes effectivo 4"" regarding szirrle, wiMcut li"'! �"v� a WALTER J. FOEMAN CITY CLERK me; NEE RO VIL CIT rATTORNEY 4877:LB:BSS CORREC I TNESS-t/ j. fifty C, irk 3/. If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. Page 4 of 4 ftr� 1� "� 00 1.085 • i CITY OF MIAMI, FLORIDA 27A INTER -OFFICE MEMORANDUM The Honorable Mayor and Members TO: of the City Commission DATE : NOV 2 9 2:1OO FILE: SUBJECT Resolution Amending Resolution No. 00-170 Rayos Del Sol Apartments FROM: REFERENCES: Project A. m ez City Manager ENCLOSURES: City Commission Meeting of December 14, 2000 RECOMMENDATION: It is respectfully recommended that the City Commission adopt the attached resolution amending Section 2 of Resolution No. 00-170, adopted February 17, 2000, to properly reflect the legal name of the single asset entity to receive the $1,025,000 in Home Investment Partnership (HOME) Program funding awarded by the City for the financing of the proposed 199 unit Rayos Del Sol Apartments Project planned for construction in the Little Havana neighborhood. BACKGROUND:. At its meeting of February 17, 2000, with the adoption of Resolution No. 00-170, the City Commission allocated an amount not to exceed $2,205,000 in Home Program funding to four (4) housing developers in connection with the development of 697 units of affordable rental housing in the City. Of the aforementioned amount, an amount not to exceed $1,025,000 was awarded to Pinnacle Housing Group, Inc. to finance the 199 unit Rayos Del Sol Apartments Project. The proposed $2.1 million housing project will consist of one hundred thirty-nine (139) 2 bedroom/I bath units and sixty (60) 3 bedroom/2 bath units. In November 2000, Pinnacle Housing Group, Inc. advised the City that the legal name and owner of record for the proposed Rayos Del Sol Apartments Project is Rayos Del Sol, Ltd., a single asset entity created by Pinnacle Housing Group, Inc., to develop and own the project. Presently, Resolution No. 00-170 does not accurately reflect the legal name of entity which will receive the City's funding. As a result, prior to the execution of an agreement between the City and the developer/owner and disbursement of the City funding, it is necessary to correct the record to accurately reflect the legal name of the entity that will be receiving the City funding for financing of the project as authorized by Resolution No. 00-170. • • The Honorable Mayor and Members of the City Commission Page 2 In an effort to move forward with the disbursement of the City's financial commitment to the Rayos Del Sol Apartment Project, City Commission adoption of the attached resolution is recommended. DB/GC /JBH V J-00-147 2/17/00 L RESOLUTION NO. t' { `� -L A RESOLUTION OF HE MIAMI CITY �,vi•uiisSIOLv AUTHORIZING THE ALLOCATION OF FUNDS, IN AN AMOUNT NOT TO EXCEED $2,205,000, IN THE AMOUNTS SPECIFIED HEREIN AND SUBJECT TO CERTAIN TEEMS AND ^O�'DITIONS, TO FOUR (4) AFFORDABLE HOUSIN s DEVELOPERS FROM THE CITY OF MIAMI'S FISCA:j YEAR 1999-2000 HOME ' TwT�nr`CTM&TjT PARTNE"HIP PROGRAM, IN CONNECTION WITH THE - DEVELOF"!ZNT OF APPROXIMATELY 697 UNITS -OF AFFQRDA-B. •M. ZENTAL ROUSTDiG IN CITY; AUTHORIZING THE CITY MANAGER TO EXECUTE THE :NECESSARY DOCUMENT (S), IN A FORM ACCEPTABLE TO i::Z C17Y ATiOR.VEY, FOR SAID PURPOSE. WHEREAS, a severe shortage of affordable housing existsii the City of Miami ( "City") for families and individuals 'o=y low, low, and moderate income; and WHEREAS, the City commission recognizes that the participation of both the pul: lic and private sector is necessary to foster the development of affordable housing in the City; a._3 WHEREAS, in July 1999, pursuant to Resolution No. -�9-429, the Cic1- approved and adopted the C{_~y' s Five -Year Consolidated Plan (1999-2004) for' the use of funds received by the City from the U.S. Departmenc of Rousing and Urban Development (US HUD) tc implement the following programs: Community Development Block G:-an: ("CDBG"), HOME Investment CITY CobIIhisSION MEETING OF "n n , a i GPI � 6 Partnership ("HOME"), Emergency Shelter Grant ("ESG'•), and the Housing Opportunities for Persons With AIDS ("HOPWA"); and WHEREAS, in July 1999, pursuant to Resolution No. 99-606, the City Commission amended Resolution No. 99-429 ar_d the City's Five -Year Consolidated Plan (1999-2004) in the Affordable Housing category to set forth a policy establishing 75$ of mailable f-nd?ng to support homeownership activities, and 25* to support rental' housing activities; and WriER AS!, in October the City ad�•ertised a Notice cf Funding Availability under the HOME, Investment Partnership Program in the amount of $915,188 available through the Multi -Family Rental New Construction Program category; and WHEREAS, or. Octobe_ 29, 1999, Binding proposals were received from both not -for -profit and for profit housing developers in response to the City's Request for Proposals (RFP) under the CD13G, HOME, SHIP and HOPWA Programs; and WHEREAS, based on the number of funding proposals received by the City, the Department of Community Development has made available an additional $350,000 in HOME' Program funds from the Fiscal Year 1999-20C^ Ccmmur_ity Kousirg Organization (CHDO) category and $940,000 from the City'a projected Fiscal Year 2000-2001 HOME Program ai:.: ration from US F..,m-; and WHEREAS, based on the additional funds to be allocated, in an amount not to exceed $1,290,000, funds in the approximate amount of $2,205,00A exists in the Multifamily Rental New Construction Program category; and ca^e 2 of 5 WHERF_:kS, cased on the funding proposals received by the City for HOME funds available through the HomE Multifamily Ftontal *?ew Construction categor • and recommendations of the City's Housing Loan Committee, funding is recommended to the following housing developers, subject to compliance with certain terms and conditions: CODE, Inc., St. Martin Affordable Ltd., Gatehom9e Development Corporation/Jubilee Community Develcpinent Corp., and Pinnacle NOW, ZHRP.Z C)RZ , BE i T RZSOLIV".D BY THE COMMISSION OF. T - CITY OF MIAAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby adopted by reference thereto _-d incorporated herein as if fully set forth in this Section. Section 2. The allocation of funds, in an amount not tot.. 205, 000, is hereby authorized to four (4) affordable Housing Develop�r,7 in connection with the development of approximately six hundred ninety-seven (697) units of rental housing in tl-:e City from the City's Fiscal Year 1999-2000 and In%, estmenz; Partnership Programs in the amountsstated hereinbelow, subject to the conditions that (1) financing to complete construction of the project must be secured on or before December 31, 2vv and (2) approval must be -anted `r- the Program er Page 3 of 5 ,, ��W the Department of Housing and Urban Development for assistance in financing each of zhe proposed 'housing projects: Develoaer' a Name proiect Name/Leeation prrounc CODEC, Inc. Vista Alegre Apartments $140,000 2235 S.W.B`' Street St. Ma_cin Affordable Miami Stadium Apartments not to exceed Housing, Ltd. 23,3: N.W. 1001 Avenue 500,000 Gacenouse Deveiop—:s.- Z_ iaas del Mar -v-Ar mC _t_ 5a 00^ Corporation/Jubilee 464 West Flagler Street community Development pinnacle Rousing Group, Inc. N.W. 13th Avenue between 1,025,000 N.W. 1" and 2"d Streets not to exceed Total $2,205,-000. Section 3. Z, Xanager execute the necessary document(a), in a' form acceptable to the City Attorney, for said purpose. Section 4 This Resolution shall become effective -m:-diately upon its adoption and signature of.the Mayor.'* 1r The herein authorization is .further subject to compliance wean all requirements that may be imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code provisions. 3' If the Mayor does not sign this Resolution, it shall become e`_°'^~'-"' at the end cf ten calendar days from the date it was' P —o and ve_ce, - 'peso_ ition,='-.1_'_ bec�,�e :five immediately upon override of.the City Commission• Page-4 of 5 a-) rc)' 8711' _'ASSED AND ADOPTED this 17th day of F_ eery ___ , 2000. JQE CAROLLO, MAYOR In accordance with , S;.ami Coda Sec. 21-33, Itsayo; d'id not hxs;cr,'2 by s�- r:inn it in the dEsiglatsd dac3 IV beccmos e4acave the elapse cf ten. (10) tuy".-CON13 cz,a Of C:,• :r regarding sate, w:llhcut the Mayor exercising ATTEST: Waftor J. Clerk W4153:hdb:RCL:HSS Pace 5 of 5 u-.•