HomeMy WebLinkAboutR-23-0123City of Miami
op
Resolution R-23-0123
alldl 11 li.Rl I +
Legislation
File Number: 13592
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 3/9/2023
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 ("DISTRICT 4 EXPANDED PROGRAM"); 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.
SPONSOR(S): Commissioner Manolo Reyes
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, pursuant to Resolution No. R-23-0071 adopted on February 9, 2023, the
City allocated One Million, Seven Hundred Sixteen Thousand, Three Hundred Twenty -Two and
00/100 Dollars ($1,716,322.00) in Miami Forever Affordable Housing Bonds from the District 4
Commissioner's share for the development and construction of six affordable single-family
homes located in District 4, which an amount not to exceed One Million, Seven Hundred Sixteen
Thousand, Three Hundred Twenty -Two and 00/100 Dollars ($1,716,322.00) shall be used as
the pass through funds for the District 4 Expanded Program; 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
City of Miami Page 1 of 3 File ID: 13592 (Revision:) Printed On: 3/14/2023
File ID: 13592 Enactment Number: R-23-0123
WHEREAS, it is the desire of the City Commission to supplement the City's First Time
Homebuyer Program, as described herein ("District 4 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, the District 4 Expanded Program shall feature a City resident preference;
and
WHEREAS, funding for the District 4 Expanded Program will be allocated as needed
from available District 4 funds; and
WHEREAS, funding may be provided directly to a qualified homebuyer from an identified
eligible funding source and/or passed through from the total amount of invested construction
funding for a home built by the City to a qualified homebuyer purchasing said home that is
located in District 4; and
WHEREAS, any actions authorized and undertaken pursuant to this Resolution shall be
in compliance with all applicable Federal, State of Florida, local, and City laws, rules,
regulations, and procedures, including, but not limited to, the Bonds Strategies, the Intent to
Reimburse Resolution, and the Miami Forever Bond Validation Order, the Charter of the City of
Miami, Florida, as amended ("City Charter'), and the Code of the City of Miami, Florida, as
amended ("City Code") (collectively, "Laws"); and; and
WHEREAS, any actions authorized and undertaken pursuant to this Resolution shall
receive and be subject to the receipt of any and all necessary approvals including, but not
limited to, City Attorney, Bond Counsel, the City's Department of Housing and Community
Development, the City's Office of Management and Budget, and the City's Department of
Finance approval;
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/or other eligible funding sources, as described herein and in Exhibit "A," attached and
incorporated, including funds passed through from the total amount of invested construction
funding for a home built by the City to a qualified homebuyer purchasing said home that is
located in District 4.
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 2 of 3 File ID: 13592 (Revision:) Printed on: 3/14/2023
File ID: 13592
Enactment Number: R-23-0123
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 Kttor iey 2/28/2023
City of Miami Page 3 of 3 File ID: 13592 (Revision:) Printed on: 3/14/2023