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HomeMy WebLinkAboutAgenda Item Cover Page`rev oF�t AGENDA ITEM COVER PAGE File ID: #13592 Resolution Sponsored by: Commissioner Manolo Reyes 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. 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-23-0123 File Number: 13592 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. 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 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. 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. ' 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. APPROVED AS TO FORM AND CORRECTNESS: Vf ria i dez, ity ttor ey 2/2812023 Pursuant to the resolution, this item became effective immediately upon adoption by the Commission.