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HomeMy WebLinkAboutR-85-0948I RESOLUTION NO._ A RESOLUTION EXPRESSING THE INTENT OF THE CI (Y OF MIAMI (FOR A PERIOD OF SIX WEEKS) TO PROCErr) WITH THE DEVELOPMENT Or A MULTIFAMILY Qr-NTAL HOUSING PROJECT AND THE FINANCING Or 150 U11TS THEREOF THROUGH THE ISSUANCE Or MULTIFAMILY MORTGAGE REVENUE SONDS IN AN AMOUNT NOT TO EXCEED S9,500o000 FOR THE BENEFIT OF CIRCA/BARNtSS/SAWYER, A JOINT VENTURE ESTA81.ISHrD IN PART FOR THIS PURPOSE. WHEREAS, the City Commission has determined that there exists i shortage of safe and sanitary housing for persons and families of low and moderate income within the City; and WHEREAS, such shortage will be partially alleviated by the construction and operation by a private developer of a low -to - moderate income housing project to consist of approximately 150 units, located at N.W. 6th Street through N.W. 7th Street between N.W. 2nd Avenue and NW 3 Avenue i n the Ci ty of Mi ami , Dade County, Florida, to be occupied by persons of low and moderate income (the "Project"), which Project is part of the Overtown/Park West Redevel opment Area, to be developed by C i rca/Ba rness/Sawyer (the "Developer"), a J o i n t venture established for this purpose; and WHEREAS, in order to provide financing for the acquisition,, construction, and operation of the Project, the City intends to ............ issue its multifamily mortgage revenue bonds for the benefit of the Developer in an amount currently estimated not to exceed $9,500,000 (the "Bonds") and to execute into a Loan or Financing Agreement, a Trust Indenture, a Regulatory Agreement as to Tax Exemption and other necessary documents with respect to the J; Project; MEMNO or UP is on nil 40,M:2W NOW THEREFORE, At If RtSOLVED BY THt COMMISSION OF Tmt City OF MIAMI, FLORIDA! Section is All findings and recitals contained in the Preamble to this resolution are adopted by reference and are incorporated heroin at if fully set forth in this section. Section 2. The City Commission hereby expresses its intention to approve at a later date, by appropriate resolution, and upon compliance by the Developer with the City's prescribed procedures for issuance of multifamily revenue bonds, the financing of the development of the 150 Unit Project (the "Project") by the Developer through the issuance of its Bonds and the execution of the necessary documents, including a Trust Indenture, Loan or Financing Agreement and a Regulatory Agreement as to Tax Exemption; provided, however, such Bonds shall not be issued unless the Bonds, if publicly offered, are rated at least "A" or better by either Standard & Poor's Corporation or Moody's Investors Service, Inc. or both, if both rate the Bonds, or, alternatively, the Bonds, if not rated, are sold by private placement to institutional investors and provided, however, such V eul, bonds that are not required by the developer shall not be utilized by the City for any other project without the specific approval of the City Commission; I Section 3. This Resolution shall constitute *official action" of the City Commission toward the issuance of the Bonds, within the meaning of the regulations issued by the Internal Revenue Service pursuant to Section 103 of the Internal Revenue Code of 1954, as amended. Section 4. The inducement period for the Project shall have a term of six (6) months from the date of adoption of this Resolution (the "Inducement Period"). The Inducement Period is subject to extension by the City Commission upon compliance by Vt the Developer of certain requirements established by the Commission, including the payment of an additional fee to the Commission and bond counsel at the termination of the inducement 1 Period. Section s a financing for then PrwF % will be Closed subject to validation of multifamily mortgage revenue bonds by sf- . the Circuit Court of Dade County, Florida, The City Commission makes no representations or quaranteos as to the scheduling or 1. a. outcome of validation proceedings i n the Ci rcui t Court of Dade County, Piorida nor iS the City Compelled to file for Validation ; of bonds for any paixticul ar multifamily project. the various projects induced by the official action of the City Commission shall be dosed on a first -come, first -served basis. Section 6. All resolutions and orders or parts thereof, of the Ci ty Commi ssi on in conflict herowi th are, to the extent of such conflict, hereby modified to the extent of such conflict, and this Resolution shall take effect from and after its passage, the public welfare requiring it. Section 7. It is found and determined that all formal actions of this Commission and of its committees concerning and relating to the adoption of this Resolution were taken in an open meeting, open to the public, in full compliance with all legal requirements. 9'y PASSED AND ADOPTED THIS 12th DAY OF Septembez,1985. a ATTrCT- PREPARED AND APPROVED BY: ASSISTANT CITY ATTORNEY Maurice A. Ferre MAUKIU A. , MAYOR APPROVED AS TO FORM AND CORRECTNESS: 030 41" CW MIAMI, P6.0RIDA INTZROOOPPIG1R MEMORANDUM to The Honorable Mayor and Members or the City Commission FHB: Sergio Pereira City Manager CASE: SEP 0 5 as PLC *vsiret Inducement Resolution Parcel 55E Rental housing Project City Commission Meeting PICI'ERE"ers-eptember 12, 1985 MCLOSU O: It is reoommeded that the City Commission approve the attached resolution expressing the intent of the City of Miami (Florida) to proceed with the development of a multifamily rental housing project and the financing of 150 units thereof through the issuance of multifamily mortgage revenue bonds in an amount not to excead $905000000 for the benefit of 0irca/Barness/Sawyer, a joint venture established in R part For this purpose. Circa/Barness/Sawyer has been selected for the development of a 150-unit rental housing project on Parcel 55E of Phase i of the Southeast Overtown/Park West Redevelopment Project. The total private development cost for Parcel 55E is estimated to be $11,385,570. This amount includes supportive parking and recreation areas as well as 41,800 square feet of commercial space. This commitment has been included as part of the total private commitment in the City's Urban Development Action Grant (UDAG) Application, which is now being reviewed by the U.S. Department of Housing and Urban Development. Circa/Barness/Sawyer is requesting no UDAG subsidy for Parcel 55E development itself. The tax-exempt rate permanent financing through the mortgage revenue bonds plus favorable interim financing, now being arranged, makes the project feasible. There is no cost or risk to the City to participate in tide issuance. RESOLUTION A RESOLUTION EXPRESSING THE INTENT OF THE CITY OF 141AMI (FOR A PERIOD OF SIX WEEKS) TO PROCEED WITH THE DEVELOPMENT OF A MULTIFAMILY RENTAL MOUSING PROJECT AND THE FINANCING OF 150 UNITS THEREOF THROUGH THE ISSUANCE OF 14ULTIFAMILY MORTGAGE REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $9,5OO,000 FOR THE BENEFIT OF CIRCA/BARNESS/SAWYER, A JOINT VENTURE ESTABLISHED IN PART FOR THIS PURPOSE. WHEREAS, the City Commission has determined that there exists a shortage of safe and sanitary housing for persons and families of tow and moderate income within the City; and WHEREAS, such shortage will be partially alleviated by the construction and operation by a private developer of a low -to - moderate income housing project to consist of approximately 150 units, located at N.W. 6th Street through N.W. 7th Street between N.W. 2nd Avenue and NW 3 Avenue in the City of Miami, Dade County, Florida, to be occupied by persons of low and moderate income (the "Project"), which Project is part of the Overtown/Park West Redevelopment Area, to be developed by Circa/Barness/Sawyer (the "Developer"), a joint venture established for this purpose; and WHEREAS, in order to provide financing for the acquisition, construction, and operation of the Project, the City intends to issue its multifamily mortgage revenue bonds for the benefit of the Developer in an amount currently estimated not to exceed $905009000 (the "bonds") and to execute into a Loan or Financing Agreement, a gust Indenture, a Regulatory Agreement as to Tax Exemption and other necessary documents with respect to the Project; 4 -Z . NCw THEREFORE, It IT MaLvlt'D By t"t COMMON TRt CITY OF MIAMI, FLORIDA: Section 1. All findings and recitals contained in the Preamble to this resolution are adopted by reference and are Incorporated herein as If fully set forth in this section. Section g. The City Commission hereby express@% its intention to approve at a later date, by appropriate resolution, and upon compliance by the Developer with the City's prescribed procedures for issuance of multifamily revenue bonds, the financing of the development of the ISO Unit Project (the "Project") by the Developer through the issuance of its Bonds and the execution of the necessary documents, including a Trust Indenture, Loan or Financing Agreement and a Regulatory Agreement as to Tax Exemption; provided, however, such Bonds shall not be issued unless the Bonds, if publicly offered, are rated at least "A" or better by either Standard d Poor's Corporation or Moody's Investors Service, Inc. or both, if both rate the Bonds; or, alternatively, the Bond&, if not rated, are sold by private placement to institutional investors and provided, however, such bonds that are not required by the developer shall not be utilized by the City for any other project without the specific approval of the City Commission; Section 3. This Resolution shall constitute "official action" of the City Commission toward the issuance of the Bowls, within the meaning of the regulations issued by the internal Revenue Service pursuant to Section 103 of the internal Revenue Code of 1954, as amended. Section d. The inducement period for the Project shall have a term of six isa months from the date of adoption of this Resolution (the "Inducement Period*). The inducement Period is subject to extension by the City Commission upon compliance by the Developer of certain requirements established by the Commission, including the payment of an additional fee to the Commission and bond counsel at the termination of the inducement period! *to 5:. Section S. Of financing for t1he Prof It will be elosgd subject to validation of multifamily mortgage revenue bonds by the Circuit Court of Dade County, Florida. The City Commission makes no representations or guarantees as to the scheduling or outcome of validation proceedings Io the Circuit Court of Dade County, Florida nor is the City compelled to file for validation of bonds for any particular multifamily project. The various projects induced by the official action of the City Commission shall be closed on a first -come, first -served basis. Section 6. All resolutions and orders or parts thereof, of the City Commission in conflict herewith are, to the extent of such conflict, hereby modified to the extent of such conflict, and this Resolution shall take effect from and after its passage, the public welfare requiring it. Section i. it is found and determined that all formal actions of this Commission and of its committees concerning and relating to the adoption of this Resolution were taken in an open meeting, open to the public, in full compliance with all legal requirements. PASSED AND ADOPTED THIS DAY OF , 1985. ATTEST: CITY CLERK PREPARED AND APPROVED BY: ASSISTANT CITY ATTORNEY MAURICE A. FERREO MAYOR APPROVED AS TO FORM AND CORRECTNESS: CITY ATTORNEY- i 3!