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RESOLUTION NO. S 3_4N1-'
A RESOLUTION AUTHORIZING THE CITY MANAGER
TO ENTER INTO AN AGREEMENT, SUBJECT TO
THE CITY ATTORNEY'S APPROVAL AS TO FORM
AND CORRECTNESS, WITH SHEARSON/AMERICAN
EXPRESS, INC. AND MANUFACTURERS HANOVER
TRUST COMPANY, FOR 'P=IF,IR COMBINED
PROFESSIONAL SERVICES AS MANAGING
UNDERWRITER FOR THE CITY OF MIAMI
AFFORDABLE RENTAL MOUSING DEVELOPMENT
PROGRAM IN ACCORDANCE WITH THE TERMS OF
THEIR PROPOSAL TRANSMITTED TO THE CITY
UNDER THE, DATE OF MARCH 13, 1983.
WHEREAS, on January 13, 1983, under Ordinance No. 9539,
the City Commission authorized the issuance of not exceeding
$65,000,000 in tax exempt Multi -Family Housinq Bonds for the
purpose of providinq f_inancinq for rental housinq units
developed through the City of Miami Affordable Rental Housing
Development Program; and
WHEREAS, the City Commission :desires to engage the
services of a Managing Underwriter; and
WHEREAS, a duly published Invitation for Proposals
resulted in the receipt of 10 proposals from firms interested
in providinq such services; and
WHEREAS, an Underwriter Selection Committee, appointed
by the City Manager, reviewed the proposals received in
response to the Invitation; and
WHEREAS, the proposal submitted by Shearson/American
Express, Inc. and Manufacturers Hanover Trust Company was
determined by the Selection Committee to be most consistent
with the financing requirements of the City's Affordable
Rental Housing Development Program;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. the City Manager is hereby authorized to
enter into an agreement, subject to the City Attorney's
approval to form and correctness, with Shearson/American
Express, Inc. and Manufacturers Hanover Trust Company for
CITY COMMISSION
MEETING OF
i U ri 9 1983
4-
their combined professional services as ,Managing Underwriter
for the City of Miami Affordable Rental Housing Development
Program in accordance with the terms of their proposal
transmitted to the City under the date of March 3, 1983.
PASSED AND ADOPTED this 9th day of June _, 1983.
WEST:
RA.PH G. ONGIE
CITY CLERK
PREPARED AND APPROVED BY:
ROBERT F. CLARK
DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
OSE R. GARCIA-PEDR
CITY ATTORNEY
—2-
Maurice A. Ferre
MAURICE A. FERRE
M A Y 0 R
83-481,
4
if
32
TO Howard V. Gary
City Manager
'ITY OF MIAM1. FLORIDA
INTER -OFFICE MEMORANDUM
FROM Jerr D. G reauxI Assistant Director
Depa tment of Community Development
DATE May 5, 1983
FILE
SUBJECT Recommendation for Managing
Underwriter: Affordable Rental
Housing Development Program
REFERENCES City Commission Agenda
May 12, 1983
ENCLOSURES
It is recommended that Shearson/American
Express with Manufacturers Hanover Trust
Company be retained as Managing Underwriter
for the purpose of financing the Affordable
Rental Housing Development Program.
On October 7, 1981, through Resolution No. 81-848, the City Commission approved
guidelines for implementation of the Affordable Rental Housing Development Program.
In part, these guidelines called for the construction and permanent financing of
up to 1,000 units of rental housing affordable to low and moderate income families
through the proceeds of the sale of tax-exempt Mortgage Revenue Bonds.
On January 13, 1983, the City Commission enacted Ordinance No. 9539, authorizing
the issuance of up to $65,000,000 in tax-exempt Mortgage Revenue Bonds to finance
the proposed rental housing developments.
To fulfill the need for the services of a managing underwriter to underwrite the
proposed Revenue Bond issue, the City published an Invitation for Proposals in
February of 1983. Ten proposals were received for such services.
The proposals were evaluated by an Underwriter Selection Committee composed of
staff members from the Departments of Law, Finance, Community Development, and the
City Manager's office.
The proposal submitted by Shears or/American Express with Manufacturers Hanover Trust
is deemed by the Underwriter Selection Committee as best serving the City's needs
in financing the Affordable Rental Housing Development Program. In combination,
the two firms possess the financing mechanisms to enable the City to obtain a
Triple A (AAA) rating on the bonds and the staff capacity and experience necessary
to assist the City in the successful implementation of the Program. Also, the
activities of the two firms will be coordinated from Shearson's Miami office
enhancing the City's ability to communicate with the underwriter on issues
affecting program implementation.
It is therefore recommended that Shearson/American Express with Manufacturers
Hanover Trust be retained as managing underwriter for the Affordable Rental Housing
Development Program.
83--481