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Home My WebLink AboutR-81-0777RESOLUTION NO. " 8 1` 7 7 7 A RESOLUTION FURTHER AMENDING THE BASIC AGREEMENT FOR FINANCING HOUSING IN THE CITY OF MIAMI BY AND BETWEEN DADE COUNTY AND THE CITY OF MIAMI, DATED JULY 19, 19769 AS SET FORTH HEREIN. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The City Manager is hereby authorized and directed to amend the Project Contract attached as Exhibit "D" to the Basic Agreement for Financing Housing in the City of Miami by and between Da.de County and the City of Miami, dated July 19, 1976, as amended, shall read as follows: PROJECT CONTRACT RELATING TO HOUSING PROJECT IN THE CITY OF MIAMI DESIGNATED "DADE 8-1 (WYNWOOD), DADE 8-3 (COCONUT GROVE) AND DADE 8-11 (LITTLE HAVANA)... THIS PROJECT CONTRACT, dated as of 19 , by and between THE CITY OF MIAMI, a municipal corporation (hereinafter called the "City" and DADE COUNTY, FLORIDA, a county (hereinafter called the "County"), in the State of Florida; W I T N E S S E T H: In consideration of the covenants and agreements herein contained to be performed by the City and the County and other good and valuable consideration paid by each of the parties to the other, the receipt of which is hereby severally acknowledged, THE CITY OF MIAMI, FLORIDA, and DADE COUNTY, FLORIDA, hereby agree as follows: Section 1. This Contract is executed and delivered pursuant to that certain Agreement designated, AGREEMENT FOR FINANCING HOUSING IN THE CITY OF MIAMI BY AND BETWEEN DADE COUNTY AND THE CITY OF MIAMI, by and between the City and the County, dated as of July 19, 1976, as amended (herein called the "Basic Agreement"). This Contract supplements the Basic Agreement and it is intended CM COMMISSION ' MEETING OF SEP 1 01981 ►81- r that the Basic Agreement and this Contract shall be part of an overall agreement between the City and the County. Words and terms used in this Contract which are defined in the Basic Agreement shall have the same meanings as in the Basic Agreement. If any provision of this Contract shall be in conflict with the Basic Agreement, this Contract shall be controlling. Section 2. The County and the City hereby covenant and represent that each of them is authorized to enter into and to be bound by this Project Contract and to do all of the acts and things and to perform all of the obligations under- taken by each of them pursuant to this Project Contract and the Basic Agreement. Section 3. The County and the City hereby agree to cooperate in providing and financing a Housing Project lo- cated within the corporate boundaries of the City described and located as follows: Dade 8-3: Sixty-five (65) units medium rise for the elderly to be located in the Coconut Grove area at Douglas Road and Day Avenue. (Also knam as F1. 29-8023-003). Dade 8-1: Forty (40) units of housing for family located on 7 sites in the general vicinity of N.W. 33rd Street and 2nd Avenue in the Wynwood neighborhood. (Also known as Fl. 29-8023-004). Dade 8-11: Seventy-five (75) units of housing for the elderly located at S.W. 1.7th Avenue and 4th Street in the Little Havana neighborhood. (Also known as F1. 29-8023-006). herein called the "Housing Projects". Section 4. It is estimated that the total cost to the County of providing the Housing Projects, including financing costs, shall be Six Million Four Hundred Ninety -Nine Thousand DOLLARS ($6,492,999 )The County agrees to undertake, carry out and complete such Housing Projects in accordance with the plans, specifications, contracts and other contract documents approved -2- 81 - 7 7r by the City, as expeditiously as practicable. The County further agrees that it shall issue its revenue bonds (herein called the "County Obligations") in the principal amount of $6,855,000 to pay, with City Assistance, if any, and with other funds available therefor, the entire cost of the Housing Projects. In addition, maximum Federal assistance through an aggregate annual contribution of $1,085,904 will be provided for the Housing Projects by contract with the United States Department of Housing and Urban Development Act of 1974. The construction and operation of the Housing Projects shall be subject to applicable Federal regulations and conditions under said Section 8 program. Section 5. In order to assist the County in financing the Housing Project and to increase the security and marketability of the County Obligations, the City, pursuant to the Basic Agreement and this Contract, hereby covenants and agrees to provide City Assistance for financing the Housing Projects through the use of proceeds of City Bonds as herein provided. As City Bonds are issued and sold by the City from time to time, the net proceeds thereof remaining after deducting all costs and expenses of or attributable to such issuance and sale shall be paid into a trust fund or other earmarked account established in a bank or other depository by the City and shall be held administered, invested and re -invested by the City for the purposes provided in the Ordinance, the Basic Agreement and this Project Contract. Earnings aid profits derived from such investments shall be credited and losses shall be charged to such fund. Section 6. From the monies paid into such fund, the sum of $1,120,397 shall be made available by the City as City Assistance to assist the County in financing the Housing Projects. Such sum shall be transferred by the City to the County contemporaneously with the delivery by the County of its County obligations and/or the receipt by the County of the proceeds of such obligations. Such transfer shall be effected by the payment or deposit to the credit of a County acquisition fund or account to be established by -3- 81 - 7 7T the County, with a trustee or other fiscal agent to be ap- pointed by the County pursuant to a trust agreement, ordi- nance or resolution executed or adopted by the County securing the County Obligations issued for the Housing Projects. Such fund shall be held and administered by the trustee or fiscal agent and used, together with the proceeds of the County Obligations and any other funds available therefor, to pay the entire cost of the Housing Projects. Such fund shall be otherwise held administered, applied or used for the Housing Projects in the manner and for the purposes provided in the Basic Agreement, in this Project Contract and in the afore- said trust agreement, ordinance or resolution authorizing the use of such funds to assist in the provision of the Housing Projects. The aforesaid trust agreement, ordinance or resolution shall make appropriate provision for the repayment to the City of City Assistance described in this Section from the excess net revenues of the Housing Projects. Section 7. From the monies paid into such fund, the sum of $ 819,250 shall also be made available by the City as City Assistance to assist the County in financing the Housing Projects. Such sum shall be transferred by the City to the County contemporaneously with the delivery by the County of its County Obligations and/or the receipt by the County of the proceeds of such obligations. Such transfer shall be effected by the payment or deposit to the credit of a County debt service or similar reserve fund to be established by the County pursuant to a trust agreement, ordinance or resolution executed or adopted by the County securing the County Obligations issued for the Housing Projects. Such fund shall be held and administered by the trustee or fiscal agent as additional security for the County Obligations issued or incurred for the purpose of financing the Housing Projects and shall be held, administered, -4- 81 -777' El applied or otherwise used for the Housing Projects in the manner and for the purposes provided in the Basic Agreement, in this Project Contract and in the aforesaid trust agreement, ordinance or resolution authorizing the use of such funds to assist in the provision of the Hous-;ng Projects. IN WITNESS WHEREOF, the CITY OF MIAMI, FLORIDA, ha!; caused this Contract to be executed in its name and behalf by its Mayor or Vice Mayor and its official seal to be hereunto affixed and attested by its City Clerk or a Deputy City Clerk thereunto duly authorized; and DADE COUNTY, FLORIDA, has caused this Contract to be executed in its name and behalf by its Mayor or Vice Mayor and the official seal of the Board of County Commissioners to be hereunto affixed and attested by the Clerk or a Deputy Clerk of said Board thereunto duly authorized as of the day of , 19 PASSED AND ADOPTED this 10 day of_ September , 1981. ATTEST: ALPH . ONGIE TY CLERK PREPJfRED AND -APPROVED BY: im I l/ �kSM A K VALENTINE AS ISTANT CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: GEORGE F. KNOX, JR. CITY ATTORNEY —5- MAURICE A. FERRE M A Y 0 R 81 -777 1.1 ion lit. Cor 'Fjmmch)l , re c tr 11 t I v )v I I I t I V I I