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Home My WebLink AboutR-81-0255RESOLUTION NO. " - 55 RESOLUTION APPRCVI`1G AND AUTHORISING THE EXECUTION OF A PROJECT CONTRACT RELATING TO THE HOUSING PROJECT IN THE CITY OF tIAf•lI DESIGNATED DADE 8y3 (COCONUT GROVE ELDERLY) PURSUANT TO THE BASIC AGREEMENT FOR FINANCING HCliSI:dG IN THE CITY OF MIAMI , 3Y AND BETWEEN DADE COi"N i ARID THE CITY OF MIA`rtl, DAT .D �UL* 19, 1976, AS AMENDED, AND MAKING CERTAIN DETER"tl:IaTIC�dS :1lJ. , REGARD TO SAID HOUSING 0RCj�CT I:I A�C;RDA,dC° :tiiT;: SAID 3ASIC ACRE 'ME.�IT. $8 IT RESOLVED by the Commission of the City of MiaMii, 1lbriida: Section 1. The Commission (the "Commission") of the City of Miami, Florida (the "City") has found and determined and does hereby declare that (a) The City and Dade County, Florida (the "County") entered into an agreement for financing housing in the City, dated as of July 19, 1976, as amended (the "Basic Agreement") in .which the County agreed to finance housing projects through the issuance cf obligations of the Count;,; (the "County Obligations"), secured in part by City assistance, including proceeds of housing bonds of WCf) the City to be issued for such purpose, such projects {-- - �.~� to be self-liquidating in that the payment of the prin- t~ , .. cipal of and the interest on such obligations can be M� --� paid in full from rents, charges and fees collected by the County therefor, together with such Federal, state and private grants, contributions and other income and money which may be made available therefor (exclusive (d) The Housin& Project is hereby determined to bLa "Housing" as defined in the Basic agreement. (d) The proposed residents ofthe Housing Project - are families and persons eli:7,ible for assistance under Section 8 of the 'Jnited -States iiousir.g act of 1937, as amended ("Section ?";, and such f=milies and persons are hereby determined to be "families and persons, including the elderly, of low or moderate income" as defined in the 3asic agreement and Crdinance No. 8514 - of the City (the "City Ordinance") authorising said housing bonds of the City (the "City Bonds"). (e) In accordance with the Basic Agreement, the City has obtained and liven due consideration to the opinion of counsel for the Cite uponthe legality of the Housing ProJect under der applicable law, the City Ordinance and the 3asic Agreement. (f) The City hereby determines that the Housing Project —111 be self-liquidating in that the payment of the principal of and interest on the County Obligations to be issued to finance the cious;.-g Pro ect can be paid LtJ C/) in full from rents to be collected by t.".e County there- for together :with Federal housing assistance payments , to be made 3Vallab=e therefor under section 8 (exclu- t M, sive of any proceeds of said housing borids of the City). (g) Pursuant to the Basic Agreement, the City and �•� r_r,P County plan to enter into a Project Contract for 81 -?55 gection 2. The City hereby deems and deteritnes that With respect to the Housing Project all provisions of the Basic Agreement, as supplemented by the Project Contract, shall have been fully complied with by both the County and the City upon the execution of the Project Contract. Section. 3. The City is advised by its counsel and hereby determin es that the irousing Project, the Project Contract, the County Obligations -arid the City assistance provided for in the Project Contract all conform to, and are not in conflict with, the provisions of the City Ordinance, the proposition respecting the City Bonds approved by the voters of the City and the decree of the Circuit Court of the Eleventh Judicial Circuit of Florida, in and for Dade County, validating the City Bonds. Section 4. Tire City hereby approves the Project Con- tract in substantially the form presented to the Commission at the meeting of" the Commission at which this resolution is adopted, subject to sach minor charges as ^:ay be approved and made in such form cf :roject Contract by the officers of the City executing the same pursuant to this Section. The City manager is hereby authorized to execute the Project Contract for and or, behalf of the City with the official seal of the City to te impressed thereon and attested by the Clem or a Deputy Clerk of the City and such execution shall be conclusive e71dence of the City's approval of any such changes in said form of Project Contract. Section 5. All prior resolutions or parts of resolu- tions in conflict herewith are expressly repealed and super- seded by this resolution. Section 6. The provisions of this resolution shall become effective immediately upon -its adoption, 81 s 1.55 si -;?55 12 Richard L. Fosmoen City Manager c;1fiY QF MI.1MI. FLORIDA IN—tri ,C)IFFICE MEMORANDUM 11 c Dena Spit man, Direct/) Department of Community Development A** March 25, 1981 rtL.c H. Request Approval of Resolution for Section 8 Housing Project Dade 8-3 City Commission Meeting April 9, 1981 It is recommended that the City Commission approve the attached Resolution authorizing the execution of project contract with Dade County for Section 8 Housing Project Dade 8-3 (Coconut Grove) located in the City of Miami. On June 17, 1976, by Resolution No. 76-612, the City of Miami Commission authorized the execution of an agreement f•r financing housing in the City of Miami by and between Dade County and tht City of Miami, for the purpose of developing Section 8 Housinq Projects it the City. The above mentioned project will be financed with Dade County Special Revenue Bonds, to be retired from revenues generated by tenant rents and subsidy payments from the U.S. Department of Housing and Urban Development. The County bonds will be backed by two one-year debt service reserves, one of which will be provided from City of Miami Housing Bond funds. The City's one-year debt service contribution to this project is approximately $336_ ,616. The funds will revert back to the City of Miami upon expiration of the one-year debt service requirement. In addition, housing bond proceeds will also be utilized as a capital contribution to assist Dade County in the acquisition of this project. The City's assistance to Dade County in the acquisition of this project is approximately $366, Repayment of the City's capital contribution to this project will occur upon the amortization of the County's Special Revenue Bonds. Listed below is the Section 8 housing project under consideration for project contract execution: Dade 8-3 Sixty-five (65) units of housing for elderly located at Douglas Road and Day Avenue in the Coconut Gro` P • 1 neighborhood. The total estimated development cost required to develop this project is approxi- ' mately $2,416,906. Commission approval of this item is recommended., CUMEN1�q Aso -•w 8� a 255 81 .255 PROJECT CONTRACT RELATING TO THE HOUSING PROJECT IN THE CITY OF MIAMI DESIGNATED DADE 8-3 (COCONUT GROVE ELDERLY) THIS PROJECT CONTRACT, dated as of 1981 by and between THE CITY OF MIAMI, a municipal corpora- tion (hereinafter called the "City") and DADE COUNTY, FLORIDA$ 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 pur- suant to that certain Agreement designated, AGREEMENT FOR FINANCING HOUSING IN THE CITY OF MIAMI BY AND BETWEEN DALE 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 .. ......__. raptesent 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 co-operate in providing and financing a certain housing project located within the corporate boundaries of the City and designated Dade 8-3 (Coconut Grove Elderly) and also known as FL. 29-8023-003, consisting of sixty-five (65) units of housing for the handicapped (the "Housing Project"). Section 4. It is estimated that the total cost to the County of providing the Housing Project, including financing costs, shall be Dollars ($ ). The County agrees to undertake, carry out and complete the Housing Project in accordance with the plans, specifica- tions, contracts and other contract documents approved 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 $ to pay, with City Assistance, if any, and with other funds available therefore, the entire cost of the Housing Project. In addition, maximum Federal assistance through an aggregate annual contribution of $ will be provided for the Housing Project by contract with the. United States Department of Housing and Urban Development the Housing Project 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 market- ability 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 Project 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 depositary by the City and shall be held, administered, invested and reinvested by the City for the purposes in the Ordinance, the Basic Agreement and this Project Contract. Earnings and 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 $ shall be mad available by the City as City Assistance to assist the County in financing the Housing Project. Such sum shall be transferred by the City to the - --- 4-v.e rn,,nf•v nf 3. "SUPPORTIVE, V v i v t 1' : i i�'_ FOLL 0,41 administered by the trustee under said Trust Indenture and used, together with the proceeds of the County Obligations and any other funds available therefor, to pay the entire cost of the Housing Project and shall be otherwise held administered, applied or used for the Housing Project in the manner and for the purposes provided in the Basic Agree- ment, in this Project Contract and in said Trust Indenture. Said Trust Indenture shall make appropriate provision for the repayment to the City of the City Assistance described in this Section from the excess net revenues of the Housing Project. Excess net revenues shall mean the gross revenues of the Housing Project less (i) the operating expenses for the Housing Project, or (ii) so long as any County Obliga- tions are outstanding under said Trust Indenture, the sum of the First through the Eighth deposits required by Section 503 of said Trust Indenture.; Section 7. From the monies paid into the fund de- scribed in Section 5 hereof, a sum equal to the maximum { Principal and Interest Requirements (as defined in the Trust Indenture securing said County Obligations) for any single 7=w Bond Year (as defined in said Trust Indenture) for the County_ �1 n Obligations, which sum may not exceed $ , shall also be made available by the City as City Assistance to assist the! County in financing the Housing Project. Such sum shall be transferred by the City to the County contemporaneously with the delivery by the County of its County Obligations and/or 5 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 the Special Housing Fund established by said ri =F Trust Indenture as provided for in Section 208 of said Trust "Sul" iVE_ FOLLOW" Indenture. Such fund shall be held and administered by the trustee under said Trust Indenture as additional security for the County Obligations issued or incurred for the pur- pose of financing the Housing Project and shall be held, administered, applied or otherwise used for the Housing Project in the manner and for the purposes provided in the Basic Agreement, in this Project Contract and in the said Trust Indenture. Section 8. The County shall not be required in any year to make a payment in lieu of taxes with respect to the Housing Project. IN WITNESS WHEREOF, the CITY OF MIAMI, FLORIDA, has caused this Contract to be executed in its name and behalf by its City Manager 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 County Manager 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 there - unto duly authorized as of the day of 1981. , ATTEST: CITY OF MIAMI , FLORIDA By: City Clerk City Manager h (CITY SEAL) "10 I r �a llfs� DADE COUNTY, FLORIDA ATTEST: �4 Clerk of the Board of By: County Manager ss' f zz, County Commissioners (COUNTY SEAL) R 5 J ti