HomeMy WebLinkAboutR-81-0116CITY OF MIAMI, DATED AS OF JULY 19, 1976, AS
AMENDED; MAKING CERTAIN DETERMINATIONS WITH
atf1!' REGARD TO SAID HOUSING PROJECT IN ACCORDANCE
WITH SAID BASIC AGREEMENT; REPEALING AND SUPER-
SEDING RESOLUTION NO. 80-140, ADOPTED FEBRUARY
28, 1980 WHICH HAD AUTHORIZED EXECUTION OF AN
EARLIER SUPPLEMENTAL PROJECT CONTRACT.
BE IT RESOLVED by the Commission of the City of Miami,
Florida:
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 of obligations of the
County ( the "County Obligations", and, in the case of
� 'obligations issued to finance increases in the acquisition
costs of such housing projects, "Additional County
Obligations"), secured in part by City assistance,
including proceeds of housing bonds of the City to be
issued for such purpose, such projects to be self-liquidating
in that the payment of the principal of and the interest
on such obligations can be 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 of any proceeds of
said housing bonds of the City) . CITY COMMISSION
MEETING OF
FE iI
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26
W Pursuant to the Basic Agreement, the City and
the County will approve a revised financial plan for
Housing Project Dade 8-6 (Riverside) and Housing Pro-
ject Dade 8-7 (Coconut Grove) (the "Housing Projects").
(c) The Housing Projects are hereby determined to
be "Housing" as defined in the Basic Agreement.
(d) The proposed residents of the Housing Projects
are families and persons eligible for assistance under
Section 8 of the United States Housing Act of 1937, as
amended ("Section 811), and such families and persons
are hereby determined to be "families and persons,
including the elderly, of low or moderate income" as
defined in the Basic Agreement and Ordinance No. 8514
of the City (the "City Ordinance") authorizing said
housing bonds of the City (the "City Bonds").
(e) In accordance with the Basic Agreement, the
City has obtained and given due consideration to the
t opinion of counsel for the City upon the legality of
,4 the Housing Projects under applicable law, the City
-'� Ordinance and the Basic Agreement.
(f) The City hereby determines that the Housing
Projects will be self-liquidating in that the payment
of the principal of and interest on the County Obliga-
tions issued and the Additional County Obligations
to be issued to finance the Housing Projects can be
paid in full from rents to be collected by the County
therefor, together with Federal housing assistance
payments to be made available therefor under Section 8
(exclusive of any proceeds of said housing bonds of the
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(g) Pursuant to the Basic Agreement, the City and
the County have entered into a Project Contract for
the Housing Projects (the "Project Contract") and
plan to enter into a Supplemental Project Contract
for the Housing Projects (the "Supplemental Project
Contract"), which Contracts provide, among other things,
that if any provision of such Contracts shall be in
conflict with the Basic Agreement, such Contracts shall
be controlling.
Section 2. The City hereby deems and determines that
with respect to the Housing Projects all provisions of the
Basic Agreement, as supplemented by the Project Contract
and the Supplemental Project Contract, shall have been fully
complied with by both the County and the City upon the exe-
cution of the Supplemental Project Contract.
Section 3. The City is advised by its counsel and
hereby determines that the Housing Projects, the Project
Contract, the Supplemental Project Contract, the County
Obligations and the City assistance provided for in the
Project Contract,'and the Additional County Obligations
and the additional City assistance provided for in the
Supplemental 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
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Contract in substantially the form presented to the Commission at
the meeting of the Commission at which this Resolution is adopted,
subject to such minor changes as may be approved and made in such
form of Supplemental Project Contract by the officers of the City
executing the same pursuant to this Section. The City Manager is
hereby authorized to execute the Supplemental Project Contract for
and on behalf of the City with the official seal of the City to be
impressed thereon and attested by the Clerk or a Deputy Clerk of the
City, and such execution shall be conclusive evidence of the City's
approval of any such changes in said form of Supplemental Project
Contract.
Section 5. Resolution No. 80-140, adopted on February 2$, 1980
which had authorized execution of an earlier Supplemental Project
Contract, is hereby expressly repealed and superseded in its entirety.
Section 6. The provisions of this Resolution shall become
effective immediately upon its adoption.
PASSED AND ADOPTED this 26 day of FEBRUARY , 1981.
MAURICE A. FERRE
MAURICE A. FERRE, M A Y 0 R
AT ST:
ImyLPN C. ONGIE
—
CLERK f �+
PREAARED AND APPROVED BY:
AN
A. VALENTINE
A SISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
ROBERT F. CLARK
ACTING CITY ATTORNEY
0
4.
Section 4, The City hereby approves the Supplemental Project
Contract in substantially the form presented to the Commission at
the meeting of the Commission at which this Resolution is adopted,
subject to such minor changes as may be approved and made in such
form of Supplemental Project Contract by the officers of the City
executing the same pursuant to this Section. The City Manager is
hereby authorized to execute the Supplemental Project Contract for
and on behalf of the City with the official seal of the City to be
impressed thereon and attested by the Clerk or a Deputy Clerk of the
City, and such execution shall be conclusive evidence of the City's
approval of any such changes in said form of Supplemental Project
Contract.
Section 5. Resolution No. 80-140, adopted on February 24, 1980
which had authorized execution of an earlier Supplemental Project
Contract, is hereby expressly repealed and superseded in its entirety.
Section G. The provisions of this Resolution shall become
effective immediately upon its adoption.
PASSED AND ADOPTED this 26 day of
FEBRUARY 1981.
MAURICE A. FERRE
MAURICE A. FERRE, M A Y O R
AT T:
LPH C. ONGIE r
CfTY CLERK
PREAARED AND APVROVED BY:
In A. VALENTINE
SISTANT CITY ATTORNEY
,p131-I1_ti
15 1►h?E:R•C)rFiCE MEMORANDUM
Richard L. Fosmoen
City Manager
IC Dena Spillman, Director
Department of Community Development
February 9, 1981
Request Approval of Resolution for
Supplemental Project Contract Section
8 Housing Project Dade 8-6 and 8-7.
City Commission Agenda for
February 26, 1981
it is recommended that the City Commission
approve the attached Resolution authorizing
the execution of a Supplemental Project Contract
for Dade 8-6 and Dade 8-7 located in the City.
On June 17, 1976, by Resolution too. 76_ 612, the City of Miami Commission
authorized the execution of an agreement for financing housing in the City
of Miami by and between Dade County and the City of Miami, for the purpose
of developing Section 8 Housing Projects in the City.
The above mentioned projects 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. Listed below are the projects
under consideration for project contract execution:
Dade 8-6 Seventy-five (75) units of housing
for the elderly located at approximately
950 S.W. 1st Street, Miami, Florida
Dade 8-7 Twenty-four (24) units of housing for
families located at S.W. 37th Avenue
and Percival Avenue, Miami, Florida.
r
The total estimated development cost to develop both projects is approximately
$3,380,000. The City's assistance to Dade County in the financing of both
housing projects has increased from $375,000 to $400,000. The attached
supplemental proiect contract reflects this reviled amount. In addition, in
order to cover the financing it fall" which currently exists, Dade County
is scheduled to market additional County bonds in the next thirty days.
Commission approval of this item is recommended.
THIS SUPPLEMEINTAL PROJECT CONTRACT, dated as of
1981 by and between THE CITY OF MIAMI, a municipal corpora-
tion (hereinafter called the _ ) and DADE CC..i.l ,
a county (hereinafter called the "County"), in the State of
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Florida:
W I T W 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 CIT'_' OF MIAM1, FLORIDA, and DADE COUNTY, FLORIDA, hereby
agree as follows:
Section 1. This Supplemental Contract is executed and
delivered pursuant to that certain Agreement designated,
AGREEMENT FOR FINANCING HOUSING
IN THE CITY OF MIAMI BY AND BET'NTEEN
DADE COUNTY AND THE CITY OF MI?.MI
By and between the City and the County, dated as of July 19,
1976, as amended (herein called the "Basic Agreement").
This Supplemental Contract supplements the Basic Agreement
and the Project Contract relating to Housing Projects in the
Ci�y of Miami Designated Dade 8-6 (Riverside) and Dade 8-7
(Coconut Grove), dated as of June 14, 1978 (the "Initial
Contract") and it is intended that the Basic Agreement, the
Initial Contract and this Contract shall be part of an
81 -116
overall agreement between the City and the County. Words
and terms used in this Supplemental Contract which are
defined the Basic Agreement or the Initial Contract shall
have the same meanings as defined therein. If any provision
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Basic Agreement or the Initial Contract, this Supplemental
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 Supplemental Project Contract and to do
all of the acts and things and to perform all of the obliga-
tions undertaken by each of them pursuant to this Supplement-
al Project Contract, the Initial Contract and the Basic
Agreement.
Section 3. The County and the City hereby agree to
continue to co-operate in providing and financing certain
Housing Projects located within the corporate boundaries of
the City described and located as follows;
Dade 8-6: Seventy-five unit medium -rise for the
elderly to be located in the Little Havana area on
the South side of S.W. 1st Street between 9th and
10th Avenues. (Also known as FL29-0023-006).
Dade 8-7: Twenty-four units for families located
on the East side of Douglas Road between Day and
Oak Avenues. (Also known as FL29-0028-007).
herein called the "Housing Projects".
• Section 4. It is estimated that the total cost to the
County of the increased acquisition costs of the Housing
Projects, including financing costs, shall be
2.
D611ars ($ ). The County agrees to complete the
Housing Projects in accordance with the plans, specifications,
contracts and other contract documents approved by the City,
as expeditiously as practicable. The County further agrees
that it shah issue its revenue bonds (herein called the
"Additional County Obligations") in the principal amount of
$ to pay, with otherfundsavailable therefore,
the entire increased acvuisition costs of the Housing
Projects. In addition, maximum Federal assistance through
an aggrecate annual contribution of $ will be
provided fcr the Hcusing Projects by contract with the
United States Department of Housing and Urban Development
through the Section 8 program of the Housing and Community
Development Act of 1974. The construction and operation of
L.0 rr) the Housing Projects shall be subject to applicable Federal
:-•� " regulations and ecnditicns under said Section 8 procram.
( J Section 5. In order to assist the County in financing
_ .._.1
_J the increased acquisition costs of the Housing Projects and to
increase the security and marketability of the Additional
Vr i
County Obligations, the City, pursuant to the Basic agreement,
the Initial Contract and this Supplemental Contract, hereby
covenants and agrees to provide additional City Assistance
for financing the completion of 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
n a bank or other depositary by the City and shall be held,
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administered, invested and reinvested by the City for the
purposes in the Ordinance, the Basic Agreement, the Initial
Contract and this Supplemental Project Contract. Earnings and
profits derived from such investments shall be credited and
losses shall be charted to such fund.
Section 6. From the monies paid into such fund, an
amount which, when added to the balance in the Special Housing
Fund (as defined in and established by the Trust Indenture
Securing the County Obligations and the Additional County
Obligations), shall equal the maximum Principal and Interest
Requirements (as defined in said Trust Indenture) for any
single Bond Year (as defined in said Trust Indenture) for the
County Obligations and the Additional County Obligations, which
amount may not exceed $400,000, shall be made available by the
City as additional City Assistance to assist the County in
financing the increased accuisition costs of the Housing
Projects. Such sum shall be transferred by the City to the
County contemporaneously with the delivery by the County of its
Additional County Obligations and/or the receipt by thAe County
of the proceeds of such obligations. Such transfer shall be
effected by the payment or deposit to the credit of said
Special Housing Fund as provided for in Section 210 of said
Trust Indenture. Such fund shall be held and administered by
the trustee under said Trust Indenture as additional security
for the Count;: Obligations and the Additional County Obliga—
f-d
the Basic Agreement, in the initial Contract, in this Supple-
iaental Project Contract and in the said Trust Indenture.
Section 7. The PILOT payable by the County from the ex=
cess net revenues of the Housing Projects pursuant to Section 7
of the Initial Contract is hereby decreased from an amount
equal tc eight percent (8%) of the annual rent collected at
Dade 8-6 and 8-7, to zero.
IN WITNESS WHEREOF, the CITY OF MIAMI, FLORIDA, has
caused this Supplemental 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 Cler:: thereunto duly authorized; and DADE CO(,TIT'_, FLORIDA,
has caused this Supplemental 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 Bcard
thereunto duly authorized as of the day of , 1981.
CITY OF MIAMI, FLORIDA
ATTEST:
By:
City Cleric City Manager
(CITY SEAL)
DADE COUNTY, FLORIDA
ATTEST:
E 81-116