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HomeMy WebLinkAboutR-80-0538RESOLUTION NO. 8 0- 5 3 8 RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A PROJECT CONTRACT RELATING TO THE HOUSING PROJECTS IN THE CITY OF MIAMI DESIGNATED DADE 8-1 (WYNDWOOD) AND DADE 8-11 (LITTLE HAVANA) PURSUANT TO THE BASIC AGREEMENT FOR FINANCING HOUSING IN THE CITY OF MIAMI, DATED JULY 19, 1976, AS AMENDED, AND MAKING CERTAIN DETERMINATIONS WITH REGARD TO SAID HOUSING PROJECTS IN ACCORDANCE WITH SAID BASIC AGREEMENT. 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 Li j. County (the "County Obligations'% secured in part by ••� - City assistance, including proceeds of housing bonds of :W. Qthe City to be issued for such purpose, such projects —i to be self-liquidating in that the payment of the grin- _ 0 cipal of and the interest on such obligations can be. Rpaid 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). 16400CUMEM INDEX 11EM N0. CITY COMMISSION MEETING OF J U L 10 1980 80- U /r` eel` (b) Pursuant to the Basic Agreement, the City and the County will approve financial plans for Housing Project Dade 8-1 (Wyndwood) and Housing Project Dade 8-11 (Little Havana) (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 Proj- Bets 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 per- sons, 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 opinion of counsel for the City upon the legality of 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 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 City). "SUPPORTIVE DOCUMENTS z. FOLLOW 80-538 FA- (g) Pursuant to the Basic Agreement, the City and the County plan to enter into a Project Contract for the Housing Projects .(the "Project Contract"), which Project Contract provides, among other things, that if any provision of the Project Contract shall be in con- flict with the Basic Agreement, the Project Contract 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, 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 determines that the Housing Projects, the Project Contract, the County Obligations and 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. The 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 such minor changes as may be approved and made in such form of Project 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 on behalf of the City with the official fl�M� 3. �+�LLt�Y"' 80-538 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 Project Contract. Section 5. All prior resolutions or parts of resolu- tions in conflict herewith are expressly repealed and superseded by this resolution. Section 6. The provisions of this resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 10th day of July MAURICE A. FERRE PREPARED AND APPROVED BY: '1Z. 1 4 1 a --.z - MARK A. VALENTINE ASSISTANT CITY ATTORNEY "SUPPORTIVE DOW FOLLOVY"S APPROVED AS TO FORM AND CORRECTNESS: 4. 80-538 1) CITY OF WIIAMI. F'L004101 INTER•OFFICC %4EMCqar;[:JM TO Joseph R. Grassie City Manager Dena Spillman, Director Department of Community Development June 26, 1980 •1 Request Approval for Project Contract Section 8 Housing Projects Dade 8-1 and Dade 8-11 .:. City Commission Meeting July 10, 1980 It is recommended that the City Commission approve the attached Resolution authorizing the execution of project contract with Dade County for Section 8 Housing Projects Dade 8-1 (W nwood) and Dade 8-11 (Little Havana located in the City of Miami. By Resolution No. 76-612, the City of Miami Commission authorized the exe- cution of an agreement Tor 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 Housin Bond fund . The City's one-year debt service contribution for both Dade 8-1 and Dade 8-11 is approximately $488,915. These funds will revert back to the City of Miami upon expiration oT the -one-year debt service requirement. Housing Bond proceeds will also be utilized as a -.apital contribution to assist Dade County in the acquisition of these projects. The City's assistance to Dade County in the acquisition of these projects is approximately $452,610. Said assistance is to be derived from the sale of City of Miami Housing-lFonds. Repayment of the City's capital contribution to these projects would occur upon the amortization of the County's Special Revenue Bonds. Listed below are the projects under consideration for project contract execution: Dade 8-1 Forty (40) units of housing for families It to be located on scattered sites in the S v �T' �� Wynwood neighborhood. D �,�;�f{^ 4 _ N Tn Dade 8-11 Seventy-five (75) units of housing for the ► 1 J elderly located at S.W. 17 Avenue FL�_61 s�1/Pi and 4 Street in the Little Havana Neigh- 1►� borhood. 80-.r;:38 Joseph R. Grassie June 26, 1980 Page 2. The total estimated development cost required to develop both projects is approximately $4,091,093. Commission approval of this item is recommended. /so "SUPPORTIVE DOCUMENTS" FOLLOW" 80-538 PROJECT CONTRACT RELATING TO HOUSING PROJECT IN THE CITY OF MIAMI DESIGNATED DADE 8-1 (WYNDWOOD) AND DADE 8-11 (LITTLE HAVANA) THIS PROJECT CONTRACT, dated as of , 1980 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 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 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. "SUPPORTIVE DOCUMENTS F�;LLOW" 80-.538 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 co-operate in providing and financing certain Housing Projects located within the corporate boundaries of the City de- scribed and located as follows: Dade 8-1: Forty (40) units of housing for fami- "TIVE lies to be located on 7 sites in the SUPPORTIVE general vicinity of N.W. 33rd Street DOCUMENTS and 2nd Avenue. (Also known as FL. 29-8023-004). FOLLOW V1 Dade 8-11: Seventy-five (75) units of housing for the elderly in one high-rise ele- vator structure to be located at S.W. 17th Avenue and 4th Street (S.W. cor- ner). (Also known as FL. 29-8023-006). herein called the "Housing Projects". Section 4. it is estimated that the total cost to the County of providing the Sousing Projects, including financing costs, shall be Dollars ($ ). The County agrees to undertake, carry out and complete the Housing Projects 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 Projects. In addition, maximum Federal assistance 2. through an aggregate annual contribution of i will be provided for the Housing 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 the Housing Projects shall be subject to applicable Federal regulations and conditions under said Section 8 program. Section S. In order to assist the County in financing the Housing Projects 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 Projects through the use of proceeds of City Bonds as herein provided. As City Bonds are issued and sold by the City from timi 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 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 "SUPPORTIVE 3. DOCUMENTS FOLLOW" 80-538 the proceeds of such obligations. Such transfer shall be effected by the payment or deposit to the credit of the Acquisition Accounts established by said Trust Indenture securing said County Obligations as provided for in Section 208 of said Trust Indenture. Such amount shall be held and 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 Projects and shall be otherwise held administered, applied or used for the Housing Projects 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 Projects. Excess net revenues shall mean the gross revenues of the Housing Projects less (i) the operating expenses for the Housing Projects, 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 Bond Year (as defined in said Trust Indenture) for the County 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 Projects. Such sum shall be "SUPPORTIVE 4. DOCUMENTS FOLLOW" 00-538 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 the Special Housing Fund established by said Trust Indenture as provided for in Section 208 of said Trust 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 Projects and shall be held, administered, 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 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 either 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 r,SUppORTt p 0 A VE s. 80-558 r • . • attested by the Clerk or a Deputy Clerk of said Board there - unto duly authorized as of the day of , 1980. ATTEST: City Clerk (CITY SEAL) ATTEST: Clerk of the Board o County Commissioners (COUNTY SEAL) .v CITY OF MIAMI, FLORIDA By: City Manager DADE COUNTY, FLORIDA By: County Manager 80-538