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Home My WebLink AboutR-80-0490RESOLUTION NO. 8 0- 4 g 0 RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A PROJECT CONTRACT RELATI114G TO THE HOUSING PROJECT IN THE CITY OF MIA,!: DESIGNATED DADE 8-12 (TOWNPARK) PURSUANT TO THE BASIC AGREEMENT FOR FINANCING HOUST;;G 1N THE C:TY OF MIAMI BY AND BETWEEN DADE COUNT`_' AND THE CITY 0: MIAMi, DATED JULY 19, 1976, AS AMENIDED. AND MAKING CERTAIN DETERMINATIONS WITH REGARD TO SAID HOUSING PROJECT IN ACCORDANCE i'JITH SAID BASIC AGREEMENT. BE IT RESOLVED by the Commission.of the City of Miami, Florida: Section. 1. The Commission (the "Ccrr:ission") of the M F (the "C ty" ; ::a found and determined City o. Miami, _orida e i s and does hereb•: declare that (a; The City and Dade County, . _crida (the "Countyll) entered in_c an agreement for financing housing in the City Cate- as Of u'._y _9, 197b, as amended (the "Basic r _ r� r .. f n• :a us rgreemer � in which the cunt; ag. eed to . ln2 i housing prc,,e-c..s _' rci:S` he issuance cf ov__gaticns cf the Cc',:n'y "t'ne "r-cunt,., secured in part by c i d nz^c�ecs C.-. as;,_ ,.a..ne, ..__•� _ •_ � cf housing bonds c. the Citv to be _ s s�_.for suc,, pu;cse, such projects tc to se_f-:_ _dac_rg in that .he Yavment of the prin- cipal of and vn, interest cn such or_iz ticns can be pa_d I'u__ from rents, chart -es ant fees collected b% the C:.unt..n_refcr, tcgei:her with such Federal-, state and private `rants, contributicns and other income and money whic:: may be made availatie therefor (exclusive cf any pro--eeds of said hcunir_ bonds o.` the City). "'DOCUMENT' INDEX ITEM NO. St R T I V E DOCUM1E_NTS FOLLOW" CM COMMMS" MEETING OR JUN26 1980 (b) Pursuant to the Basic Agreement, the City and the County will approve a financial plan for Housing Project Dade 8-12 (Townpark) (the "Housing Pro,ject"). (c) The Housing Project is hereby determined to be "Housings" as defined in the Basic Agreement. (d) The proposed residents of the Housing ?ro,ect 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 dete-mined to be "families and persons, including the elderly, of low or moderate income" as defiled in tt.e Basic Agreement and Ordinance No. 851L» of the City .:e "City Ordinance") authorizing said housing bonds of the Ci .y ( the Bonds"). (e) .Tin accordance witi'. the Basic 'greement, the City ha., obtained and given due consideration to the cp_nion of cc.:nsz_ for t••^.e Ci - upon the legality of the hc,,;s_nz ?ro�sct under app,:ica.,_e law, the City ,fir_ _—ance an-4 �.i Bas4 c Agreeme.. • 7Ie Citv neret de.erm"nes bhaL Line Hcus;ng rc-ect ir___ to se_:-__cl _c_._r` in h—at ,.he payment of the princi;a: cf and _r.;.eres. on ..he Ccun--y Obligations to be _ss:ed to finance s;:ch :?o;:s_ng Project can be f..__ from ren.s .c oe cc_Iec ed ti`y the Count, therefor, together with Federal housing; assistance payrients to be :wade available therefor under Section 8 (excl;:sive of any proceeds of said housing bonds of the City). J f1 h r w/ f11VVIVi//... 1r.l '; FOLLOV '80-490 r� Pal (g) Pursuant to the Basic Agreement, the City and the County plan to enter into a Project Contract for Dade 8-12 (the "Project Contract"), which Project Con- tract provides, among other things, that if any pro- vision of the Project Contract shall_ be in conflict with the Basic Agree,,cnt, the Project Contract shall be controlling. Section 2. The City hereby deems and determines that with respect to the Housing Project all provisions of the Sasic Agreement, as supplemented by the Project Contract, shall have been full;; complied with by both the County and the Cit.,; upon the execution cf the Project Contract. Section 3. The Cite is advizet by its counsel and h e r e t oeter•�_ -s ` `-1e H^ s Pro the Prcjec` i.. _ i . � �. a �. �... J Li i n � � P. 1. 1. , b ♦ a v Contractshe Ccun:y Ocl-ca,,_cns and the City assistance provided for in the Pro ect Contract all conform to, and are net in conflict with, the prcvisions of the City Ordinance, the proprosition respecting the City ponds approved ty the voters cf the Ci d 'he ' tree `' � ^� ""'' Co',:rt of t t.� an.. �h., e c. he �, _ �.. � ►. „ e � Jodi :al _ cult cf .:c da, in and .or Dade Count;;, validating the City ponds. Section .'he 0 _4 t y hereby apYro•:es the ?^cject Con- tract in she :'crr presented to :;he ComMAission at the meeting, of the CCr.:..:Ssicn at which thiS resclu'ticn is adopted, sutject to such r..incr changes as may be approved and made in su-- form of ?rc,ject Contract by the offices of the City executing the same pursuant to this Section. The City Manager iS t1erEbV aUthCr:L6a LO execute The ?reject Contract for and on behalf cf the City with the official so-490 1 sea'_ of the Board 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 cf Project Contract. Section. 5. All prior resolutions cr parts of resolu- tions in conflict herewith are expressly repealed and superseded by this resolution. Section b. The provisions cf this resolution shall beccr.e effective immediately upon its adoption. P A S. D A:;C AEC) 1_D '.hw- 26 d-s of JUNE 1980 L A. VALENTIRF 4. MAURICE A. FERRE :,: A Y 0 R 80-490 I" 3a Joseph R. Grassie City Manager ..I-V l)i "Al. .*i-.0f21[ N 1NTVR•0F!: QL June 11, 1980 Request Approval of Resolution for Project Contract Section 8 Housing Project Dade E-12 Dena Spillman, Director Department of Community Development 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 8-12 (Town Park) located in the City of Miami. By Resolution No. 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 project will be financed with Dade County Special Revenue Bonds, to be retired from revenues generated by tenant rents and subsidy pay- ments 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 is the pro- ject under.consideration for project contract execution: Dade 8-12 Forty-five (45) units of housing for families located at N.W. 19th Street and 5th Avenue, Miami, Florida. The estimated development cost required to develop this project is approximately $1,580,000. The City's assistance to Dade County in the financing of this pro- ject is approximately $84,629. Said assistance is to be derived from sale of City of Miami Housing Bonds. Commission approval of this item is recommended. /rjf 80-490 r r e PROJECT CONTRACT RELATING TO THE HOUSING PROJECT IN THE CITY OF MIAMI DESIGNATED DADE 8-12 (TOWNPARK) THIS PROJECT CONTRACT, dated as of 1980 by and between THE CITY OF MIAMI, a municipal corpora- tion (hereinafter called the "City") and DADE COU2;TY, 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 MIAM:, FLORIDA, and DADE COUNTY, FLORIDA, hereby scree 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 MIAM: BY AND BET1EEN DADE COUNT.' AND THE CITY OF MIAI+I 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 Acreemen: 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 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. 80-490 • 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 a Housing Project located within the corporate boundaries of the City -de- scribed and located as follows; Dade 8-12: Forty -Five units of housing for fami- lies to be located at N.W. 19th Street and 5th Avenue (S.W. and S.r. corners). (Also known as FL.29-8023-007). herein called the "Housing Project". Section 4. it is esti-mated that the total cost to the County of providing the Housing Project, including financing costs, shall be Dollars (S ). T::e County acrees to.unde:take, carry out and complete the Housing Project in accordance with the plans, saecifications, contracts and other contract documents approved by the City, as expeditiously as practicable. The County further agrees that it sha--issue its revenue bonds (herein called the "County Obligations") in the principal amount of S to pay, with City Assistance,•if any, and with other funds available therefore, the entire cost of the c-ousinc Project. .:n addition, maximum Federal assistance through an aggregate annual contribution. of S will be provided for the Housing Project by contract with the United States Depart - I ment of Housing and Urban Development through the Section 6 2. program of the Housing and Community development Act of 1974. The construction and operation of 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 remaininc 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 b. Fromm the :ponies paid into such fund, the sum of 5 shall be made available by the City as City Assistance to assist the Court-, in financing the Housing Project. Such sum shall be transferred by the City to the County contempor- aneously with the delivery by the County of its County Obligations and/or the receipt by the County of the proceeds of such obliga- tions. Such transfer shall be effected by the payment or deposit to the credit of the Ace;:isition Fund established by said Trust indenture securing said County Obligations as provided for in 80-190 program of the Housing and Community development Act of 1974. The construction and operation of 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 remaininc after deducting all costs and expenses of or attributable to suc:: issuance and sale shall be paid into a trust fund or other ear -marked 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. of 5 Section b. Fro.;, the monies paid into such fund, the sum shall be made available by the City as City Assistance to assist the Count: in financing the Housina Project. Such sum sha--be transferred by the City to the County contempor- aneousiv with the delivery by the County of its County Obligations and/or the receipt by the County of the proceeds of such obliga- tions. Such transfer shall be effected by the payment or deposit to the credit of the Acquisition. Fund established by said Trust Indenture securing said County Obligations as provided for in 3. 80-490 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 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 Agreement, 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 rousing Project. Excess net revenues shall mean the gross revenues of the Housinc Project less (i) the operating expenses for the Housing Project, or (ii) so long as any County Obligations are outstanding under said ':rust Indenture, the sum of the First through the Eichth deposits required by Section 503 of said Trust =ndentur e. Section i. From the monies paid into the fund described in Section 5 hereof, a sum equal to the maximum Principal and :r.terest Requirements (as defined in said Trust Indenture) for anv single Bond *Year (as defined in said Trust Indenture) for the County Oblications, which sum ma_ not exceed $250,000, 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 the re— ceipt by the County of the proceeds of such obligations. Such transfer shall be effected by the payment or deposit to the credit cf the Special Sousing Fund established by said Trust indenture as provided for in Section 208 of said Trust Indenture. Such fund 4. F 0 shall be held and administered by the trustee under said Trust Indenture as additional security for the County Obligations issued or incurred for the purpose of financing the Housing Project and shall be held, administered, applied or other— wise 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 A*:iEREOF, the CIT`• OF MIAMI, FLORIDA, has caused this Contract to be executed in its name and behalf by its City Manager and its c`__`icial 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 t::is 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 thereunto duly authorized as of the day of , 1980. CITY OF N,IA^:I , FLORIDA ATTEST: By: City Clerk Citv Manage: (CITY SEAL) DADE COUNTY, FLORIDA ATTEST: By: Clerk of tae Board of County Manager County Commissioners (COUNTY SEAL) g0-490