HomeMy WebLinkAboutR-80-0342RESOLUTION NO. 8 0- 3 4 2
A RESOLUTION AUTHORIZING THE. CITY MANAGER TO
SOLICIT PROPOSALS FOR ROUSING FINANCIAL ADVISORY
SERVICES TO ASSIST IN DEVELOPING ALTERNATIVE ITSES
FOR THE HOUSING BOND PROC,RA.'+I. �.
FOLLOW„
WHEREAS, there exists a shortage of adequate housing units for
households of low and moderate income, in the City of Miami; and
WHEREAS, the City of Miami Passed a $25,000,000 (lousing Bond
Issue to assist in the alleviation of this crucial need; and
WHEREAS, the City of Miami's Housing Bond Issue Provides the
City a valuable tool to meet the housing needs of its low and moderate
income households; and
WFIEREAS, the initial step in meeting these housing needs of low
and moderate income households is the expansion of existing City
programs and the development of new and innovative housing financing
mechanisms and programs specifically designed to address the housing
needs of the City of Miami's low and moderate income households; and
WHEREAS, the City of Miami does not have available staff to
structure or develop various housing programs in which to utilize the
Housing Bond authority approved by the voters of the City of Miami; and
WHEREAS, Fifth Year Community Development Block Grant funds can be
expended for said services;
NOW, THEREFORE, BE IT RESOLVED BY TILE COMMISSION OF_THE CITY OF D
MIAMI, FLORIDA: _ .F:
Section 1. The City Manager is hereby authorized to solicit requests
for proposals for Housing Financial Advisory Services not exceeding $50,000
for the development of various housing programs in which to utilize the
City's General Obligation Housing Bond proceeds for the purpose of
financing housing for low and moderate income households.
CITY COMMISSION i
MEETING OF
PASSED AND ADOPTED this ay of MAY , 1980.
MAURICE A. FERRE
MAYOR
ATTEST:
LPH G. ONGIE, CITY CLER
PREPARED AND APPROVED BY: APPROVED AS TO FORM ANn CORRECTNESS:
J MICHAEL HAYGOOD y 4 FORGE. F. KN ?(, JR.
A SISTANT CITY ATTORNEY (f(-,I-TY ATTORNEY `
TS
$ t� 4
0
TO Joseph R. Grassie
City Manager
CITY OF MIAMI. r1.O141DA
INTER -OFFICE MEMORANDUM
FROM Dena Spillman, Director
Department of Community Development
f May 2, 1980
Resolution Authorizing City Manager
to Solicit Proposals for Housing
Financial Advisory Services
City Commission Agenda
May 8, 1980
IT IS RECOMMENDED THAT THE CITY COMMISSION APPROVE THE
ATTACHED RESOLUTION AUTHORIZING THE CITY MANAGER TO SOLICIT
PROPOSALS FOR HOUSING FINANCIAL ADVISORY SERVICES TO ASSIST
THE CITY IN DEVELOPING ALTERNATIVE USES FOR THE HOUSING
BOND PROGRAM TO ENCOURAGE THE PRODUCTION OF LOW AND
MODERATE INCOME HOUSING.
On March 9, 1976, the voters of the City of Miami approved a $25,000,000 General
Obligation Housing Bond issue for the purpose of financing housing for low and moderate
income families.
To date, approximately $1,500,000 in bond proceeds have been pledged to secure Dade
County Special Revenue Bonds which are being utilized to develop 424 units of Section 8
rental housing on several sites in the City.
The use of an additional S5.4 million in Housing Bond proceeds is currently being
proposed to provide funds for the acquisition of sites for the 360 unit bonus public
housing allocation recently awarded the U. S. Department of HUD and also to provide
a capital contribution to Dade County to enable the County to develop 225 units of
Section 8 housing which could otherwise not be developed by the County due to a
shortfall in funds generated through the sale of the County's Special Revenue Bonds.
The Housing Bond program can be used as an effective tool to assist in the development
of additional housing resources for families of low and moderate income through
measures such as housing development construction loan financing, as well as equity
participation in assisted housing development. We believe it would be wise to employ
the services of a special housing developmient financial advisory firm to assist in
determining the financial feasibility of these and other methods of utilizing the
Housing Bond program to leverage additional housing resources and private capital
investment.
This service will not exceed $50,000 and funds are available from the Fifth Year
Community Development Block Grant program.
Commission approval of this item is recommended.
/rjf
80-342