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HomeMy WebLinkAboutR-79-0862RESOLUTION NO. 7 9- 8 6 2 RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A PROJECT CONTRACT RELATING TO THE HOUSING PROJECT IN THE CITY OF MIAMI DESIGNATED DADE 8-12 (TOWNPARK), APPROVING AND AUTHORIZING THE EXECUTION OF A PROJECT CONTRACT RELATING TO TWO HOUSING PROJECTS IN THE CITY OF MIAMI DESIGNATED DADE 8-1. (WYNDWOOD) AND DADE 8-11 (LITTLE HAVANA) ALL PUR- SUANT TO THE BASIC AGREEMENT FOR FINANCING HOUSING "SUPPORTIVE. AMENDED, ANDOF MAKINGI , DATED JULY 19, 1976, AS DOCUMENTSCERTAIN DETERMINATIONS WITH IN THE CITY REGARD TO SAID HOUSING PROJECT IN ACCORDANCE WITH SAID BASIC AGREEMENT. FOLLOW" 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 DOCUMENT�i NDEX ITEM(a) The City and Dade County, Florida (t on July 19, 1976, entered into an agreement for fin'an sing housing in the City, which agreement was amended by the City and the County on November 6, 1979 (the "Basic Agreement") in which the County agreedto fi- nance housing projects through the issuance of obli- gations of the County (the "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,,contri- butions 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 DEC a t 1979 7 9 - 8 6 (b) Pursuant to the Basic Agreement, the City and the County will approve a financial plan for Housing-. Project Dade 8-12 (Townpark) and a financial plan for Housing Project Dade 8-1 (Wyndwood) and Housing Project Dade 8-11 (Little Havana) (the "Housing Pro- jects ). (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 8"), 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 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 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 City) D , i 'VE TOL Li' FS (g) Pursuant to the Basic Agreement, the City and the County plan to enter into a Project Contract for Dade 8-12 and a Project Contract for Dade 8-1 and Dade 8-11 (the "Project Contracts"), which Project Contracts provide, among other things, that if any provision of the Project Contracts shall be in conflict with the Basic Agreement, the Project 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 Contracts, shall have been fully complied with by both the County and the City upon the execution of the Project Contracts. Section 3• The City is. advised by its counsel and hereby determines that the Housing Projects, the Project Contracts, the County Obligations and the City assistance provided for in the Project Contracts all conform to, and are not in conflict with, the provisions of the City Ordi nance, the proposition respecting the City Bonds approved by the voters of the City and the decree of the Circuit Court of the EleventhJudicial Circuit of Florida, in and for Dade County, validating the City Bonds. Section 11. The City hereby approves the tracts in substantially the forms 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 forms of Project Contracts by the officers of the City executing the same pursuant to this Section. The City Manager is hereby authorized to execute the Project Contracts for and on behalf of the City with the official "SUPPORTIVE FOLLO V'I' :44 79-862 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 forms of Project Contracts. prior resolutions or parts of resolutions Section 5. All in conflict herewith are expressly repealed and superseded by this resolution. Section 6. The provisions of this resolution sha11. become effective immediately upon its adoption. PASSED AND ADOPTED this 27th day of December PARED AND APPRO J� MICHAEL HAYGOOD A SISTAI;T CITY ATTORI, Maurice A. Ferre 1979. APPROVED AS TO FORM AND CORRECTNESS GEO ' G . KPIOX CITY TORNEY MAYOR "SUPPOR i !VE FOLLO";�r,� 79-86.2 "SU PPOP I titrE DOC : 'i\ ENTTS FOLLOW" /ek 4CM Joseph R. Grassie City Manager A -` L Dena Spillman, Director Department of Community Development ,�1r.C... 1 Lf( Request Approval of Resolution for Project Contract Section 8 Housing Project Dade 8/1, 8/11, 8/12, 8/6 and 8/7. City Commission Agenda It is recommended that the City Commission approve the attached Resolution authorizing the execution of project contracts with Dade County for Section 8 Housing Projects Dade 8/1, 8/11, 8/12 and a Supplemental Pro- ject Contract for Dade 8-6 and Dade 8-7 locat- ed in the City. By Resolution No. 76-612, the City of of an agreement for financing housing County and the City of Miami, for the Projects in the City. Miami Commission authorized the execution in the City of Miami by and between Dade purpose of developing Section 8 Housing The above mentioned projects 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 are the pro- jects under consideration for project contract execution: Dade 8-1. Forty (40) units of housing for families to be located on scattered sites in the Wynwood area of the City of Miami.' Dade 8-6 Seventy-five (75) units of housing for the el- derly located at approximately 950 S.W. 1st St., Miami, Florida. Dade 8-7 Twenty-four (24) units of housing for families located at S.W. 37th Avenue and Percival Avenue, Miami, Florida. Dade 8-11 Seventy-five (75) units of housing for the el- derly located at S.W. l7th Avenue and 4th Street, Miami, Florida. Dade 8-12 Forty-five (45) units of housing for families lo- cated in the Townpark area of the City of Miami. PROJECT.CONTP.ACT RELATING TO THE HOUSING. PROJECT IN THE CITY OF MIAMI DESIGNATED DADE 8-12 (TOWNPARK) THIS PROJECT CONTRACT, dated as of 1979 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 ITNESSET 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 o 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 delivere suant to that certain Agreement designated, AGREEMENT FOR FINANCING HOUSING IN .' THE CITY OF MI.;MI BY AND BETWEEN DADE COUNTY AND THE CITY OF MIAMZ By and between the City and the County, dated as of July 19, 1976 (herein called the "Basic Agreement") . T''is Contract suaale"e' is the Basic Agreement and it is intended that the Basic Agreement and this Contract shall be par an. overall agreement between: the City•and the Ccunty. Words and terms used in this Contract "Which are defined to Basic Agreement shall have the same meanings as in the Basic Agreement. If any provision of this Contract shall be in conflict with't'r.e Basic Agreement, this Contract s^al7 be controlling. �i.. F OLLdo v tr 79-862 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. V C� Section 3. The County and the. City hereby agree tfr. LAJ o co-operate in providing and financing a, Housing Project 0 located within the corporate boundaries of the City de- em Dade 8-12s Forty -Five units of housing for fare - lies to be located at N.Wi 19th Street and Sth Avenue (S.W. and' S.E. corners). (Also known as FL.29-8023-007). herein called 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 scribed and located as follows; - The County agrees to undertake, carry out and complete the 'Housirg Project in accordance with the plans, specifications, contracts and other contract documents approved by the Ci County further agrees as expeditiously as practicable. The that it shall issue its revenue bonds '(herein called the "County Obligations") in the or inc inal amount of to pay, With other funds available therefore, the entire cost of the Housing Project. In addition, maxitum Federal ass_stanCe through an aggregate annual contribution of will be provided for the t� t' United States Depar Reusing Project by contract wi.... one Unite_ .. ment of 'Housing and Urban Development through the. Section 8 79-862 program of the Housing and Community development Act of 1974. The construction and operation of the Housing Project shall be subject to applicable Federal regula tions 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 matket7. 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 :-ousingProject through the use of proceeds of City Bonds as herein provided. As City Bonds are issued and sold by the City from time to tine, 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,UJ 1.4J cy) administered, invested and reinvested by the City for thenorm, �--- F^7 purposes in the Ordinance, the Basic Agreement and this [t�1 Project =r= Earnings and profits derived from such --� e Contract. C` _J investments shall be credited and losses shall be charged toL �,.... " such fund. U) en Section 5. From the mcnies paid into such:fundsun ecual to the maxitum Principal and Interest Requirements (as defined in the Trust Indenture securing said County Obligations) for any single Bond ear (as defined in said Trust Indenture) fcr the County Obligations, which surti may not exceed $250,000 , shay_ be made available by the City as City Assistance tse 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 3. 79-862 CoUnty ObligatiOns and/or the receipt by the County of the proceeds of such obligationt.' 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 purpose 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 prOvidedin:. the Batic .Agreement,. in this Proect Contract andiin the said Trust Indenture. SeO,ion 7. Each year the County shall make a payment lieu of taxes (herein called PILOT) from the excess net revenues of the Housing project, 1f any, in an amount equal to eight percent (8.-0%) of the annual rent Collected at Dace 312 including the Federal Housing Assistance . payments, but not, in any event, exceeding such':excets net revenues for the partiCuiar year- If-:theexcetsnet revenues shall be: sufficient to a PILOT at the:full rates described hereinabove, the City and the County shall receive a portion of the PILOT in the ratio that its tax rate bears to:the total tax rate of the City and the iCounty, if the excess nez revenues shall be insufficient to permit a P7Lbm at thefull rate, the City shall receive as:muCh cf its lull PILOT as the excess net revenues will permit:, and t'e'rain4nc excess net revenues, if any, shall be paid,to the County in the manner described hereinaboye EX etsinet revenues shall mean the gross revenues of the Housing "SUPPOrrrIA, fr-• 4. '- DOCUn t7g.T: FOLLown 79-8R2 • Project less (i) the operating expenses for the HOus.ihg Project, or (ii) so long as any County Obligations are outstanding under the Trust Indenture, the sum of the First through the Seventh deposits required Dy Section 503 of the Trust Indenture. IN WITNESS WHEREOF the CITY OF MIAMI, FLORIDA, has; caused this Cohtradt 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, hes:-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 thereunto duly authorized as of the day of 1979. ATTEST: City Crk (CITY SEAL) ATTEST: CITY OF MIAMI, FLORIDA By: City Manager DADE COUNTY, 'FLORIDA By: Clerk of the Board of County Manager County CorTistioners (COUNT? SEAL) MLAMI,PLIMIDA uodiponrrmiT 5. I ' 1„.." 11 1 • FOLLOW" 71:::CTNESS 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 1979 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 f 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 FLORIDA, and DADE. COUNTY, FLORIDA, Agree as follows: Section 1. This Contract is executed and delivered pur7. 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 (herein called the "Basic the Basic Agreement and it and this Contract shall be Agreement") :This' Contract supplements is in tended part City and the County. words and are defined the Basic Agreement in the Basic Agreement. If any the Basic Agreement of an overall agreement between the terms used in this Contract which shall have the same meanings as provision of this Contract shall be in conflict with: the Basic Agreement, this Contract shall controlling. "SUPPORTIVE FOLLOW," be 79-862 t 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 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- lies to be located on 7 sites in the general vicinity of N.W. 33rd Street and 2nd Avenue. (Also known as. FL. 29-8023-004) 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 "HousinaProjects". Section 4. It is estimated that the total cost to the County of providing costs, shall: be the Housing Projects including financing The County agrees to undertake, carry out and complete the Housing Projects in accordance. with the clans, specifications, contracts and other con,. tract 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 other funds available therefore, the entire cost of the Housing i ' ! i i Li-`S r `J ._r i i 'i 1 L� - ruLi u:tw 7Q-RR2 Projects. In addition, maximum Federal assistance through an aggregate annual contribution of will be pro- vided 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 develop- ment Act of 1974. The construction and operation of the Housing Projects shall be subject to applicable Federalreg- ulations and conditions under said Section 8 program. Section 5. 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 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 Acreement 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, 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 "SUPPORIT ► .' D0.C.I:.:: 1'. FOLLOW 79-.8R2 7a_etn Indenture) for the County Obligations, which sum may not exceed $400,000, 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 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 purpose of financing the Housing Projects and shall be held, adminis- tered, 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 7. The County shall not be required in any year to mare a payment in lieu of'taxes from the excess net revenues, if any, of either Housing Project. Excess net revenues shall mean the gross revenues of each Housing - Project less (i) the operating expenses for such Housing' Project, or (ii) so long as any County Obligations are outstanding under the Trust Indenture, the sun of the First through the Seventh deposits required by .Section 503 of the Trust Indenture-. Ii; WITNESS WhEREOF, the. CITY OF MI?:MI, FLORIDA,, has caused this Contract to be executed in its name and behalf by its 4. tl 4 ' DOCUMEN FOLLOW" a M' 7 f 2 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 thereunto duly authorized as of the day of , 1979. CITY OF MIAMI, FLORIDA' ATTEST: City Clerk (CITY SEAL) ATTEST: By: City Manager DADE COUNTY, FLORIDA By: Clerk of the Board o County Manager County Commissioners (COUNTY SEAL) 8 is iy