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Home My WebLink AboutR-79-0494CITY t RESOLUTION NO. 79-494 RESOLUTION APPROVING THE FINANCIAL PLAN FOR 100 SECTION 8 HOUSING UNITS LOCATED IN MEDICAL CENTER, SUBJECT TO THE CITY OF MIAMI HAVING INPUT AND PARTICIPATION AS TO USE OF FUNDS, DESIGNATION OF TRUSTEE, ETC., SUCH APPROVAL BEING CONSISTENT AND IN ACCORDANCE WITH THE AGREEMENT FOR FINANCING HOUSING IN THE CITY OF MIAMI BY AND EET'WEEN DADE COUNTY AND THE CITY OF MIAMI' DATED DULY 19, 1976 WHEREAS, there is a shcrtgage of adequate housing units _.... households of low and moderate income; and. ;1HERE�.S, the City of Miami passed 5,000 000 Housing Issue to alleviate this crucial need; and 1„1HEP,EAS, the U.S. Department of °Housing and. Urban Dc v ionment has allocated subsidies for 100 Section 8 new ;strue tion dwelling units for households of low and Bond Li � : c .income,,.0 rid nalic.L:.:1 1''.1a:i 'Cot' units in accordance with the Ahreement for, rinanc Housing n ta= of 'Miami and between Dade County and the City of !_ -;i, dated July 19, 1970; and HERE:S, such Financial Plan .requires approval by the Oommission c: ir.:e City Of t'.iami to, proceed with -the develop- :Went of the housing units described in such new Plans; NOW, ;THER FORE, BE IT RESOLVED BY :THE COMMISSION OF THE FLORIDA ect or, � The Financia1 Mae a part of this resolution Plan, a copy of which is for the 100 housing units one Section 8 hous'ing Project in the City of Miami "DOCUMENT INDEX ITEM NO. CITY COMMISSION MEL- Of JUL 1 1 19/Y Rfsfloi:lfly pp 7 9 REMAKM. subject to the City located in Medical Center under the City of Miami Bond Issue is hereby ,approved in substantially the" form attached hereto, of Miami having input and participation as to.use Hof funds, designation,: of trustee, etc. Section 2. The City Manager is hereby authorized, to coordinate with Dade County in the development of said 100 housing units in accordance with the guidelines establishec n the Agreement for financing Housing in the City of Miami and between Dade County and the City of Miami dated July :19,..1976. Section "?. The provisions.of this resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 11th day of July Maurice` A. Ferre MAURICE A. FERRE MA:Y 0 R AT RALU- —0. ONGIE, CY CL RK PREPARED AND APPROVED BY: ,64a' ROBERT F. CLARK ASSISTANT CITY ATTORNEY APP AS TO CORRECTNESS AND FORM: GEORGE NOX, JR. CITY TORNEY. 4 , 1979.' INDENTURE VI 6-27-79 FINANCIAL PLAN FOR SECTION 8 HOUSING PROJECTS CITY OF MIAMI Dade 8-10 9 of the Agreement for In accordance with Section City of Miami by and between Dade County and the City July 19, 1976, 't development of. Financing Housing in the. of Miami, dated he following data constitutes the Financial Plan for the 1 housing project consisting of 100 units. a) As illustrated in Exhibit` for the project totals meet both of $306 be depos i of the $451,174 projected operating expenses of ,288., The slight projected surplus of $404. would ted into the Redemption Account, in accordance with Section 503 Trust Indenture. the annual total project income which, is more than necessary to and debt service S128,340. Included in the bond issue will be a debt service reserve account equal to the maximum Principal and Interest Requirements Trust Indenture) for any single Indenture). b) It is of the Bond Year (a defined defined in the in the Trust the intention to request proposals for the design and construction project. Bid proposal documents, containing minimum physical requirements, has been prepared for the_. been approvedby the City of Miami, and ;.by.the ' These minimum requirements define the building distribution, improvements. 1 project,, S. HUD -on 11 /28/ 7 and has type, unit size .and; equipment schedule, utility combinations and other similar c) The estimated aggregate amount of bonds to be issued in connection e) with the project will be. $3,545 000. This figure i based on the projected total development costs in Exhibit ''A-1" The which are Department of Housing and Urban Development had Illustrated approved project and assistance under Section 8 of the Housing and Community Development Act of 1974 (42 U.S.C. 1437). thi Assistance in the amount of $306,288. is anticipated to be needed to support the financing of; the housing project.. This assistance is equal to the maximum Principal and Interest Requirements for any single Bond Year and must be made available to the County prior to the and delivery of the bonds. sale The total estimated Operating Expenses for the project is $128,340". per year. This is based on experience in the operation of similar, Projects. Exhibit "A-1" illustrates the projected income, operating. expenses, and the net amount available for debt service for the proposed project. g) The estimated annual the Revenue Bonds is mount required for S306,288. the payment of debt Service on. The County exPects to issue 30 year revenue bonds at an interest rate not o exceed 7 1/2% During the first two years, interest only will be paid. The bonds will be amortized over the remaining 28 years. 9 4 1) As -shown on Exhibit "A-1" the County expects to pay $2,870,000. j) for the acquisition of the i housing project. The maximum net interest cost anticipated 'to be incurred by the County on the County obligationeis 7 1/2% The Project Contract for the i housing project, consistent wit this Financial Plan, will be prepared and submitted' for approval. and execustion for and on behalf of the City and the.. County. Each year the' County shall -make a payme (PILOT) fr an amount 1ieu'of taxes (herein called om the excess net revenues of the.Housing Projects, if any, in equal to zero percent (0%) of the annual. rent collected at Dade 8-12 , including the. Federal If the excess net revenues shall be sufficient Housing Assistance Payments. o permit a PILOT at the full rates described herein above, each taxing jurisdiction shall receive a portion of. the PILOT in the ratio that its tax rate bears to the total tax rate of all taxing jurisdictions levying taxes in the City of Miami; if t excess net revenues shall be insufficient to permit a PILOT at the full rate, the City shall receive as much as its full PILOT, as the excess net revenue will permit and the remaining excess net revenue, if any, shall be prorated among the remaining taxing jurisdictions in the manner described herein -above. Excess net revenue shall mean the gross revenue of the Housing .Project: less ' (i) the Operating Expense for such Housing 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 by Section 503 of the Trust Indenture. 494 EXHIBIT "A - 1" FINANCIAL PLAN 2 3 6/s/79 Jackson Memorial Handicapped 100 1 2 3 -` 10 11 8-10 1FL. 28-8023-005 I � Rental Income No. BR/B OBR/B 15R/B 28R/B 4BR/29 e.,s• 4-cz.c•r -ss 1 1. i so 1498 it 1 12- i .1 1 I I 11�11 1I ;11 11 I'410154 i4 ! I! 'i 46; 0b8121 190 i8 4511174 12 13 14 16, 171 Total Pro'ect Income Less: Operating Ex_oenset Administration Tenant Services I1 11 II I lP t,M 1 11 II 1 112 85I 'I Supplied Utilities II 11 ii 11 Maintenance 19 '_0 1 21 1"1 11 General 1 5 iql 39 65 122 85' 1 I1 11 1i 1 11 II I , II 11 1. l i iI 1 1 i1 Il li 1141451 Renewal/Replacement PILOT C • 09'; 1 Amount for Debt Service '_7 Yield at 7 1/2% 95% I 12 01 1-0 - 11 os 11 1i 11 1 11 1 1i 19 11 3212 '11:,1 1 1 1. 83 '4 I • 10'6 9 "z LI 1 Total Development Cost 3 5'4 5 000 I :3 12 33 ' 34 r 39i 1 ,i," 42 33 AS' _( Development Cost: Acquisition of Project_; Debt Service Reserve _letiur ded_ioterest 3ond Counsel Financial advisor 0tner`Issuance Costs 0evelooment Administration Construction Supervision Dwelling -Equipment Contingency 2. 97-0OL00 1 ;O1)AA 1-612b3i8 I 1'418 0 f' .' 7109 0 i , 109 DI Ir. TotalDevelopment Cost' :nnuai-Ccntract Authority" • 1 4 ckk o of it 2'410 0L '1 1 2 cbo 'ol 1 ( 9103'i41 (1 13 51u5 0'01 11, 1. i! 11 it 46id382 111Th. 79- 494 •IIIII■IuIINM Joseph R Grassie,' City -.Manager... ` [> 1 F:n:a.M: Dena Spillman, Director Citizen Services CITY OF ?.MIAMI, FLORIDA INTER -OFFICE MEMORANDUM SU JE^T-: Section Housing,Develooment Financing Documents RE enE�c 3. City Commission Agenda Item July 11, 1979 It is recommended that the proposed. Financial Plan tor the development of 100 units of Sec- tion 8 housing in the Medical Center area by Metropolitan Dade County be approved. Accompanying this memorandum "is.a,resolution for City Commission approval in connection with t.he''c!cusi,;g Bond ascistedFinancing of 100 units of Section 8 housing to be dev.:- loped on a site in the Medical Center area by Metropolitan Dade County, together with a project Finance Plan, The Agreement For Financing g i Housinn the City of tliami executed on July;19 1976 by Dade County and the City<of hl ami;riqui:res City review and approval of Financial.Plans incident°in the development of Housing Bond-assisted-Section'8 Housing projects., Staff has reviewed the Financial Plan and has determined requirements of the Agreement. /ek t to be in accord with the