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Home My WebLink AboutR-79-034147 RFC:S/3 5/15/79 RESOLUTION NO. 7 9- 3 4 1 A RESOLUTION FURTHER AMENDING SECTIONS 1 AND 2 OF RESOLUTION NO. 78-374 ADOPTED MAY 31, 1978 WHICH ORIGINALLY APPROVED THE FINANCIAL PLANS FOR 400 SECTION 8 HOUSING UNITS FOR HOUSEHOLDS OF LOW AND. MODERATE INCOME LOCATED IN WYNWOOD, TOWNPARK, CULMER, MEDICAL CENTER, LITTLE HAVANA AND COCONUT GROVE AND WHICH HAD BEEN AMENDED BY RESOLUTION NO. 79-212, ADOPTED MARCH 22, 1979,. REDUCING THE NUMBER OF UNITS TO 325 UNITS IN' FIVE. PROJECTS WITH, THE HEREIN RESOLUTION FURTHER REDUCING THE NUMBER OF UNITS TO 225 UNITS IN FOUR PROJECTS: WYNWOOD, TOWNPARK, LITTLE HAVANA, AND COCONUT GROVE 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 BY AND BETWEEN DADE COUNTY AND THE CITY OF MIAMI DATED JULY 19, 1976, FOR FINAN- CING HOUSING IN THE CITY OF MIAMI BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section'` 1'. May 31, 1978, entitled: "SUPPORTIVE DOCUMENTS FOLLOW" A. RESOLUTION,APPROVING THE FINANCIAL PLANS FOR 400-SECTION &HOUSING UNITS FOR HOUSE- HOLDS OF LOW AND MODERATE INCOME LOCATED IN WYNWOOD, TOWNPARK, CULMER, MEDICAL CENTER,'. LITTLE.HAVANA AND COCONUT. GROVE; SUBJECT TO THE CITY OF MIAMI, HAVING INPUT AND PARTICI- PATION AS -TO USE OF FUNDS, DESIGNATION OF TRUSTEE, ETC.; SUCH APPROVAL IS CONSISTENT AND IN ACCORDANCE WITH THE: AGREEMENT FOR FINANCING'. HOUSING; IN, THE CITY OF MIAMI BY AND BETWEEN DADE COUNTY AND THE CITY OF MIAMI DATED JULY 19, 1976. 'DOCU.MENTTNDEX ITEM NO. as amended by Resolution No. 79-212,`adopted March 22, 1979, which reduced the number of, housing units to. 325 un• its are hereby further amended by deleting therefrom the entire ,100.housing lunits .from the Medical Center Section 8 Housing Project as follows: "Section 1. Revised New Financial Plans,'` copies of which are made a part of this resolution, for the 3-2•5 225 housing 3 units for ' 'e four Section 8 Housing Projects in the City of Miami, located in Wynwood, Townpark,`1+4e414eal: Cew.ev, Little Havanaand Coconut Grove under the City of Miami Bond Issue are hereby approved' in substantiallY the form attached hereto, subject to the City of Miami having input and participation as to the use of funds, designation of trustee, etc. * new financial plans providing for 325 units were attached, to Resolution No. 79-212;city commission :authorization to execute contracts for 180 units in Wynwood, Little Havana, and Coconut Grove leaves only the Plans for 45 units in. Townpark_attached hereto to be implemented. 1/, Words and/or` figures stricken through shall be deleted. words and/or figures constitute the amendment proposed. I Underscored CITY COMMISSION MEETING OF MAY 3', �i y 11111ownoN Mo7 9 - 3 4 Section 2. The City Manager is hereby authorized to coordinate with Dade County in the development of said-32225 housing units in accord- ance with the guidelines established in the Agree- ment for Financing Housing in the City of Miami by -and between Dade County and the City of Miami dated July 19, 197n.` ATTEST ROBERT F. CLARK ASSISTANT CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: ORGE F. KNOX, JR. CITY ATTORNEY `SUPPORTIVE DOCUMENTS FOLLOW" 79-341 FINANCIAL PLAN FOR A SECTION 8 HOUSING PROJECT CITY OF MIAMI DADE 8-12 In accordance with Section 9 of the Agreement for Financing Housing in the dated City of Miami by and between Dade County and the City of Miami July 19, 1976, the following data constitutes the Financial Plan for the development o a housing project consisting of 45 units.. As illustrated. in Exhibit "A-1" the annual total project income for the project total $164,052., which is more than necessary to meet both projected operating expenses of $49,702..and debt service of.$114,276. The slight projected surplus of $74.00 would be deposited into the Redemption Account, in accordance with Section 503 of the Trust Indenture. Included in the ,bond issue will be a debt service reserve account equa: to the maximum Principal and Interest Requirements (as defined in the single Bond. Year (as defined in the Trust Trust Indenture) for any Indenture). It is the intention to of request proposals for the design and the project. Bid proposal documents, requirements,. have been prepared for the project and by the City of Miami, and by the U. S. HUD on construction containing minimum physical have been approved March 3, 1978 These minimum requirements define the building type, unit size and distribution, equipment schedule, imilar improvements. utility combinations and other "SUPPORTIVE DOCUMENTS FOLLOW" 79-;341 The estimated aggregate amount of bonds to be issued in connection with the project will be $1,335,000. This figure is based on the projected ected total development costs, which are illustrated in Exhibit "A-1".'. The U. S. Department of Housing and Urban Development had approved this project and assistance under Section 8 of the Housing and Community Development Act of 1974 (42 U.S.C. 1437). Assistancein the amount of $114,276. is anticipated to be needed tc 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 sale and delivery of the bonds. The total estimated Operating: Expenses for the project is $49,702.; per per. This is based. on experience in the operation' of similar project. Exhibit "A-1' illustrates the projected income, operating expenses, and the net amount available for debt service for proposed project. The estimated annual amount required for the payment of debt Service on the Revenue Bonds is $114,276.; h) The County expects to issue 30 year revenue bonds at an interest rate not to exceed. 7 3/8%. During the first two years,.interest only, will be paid. The bondswill be amortized over the remaining `. 28 years. 'SUPPORTIVE IVE DOCUMENTS FOLLOW" 79 341 j). As shown on Exhibit "A-1" the County expects to pay $1,115,000. for the acquisition of the housing -project. The maximum net interest cost anticipated to be incurred by the County'. on the County obligation is 7 3/8% The Project Contract for the housingproject(s), consistent' with this Financial Plan, will be preparedand submitted for approval and execution for and on behalf of the City and the County. Each year the County sahll make a payment in lieu of taxes (herein' called PILOT) from the excess net revenues of the Housing Project if any, equal to two and one-half percent (2 1/2%) of the annual rent collected at Dade 8-12 , including the Federal Housing Assistance Payments, but not, in any event, exceed.ing such excess net revenuesfor the particular year. If the excess net revenues shall be sufficient to permit a PILOT at the full rates described herein -above, each taxing jurisdiction shall receive a portion of the PILOT in the ratio that its tax rate bears to the total rate of all. taxing jurisdictions levying taxes in the City of Miami;; if the excess net revenues shall be insufficient to permit a PILOT at the full rate, the City shall receive as much as its full PILOT, as the excess net revenue will permit and the remaining excess net revenue, i be prorated among the remaining taxing jurisdictions in the described herein-above. any, shall manner "SUPPORTIVE DOCUMENTS FOLLOW" 79-341 Excess net revenue shall mean the gross revenue of the Housing Project less (i) the Operating Expense for such Housing Project, or (ii) so long as. any County Obligations are outstanding under the Trust Indenture, Seventh deposits required by Section 503 the sum of the First through the of the Trust S:UPPORTIVE DOCUMENTS FOLLOW" 7.9-341 o. eis • lass :ill • ... EXHIBIT -"A-1" aVaNVAl. 31-1•$ iev. 3/2?/73 :/17/".1 I rtuneset rimi ;.'. 3-12 1 :r. :°-4023.407 I ienca i : nerme { I Ho. 3R/3 N3A/3 I ?ii/3 I :5 13e./3 1 ,31 al ;iI It fi lt,Jo• I t 1 1 1 I i1 I I I I 1 I a I I Su:oHied 'Jti!itiss aintsnanea 3enerei ieneaa i /Us l aeainent •I' i II I I 9 • :..e 1ae,ne, , -.. 'oral s•ai. t '_ass: :oeratine 'R2e111e1 a4,inittraeiem i crane 3srviets I a10T!2.5.0re, t " 1 J .1 1 11 1 Imount _or 7eoe,.Serrica 74t3I :sveio:rene :as: . _:rv4iaoma. .-s:. lezuisit :n ,f Neat Serri es ieser's' Vet %nett i,ntsres:. ?and-aunsei ,_-- :inanoiai :dvisar r :tner issuance Nevelearrent Iaminii:-aeien. CJo_ nser a i.3uoer,ision_._. 1l'I Imire; I Contingency_. _,,..Db, , ;FC IL -I i 1 1 • 11:i:44 1 2:445'al! 131:01I 7.1let I II fins I--- 11 I iI I _,. .1 I I • Sil 1r1S35C_ r - 1 •�— j- - . 11 ?oraI .evelcoirert'.osc I iLnol sii� I: 1!1I;load1(t2+;77?1/JII I1: 14I 2 T �i` I 1 �1�2313 3 513 40 2 670 I !floc- .t .j000._,�; l ! __ _21 �u0 • 1 151 t 31: i I, ' if f S1 l 13 3 5; lac ; 1 I ' t. I I. 1 I i i � . I 79-341; • 47 yY Joseph R. Grassie City Manager Dena Spillman, Director Citizen Services CITY OF ;'LCF{1DA -INTER-OFFICE ;a113i•AORANIDU1'v1 a,T£. May 10, 1979 City ,Commission Agenda Item May 22, 1979 Approval of Project Contracts for Housing SUDJ£CT RCftERENCEi -'tNCLOSUR£S: FILt:t 0n May 31, 1978, the City Commission adopted Resolution No. 78-374 approving financial plans for the development of 400 units of Section 8 housing tobe developed by Metropolitan Dade County on six sites in the City. Due to unanticipated increases in housing production costs, it became neces- sary for Dade County to reduce the number of Section 8 housing units to be developed from>400 to 325. This was accomplished by deleting the planned development of 75 units proposed for theCulmer area. On April (4, 1979, theCity Commission adopted Resolution No. 79-212, amending Resolution No. 78-374, approving., revised financialplans, for the development of 325 units of Section 8 housing on five sites in tile City. Unanticipated cost increases in the proposed development of the 100-unit Section 8 handicapped project; planned for the Medical Center area will require that the project be deleted from the overall development program, reducing the total number of units to be developed under Resolution No. 78-374 from 325 to 225. The Medical Center project will be submitted for City Commission consideration at a later date. Accompanying this memorandum is a resolution amending Resolution No. 78-374 tes. No. 1 by deleting the 100-unit Medical Center project from the Section 8 develop- ment program and approving a revised financial plan forthe.45-unit Townpark'' Project. . (The Townpark project and Medical Center financial plans were com- bined originally.) Also accompanyingthis memo is a Project Contract for execution by the City es. No. 2 in connection with the development of the remaining 225 units of Section 8 ------- housing tobe developed by the. Countyunder the terms of the Basic Agreement for Financing Housing in the City of Miami executed on July 19, 1976. Commission approval of these items; is /rjf ��i