Loading...
HomeMy WebLinkAboutM-79-0369RESOLUTION NO. RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF PROJECT CONTRACTS.. RELATING TO HOUSING PROJECTS IN THE CITY OF MIAMI DESIGNATED DADE 8-1 (WYNDWOOD) , DADE 8-3 (COCONUT U11GROVE), (LITTLE DADE 8-10 (JACKSON), HAVANA) AND DADE 8-12 (TOWNPARK) PUR- SUANT TO THE BASIC AGREEMENT FOR FIN- ANCING HOUSING IN THE CITY OF MIAMI, DATED JULY 19, 1976, AND MAKING CERTAIN DETERMINATIONS ISAID WITH HOUSING PROJECTSIN ACCORDANCE SAID BASIC AGREEMENT. BE IT RESOLVED by the Commission of the City of Miami, .Florida: Section' 1. The...,Commission , (the "Co l f ission") of the City of lv1iami, Florida ) ..(the` "City". has found; and determined and does hereby declare• that (a).'The City 'and • Dade_County, Florida (the "County on July 19, 1976, entered into an`agreement.for. fin- ancing housing. in the `City (the "Basic Agreement") in which ,the County. agreed to finance housing ;projects through the issuance of obligations of the County .(the "County Obligations");, secured in part by City as-` sistance, in proceeds of housing bonds of the City to be issued for such purpose, such projects t•o be self liquidating; in, that the payment of.the principal nee ofand theitrst on such. obligations c"an be.paid in full from rents,'charges'and '•fees collected by the .: County therefor, together with such Federal., state arid private grants, contributions and other ,inc ome and money which maybe made available therefor .(exclusive any proceeds of said housing bonds of the City). • 79-369 R'? • (b) Pursuant to the Basic Agreement the City and the County have heretofore approved financial plans for Housing Project Dade 8-1 (Wyndwood), Housing Project Dade 8-3 (Coconut Grove), Housing Project Dade 8-10 (Jackson), Housing Project Dade 8-11 (Little, Havana) and Housing Project 8-12 (Townpark) (the "Housing Projects") (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,` includ- ing the elderly, °of low or r moderate income" as defined in the Basic Agreement and Ordinance No. 8514 of the City (the "City. Ordinance") authorizing said housinj bonds of the City (the "City.Bonds") (e) In, accordance with the Basic Agreement the City has obtained and given due consideration to the oninion`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 each Housing Project will be self-liquidating in that the payment of the principal of and interest on the County Obligations to be issued finance eachHousing Project 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)• 2 (g) Pursuant to the, Basic Agreement, the City and the County plan to enter into . a Project Contract'' for each of the HousingProjects (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, been fully/complied with by both the County and shall have the City upon the execution of the Project Contracts. Section 3 The City is advised by its counsel and determines that the Housing Projects, the, Project hereby h er 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 the proposition respecting the City Bonds approved by the voters " of the City and the decree of the Circuit Court of the Eleventh Judicial Circuit of Florida, in and for, Dade' County, validating the City Bonds. Section u, The City. hereby approves the project Con- tracts in substantially the form presented to the Commission at. the meeting of the Commission at which this resolution is subject to such minor changes as 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 and grade adopted, Ordinance,. may ,be approved seal of the City. to be impressed thereon and attested by the Clerk Or a Debuty Clerk of the City, and suchexecution: shall be`conclusive evidence of the City's approval of any suc come h' changes in said forms of Project Contracts. Section`-5. The, provisions of this resolution shall be effective immediately upon its adoption. PASSED AND ADOPT ATTEST: RALPH G. APPROVED BY: ROBERT>F.CLARK ASSISTANT CITY ATTORNEY D this day of , ,:1979.� APPRO1-D AS TO FORM AND CORRECTNESS:. G' ORGE `r . • KNOX, JR. CITY !'TORNEY • El - - rivits-rn.OPOI.;ITAN DiskOrt: COUNT' • rirLonaDA 1401 N. IV. 7th Street Miami, Florida 33125 x**.f--39INcx 547-5038 Department of HOUSING & URBAN DEVELOPMENT • ---April 18, '1979 .•, Mrs. Dena Sioi13.mari, Administrator Community Development City of Miami - Dept. of Administration Planning & Zoning Board P. O. Box 330708 Miami, Florida 33133 Re: City of Miami Section 8 Housing Projects Dade 8-1 (dynd.vood) Dade 8-3 (Coconut Grove Elderly) Dade 8_.10 (Jackson Handicapped) Dade 8-11 (Little Havana) Dade 8-12 (Townpark) Dear Dena.: • The resolution approving.the Project Contracts for the referenced projects has been passed by the County Cornmissi.on and now must be approved by the City. I am forwarding the City resolution for this as prepared by our Bond Counsel. The Project Contracts to be ex- ecuted are attached. • When I sent the Financial Plans to the City for Commission action, I understand they found their way to your office to be prepared for the commission agenda. Therefore, I am forwarding these directly to you. Since the bonds are being sold on May 15th, it is important that this resolution be adopted at the City Commission meeting scheduled for May 10th. Mrs. Dena Spillman April 18, 1979 Page 2 Should there be any changes made to the resolution., would you please first consult with Ed DeSearhortMax VoneaVon Hollwer eg of f: Brown, Wood, Ivey,Mitchell & Petty. 212-3149.-7500. Very truly yours HVR/km Enclosure' cc:. IJoseph :R..Grassie Edward M. DeSear Charles A..,Citrin James E. Gunderson PROJECT CONTRACT RELAXING TO HOUSING PROJECTS:: IN THE CITY OF MIAMI- DESIGNATED = DADE,8=10(JACKSON) AND DADE 8-12 (TOWNPARK) THISPROJECT 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: In consideration of. contained to be performed by T N: E S S: E T H: the covenants and agreements herein; the City and the County and other paid by each of .the parties to: good and valuable consideration 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 delivered pur; 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 dated as of July 19, By and between the City and the County (herein called the "Basic the Basic .Agreement Agreement" is Contract 1976 supplements is intended that the Basic Agreement and this Contract shall be part of an overall agreement between the City and the County. Words and terms used in this. Contract which and' are defined the Basic Agreement shall have costs 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 undertaken by each ursuant' to this Project Contract, and the Basic Agreement. of_ them p Section 3. The County and the City hereby agree to co- operate in providing and financing certain Housing Projects lo- cated` within the corporate boundaries of the City described and located as follows -..One hundred (100).units of housing ;the,hand icapped in one .high-rise eleva- '` tor structure to'- be located at N.W 16th Terrace at approXimately_13th_, Avenue •(Also. known as FL. 29-8023 005) . 12: Forty-five (45) units of ,housing :for families ;to==be located at N.W. 19tEh Street; and 5th;Avenue (S.W. and S:. . corners). (Also:known as FL. 29-8023-007�). he "Housing Projects". Dade 8 10: Dade. herein called t It. is estimated that the:total Section 4. County of prov i cost to; the ding the Housing Projects, ' including; financing shall be Four Million Three Hundred and Eighty -Thousand Dollars ($4,380000). The County agrees to undertake, carry out and cornplete the Housing Projects in accordance with the plans, specifications, contracts and, other contract documents Y as practicable. � The approved by the City as expeditiously Count further agrees that it shall issue its revenue bonds (herein called the "County Obligations") in the principal � ;, amount of $4,380,000 to pay, with other funds` available there- fore, the entire cost of the Housing Projects. In addition, maximum Federal assistance through an aggregate annual _Iiuumiuu om contribution of $ 547,;, 560; will beprovided for the Housing Projects by contract: with the United States Department of Housing and Urban Development through the Section8 program of .the Housing and Community Development Act of 1974., The' construction and operation of the Housing Projects 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 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 establi.sho 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 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 definedin said Trust Indenture) for the County Obligations, which sum.may not exceed $500,000, shall be made available by the City as City for in- Section 208 of said Trust Indenture. Such held and administered by the trustee under said Trust Indenture as additional security"for the County Obligations issued or financn the Housing Projects and for the, Assistance` to assist the : County` in f inan"c%ng the Housing Projects. Such'suin Ishall 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 tothe credit of theal Speci Housing Fund establ ished by said Trust Indenture as prov ided fund shall be incurred for the purpose of g shall be held, administered, applied or otherwise used Housing Projects in: the manner and for the purposes provided in the Basic . Agreement, in this Project Contract Trust _Indenture. Section 7 Each year the County shall make a payment in lieu of taxes (herein called PILOT) from. the excess net and in the said amount equal revenues of each 'dousing Project, if any, in an to zero percent (0%)_ of the annual rent collected at Dade 8-10 and equal to two and one-half percent (2.5%) of' the annual rent collected at Dade 8-1 Federal Housing 'Assistance Payments, exceeding such excess net revenues for the particular year. the excess net revenues shall PILOT at the full rates described hereinabove, the City and the Countyshall each receive a portion of the PILOT in the to the total tax rate ,of the including the respective If ratio thatits tax rate bears but not, in any event, be sufficient to permit a City and the County; if the excess net revenues shall be insufficient to permit a PILOT. at the full rate;, the City • 1 1 its full PILOT as the excess shall receive as much of revenues will permit, and if any, sha ll be paid to the County in the manner described ereinabove. 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 under � the ,Trust .Indenture,- County Obligations are outstanding he First through the Seventh deposits required by the spun of t Section 503 of the Trust Indenture. FLORIDA,as caused the CITY► IN :WITNESS WHEREOF ► OF MIAMI, this Con tract to be executed in its name and behalf by its Manager anits official seal to be hereunto affixed and City � Clerk�.thereunto attested by its City Clerk or a Deputy City dul authorizer]; and DADE COUNTY, FLORIDA►'has caused this y its County Contract: to be executed in its name and behalf by Commissioners misiS Manager and°the official seal of the Board of County Co m a Deputy to be hereunto affixed and attested by the Clerk or Clerk of said Board thereunto duly authorized as of the of . 1979. ATTEST City Clerk (CITY SEAL) ATTEST:: the remaining excess net revenues, Clerk of the Board of County Commissioners (COUNTY SEAL) rl i r" .J ..,c;,;i C►TY 'li f rc s CITY OF MIAMI",t.FLORIDA Bys_ City anag er DADE:000NTY, FLORIDA By County :Manager aFROVED As TO,coNTENTs' day DENA SPILLMAN, DIRECTOR DEPARTMENT OF CITIZEN SERVICES- • PROJECT CONTRACT RELATING TO HOUSING. PROJECTS IN THE CITY OF MIAMI DESIGNATED- DADE 8-1 (WYNDWOOD) , DADE 8-3 (COCONUT GROVE) AND DADE 8-11 (LITTLE HAVANA) THIS PROJECT CONTRACT, dated as o 1979 by and between THE CITY OF MIAMI, a municipal tion (hereinafter called the "City") and DADE COUNTY, FLORIDA, • the State of a county (hereinafter Florida: called the "County"). ITN E SSET in corpora- n consideration of the covenants and 'agreements herein contained to be perforined by the City and the County and other parties to good and valuable consideratiOfl paid by each of the. the other, the receipt of which is hereby severally acknowledged, MIAMI, FLORIDA, and DADE COUNTY, FLORIDA, hereby THE CITY OF agreeas follows: Section 1. This Contract is executed and delivered purr 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 ard between the City and the County (herein called the "Basic 'Agreement") the Basic Agreement and dated as of July 19, 1976 This Contract supplements is intended that the Basic and this Contract shall be part of an overall agree City and the County. Words and terms used in: this are defined the Basic `Agreement shall have Agreement merit between the Contract which thesame meanings as in the Basic Agreement. If any provision of this Contract shall Section 2. The County and the Cityhereby covenant and represent that each of :them is authorized to enter into an bound by this Project Contract and to do all of the acts and things; and to perform all of the obligationsundertaken of them pursuant to this Project Contract" and the Basic Agreement. d to be by each Section 3. The County and the City hereby agree to co- operate in providing and financing certain Housing Projects lo- cated within the corporate boundaries of the City described 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- Dade Sixty-five (65) units of housing for the elderly in one medium -rise eleva- tor structure to be located at Douglas' Road and Day "Avenue (N.E. corner). (Also known as FL. 29-8023-003). -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 9th Street (S.W. cor ner). (Also known as FL. 29-8023-006) herein called the "Housing Projects" . Section:4. It is estimated that the total cost to the County of providing the Housing Projects, costs, shall be Four Million Seven Hundred Dollars ($4,780,000). The County agrees to undertake, carry out and complete' the Housing Projects in accordance plans, specifications, contracts and other contract 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 "$4,780s,000 to pay, with other funds available • including financing and Eighty Thousand with the 1111111/ -equal to the` maximum Principal 'and (as defined therefore, the entire cost of the`Housing Projects.' •In addition, maximum Federal assistance through an aggregate` annual contribution of $662,666 will be provided for' the Housing Projects by contract with the United States Depart- ment of Housing and Urban Development through the Section 8 program of the Housing and Community Development Act- of 1974. The be subject to applicable Federal regulations and under said Section 8 program. construction and operation of the `Housing 'Projects shall. conditions Section 5. In order to assist the County in- f nanci`ng 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 ABsistance for financingthe"Housing Projects through the use . of proceeds of City Bonds as herein` provided . As:City`Bondsare issued and sold by the City from time to time, the net proceeds thereof remaining -and expenses of or `attributable tosuch issuance and be paid into a trust fund Or other earmarked account• in a bank or other depositary by the City and shall be held,, after deducting all costs sale shall established administered, invested and reinvested by the City for the purposes, in the Ordinance, the Basic Agreement and this EarningS and profits derived from such. Section 6. From .the monies paid Interest`Requireents, the Trust Indenture securing Obligations) for any single Bond Year `(as defined in said Trust Indenture) the:County Obligations, which sum may not for 000, shall be made available by the City as City exceed. $600, �... � � nce to assist the County in financing the Housing Assists � � � � � Prood to th ects. Such sum shall be transferred by the City � of its. with the delivery by the County County contemporaneously �� the County of� the Obligations and/or the receipt by County - . f such obligations. Such :transfer shall be effected proceeds o ' �� ��. � deposit to the creditof the Special by said Trust Indenture: as provided by the payment Housing Fund established for in Section 208 of said Trust. held administered by the trustee under said Trust and adm for the -County Obligations; issued or as additional secur ity incurred shall be Housing Projects in t the' Basic Agreement, Trust for the purpose of financing the Housing : the. held, administered, applied or, otherwise purposes provided. in he manner and for in this Project Contract and in the said Indenture. Such fund shall be Indenture Projects used'for and the Indenture. Section 7. Each year the Countyshall make a payment � in lieu of taxes (herein called PILOT)- from the excess net revenues of each Housing Project, if any, in an amount equal to to and one-half percent .(2 5%) of the annual rent collec- ted at Dade 8-1, equal to five and one-half percent (5.5%) of the annualrent collected at Dade 8-3 and equal to two and one-half percent (2.5%):of the annual rent collected at Dade 8-11including the "respective Federal Housing Assistance , Payments, but not, in any event, exceeding such excess net articular year. If the excess net revenues_ revenues. for the p . shall be sufficient to permit a PILOT at the full .rates de- scribedhereinabove,the City and the County shall each re - ceive Portion of the PILOT in the ratio that its tax rate �a,� d the County; if bears to the total tax rate of the City anit .a the excess net revenues shall be insufficient to perm PILOT at the full rate, the City shall .receive as much of the excess net revenues will permit, and its full PILOT as shall be paid to the remaining excess net revenues, if any, the County in the manner described hereinabove. Excess net shall mean the gross revenues of each Housing �Proj ect revenues � � � - � �� � ect, � or less (i) the operating expenses for such Housing Proj under (ii) so lng as any County Obligations are outstanding nture, the,sum of the First through the Seventh the Trust Inde uired,by Section 503 of the Trust Indenture.: deposits req � � � � � ` has the CITY OF MIAMI, FLORIDA, IN WITNESS_, WHEREOF 1 racy to be executed in its,name and behalf by caused .this -Copt � � �� `er.� and its official seal to be hereunto affixed its= City Manager g Deputy City Clerk thereunto and attested by �its City Clerk or a. Dep Y duly authorized, and DADE COUNTY, FLORIDA, has caused this Con- tract to be executed in its name; and behalf by to and the official seal of the Board of County Commissioners rk of be the Clerk� or a Deputy Cle hereunto �aff affixed and attested by � ., day.., of said Board thereunto duly authorized as of the __ 1979. ATTEST :; CityC erk ,'(;CITY SEAL ATTEST:, Clerk of the Board of County Commissioners COUNTY SEAL) / CITY OF MIAMI,FLORIDA By: City Manag er DADE COUNTY, FLORIDA Cou Manager .APPROVED AS TO CONTENTS: DENA SPIFEiT N, DIRECTOR DEPARTMENT OF CITIZEN SERVICES f