HomeMy WebLinkAboutR-79-0212•
"SUPPORTIVE
DOCUMENTS
FOLLOW"
`:
RESOLUTION NO. 7 9 - " 1 2
A RESOLUTION AMENDING SECTIONS 1 and 2 of
RESOLUTION NO. 78-374, ADOPTED MAY 31,
1978, WHICH APPROVED THE FINANCIAL PLANS
FOR 400 SECTION 8 HOUSING UNITS LOCATED IN
WYNWOOD, TOWNPARK, CULMER, MEDICAL CENTER,
LITTLE HAVANA AND COCONUT GROVE BY APPROV-
ING THE FINANCIAL PLANS FOR 325 SECTION 8
HOUSING UNITS LOCATED IN WYNWOOD, COCONUT
GROVE, MEDICAL CENTER, LITTLE HAVANA AND
TOWNPARK, SUBJECT TO THE CITY OF MIAMI
HAVING INPUT AND PARTICIPATION AS TO USE
OF FUNDS, DESIGNATION OF TRUSTEE, ETC.; SUCH
APPROVAL BEING COI.biSTENT 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.
WHEREAS, there is a shortage of adequate housing units
for households of low and moderate income; and
WHEREAS, the City of Miami passed a $23,000,000 Housing
Bond Issue to alleviate this crucial
need; and
WHEREAS, the U.S. Department of Housing and Urban
Develop -
went has allocated subsidies for 400 Section 8 new construction
dwelling units for households of low and moderate income; and
WHEREAS, Dade County had prepared, and the City of Miami
by Resolution No. 78-374
units in accordance with
the City of Miami by
dated July 19, 1976;
had approved, Financial Plans for
said
the Agreement for Financing Housing
and between Dade County and the City
and
WHEREAS, as a result of increased costs it
in
of Miami,
has been neces-
sary to prepare new Financial Plans to supersede the Financial Plans
approved by said Resolution No. 78-374; and
WHEREAS, such new Financial Plans require approval by the
Commission of the City of Miami
the housing units
to proceed with the development of
described in such new plans;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
"DOCUMENT INDEX
ITEM PLO._-'
PI
CITY COMMISSION
MEETING OF
MAR :e i /9
RE$OIUTION NO`ry9 2 1 2.
REMARKS: ,
Section 1. Resolution No. 78-374, adopted May 31,
1/
1978, is hereby amended in the following particulars:
"Section 1. The new Financal Plans, copies of
which are made a part of this resolution, for the
4GO 325 Seet4e1t-8 housing units for five Section 8
Housing Projects in the City of Miami located in
Wynwood, Townpark, Cu+mer; Medical Center, Little
Havana and 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 use of funds,
designation of trustee, etc.
Section 2. The City Manager is hereby authorized
to coordinate with Dade County in the development of
said 325 housing units in accordance with the guidelines
established in the Agreement for financing Housing
in the City of Miami by and between Dade County and the
City of Miami dated July 19, 1976."
PASSED AND ADOPTED this 77s,i day of
r1cx
MAURICE A. FERRE
, 1979.
MAYOR
ATTEST:
6:27-'67-A6QZ/ CS-4? (1521
RAL H G. NGIE, CITY CLERK
PREPARED AND APPROVED BY:
6-1&al
ROBERT F. CLARK
ASSISTANT CITY ATTORNEY
. 414,
APPROVED AS TO FORM AND CORRE LESS:
GE GE F. T;1GOX, JR.
Y ATTORNEY
"SUPPO^I"3IF
DOcu<<; Eiq
FOLLOW"
1/ Words and/or figures stricken through shall be deleted.
Underscored words and/or figures constitute the amendment
proposed.
79-:12
'AV( '.14 ,-.4I. i I .^7iIf).'1
7...'1Ci A 4t)U;Y1''y
TO:
1_.
Joseph R. Grassie
City Manager
Dena Spillman, Director
Community Development
February 26, 1979
• Resolution approving Financial
Plans for Section 8 Housing projects
.....:aric.;
Enclosed for City of Miami Commission review and approval is a resolution
approving the Financial Plans for the following Section 8 housing projects:
Dade 8-1
Dade 8-3
Dade 8-10
Dade 8-11
Dade 8-12
(Wynwood)
(Coconut Grove)
(Medical Center)
(Little Havana)
(Townpark)
TOTAL
40 units
65 units
100 units
75 units
45 units
325 units
for
for
for
for
for
families
the elderly
the handicapped
the elderly
families
Financial Plans for these projects were approved by City Commission Resolu-
tion No.78-374 on May 31, 1978. However, one program included in that
resolution has been dropped (Dade 8-13 Culmer) and Dade 8-11 has received
additional Federal subsidies in order to award the contract, making it
necessary to repeal Resolution No. 78-374.
/mb
Enc.
"SUPPORTIVE' � � RTIvF
5EN, S
FOLLOW„
7 9- 2 1 2
1401 N.W. 7th Street
Box 250 - Riverside Station
Miami, Florida 33135
547-5307
Mr. Joseph Grassie, Manager
City of Miami
P. 0. Box 330708
Miami, Florida 33133
Dear Mr. Grassie:
Department of
HOUSING & URBAN DEVELOPMENT
OFFICE OF DIRECTOR
February 22, 1979
In accordance with the Basic Agreement dated July 19, 1976,
between the City of Miami and Dade County, I am submitting the
Financial Plans to be approved by a City Commission resolution
for the followin,7 Section 8 housing projects:
Dade 8-1 (:Iyndwood) 40 units for families
Dade 8-3 (Coconut Grove) 65 units for the elderly
Dade 8-10 (Medical Center) 100 units for the handicapped
Dade 3-11 (Little Havana) 75 units for the elderly
Dade 8-12 (Twnpark) 45 units for families
TOTAL: 325 units
Financial Plans for these projects were approved by City
Commission Resolution No. 78-34 on May 31, 1978. However, one
program included in that resolution has been dropped (Dade 8-13
Culmer) and Dale 8-11 has received additional Federal subsidies
in order to award the contract, making it necessary to repeal
Resolution Ido. 78-374
"SUPPORTIVE
DO;:�MF_NTS
FOLLOA/"
"7 9 - : 1 2
0
Mr. Joseph Grassie, Manager
February 22, 1979
Page Two
I am enclosing a draft resolution which would repeal the previous
resolution along with the approval of the revised financial plans.
We would appreciate this matter being placed on the earliest agenda
possible.
Sincerely,
Melvin J. Adams
MJA/HVR/mn
Enclosure
cc:
Jim Gunderson
R. Montalbano
Dena Spillman
Charles Citrin
Max Von Hollweg
Jim Preston
INDENTURE III
FINANCIAL PLAN FOR SECTION 3 HOUSING PROJECTS
CITY OF MIAMI
Dade 8-10 and Dade 8-12
In accordance with Section 9 of the Agreement for Financing Housing in the
City of Miami by and between Dade County and the City of Miami, dated
July 15, 1576, the following data constitutes the Financial Plan for the
development of 2 housing project(s) consisting of 145
Units.
a) As illustrated in Exhibit "A-l" and "A-2" the annual total
project income for the project(s) totals 5536,605. , which
is more than necessary to meet both projected operating expenses of
$161,602.
and debt service of $374,528.
slight projected surplus of $79.00
The
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 accont equal to
the maximum Principal and Interest Requirements (as defined in the Trust
Indenture) for any single Bond Year (as defined in the Trust Indenture).
b) It is the intention to request proposals for the design and construction
of the projec:(s). Sid proposal documents, containing minimum physical
requirements, have been prepared for each of the 2
projects, and have been approved by the City of Miami, and by the U. 5.
HUD On both 11/28/77 and 3/17/78
These minimum require-
ments define the ouiiding type, unit size and distrioution, equipment
�l..'s,,,.l\ j1Y 2/21/79
79-212
schedule, utility combinations and otner similar improvements.
c) The estimated aggregate amount of bonds to be issued in connection
with the project(s) will be
$4,380.000. . This
figure is based on the projected total development costs, which are
illustrated in Exhibits
"A-1" and "A-2"
•
d) The U. S. Department of Housing and Urban Development had approved
these project(s) and assistance under Section 8 of the Housing and
Community Development Act of 1974 (42 U.S.C. 1437).
e) Assistance in the amount of
S374,928. is anticipated
to be needed to support the financing of the housing project(s). 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.
f) The total estimated Operating Expenses for the project(s) is $161.602.
per year. This is based on experience in the operation of similar
projects. Exhibits
"A-l" and "A-2"
illustrates the projected
income, operating expenses, and the net amount available for debt service
for each of the
2 proposed project(s).
g) The estimated annual amount required for the payment of dent Service on
the Revenue Bonds is
$374,928.
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 bonds will be amortized over the
remaining 28 years.
i) As shown on Exhibits
J)
to pay S3,691.000.
"A-1" and "A-2" the County expects
for the acquisition of the 2
housing project(s). The maximum net interest cost anticipated to be
incurred by the County on the County obligation is
The Project Contract for the
2
housing project(s), consistent
with this Financial Plan, will be prepared and submitted for approval
and execution for and on behalf of the City and the County.
k) Each year the County shall make a payment in lier of taxes (herein
called PILOT) from the excess net revenues of the Housing Projects,
if any, in an amount equal to zero percent
of the annual rent collected at Dade 8-10
including the Federal Housing Assistance Payments, and in an amount
equal to two and one-half
annual rent collected at Dade
percent (2- 1 /2` ) of the
8-12 , including the Federal
Housing Assistance Payments, but not, in any event, exceeding such excess
net revenues for 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 tax 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
"SUPPORTIVE
DOCUMENTS
FOLLOVV"
. 7 9 - 2 1 2
r
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.
A
s
EXMISIT "A •I"
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evrncaew •!m' �`�
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INDENTURE V
FINANCIAL PLAN FOR SECTION 8 HOUSING PROJECTS
CITY OF MIAMI
Dade 8-1, Dade 8-3 and Dade 8-11
In accordance with Section 9 of the Agreement for Financing Housing in the
City of Miami by and between Dade County and the City of Miami, dated
July 19, 1976, the following data constitutes the Financial Plan for the
development of 3 housing project(s) consisting of 180
units.
a) As illustrated in Exhibit"A-1", "A-2" and "A-3" the annual total
project income for the project(s) totals $649,412. , which
is more than necessary to meet both projected operating expenses of
$235,800.
and debt service of $408,768. . The
slight projected surplus of $4,844. 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 accont equal to
the maximum Principal and Interest Requirements (as defined in the Trust
Indenture) for any single Bond Year (as defined in the Trust Indenture).
b) It is the intention to request proposals for the design and construction
of the project(s). Bid proposal documents, containing minimum physical
requirements, have been prepared for each of the 3
projects, and have been approved by the City of Miami, and by the U. S.
HUD on March 10, and March 13, 1978 . These minimum require-
ments define the building type, unit size and distribution, equipment
"SUPPORTIVE
DOCUMENTS 2/21/79
FOLLOW" r 7 9 - 12
schedule, utility combinations and other similar improvements.
c) The estimated aggregate amount of bonds to be issued in connection
with the project(s) will be
54 7Rn nno
. This
figure is based on the projected total development costs, which are
illustrated in Exhibits "A-1"_ "A-2" and "A-1"
•
d) The U. S. Department of Housing and Urban Development had approved
these project(s) and assistance under Section 8 of the Housing and
Community Development Act of 1974 (42 U.S.C. 1437).
e) Assistance in the amount of
5408,768. is anticipated
to be needeo to support the financing of the housing project(s). 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.
f) The total estimated Operating Expenses for the project(s) is
$235,800.
per year. This is based on experience in the operation of similar
projects. Exhibits "A-1", "A-2" and "A-3" illustrates the projected
income, operating expenses, and the net amount available for debt service
for each of the 3 proposed project(s).
g) The estimated annual amount required for the payment of debt Service on
the Revenue Bonds is 5408,768.
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 bonds will be amortized over the remaining 28 years.
i) As shown on Exhibits "Al",-"A-2" and "A-" the County expects to
pay $3,929,000. for the acquisition of the 3
housing project(s). The maximum net interest cost anticipated to be
incurred by the County on the County obligation is 7 3/8%
j) The Project Contract for the
3 housing project(s),
consistent with this Financial Plan, will be prepared and submitted
for approval and execution for and on behalf of the City and the County.
k) Each year, the County shall make a payment in lieu of taxes (herein
called PILOT) from the excess net revenues of the Housing Projects,
if any, in an amount equal to Two and one-half percent (2 1/21
of the annual rent collected at Dade 8-1 , including
the Federal Housing Assistance Payments, and in an amount equal to
Five and one-half percent ( 5 1/2) of the annual
rent collected at Dade
8-3 , including the Federal
Housing Assistance Payments, and in an amount equal to Two and one-half
percent (2 1/20 of the annual rent collected at Dade
8-11
including the Federal Housing Assistance Payments,
but not, in any event, exceeding such excess net revenues for the particular
year. If the excess net revenues shall be sufficient to permit a PILOT
79-212,
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 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, 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.
•
• •
Mill • b••
InO1 • A..
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EXMlitIT "A - !"
VINANCIAL 'LAN
Rev. c/29/71 4/17/T8
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e• • r•' • ••••
• .; ,,••••
.•
• • • 9. ••••‘... •
, • •
k- ()LLCM" '
- ,Z • • • •
. /...re•Am2A-2,, ••• '1••• • :; -%••,:lefue.,12e..••• • :."
•1
•
.;
•
11
•
1
. „
I s 0 II 31101,4
li 11
4eR/29
, ill I II LuJ;
Vacancy 'rks
1
11 Total Rrciec: income 1 .. ;1 11 Les • 0perat1ne Exoenses 1 dbm 1
•: 1 1 Acministation 1 1'1
.. 1 1 Tenant Services 1 iC11
1 4
If 1 1 maintenance 1 23:35°0 1
.! 1 Suoc1;et utrnt;es
1 1 1
General 1 00 01
:1 Renewal/Replacement .;.1 ? 2 0 01:
( 'rDs
4 1 14'80
01:77 t.e"F
:I
014.11110
•41•11•0
EXHIBIT "A • 2"
FINANC1AL ALAN
Rev. 5/28/78
4/11/7,
0ouclas Roac Elcerly
• i 1 65 Units
6-3 FL. 29-8023-003
11
:1
1 1 Rental Income
2 4 3 No. BR/B
I 4 II so OBR/8
15 111R/B
. 1 2114/9
J I 1 1
I !I
1 I
I 161,400! 4
I I 541000.
lfl
! I •
NI
iLl_30ej : h I 8.aii: 36,
_.
11 1 1 1 i ,
•• ! ti
! ! ' 1
— 4 • i AftD.,t.for.oebt serv;ce 4
JYR-11.1 _.1 '.•i i . ;11.2 55
...
., .1
i ; 1
; I : , ,
„
.... . 4
i ilke2o1 a 2 18= 6./0
.....ilcoo
' Tots; Develocment Cost 1 1
I
-..- ,
a 11 1 1 1 11 1-41 ! ••
:eWe/CDMent ..:S:! .4
..4... n.
q • ;I Actu;s;!;om tf 0.o;ect --7TT----1 1 1 r r---7-7 ir 8;0i° 00
Dect Service Reserve 4 1 . 1 1 1 1 1 11 2 11R 5 21
1.. ' Net Funced Interest 1 0
1! ! • 4
• a
".: Bond Counsel 1_
4 rinenCial - I ,_r • ,
0,e• ,,su.,ce c,
1 E?..16 TIU11
;1 1
.1
4
,
24;850 "HI
! 51680'
I
' 218• 40 _
2.1 40 • '
'1
, . 4
'
_i_e.,e;oomemt acmrativl 1 261000
11_23nsc_r_Lidtion SupAryision_
,
• . ‘Ort,neericy
1 i 40600 .1 ! ..
;! 1 --r. '--11-1 - '---- r - - ‘,. - • —
26;000 ; __ _.r_i_._
i I I -7 --1-? • -- ir- , . .
."'... ..4 4 151638 ;...' ....
I/ I . 1 I I I; Pn".""r.'. •, I .. •
2 'otal Development Cost ;; 1 ' 1 1----1------41.111-L20"1* -:: :
4 11 1 • LI ._l__.._ it.. ! 1
•
..::,! sii! ..:.,.
I I [ I ' 111
1 .. 1. ,....._,
i: ! , ,;
1 _'__1. I t
_• • ,• . i . 1
:. ._l_t _i I. 1 i . i. ._ 1
iv 215; .73
..:.. _ .i.. 1 1 4 ,
. .. ! _.__ __... ;
4 aw,Le; ::,•:-sc: au:N,ritv ; ; •
• L.
• • • - - • ••• •
REVISED
•
rINANC1AL 2'.AN
fichitrIt "A.,“
Rev. 2/25/15 5/25/75.
I _;le Havanai�eIv
lc url,ts
11 1 1-.25- e0:1-006
rental income 1-1 I,
No. 3R/?
• I 1 40 08RIP. 11 3131 H.81800! !
• : IS 18RA It,' I
ttaq t•to
1 1
L
-7-; .1; :
r---, ' 1
, , , , • ! ?..3,::.,,,, ,
1 I t El , I7S 2'
1! 1 I
i !
;
_ 1 ' ; :2'2 •:.S S'
i Teta; 0..:.e.c.: income
..i 1 1 I I 11
;
I
1
..•,....-.:.,..e.0... .. ;t . 4A
Les.s! OmDpuoteLrnt!swt'roeenl( nancCeeixrtm.teen:nt smIee
TD
'!1.:I
—• ..•
'tI 60'
:::::: I
eJteS !
IL
1 2 751 1 1
1 3 1 1 00 11
1 eneaoacen1 20 1
7 TOTAL I;6::! 1
3 1 Ii1
I
—
1
1 'r Soc Sv;ce 1 i I 1-07541-
I1
'1H
7505 0.S
'1
1 ,1 .1
0HHH
:'--'
I t7 CC 7i7C 7.• • 1 7771 7 "':
70CLA: CeVe0C(t"eM: 411
1 0evelooment Cos::
..
:AC:U 1 InM TC 3.e. tett 1
I
Dect Semi; ce Reserve 1
.....
. I • it
.Net_Eulloe.g-IncereS.:
..../
,, 'L Bono Counsel
i I r;nans..:. 1 Acv;-$41r
-,-------.
Issuance Cos:,
.- ....I.,
:iI oscroumcel ncv; I I _ 3; 01f13i. 0,.... 0
tmtoSuerslc, I
!
- 3 1 Dvde I I ;Is Eou i omens 1 11 1- .
r-
7 ; —11--;'—; -----r.
.-----_—_—___
,t 4 1 :c.mt.meemv, , ..1? 1 ; 1. ,
1 • h.1 01,0:s7245'
, I i 717'7—'7
1 Teta! 0eveicoment Cost ..-
i i ! I • ...-nc • lon . ,i I
....-,.. .....--•-,—.- • -- .......• z. .....
Z. 1
1 ' ......•1 ..i 1 .1
I r , /=.• • ,
. .4I.
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ft „
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1 I 1 1
I
1
3
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;
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• , 9:0 •
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11
t ;
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•