HomeMy WebLinkAboutMaster ReportCity of Miami
Master Report
Enactment Number: R-23-0519
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 15006 File Type: Resolution Status: ADOPTED
Revision: Controlling Body: City Commission
File Name: Allocate Bonds - Acquisition 5350 W Flagler ST Introduced: 11/3/2023
Requesting Dept: Commissioners and Mayor Final Action Date: 11/16/2023
Title: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
ALLOCATING FROM THE GROUP 2 AFFORDABLE HOUSING CATEGORY OF THE
MIAMI FOREVER LIMITED AD VALOREM BONDS ("BONDS"), IN ACCORDANCE
WITH (A) THE NOVEMBER 7, 2017 VOTER REFERENDUM FOR THE CITY OF MIAMI
("CITY") BONDS ("VOTER REFERENDUM"), (B) THE FINAL BOND VALIDATION
ORDER DATED DECEMBER 16, 2019 ("BONDS VALIDATION ORDER"), (C) THE CITY
COMMISSION'S UPDATED SEVEN (7) AFFORDABLE HOUSING BONDS PROJECTS
STRATEGIES ("BOND STRATEGIES"), AND (D) THE GROUP 2 AFFORDABLE
HOUSING BONDS INTENT TO REIMBURSE RESOLUTION NO. R-21-0046 ADOPTED
JANUARY 28, 2021 ("INTENT TO REIMBURSE RESOLUTION"), ALL ATTACHED AND
INCORPORATED AS COMPOSITE EXHIBIT "A," FUNDING ON A REIMBURSEMENT
BASIS IN AN AMOUNT NOT TO EXCEED FIVE MILLION ONE HUNDRED FORTY-
FIVE THOUSAND AND 00/100 DOLLARS ($5,145,000.00) TO COVER ALL ELIGIBLE
COSTS OF THE ACQUISITION OF THE PROPERTY LOCATED AT 5350 WEST
FLAGLER STREET, MIAMI, FLORIDA, IN DISTRICT 4 AND AS LEGALLY DESCRIBED
IN EXHIBIT "C", ATTACHED AND INCORPORATED, INCLUSIVE OF THE PURCHASE
PRICE AND ACQUISITION COSTS, FROM THE BONDS THROUGH THE CITY
ACQUISITION OF LAND BOND STRATEGY, ATTACHED AND INCORPORATED AS
EXHIBIT "B" ("ACQUISITION STRATEGY"), WHICH IS TO BE DEVELOPED INTO
MIXED USE/MIXED INCOME AFFORDABLE RENTAL OR HOMEOWNERSHIP
DEVELOPMENTS/UNITS TO BE BUILT BY THE CITY OR BY ORGANIZATIONS THAT
HAVE BEEN PROCURED THROUGH A COMPETITIVE SOLICITATION PROCESS;
SUCH ALLOCATION IS TO BE IN COMPLIANCE WITH ALL APPLICABLE FEDERAL,
STATE OF FLORIDA, LOCAL, AND CITY LAWS, RULES, AND REGULATIONS FOR
AFFORDABLE HOUSING PROJECTS, INCLUDING BUT NOT LIMITED TO THE CITY'S
BOND STRATEGIES, THE INTENT TO REIMBURSE RESOLUTION, THE VOTER
REFERENDUM, THE BONDS VALIDATION ORDER, THE BONDS, THE CHARTER OF
THE CITY OF MIAMI, FLORIDA, AS AMENDED, AND THE CODE OF THE CITY OF
MIAMI, FLORIDA, AS AMENDED (COLLECTIVELY, "LAWS"); FURTHER
AUTHORIZING AND DIRECTING THE CITY MANAGER TO NEGOTIATE AND
EXECUTE A PURCHASE AND SALE AGREEMENT ("AGREEMENT") AND ANY AND
ALL OTHER NECESSARY DOCUMENTS INCLUDING BUT NOT LIMITED TO ANY
AMENDMENTS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY AND BOND
COUNSEL, FOR THE ACQUISITION OF THE PROPERTY FOR A PURCHASE PRICE
OF FIVE MILLION DOLLARS ($5,000,000.00) ("PURCHASE PRICE"), SUBJECT TO
ALL LAWS THAT REGULATE THE USE OF SUCH FUNDS; FURTHER AUTHORIZING
THE PAYMENT OF THE COST OF SURVEYS, ENVIRONMENTAL REPORTS, TITLE
INSURANCE, SECURING THE PROPERTY, DEMOLITION, PROJECT SIGNAGE, AND
ALL EXPENSES AND CLOSING COSTS ASSOCIATED WITH THIS ACQUISITION IN
AN AMOUNT NOT TO EXCEED ONE HUNDRED FORTY-FIVE THOUSAND AND
00/100 DOLLARS ($145,000.00) ("ACQUISITION COSTS"), SUBJECT TO ALL LAWS
THAT REGULATE THE USE OF SUCH FUNDS; RATIFYING, APPROVING, AND
CONFIRMING CERTAIN NECESSARY ACTIONS BY THE CITY MANAGER AND
DESIGNATED CITY DEPARTMENTS IN ORDER TO UPDATE THE CAPITAL PLAN,
City of Miami Page 1 of 2 Printed on: 12/7/2023
City of Miami
Master Report
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Enactment Number: R-23-0519
RELEVANT FINANCIAL CONTROLS AND COMPUTER SYSTEMS IN CONNECTION
THEREWITH, FOR PROJECT CLOSE-OUTS, AND FOR GRANTS AND OTHER
FUNDING SOURCES IN PROGRESS IN CONNECTION HEREWITH; PROVIDING FOR
AN EFFECTIVE DATE.
Sponsor(s): Commissioner Manolo Reyes
Notes:
Links:
Attachments: 15006 Exhibit A (PDF)
15006 Exhibit B (PDF)
15006 Exhibit C (PDF)
History of Legislative File:
Revision: Acting Body: Date: Action: Result:
Legislative Division 11/3/2023 Legislative Division Review Completed
Xavier Alban 11/3/2023 ACA Review Completed
Donovan Dawson 11/3/2023 Budget Analyst Review Completed
Marie Gouin 11/6/2023 Budget Review Completed
Victoria Mendez 11/6/2023 Approved Form and Completed
Correctness
City Commission 11/16/2023 Meeting Completed
City Commission 11/16/2023 ADOPTED Passed
Mayor's Office 11/22/2023 Unsigned by the Mayor Completed
City Clerk's Office 11/22/2023 Signed and Attested by the City Completed
Clerk
City Clerk's Office 11/27/2023 Rendered Completed
City of Miami Page 2 of 2 Printed on: 12/7/2023