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HomeMy WebLinkAboutAgenda Item Cover PageAGENDA ITEM COVER PAGE File ID: #15006 Resolution Sponsored by: Commissioner Manolo Reyes 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, 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. City of Miami Legislation Resolution Enactment Number: R-23-0519 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 15006 Final Action Date:11/16/2023 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, 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. WHEREAS, the City Commission expects to provide for the issuance of the City of Miami's ("City") Group 2 taxable and tax-exempt limited ad valorem bonds payable from ad valorem taxes provided that the capital projects debt millage not exceed the rate of 0.5935 mills in accordance with the November 7, 2017 bond referendum approved by the voters ("Voter Referendum") initially in an expected not to exceed total maximum principal amount of Forty Million and 00/100 Dollars ($40,000,000.00) in order to, among other things, reimburse the City for funds advanced by the City for certain expenses incurred with respect to capital projects to be undertaken by the City to improve affordable housing within the City's municipal boundaries (collectively, "Group 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds"), all as indicated in Resolution No. R-21-0046 adopted January 28, 2021, the related City Manager's Memorandum thereto, and the seven (7) Affordable Housing Bonds Projects Strategies ("Bond Strategies") attached and incorporated therein (collectively, "Group 2 Affordable Housing Bonds Intent to Reimburse Resolution"); and WHEREAS, on March 14, 2019, pursuant to Resolution Nos. R-19-0062 and R-19-0111, the City Commission authorized the initiation of validation proceedings for the November 7, 2017 Bond Referendum ("Voter Referendum") and the issuance of the City's taxable and tax- exempt bonds in the aggregate principal amount not exceeding Four Hundred Million and 00/100 Dollars ($400,000,000.00) in one or more separate series of City Tax -Exempt and Taxable Limited Ad Valorem Tax Bonds (collectively, "Miami Forever Bonds"), including tax- exempt and taxable bonds in one or more separate series not exceeding One Hundred Million and 00/100 Dollars ($100,000,000.00) for affordable housing and economic development capital projects ("Affordable Housing and Economic Development Bonds") of which an amount not to exceed Fifteen Million and 00/100 Dollars ($15,000,000.00) was proposed for the first group and an amount not to exceed Forty Million and 00/100Dollars ($40,000,000.00) was proposed for the second group; and WHEREAS, for all series of the Affordable Housing and Economic Development Bonds, Resolution Nos. R-19-0111, R-19-0325, and R-20-0337 set forth the aforementioned seven (7) Affordable Housing Miami Forever Bonds Projects Strategies as follows: i) Affordable Workforce New Rental Strategy, ii) Homeownership Preservation Strategy, iii) City Acquisition of Land, iv) Affordable Homeownership Strategy, v) Affordable Rental Housing Preservation Strategy, vi) Affordable New Construction Rental Strategy, and vii) Long Term Lease/Build/Manage Strategy; and WHEREAS, the City Acquisition of Land Strategy ("Acquisition Strategy") permits the City to acquire buildable vacant parcels of land suitable for the development of 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 process; and WHEREAS, the City Commission has set forth certain requirements, terms, and conditions that are set forth in the City Acquisition of Land Program Summary, attached and incorporated as Exhibit "B," for certain costs/activities that are eligible for City funding under the Acquisition Strategy; and WHEREAS, for Group 2, the City Commission has allocated an amount not to exceed Forty Million and 00/100 Dollars ($40,000,000.00) with respect to capital projects to be undertaken by the City to improve affordable housing within the City's limits pursuant to Resolution No. R-21-0156; and WHEREAS, the City wishes to acquire the real property located at 5350 West Flagler Street, Miami, Florida (Folio No. 01-4106-013-1790), as legally described in Exhibit "C", attached and incorporated ("Property"); and WHEREAS, MMG FLAGLER, LLC, A Florida Limited Liability Company ("Seller"), has agreed to enter into a Purchase and Sale Agreement ("Agreement") with the City to convey the Property to the City for a purchase price of Five Million and 00/100 Dollars ($5,000,000.00) ("Purchase Price"); and WHEREAS, pursuant to Section 166.045(1)(b), Florida Statutes, for each purchase of real property for a municipal purpose in an amount in excess of Five Hundred Thousand and 00/100 Dollars ($500,000.00), the governing body shall obtain at least two (2) appraisals by appraisers approved pursuant to Section 253.025, Florida Statutes; and WHEREAS, the City obtained two (2) appraisal reports from licensed State of Florida certified appraisers ("Appraisals"); and WHEREAS, Section 166.045(1)(b), Florida Statutes, further states that if the agreed purchase price exceeds the average price of the two (2) appraisals, the governing body is required to approve the purchase by an extraordinary vote (i.e., a four -fifths (4/5ths) vote of the City Commission); and WHEREAS, the Purchase Price is within the average appraised value indicated in the Appraisals; and WHEREAS, the eligible costs and expenses associated with the acquisition of the Property, inclusive 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 shall not exceed One Hundred Forty -Five Thousand and 00/100 Dollars ($145,000.00) ("Acquisition Costs"); and WHEREAS, the City Commission hereby allocates a total amount not to exceed Five Million, One Hundred Forty -Five Thousand and 00/100 Dollars ($5,145,000.00) of Miami Forever Limited Ad Valorem Bonds for the acquisition of the Property which is inclusive of the Purchase Price as well as the Acquisition Costs for the development mixed use/mixed income affordable rental or homeownership developments/units, in compliance with the Acquisition Strategy, in District 4; and WHEREAS, the City Commission has determined that it is in the best interests of the City in accordance with the Voter Referendum, the Miami Forever Limited Ad Valorem Bonds Final Validation Order of December 16, 2019 ("Bonds Validation Order"), and the Group 2 Affordable Housing Bonds Intent to Reimburse Resolution, all attached and incorporated in Composite Exhibit "A," to authorize the allocation of Five Million, One Hundred Forty -Five Thousand and 00/100 Dollars ($5,145,000.00) for the acquisition of the Property from the proposed Group 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for certain costs/activities that are eligible for City funding under the Acquisition Strategy; and WHEREAS, such allocations shall comply with all applicable Federal, State of Florida ("State"), Miami -Dade County ("County"), and City laws, rules, and regulations for affordable housing projects, including but not limited to the City's Group 2 Affordable Housing Miami Forever Bonds Projects Strategies, the Group 2 Affordable Housing Intent to Reimburse Resolution, and the Group 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds (collectively, "Laws"); NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as fully set forth in this Section. Section 2. The City Manager is directed and authorized' to allocate from the Group 2 Affordable Housing Category, in accordance with the Voter Referendum, the Bonds Validation Order, the Bonds Strategies, and the Group 2 Affordable Housing Bonds Intent to Reimburse Resolution, all attached an incorporated as Composite Exhibit "A," funding on a reimbursement basis in a total amount not to exceed Five Million One Hundred Forty -Five Thousand and 00/100 Dollars ($5,145,000.00) to cover the Purchase Price and all Acquisition Costs from the proposed Group 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds through the Acquisition Strategy to acquire the Property 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, subject to compliance with all applicable Laws. Section 3. The City Manager is directed and authorized' to negotiate and execute the Agreement and any and all other necessary documents including but not limited to amendments thereto, all in forms acceptable to the City Attorney and Bond Counsel, for the acquisition of the Property for the Purchase Price subject to compliance with all applicable Laws. Section 4. The City Manager is further authorized' to pay the Acquisition Costs, subject to compliance with all applicable Laws. Section 5. Certain necessary actions by the City Manager and designated City officials and departments made in order to update the Capital Plan, 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 are ratified, approved, and confirmed. Section 6. This Resolution shall take effect immediately upon its adoption and signature of the Mayor.2 1 The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to those prescribed by applicable City Charter and City Code provisions. 2 If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. APPROVED AS TO FORM AND CORRECTNESS: