HomeMy WebLinkAboutAgenda Item Summary FormCtCe,�- ro
AGENDA ITEM SUMMARY FORM
FILE ID:
Date: 03/10/08
Requesting Department: Community Development
Commission Meeting Date: 03/17/08 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Community Workforce Innovative Housing Program ("CWHIP")
Purpose of Item:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), RATIFYING,
APPROVING, AND CONFIRMING THE CITY'S ENTERING INTO AND PARTICIPATION IN A
PUBLIC -PRIVATE PARTNERSHIP AND THE CITY MANAGER'S EXECUTION OF A
MEMORANDUM OF UNDERSTANDING, IN SUBSTANTIALLLY THE ATTACHED FORM, AMONG
THE CITY OF MIAMI, MIAMI-DADE COUNTY, AND MODEL CITY PLAZA, LLC (THE
"DEVELOPER") REGARDING THE CREATION OF A PUBLIC -PRIVATE PARTNERSHIP IN
ORDER TO PLAN, TO APPLY FOR, AND TO IMPLEMENT A SUBMISSION TO THE FLORIDA
HOUSING FINANCE CORPORATION FOR A FIVE MILLION DOLLAR ($5,000,000.00)
COMMUNITY WORKFORCE HOUSING INNOVATION PROGRAM ("CWHIP') LOAN TO THE
DEVELOPER TO FUND AND TO PROVIDE AFFORDABLE RENTAL COMMUNITY WORKFORCE
HOUSING FOR ESSENTIAL SERVICES PERSONNEL TO BE DEVELOPED AT MODEL CITY
PLAZA LOCATED AT 740 NW 71ST STREET, MIAMI, FLORIDA.
Background Information:
Please see attached
,UBM ITTED INTO THE
'UREIC RECORD FOR
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Budget Impact Analysis
Is this item related to revenue?
Is this item an expenditure? If so, please identify funding source below.
Genera/ Account No:
Special Revenue Account No:
CIP Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
GN AND DATE)
Dept. Director �✓�D%%Y
Chief % S.- City Manager V ��
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
There is a public need within the City of Miami (the "City") and in Miami -Dade County (the "County")
for affordable rental workforce housing for essential services personnel, including but not limited to
police and fire personnel, first responders, emergency personnel, health care workers, teachers, law
enforcement and criminal justice personnel (collectively "Essential Services Personnel").
The City through its Department of Community Development, the County, and Model City Plaza,
LLC, a Florida limited liability company (the "Developer"), entered into a public -private partnership
(the "Public -Private Partnership") and a Memorandum of Understanding, in substantially the attached
form ("MOU"), for the purpose of making an application for the Florida Housing Finance Corporation's
Community Workforce Housing Innovation Program ("CWHIP") for a Five Million Dollar
($5,000,000.00) loan to the Developer to provide affordable rental community workforce housing for
Essential Services Personnel.
The Developer has come together with the City and the County in the Public -Private Partnership (1)
to plan, design, and build one hundred and forty-one (141) units of rental housing, consisting of thirty
(30) one -bedroom units and one hundred and eleven (111) two -bedroom units, to be located at 740
N.W. 71st Street in the City (the "Model City Plaza Project"); (2) to market, advertise, and rent the
units as affordable workforce housing for Essential Services Personnel; (3) to commit to a set -aside
of eighty percent (80%) of the units in the Model City Plaza Project for workforce housing families
earning up to one hundred and forty percent (140%) of the area median income and with fifty
percent (50%) of the units for Essential Services Personnel; and (4) to establish an affordability
period of fifty (50) years.
The County is providing a One Million Dollar ($1,000,000.00) forgivable loan of surtax funds to serve
as the required CWHIP match for the Public -Private Partnership.
The Model City Plaza Project is to be located in a community revitalization/redevelopment district and
will be considered an affordable housing project for low income families pursuant to City of Miami
Building and Zoning Code, as amended, Sections 917.3.2 and 917.6, respectively, and will become
eligible to apply to the City for reduced parking and for deferral of impact fees.
The Public -Private Partnership and the terms and conditions of the MOU are contingent upon
ratification, consent and approval by the Board of County Commissioners for the County, the City
Commission for the City, and the Developer's Managing Partner(s) for the Developer.
The Board of County Commissioners authorized the County's participation on November 6, 2007
pursuant to Resolution No. 1222-07 and the Developer's Managing Partner authorized its
participation on November 7, 2007.
In accordance with Florida Statute 163.01 and in order for the City to participate, it is necessary and
desirable for the City Commission to ratify, consent to, and approve the City's participation in the
Public -Private Partnership, execution of the MOU, and implementation of the Model City Plaza
Project with the County and the Developer.