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HomeMy WebLinkAboutCRA-R-13-0025 Signed Legislation with AttachmentCity of Miami Legislation CRA Resolution city Hail 3600 Pan American Drive Miami, FL 33133 www.miamigov.com lips Number; 13-00358 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), AMENDING AND SUPPLEMENTING RESOLUTION NO. CRA-R-12-0061, PASSED AND ADOPTED ON SEPTEMBER 17, 2012, REGARDING THE ISSUANCE OF TAX INCREMENT REVENUE BONDS TO FINANCE OR REFINANCE THE ACQUISITION AND CONSTRUCTION OF COMMUNITY REDEVELOPMENT PROJECTS IN THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AREA; PROVIDING FOR THE PAYMENT AND SECURITY THEREOF; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; PROVIDING FOR AND AUTHORIZING THE ISSUANCE OF TAX INCREMENT REVENUE BONDS, SERIES 2012 IN THE ORIGINAL AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $50,000,000 AS THE INITIAL SERIES OF BONDS HEREUNDER FOR THE PURPOSE OF FINANCING CERTAIN GRANTS TO BE USED FOR THE CONSTRUCTION OR REHABILITATION OF AFFORDABLE HOUSING AND FINANCING THE CONSTRUCTION OF OTHER CAPITAL IMPROVEMENTS IN THE REDEVELOPMENT AREA; PROVIDING CERTAIN OTHER DETAILS WITH RESPECT THERETO; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE; FOR THE PURPOSES OF: (A) CLARIFYING THAT PROCEEDS OF SUCH SERIES 2012 BONDS WILL NOT BE USED TO PAY EITHER (I) THE COSTS OF THE PORTION OF THE PROJECT REFERRED TO IN EXHIBIT A TO SUCH RESOLUTION AS "LYRIC PLACE - BLOCK 36" (PARKING GARAGE) WHICH WILL NOT BE AVAILABLE FOR USE BY THE GENERAL PUBLIC; OR (II) THE COSTS OF THE "TOWN PARK PLAZA NORTH° PORTION OF THE PROJECT REFERRED TO IN EXHIBIT °A" TO SUCH RESOLUTION AS "TOWN PARK;" AND (B) AMENDING THE DESCRIPTION OF THE 'ST. JOHN'S OVERTOWN PLAZA" PROJECT REFERRED TO IN EXHIBT A ATTACHED TO SUCH RESOLUTION; AND PROVIDING FOR AN EFFECTIVE DATE, ' WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA') Is responsible for carrying out community redevelopment activities and projects within Its Redevelopment Area In accordance with the 2009 Southeast Overtown/Park West Redevelopment Plan ("Plan"); and WHEREAS, the CRA adopted Resolution No. CRA-R-12-0061 on September 17, 2012 (the "Bond Resolution"), which, among other things, provided for the issuance of Tax Increment Revenue Bonds, Series 2012 In an aggregate principal amount not to exceed $50,000,000 for the purpose of financing certain grants to be used for the construction or rehabilitation of affordable housing and financing the construction of other capital improvements (collectively, the "2012 Redevelopment Projects") in the Redevelopment Area, as provided therein; and WHEREAS, the CRA desires to amend the Bond Resolution for the purposes described in the title to this Resolution and In the manner hereinafter provided; City of Miami Page 1 of 2 Pile Id: 13-00358 (Version: 1) Printed On; 3/11/2013 File Number; 13-00358 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and Incorporated herein as If fully set forth in this Section. Section 2. Capitalized terms not otherwise defined in this resolution (this "Resolution") shall, unless context otherwise requires, have the respective meanings set forth in the Bond Resolution. Section 3. Amendment to the Definition of "2012 Redevelopment Protects". The definition of "2012 Redevelopment Protects" In Section 201 of the Bond Resolution is hereby amended and restated In its entirety to read as follows: "2012 Redevelopment Projects" means the Projects within the Redevelopment Area more particularly described on Exhibit "A" attached, in each case to be financed in whole or in part with proceeds of the Series 2012 Bonds; provided, however, that proceeds of the Bonds shall not be used to pay either (i) the costs of the portion of the Project referred to in Exhibit A attached as "Lyric Place - Block 36" (parking garage) which will not be available for use by the general public, or (II) the costs of the "Town Park Plaza North" portion of the Project referred to in Exhibit A attached as "Town Park." Section 4. Amendment to Description of "St. John Overtown Plaza" Prolect. The description of the "St. John Overtown Plaza" Project set forth in Exhibit A to the Bond Resolution is hereby amended to insert the parenthetical "(or such lesser number of affordable housing units as may be approved by the City Commission of the City of Miami, the Board of County Commissioners of Mlaml-Dade County, and the Board of Commissioners of the CRA)" immediately following the phrase "112 affordable housing units." For the sole purpose of evidencing such amendment, Exhibit A to the Bond Resolution Is hereby deleted In Its entirety and replaced with Exhibit A attached hereto. Section 5. Effective Date. The Bond Resolution, as amended and supplemented by this Resolution, shall remain in full force and effect, and this Resolution shall take effect immediately upon its adoption. APPROVED AS TO FORM AND LEGAL SUFFICIENCY: CHAUNCEY LEVER, ESQ. CRA SPECIAL COUNSEL Ci{y of Miami Page 2 of 2 File Mr 13-00358 (Version: 1) Printed an: 3/15/2013 Exhibit A (As amended by Resolution No. CRA-R-13- )* • Lyric Place - Block 25 new construction of approximately 90-100 affordable units to be located at the intersection of NW 2nd Avenue and NW 9in Street, Miami, Florida, of which not less than 50% of the units will be dedicated for persons or families with incomes that do not exceed 60% of Area Media Income (AMI), and the balance of which will be dedicated for persons or families with Incomes that do not exceed 120% of AMI. This project will be owned or leased to a private developer. • Lyric Place - Block 36 new construction of approximately 300-space parking garage, of which not leas than approximately 250 spaces will be available for use by the general public, which parking garage will be owned by the Agency. • St. John Overtown Plaza new construction of 112 affordable housing units (or such lesser number of affordable housing units as may be approved by the City Commission of the City of Miami, the Board of County Commissioners of Miami -Dade County, and the Board of Commissioners of the CRA)* to be located at NW 3"1 Avenue and 13th Street, Miami, Florida, at least 50% of which will be dedicated for persons or,familles with Incomes that do not exceed 80% of AMI. This project will be owned by or leased to a private developer. • Island Living new construction of approximately 60-80 affordable housing units to be located at 1201 NW 3r Avenue, Miami, Florida, of which not less than 50% of the units will be dedicated for persons or families with incomes that do not exceed 60% of AMI and the balance of such units will be dedicated for persons or families with incomes that do not exceed 120% of AMI. Thls protect will be owned by or leased to a private developer. • Culmer Center Housing Development new construction of not less than 75 affordable housing units to be located at a property adjacent to the Culmer Neighborhood Service Center at 1600 NW 3`d Avenue, Miami, Florida, 100% of the units of which will be dedicated for persons or families with incomes that do not exceed 60% of the AMI. Such property is currently owned by Miami -Dade County, Florida and Is leased to a private developer. This proJeot will be owned by or leased to a private developer. • Town Park - The Town Park project will be a rehabilitation of three existing housing communities, Town Park Village (consisting of the rehabilitation of an 18 building 147 unit affordable cooperative housing project built in 1970), Town Park Plaza South (consisting of the rehabilitation of a 17 building, 116 unit affordable cooperative housing project built In 1971) and Town Park Plaza North (consisting of the rehabilitation of a 20 building, 168 unit affordable condominium housing project built In 1973). These projects are owned by private Individuals. * Resolution No, CRA-R-13- amended this Exhibit A solely for the purpose of inserting the phrase "(or such lesser number of affordable housing units as may be approved by the City Commission of the City of Miami, the Board of County Commissioners of Mlaml-Dade County, and the Board of Commissioners of the CRA)" immediately following the phrase "112 affordable housing units" set forth in the description of the Project referred to above as `St. John Overtown Plaza,"