HomeMy WebLinkAboutCRA-R-13-0039 06-24-13 LegislationCity of Miami
Legislation
CRA Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 13-00733 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("CRA")
AMENDING AND SUPPLEMENTING RESOLUTION NO. CRA-R-12-0061 ADOPTED
BY THE CRA ON SEPTEMBER 17, 2012, AS AMENDED AND SUPPLEMENTED BY
RESOLUTION NO. CRA-R-13-0025 ADOPTED BY THE CRA ON MARCH 25, 2013;
WHICH RESOLUTION PROVIDED FOR THE ISSUANCE OF TAX INCREMENT
REVENUE BONDS OF THE AGENCY TO FINANCE OR REFINANCE THE
ACQUISITION AND CONSTRUCTION OF COMMUNITY REDEVELOPMENT
PROJECTS IN THE SOUTHEAST OVERTOWN /PARK WEST COMMUNITY
REDEVELOPMENT AREA AND PROVIDED FOR AND AUTHORIZED THE
ISSUANCE OF ITS TAX INCREMENT REVENUE BONDS, SERIES 2012 IN THE
ORIGINAL AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $50,000,000 AS
THE INITIAL SERIES OF BONDS THEREUNDER 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; FOR THE PURPOSES OF (A) INCREASING THE NOT
TO EXCEED ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF THE INITIAL
SERIES OF BONDS TO $60,000,000, (B) AMENDING THE DESCRIPTION OF THE
"LYRIC PLACE - BLOCK 25" PROJECT REFERRED TO IN EXHIBIT A ATTACHED
TO SUCH RESOLUTION, AND (C) AMENDING THE DESCRIPTION OF THE "ST.
JOHN OVERTOWN PLAZA" PROJECT REFERRED TO IN EXHIBIT A ATTACHED
TO SUCH RESOLUTION; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency (the
"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; and
WHEREAS, the CRA adopted Resolution No. CRA-R-12-0061 on September 17, 2012 (the
"Original Bond Resolution"), which, among other things, provided for the issuance by the CRA of its
Tax Increment Revenue Bonds, Series 2012 (the "Series 2012 Bonds") 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 (each a "Redevelopment Project" and, collectively, the "Redevelopment Projects") in the
Redevelopment Area, as provided therein; and
WHEREAS, the CRA adopted Resolution No. CRA-R-13-0025 on March 25, 2013 (the
"Supplemental Resolution"), which amended and supplemented the Original Bond Resolution (the
Original Bond Resolution, as amended and supplemented by the Supplemental Resolution, is
hereinafter referred to as the "Bond Resolution") for the purposes of (A) clarifying that proceeds of the
Series 2012 Bonds will not be used to pay either (i) the costs of the portion of the Redevelopment
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File Number: 13-00733
Project referred to in Exhibit A to the Original Bond 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 Redevelopment Project referred to in Exhibit A to the Original Bond
Resolution as "Town Park," and (B) amending the description of the Redevelopment Project referred
to as "St. John Overtown Plaza" in Exhibit A to the Original Bond Resolution 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 Miami -Dade County, and the Board of
Commissioners of the CRA)" immediately following the phrase "112 affordable housing units;" 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.
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. Recitals. 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. Definitions. 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 Not to Exceed Aggregate Original Principal Amount of Series 2012
Bonds. The Series 2012 Bonds are hereby authorized to be issued in one or more series in the
aggregate original principal amount of not to exceed $60,000,000. The first subparagraph of
paragraph (ii) of Section 501 of the Bond Resolution is hereby amended and restated in its entirety to
read as follows:
"(ii) Subject and pursuant to the provisions hereof, the Series 2012 Bonds to be known
as the "Southeast Overtown/Park West Community Redevelopment Agency Tax
Increment Revenue Bonds, Series 2012" (or if such Series 2012 Bonds are issued in
more than one series, or in a different calendar year, such other name and/or series
designation as the Chairman shall direct) are hereby authorized to be issued in one or
more series in the aggregate original principal amount of not to exceed $60,000,000 or
such lesser amount as may be approved by the Chairman for the purpose of financing
all or a portion of the costs of the 2012 Redevelopment Projects, funding any reserves
and paying the costs of issuance and expenses associated therewith all in accordance
with a Supplemental Resolution hereafter adopted by the Agency. If a series of Series
2012 Bonds is to be issued other than simultaneously with the issuance of the initial
series of Series 2012 Bonds issued hereunder, the issuance of such series of Series
2012 Bonds shall be subject and pursuant to all of the provisions hereof, including
without limitation, the requirements of Section 1002 hereof (relating to the issuance of
Additional Bonds and Parity Obligations)."
Section 4. Amendment to the Description of "Lyric Place - Block 25" Project. The description
of the "Lyric Place - Block 25" Project set forth in Exhibit A to the Bond Resolution is hereby amended
and restated in its entirety to read as follows:
"Lyric Place - Block 25 new construction of not Tess than 158 affordable housing units
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consisting of (A) Phase I consisting of between 98 - 100 affordable housing units to be
located at the intersection of NW 2nd Avenue and NW 9th 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
and (B) Phase II consisting of not Tess than 60 affordable housing units to be located at
the intersection of NW 2nd Avenue and NW 9th 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 80% of 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 by or leased
to a private developer."
Section 5. Amendment to Description of "St. John Overtown Plaza" Project. The description of
the "St. John Overtown Plaza" Project set forth in Exhibit A to the Bond Resolution is hereby amended
and restated in its entirety to read as follows:
"St. John Overtown Plaza new construction of not Tess than 90 affordable housing
units to be located at NW 3rd Avenue and 13th Street, Miami, Florida, 100% of which
will be dedicated for persons or families with incomes that do not exceed 60% of AMI.
This project will be owned by or leased to a private developer."
Section 6. Amendment to Exhibit A to Bond Resolution. For the sole purpose of evidencing the
amendments pursuant to Section 4 and Section 5 of this Resolution, Exhibit A to the Bond Resolution
is hereby deleted in its entirety and replaced with "Exhibit A" attached hereto.
Section 7. Effective Date. The Bond Resolution, as 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
Exhibit A
(to Resolution No. CRA-R-12-0061, as amended and supplemented by
Resolution No. CRA-R-13-0025 and Resolution No. CRA-R-13- )
• Lyric Place - Block 25 new construction of not less than 158 affordable housing units
consisting of (A) Phase I consisting of between 98 - 100 affordable housing units to be located
at the intersection of NW 2nd Avenue and NW 9th 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 and (B) Phase II consisting of not less than 60
affordable housing units to be located at the intersection of NW 2nd Avenue and NW 9th
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 80% of AMI, and the balance of which will be
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dedicated for persons or families with incomes that do not exceed 120% of AMI. This project
will be owned by or leased to a private developer.
• Lyric Place - Block 36 new construction of approximately 300-space parking garage, of which
not less 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 not Tess than 90 affordable housing units to be
located at NW 3rd Avenue and 13th Street, Miami, Florida, at least 50% of which will be
dedicated for persons or families 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 3rd 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.
This project 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 3rd 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 project 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.
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