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Home My WebLink AboutR-24-0119City of Miami Resolution R-24-0119 Legislation City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 15693 Final Action Date: 3/14/2024 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING AND DIRECTING THE CITY MANAGER TO ALLOCATE, UPON THE FULFILLMENT BY DULCE VIDAAPARTMENTS, LLC, A FLORIDA LIMITED LIABILITY COMPANY ("DEVELOPER"), OF ALL OF THE TERMS AND CONDITIONS SET FORTH IN THE COLLECTIVE MEMORANDA TO THE CITY OF MIAMI'S ("CITY") HOUSING AND COMMERCIAL LOAN COMMITTEE, ATTACHED AND INCORPORATED AS COMPOSITE EXHIBIT "A" ("HCLC MEMORANDUM"); ALLOCATING FUNDING ON A REIMBURSEMENT BASIS IN AN AMOUNT NOT TO EXCEED FIFTEEN MILLION AND 00/100 ($15,000,000.00) FROM THE DISTRICT 1 SHARE OF THE MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BOND TO DEVELOPER, FOR THE AFFORDABLE HOUSING COMPONENTS OF A MIXED -USE, COMMERCIAL AND RESIDENTIAL DEVELOPMENT PROJECT TO BE CONSTRUCTED AND LOCATED AT 1785 NW 35 STREET, TO BE KNOWN AS "DULCE VIDAAPARTMENTS" ("PROJECT"), PROVIDED THAT THE DEVELOPER FULFILLS ALL OF THE TERMS AND CONDITIONS SET FORTH IN THE HCD/HCLC APPROVALS, WHICH SHALL BE CONSISTENT WITH THE CITY COMMISSION APPROVAL; SUCH ALLOCATION 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, THIS RESOLUTION, THE BONDS STRATEGIES, ANY APPLICABLE INTENT TO REIMBURSE RESOLUTION, THE HCLC MEMORANDUM, AND THE MIAMI FOREVER BOND VALIDATION ORDER (COLLECTIVELY, "LAWS"); DECLARING THE OFFICIAL INTENT OF THE CITY OF MIAMI ("CITY") TO ISSUE BOTH TAXABLE AND TAX-EXEMPT GENERAL OBLIGATION BONDS, IN ONE OR MORE SERIES, 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 IN AN INITIAL EXPECTED NOT TO EXCEED TOTAL MAXIMUM PRINCIPAL AMOUNT OF FIFTEEN MILLION AND 00/100 DOLLARS ($15,000,000.00) IN ORDER TO, AMONG OTHER THINGS, REIMBURSE THE CITY FOR FUNDS ADVANCED BY THE CITY FOR CERTAIN EXPENSES INCURRED WITH RESPECT TO THE PROJECT TO IMPROVE AFFORDABLE HOUSING WITHIN THE CITY'S LIMITS; ESTABLISHING CERTAIN RELATED DEFINITIONS OF TERMS; AUTHORIZING CERTAIN FURTHER AND INCIDENTAL ACTIONS BY THE CITY MANAGER, DESIGNATED CITY OFFICIALS, AND DEPARTMENTS, IN CONSULTATION WITH THE CITY ATTORNEY AND SUCH OTHER APPROPRIATE OFFICERS, EMPLOYEES, AND AGENTS OF THE CITY AS NECESSARY, ALL AS REQUIRED BY ALL APPLICABLE LAWS; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY City of Miami Page 1 of 4 File ID: 15693 (Revision: A) Printed On: 9/5/2024 File ID: 15693 Enactment Number: R-24-0119 AND ALL NECESSARY DOCUMENTS, INCLUDING AGREEMENTS, AMENDMENTS, EXTENSIONS, AND MODIFICATIONS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, SUBJECT TO COMPLIANCE WITH ALL LAWS AND SUBJECT TO THE DEVELOPER FULFILLING ALL OF THE TERMS AND CONDITIONS SET FORTH IN THE HCLC MEMORANDUM, IN ORDER TO ALLOCATE AN AMOUNT NOT TO EXCEED FIFTEEN MILLION AND 00/100 DOLLARS ($15,000,000.00) FROM THE PROPOSED MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS TO THE PROJECT FURTHER AUTHORIZING RELATED AMENDMENTS TO THE CITY'S MULTI -YEAR CAPITAL PLAN AS NECESSARY. SPONSOR(S): Commissioner Miguel Angel Gabela WHEREAS, the City Commission adopted Resolution No. R-21-0447 on October 28, 2021, authorizing the City Manager to negotiate and execute a quitclaim deed, in a form acceptable to the City Attorney, to convey the property located at 1785 Northwest 35th Street, Miami, Florida "Property" to Miami Bethany Community Services, Inc., a Florida not for profit corporation ("Miami Bethany"), pursuant to Section 29-B(a) of the Charter of the City of Miami, Florida, as amended, for the purpose of redeveloping the Property into workforce and affordable housing; and WHEREAS, the City Commission adopted Resolution No. R-22-0435 on November 22, 2022, authorizing the transfer of the Property, to Dulce Vida Apartments, LLC, a Florida limited liability company ("Developer"), an affiliate entity of Miami Bethany that is qualified to develop the Property into workforce and affordable housing; and WHEREAS, the Developer, is developing a mixed -use development known as "Dulce Vida Apartments" that will be located on the Property and will provide no less than two hundred thirty (230) affordable and/or workforce rental units, with one hundred seventy of those units being designated as City -assisted units ("Project"); and WHEREAS, on October 24 2023, the City's Department of Housing and Community Development ("HCD") and its Housing and Commercial Loan Committee ("HCLC") concluded the review of the Developer's proposal for the Project, and recommended the allocation of Bond funds of up to Fifteen Million and 00/100 Dollars ($15,000,000.00) (" for the Project, and therefore, any City Commission approval is subject to loan terms and conditions approved by HCD/HCLC and the Developer fulfilling, in a timely manner, any and all terms, requirements, and conditions to be set forth by HCLC in its memoranda, attached and incorporated herein as Exhibit "A" ("HCLC Memorandum"), and fulfilling all requirements imposed by the City or HCD in order to be in compliance with the Bond Strategies; and WHEREAS, the City Commission expects to provide for the issuance by the City of Miami ("City") of its taxable and tax-exempt limited ad valorem bonds, in one or more series, 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 in an initial expected not to exceed total maximum principal amount of Fifteen Million and 00/100 Dollars ($15,000,000.00) ("Miami Forever Affordable Housing Limited Ad Valorem Bonds") in order to, among other things, reimburse the City for funds advanced by the City for certain expenses incurred with respect to the affordable housing components of the mixed -use, City of Miami Page 2 of 4 File ID: 15693 (Revision: A) Printed on: 9/5/2024 File ID: 15693 Enactment Number: R-24-0119 commercial and residential development project to be constructed and located at 1785 NW 35 Street, to be known as "Dulce Vida Apartments" to be undertaken by the City to improve affordable housing within the City's limits, in accordance with the seven (7) Strategies for Affordable Housing Strategies, attached and incorporated as Exhibit "B;" and WHEREAS, the Laws of the State of Florida ("State Law"), Charter of the City of Miami, Florida, as amended ("City Charter"), and the Code of the City of Miami, Florida, as amended ("City Code"), also contain certain provisions relating to budgeting and Multi -Year Capital Plan amendments, procurement, bond issuance, and financial compliance applicable to the advance of City funds for the Project and other approved projects partially or fully funded with Miami Forever Affordable Housing Limited Ad Valorem Bond funding; and WHEREAS, the City expects to make Original Expenditures that will be reimbursed from proceeds of the Miami Forever Affordable Housing Limited Ad Valorem Bonds, as will be set forth in the future in the City Manager's subsequent Memorandum for Reimbursable Funds Advanced ("City's Manager's Reimbursement Memorandum"); and WHEREAS, such allocation shall 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, this Resolution, the Bonds Strategies, any applicable Intent to Reimburse Resolution, the HCLC Memorandum, and the Miami Forever Bond Validation Order (collectively, "Laws"); NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY MIAMI, FLORIDA: Section 1. Recitals and Findings. 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. Definitions. The following definitions apply to the terms used herein: "Reimbursement" or "Reimburse" means the restoration to the City of money temporarily advanced from its own funds and spent for Original Expenditures before the issuance of the Miami Forever Affordable Housing Limited Ad Valorem Bonds evidenced in writing by an allocation on the books and records of the City that show the use of the proceeds of the Miami Forever Affordable Housing Limited Ad Valorem Bonds to restore the money advanced for the Original Expenditures for the Project. "Reimbursement" or "Reimburse" generally does not include the refunding or retiring of Bonds previously issued and sold to, or borrowings from, unrelated entities. Section 3. Declaration of Official Intent. The City Commission hereby declares the City's official intent to issue both taxable and tax-exempt Miami Forever Affordable Housing Limited Ad Valorem Bonds, in one or more series, for Affordable Housing Projects in the expected not to exceed total maximum principal amount of Fifteen Million and 00/100 Dollars ($15,000,000.00) and, to the extent permissible to reimburse the City for funds advanced by it for Original Expenditures incurred and to be incurred with respect to the Project. Section 4. The City Commission hereby authorizes' and directs the City Manager to allocate funding on a reimbursement basis in an amount not to exceed Fifteen Million Dollars ($15,000,000.00) from the District 1 Commissioner's share of the proposed Miami Forever 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 City Charter and City Code provisions. City of Miami Page 3 of 4 File ID: 15693 (Revision: A) Printed on: 9/5/2024 File ID: 15693 Enactment Number: R-24-0119 Affordable Housing Limited Ad Valorem Bonds for the Project being developed by the Developer provided that the Developer fulfills any and all terms and conditions to be set forth in the HCD/HCLC Approvals, which shall be consistent with the City Commission approval, and subject to compliance with all Laws. Section 5. Incidental Actions. The City Manager, in consultation with the City Attorney and such other appropriate officers, employees, and agents of the City as necessary, is hereby authorized1 to take such actions as may be necessary to carry out the purposes of this Resolution and for compliance with all applicable Laws. Section 6. The City Manager is further authorized to negotiate and execute any and all necessary documents, including agreements, amendments, extensions, and modifications, all in forms acceptable to the City Attorney and Bond Counsel, subject to compliance with all Laws and subject to the Developer fulfilling all of the terms and conditions set forth in the HCLC Memorandum, in order to allocate an amount not to exceed Fifteen Million and 00/100 Dollars ($15,000,000.00) from the proposed Miami Forever Affordable Housing Limited Ad Valorem Bonds to the Project. Section 7. Related Amendment of the City's Multi -Year Capital Plan. The City Manager, designated City Officials, and Departments are hereby authorized' to amend the City's Multi - Year Capital Plan to include the Project, and the associated financing(s) for the City's contributions to the Project's funding through the Miami Forever Affordable Housing Limited Ad Valorem Bonds as referenced in this Resolution with new project numbers to be determined by the City Manager; to comply with State Laws, the City Charter, and the City Code; and to require that future reallocations of funding sources be presented to City Commission from time to time in connection with said financings pursuant to the future required bond resolutions authorizing each particular series of Miami Forever Affordable Housing Limited Ad Valorem Bonds. Section 8. Effective Date. This Resolution shall take effect immediately upon its adoption and signature by the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: rge . Wyy ng III, C ty ttor -y 9/5/2024 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. City of Miami Page 4 of 4 File ID: 15693 (Revision: A) Printed on: 9/5/2024