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Home My WebLink AboutExhibit BCITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: Arthur Noriega V DATE: September 12, 2024 City Manager ,-oocuSigned by: FROM: Alfredo Duran Q(,rdo Purau, Assistant Direcior°11'82o2ooweauo BACKGROUND SUBJECT: District 4 GOB Allocation of $3,900,000 to 5215 Flagler Street, LLC On March 28, 2023, the Housing & Commercial Loan Committee approved the allocation of up to $1,700,000 in HOME Investment Partnerships ("HOME") and $3,900,000 in Miami Forever Bonds ("GOB") to the Borrower for the development of the Flagler Villas f/k/a Flagler Elderly project. On April 27, 2023, the City Commission adopted Resolution 23-0188 for the purpose of waiving the requirements of competitive negotiation methods and procedures that are not considered practicable pursuant to sections 29-B(A) of the charter of the city and section 18-182(c) for the purpose of authorizing the City Manager to execute a 99-year ground lease of a city property located at 5215 West Flagler Street, Miami to the 5215 Flagler Street, LLC (or the "Borrower") for the development of affordable housing. 5215 FLAGLER STREET, LLC AND RELATED URBAN 5215 Flagler Street, LLC is a Florida limited liability company that was created for the development of affordable housing. Related Urban (RUDG, LLC) is the parent company. Related Urban, led by Mr. Albert Milo, is a vertically integrated organization with extensive experience in the development of affordable housing. Mr. Milo has developed, rehabilitated, and managed multiple affordable housing developments using tax-exempt bonds and low-income housing tax credits. Through Mr. Milo's leadership and more than 35 years of experience, Related Urban has rehabilitated and built over 1,200 housing units throughout Florida. The Flager Villas project will be the new construction of a 6-story mid -rise multifamily building consisting of a total of 60 units located at 5215 W. Flagler Street in the Flagami neighborhood. All units will be one- bedroom/one-bathroom targeting elderly households at or below 30% of the area median income. MIAMI FOREVER GENERAL OBLIGATION BOND PROGRAM On November 7th, 2017, the registered voters of the City approved, by referendum ballot, for the City to issue General Obligation Bonds in an aggregate principal amount not to exceed $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") to fund capital projects to reduce flooding risks, improve storm water infrastructure, enhance public safety, improve affordable housing, economic development, parks, cultural facilities, streets, and infrastructure. On February 14, 2019, the City Commission validated Resolution R-19-0062 for the aggregate issuance of the bond. On January 28, 2021, the City Commission passed a Declaration of Official Intent (R-21-0046) to Issue $40,000,000.00 to develop affordable housing projects in the City of Miami; subsequent to this resolution, the City Commission passed Resolution R-21-0229 on June 10th, 2021, funding the acquisition of the property located on 5215 West Flagler Street for use as development site of the "Flagler Villas" project. On the September 26, 2024, City Commission agenda, the City proposes to fund a total of Three Million Nine Hundred Thousand Dollars ($3,900,000) to fund the development. Related Urban has therefore requested GOB funds in the amount of $3,900,000 in the form of a loan. The funds will be utilized for both pre -development and hard construction costs. The development will house a minimum of 60 households whose income is equal to or less than thirty percent (30%) of area median income ("AMI"). RECOMMENDATION The City's District 4 Commissioner ("Commissioner") has reviewed the Flagler Villas project and wishes to provide GOB funds from the Commissioner's share in an amount not to exceed Three Million Nine Hundred Thousand Dollars ($3,900,000) in the form of a loan to 5215 Flagler Street, LLC. The exact terms of the loan will be dictated by the final, HCLC Approval expected to be received on September 20, 2024. In light of the above, approval of a waiver of the formal requirements of competitive sealed bidding methods as not being practicable or advantageous to the City as set forth in the City Code of Ordinances, as amended, specifically Section 18-85 (A), and the affirmation of these written findings and the forwarding of the same to the City Commission for ratification by a fourth -fifths vote is respectfully requested. APPROVED / DISAPPROVED r—DocuSigned by: av Navitija. '-850CF6C372DD42A... Arthur Noriega V City Manager OFFICE OF THE PROPERTY APPRAISER PROPERTY INFORMATI Folio Property Address Owner Mailing Address Primary Zone Primary Land Use Beds / Baths /Half Floors Living Units Actual Area Living Area Adjusted Area Lot Size Year Built Summary Report 01-4106-030-0020 5215 W FLAGLER ST MIAMI, FL 33134-1145 CITY OF MIAMI 444 SW 2NDAVE 3RD FLOOR MIAMI, FL 33130-1910 6107 RESIDENTIAL -MEDIUM RETAIL 8080 VACANT GOVERNMENTAL : VACANT LAND -GOVERNMENTAL 0/0/0 0 0 0 Sq.Ft 0 Sq.Ft 0 Sq.Ft 25,000 Sq.Ft 0 1111. �!Id l�l ldil l!Ltllil Year 2024 2023 2022 Land Value $1,750,000 $1,625,000 $1,250,000 Building Value $0 $0 $0 Extra Feature Value $0 $0 $0 Market Value $1,750,000 $1,625,000 $1,250,000 Assessed Value $1,512,500 $1,375,000 $1,250,000 :I1al OHILI111:1,11K Benefit Type 2024 Non - Homestead Cap Municipal Exemption $1,512,500 $1,375,000 $1,250,000 Note: Not all benefits are applicable to all Taxable Values (i.e. County, School Board, City, Regional). RIP — Assessment Reduction 2023 2022 $237,500 $250,000 SHORT LEGAL DESCRIPTION COLSKYS RE -SUB PB 13-16 LOTS 15 TO 22 INC LOT SIZE IRREGULAR OR 20270-3322/20659-2230 1201 4 Year COUNTY Exemption Value Taxable Value SCHOOL BOARD Exemption Value Taxable Value CITY Exemption Value Taxable Value REGIONAL Exemption Value Taxable Value SALES INFORMATION Previous Sale 11/05/2021 $1,475,000 11/25/2020 $100 11/01/1980 $255,000 12/01/2001 $0 Price 2024 Generated On: 09/16/2024 erial Pliotophy 2023 2022 $1,512,500 $1,375,000 $1,250,000 $0 $0 $0 $1,750,000 $1,625,000 $1,250,000 $0 $0 $0 $1,512,500 $1,375,000 $1,250,000 $0 $0 $0 $1,512,500 $1,375,000 $1,250,000 $0 $0 $0 OR Book- Qualification Description Page 32855- Federal, state or local 3032 government agency 32294- 3784 10940- 0302 00000- 00000 Life Estate interest Sales which are qualified Sales which are disqualified as a result of examination of the deed The Office of the Property Appraiser is continually editing and updating the tax roll. This website may not reflect the most current information on record. The Property Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http://www.miamidade.gov/info/disclaimer.asp DIVISION OF CORPORATIONS • P rfrl tut official 3iate of Flotilla wyb its Department of State / Division of Corporations / Search Records / Search by Entity Name / Detail by Entity Name Florida Limited Liability Company 5215 FLAGLER STREET, LLC Filing Information Document Number L22000525948 FEI/EIN Number N/A Date Filed 12/15/2022 Effective Date 12/15/2022 State FL Status ACTIVE Principal Address 2850 TIGERTAILAVENUE, SUITE 800 MIAMI, FL 33133 Mailing Address 2850 TIGERTAILAVENUE, SUITE 800 MIAMI, FL 33133 Registered Agent Name & Address CORPORATE CREATIONS NETWORK, INC. 801 US HIGHWAY 1 NORTH PALM BEACHES, FL 33408 Authorized Person(s) Detail Name & Address Title MGR 5215 FLAGLER STREET MANAGER, LLC 2850 TIGERTAILAVENUE, SUITE 800 MIAMI, FL 33133 Title PRE JON PAUL PEREZ 2850 TIGERTAILAVENUE, SUITE 800 MIAMI, FL 33133 Title VP MATTHEW ALLEN 2850 TIGERTAILAVENUE, SUITE 800 MIAMI, FL 33133 Title VP TONY DEL POZZO 2850 TIGERTAILAVENUE, SUITE 800 MIAMI, FL 33133 Title TRSE TONY DEL POZZO 2850 TIGERTAILAVENUE, SUITE 800 MIAMI, FL 33133 Title VP ALBERTO MILO JR. 2850 TIGERTAILAVENUE, SUITE 800 MIAMI, FL 33133 Annual Reports Report Year Filed Date 2023 01/11/2023 2024 04/25/2024 Document Images 04/25/2024 --ANNUAL REPORT View image in PDF format 01/11/2023 --ANNUAL REPORT View image in PDF format 12/15/2022 -- Florida Limited Liability View image in PDF format Florida Department of State, Division of Corporations