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HomeMy WebLinkAboutMaster ReportCity of Miami Master Report Enactment Number: R-24-0431 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 16796 Revision: File Type: Resolution File Name: Authorize Amendment - Forever Bond Loan Agreement - Block 55 Project Requesting Dept: Commissioners and Mayor Status: ADOPTED Controlling Body: City Commission Introduced: 10/15/2024 Final Action Date: 10/24/2024 Title: A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE AN AMENDMENT TO THE CERTAIN MIAMI FOREVER BOND LOAN DOCUMENTS EXECUTED AS OF AUGUST 12, 2021, INCLUDING, BUT NOT LIMITED TO, THAT CERTAIN LOAN AGREEMENT (THE "LOAN AGREEMENT"), AND THAT CERTAIN RENT REGULATORY AGREEMENT (THE "RENT REGULATORY AGREEMENT") (COLLECTIVELY THE "LOAN DOCUMENTS"), IN CONNECTION WITH THE MIAMI FOREVER BOND LOAN BETWEEN THE CITY OF MIAMI, FLORIDA ("CITY") AND BLOCK 55 RESIDENTIAL, LP, A FLORIDA LIMITED PARTNERSHIP ("DEVELOPER"), IN THE PRINCIPAL AMOUNT OF SEVEN MILLION, FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($7,500,000.00) MADE BY THE CITY TO DEVELOPER TO FUND A CERTAIN AFFORDABLE HOUSING PROJECT LOCATED AT 249 NORTHWEST 6TH STREET, KNOWN AS "SAWYER'S WALK" OR "BLOCK 55" ("PROJECT"); THE AMENDMENT(S) TO THE LOAN DOCUMENTS IS SUBJECT TO THE RECEIPT BY THE CITY MANAGER OF ALL NECESSARY APPROVALS, INCLUDING, BUT NOT LIMITED TO, THE WRITTEN APPROVAL OF THE AMENDMENT(S) TO THE LOAN DOCUMENTS BY THE CITY'S HOUSING AND COMMERCIAL LOAN COMMITTEE ("HCLC APPROVAL"), AND THE WRITTEN APPROVAL OF THE AMENDMENT TO THE LOAN DOCUMENTS BY THE CITY'S BOND COUNSEL, OR ITS SUCCESSOR ("BOND COUNSEL APPROVAL"), AND SUBJECT TO THE TERMS, CONDITIONS, AND RESTRICTIONS CONTAINED HEREIN, AND IN ALL NECESSARY APPROVALS, INCLUDING, BUT NOT LIMITED TO, THE HCLC APPROVAL, AND IN THE BOND COUNSEL APPROVAL; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, INCLUDING AMENDMENTS, EXTENSIONS, AND MODIFICATIONS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY; PROVIDING FOR AN EFFECTIVE DATE. Sponsor(s): Commissioner Christine King Notes: Pursuant to the resolution, this item became effective immediately upon adoption by the Commission. Links: Attachments: History of Legislative File: Revision: Acting Body: Date: Action: Result: Legislative Division Raymond Pereira Leon P Michel 10/15/2024 10/15/2024 10/15/2024 Legislative Division Review ACA Review Budget Review Completed Completed Completed City of Miami Page 1 of 2 Printed on: 10/31/2024 George K. Wysong III City Commission City Commission City Clerk's Office City of Miami Master Report Enactment Number: R-24-0431 10/15/2024 Approved Form and Correctness 10/24/2024 Meeting 10/24/2024 ADOPTED 10/28/2024 Rendered City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Completed Completed Passed Completed City of Miami Page 2 of 2 Printed on: 10/31/2024