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HomeMy WebLinkAboutAgenda Item Cover PageAGENDA ITEM COVER PAGE File ID: #16796 Resolution Sponsored by: Commissioner Christine Kind 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. City of Miami Legislation Resolution Enactment Number: R-24-0431 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 16796 Final Action Date:10/24/2024 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. WHEREAS, the City Commission has previously allocated an amount not to exceed Seven Million, Five Hundred Thousand and 00/100 Dollars ($7,500,000.00) to the development of the residential complex to be known as "Sawyer's Landing/Block 55" ("Project") in District 5 pursuant to Resolution Nos. R-21-0047 and R-21-0209; and WHEREAS, on October 23, 2020, the City's Housing Commercial Loan Committee ("HCLC") approved a loan (the "Loan") to the Developer to finance the construction of two hundred eighty nine (289) affordable housing units located within the Project (the "Bond Assisted Units"), which Loan is evidenced by the Loan Agreement, Rent Regulatory Agreement, and by that certain Promissory Note for Block 55 Residential, LP in the principal amount of $7,500,000.00 (the "Loan Documents"); and WHEREAS, the Bond Assisted Units are subject to the Rent Regulatory Agreement executed on August 12, 2021, and recorded on August 25, 2021; and WHEREAS, due to the recent disaster at the 431 NW 3 Street, Miami, Florida ("Temple Court Apartments"), all of the households residing at Temple Court Apartments were displaced from their homes and forty-five (45) of such displaced households (the "Relocation Tenants") are seeking residency in the Bond Assisted Units; and WHEREAS, forty-four (44) of the Relocation Tenants are households whose annual income does not exceed forty percent (40%) of the median income for the area (e.g., Miami - Dade County, Florida), as determined by Florida Housing Finance Corporation and adjusted for family size and one (1) of the Relocation Tenants is a household whose annual income does not exceed seventy percent (70%) of median income for the area (e.g., Miami -Dade County, Florida), as determined by Florida Housing Finance Corporation and adjusted for family size; and WHEREAS, the City and Developer desire to assist the forty-five (45) Relocation Tenants and to amend the Loan Documents, including, but not limited to the Loan Agreement and Rent Regulatory Agreement (the "Amendment") to permit the Relocation Tenants to seek and obtain residency in forty-five(45) of the Bond Assisted Units; and WHEREAS, all of the other terms of the Loan Agreement and Rent Regulatory Agreement shall remain in full force and effect, and this Amendment shall not affect the remaining two hundred forty-four (244) Bond Assisted Units at the Project; and WHEREAS, the City's HCLC has not yet reviewed the completed proposal for the Amendment to the Loan Documents for the Project nor has the written approval by the City's Bond Counsel, or its successor ("Bond Counsel") been obtained, and therefore, the approval of the Amendment to the Loan Documents for the Project is subject to the approval of the HCLC (the "HCLC Approval") and the City's Bond Counsel ("Bond Counsel Approval"), and is subject to the Developer fulfilling, in a timely manner, any and all terms, requirements, and conditions set forth in the HCLC Approval and/or the Bond Counsel Approval; and WHEREAS, such Amendment to the Loan Documents, including but not limited to the Loan Agreement and Rent Regulatory Agreement shall be subject in compliance with all applicable Federal, State of Florida, local, and City laws, rules, and regulations for affordable housing projects; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION 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 as fully set forth in this Section. Section 2. The City Commission hereby authorizes' and directs the City Manager to negotiate and execute an Amendment of the Loan Documents, including, but not limited to the Loan Agreement and Rent Regulatory Agreement to permit forty-five (45) of the Relocation Tenants that were displaced by the disaster at the Temple Court Apartments to seek and obtain residency in forty-five (45) of the Bond Assisted Units at the Project, and where the approval to the Amendment is subject to the receipt by the City Manager of the HCLC Approval, the Bond Counsel Approval, and the Developer's fulfillment of any and all terms and conditions set forth herein, in the HCLC Approval, and in the Bond Counsel Approval. 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 applicable City Charter and City Code provisions. Section 3. The City Manager is authorized' to negotiate and execute an Amendment, together with any modifications acceptable to the City Attorney, and any and all other necessary documents, including amendments, extensions, and modifications, all in forms acceptable to the City Attorney and Bond Counsel, subject to all Laws, in order to amend the Loan Documents to permit forty-five (45) of the Relocation Tenants displaced by the disaster at the Temple Court Apartments to seek and obtain residency in forty-five (45) of the Bond Assisted Units at the Project. Section 4. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: g . Wy ng III, C y ttor y 10/15/2024 Pursuant to the resolution, this item became effective immediately upon adoption by the Commission.