HomeMy WebLinkAboutComposite Exhibit A - SUBComposite Exhibit A - Page I
THIS DOCUMENT IS A SUBSTITUTION.
CITY 0FM|AKA| ORIGINAL CAN BESEEN ATTHE
�NO(]FTH�OC}{�UK8E�T
INTER -OFFICE yNEK�K�RA00Q7� '
TO: Honorable Mayor and Members DATE: December 4,201O
of the City Commission
FROM: Emi
Ot
SUBJECT: Dedaratiunuf|ntent-Miam|
Forever Bond Program -
First Tr3ncheofProjects
The City Commission adopted a resolution on July 27, 2017 calling for a bond referendum special
g|eot|oO for the purpose of submitting to the electorate the K4i80i Forever Bond Program. On
November 7, 2017, the voters of the City of Miami approved this bond referendum in the amount
of $400 rD|l|i0M. The Administration is proposing G list of projects for the RrStTianche Series A
and 8 as described below (or bond issuance) asdeveloped with City Commissioners and other
forms ofinput aS indicated in the Project List and Affordable Housing Bond Strategies attached
tothis memorandum.
The Administration is requesting approval to begin the process of issuing taxable and tax-exempt
general obligation bonds payable from ad valorem taxes provided that the capital projectsdebt
n1U|age not exceed the [ate ofO.S935 mills, in accordance with the above -referenced bond
referendum. These bonds will be used to reimburse the City for funds advanced by the City for
certain expenses incurred with respect tocapital projects to be undertaken:
* to reduce flooding risks,
w toimprove 3tOrnvvat8[infrastructure,
• to improve affordable housing, economic development, parks, cultural facilities, streets,
and infrastructure, and
• to enhance public safety within the City's limits
All as indicated in Exhibit A attached to this memorandum.
The Guiding Themes of this Bond Program are: Safety, Wellness and Quality of Life, Equity,
Economic Return, and Modernization. The established vision of this Bond Program is to
orchestrate deliberate and objective projects8|edinn process, by expertly assessing Citywide
requirements and citizen input, and optimize all available resources to create stronger, more
innovated and resilient future for Miami.
The first tranche is intended to have an immediate impact. Then, the City expects to gain
nlnnleDtunn by completing the already -underway 5turmvVatpr Master Plan and the already -
underway Affordable Housing Plan to be used for future t[aOcheS moving toward long-term
FILE N<].5024
Page 2 of 2
Declaration OfIntent —Miami Forever Bond Program Fio±Tranchg ofProjects
December z,2U28
solutions and matching funding from all available sources, The first trancheisexpected tohave
a Series A focusing on Infrastructure and a Series B focusing on Affordable Housing.
The entire Miami Forever Bond Program is authorized in the following categories:
" Roadways —total $23million ofthe $4OOmillion
w ParksondCultura|FadlUjes—tntal $78million ofthe $4OOmillion
~ Public Safety —total $7million ofthe $400 million
* Sea Level Rise and Flood Prevention —total $19Zmillion ofthe $400nni|lion
0 Affordable Housing and Economic Development — total $100 million of the $400 million
The first tranche of the Miami Forever Bond Program is proposed in the following amounts in
each category and series:
• Series
v Roadways —$739C\182
* Parks and Cultural Facilities —$25,348,229
v Public Safety —$42[i88O
° Sea Level Rise and Flood Prevention —$1O,294,928
m Series
w Affordable Housing and Economic Development —$15,0OO,ODU
Should you have any questions, please contact Christopher Rose, Budget Director, at
(305)416-1500.
Attachments
Composite Exhibit A
as Amended December 13, 2018
Composite Exhibit A (continued): Project List
Category
Projects Series A
Project B#
Bond Funding
Roads
Very Poor Condition Roads, Phase 1- Outside Priority Drainage Basins
TBD
$7,590,182
Parks
Alice Wainwright Park Seawall and Resiliency
40-B40454C
$2,650,000
Parks
Antonio Maceo Boat Ramp and Dock Renovations
40-B17357
$79,929
Parks
Armbrister Park Community Center Design
TBD
$400,000
Parks
Bay of Pigs Park
40-B183526
$310,000
Parks
Bryan Park Playground Renovations and Park Enhancements
TBD
$650,000
Parks
City-wide Parks Access and Mobility Renovations
TBD
$2,212,000
Parks
City-wide Parks Playground Renovations
TBD
$2,788,200
Parks
City-wide Parks Roofing Reconstruction
TBD
$655,400
Parks
Coral Way Park Expansion and Enhancements
TBD
$925,000
Parks
Curtis Park Community Center Design
TBD
$400,000
Parks
Douglas Park Community Center
40-B40581
$1,000,000
Parks
Legion Park Boat Ramp
40-B40510
$263,000
Parks
Legion Park Building
40-B40510A
$825,000
Parks
Moore Park Gym Design and Construction
TBD
$6,800,000
Parks
Morningside Park Pool Design and Permitting
TBD
$0
Parks
Shenandoah Park Pool Design and Permitting
TBD
$600,000
Parks
New Park at 2200 SW 9th Ave & 910 SW 22nd Rd
TBD
$1,000,000
Parks
New Park at 3699/3701 SW 1st Ave
TBD
$1,200,000
Parks
PBA/Fern Isle Park Enhancements
40-B40543
$244,700
Parks
Riverside Park Renovations and Enhancements
TBD
$995,000
Parks
Spring Garden Point Park
40-B40566
$850,000
Parks
West End Park Master Plan, Pool Design and Enhancements
40-B183505
$500,000
Public Safety
Fire Facilities Resiliency Project (FS10) - Design
TBD
$420,000
SLR&FP
Brickell Bay Drive Design Criteria Package
TBD
$1,000,000
SLR&FP
Fairview Flood Mitigation
40-B30737
$1,800,000
SLR&FP
Immediate Flood Control: Install Backflow Valves (Phase 1)
TBD
$2,457,000
SLR&FP
Improve Drainage Outside of Priority Drainage Basins (Phase 1)
TBD
$2,300,000
SLR&FP
Jose Marti Park Flood Mitigation Study and Design
TBD
$940,000
SLR&FP
NW 17th Street from NW 27th Ave to NW 32nd Ave - Road & Drainage Construction
40-B183611
$1,797,928
Projects Series B
Housing
Affordable Housing and Economic Development
TBD
$8,000,000
Housing
Construction and Permanent Financing: MLK Residences
TBD
$2,000,000
Housing
Construction and Permanent Financing: Liberty Renaissance
TBD
$1,000,000
Housing
Home Ownership Preservation / Single Family Home Rehabilitation
TBD
$4,000,000
Total
$58,653,339
* Amended on the floor on December 13, 2018
Affordable Workforce New Rental Strategy
Program Summary
PrmR/ann Description: Provides construction and permanent financing to assist in part with the development of
affordable multifamily rental projects containing units affordable to Workforce development (NF) income levels
individuals and families (up to14Oy6AK4|).
Maximum Award: The maximum total amountofCityofMiamifinondnQohaUnutexceadthelexsercf $1Wor2U%Loan
to Cos (LT[) on projects containing 20 o, more total units and the lesser of$1M or40% LTC on projects containing less
than 20total units.
City Funding Sources City ofMiami General Ob|igationBond,AffonJableHouxinQTmstFunds(AHTF)andothore|4giWe
sources of funding that may become available to the City,
City funding Uses: Funds may be used for land acquisition, development soft cost, financing costs, hard construction costs,
and permanent financing upon construction completion.
City Funding Loens/Tarns: The following loan types and terms may heused:
1. Interest Only Loan: Interest only payments atanagreed upon interest rate, payable monthly until maturity o/a
pre -determined period, All phndpa[ondinterest due at maturity.Loan maturity can beset for eperiod upto30
years.
2. Principal and Interest Amortizable Loans: Principal and Interest payments based onanamortization of15tu3O
years, payable monthly until maturity, Loan maturity can be set for a period of up to 30 years.
City Funding Availability Process; City funds shall bemade available through aRequest fovPvoposab(RFP)toindudepre-
detenninednequirementxpertoiningtothouupacitynfthedeve|opmenttean\abi|hyofthedevelopmarttoproceedbn
atimely manner, availability ofall project funding, location ofproject, leveraging requirements, number ofunits, total city
assistance per unit, types of units, energy efficiency, etc, Projects will be selected on the basis of a point scoring system.
City funding shall be secured and enforced by a Mortgage, Restrictive Covenant Note, Disbursement Agreement,
Regulatory Agreement, Rental Agreement, etc,
Development Funding Leveraging: Project funding leveraging shall be the responsibility of the Owner and may Include
funding from private banking institutions, State of Florida, Miami -Dade County, Private investment, etc.
Development Type: Multifamily rental apartnentbuik1in8(s)of5ormoneunits,containing,unhzofvahouosbes, with or
without common amenities. Project designs and specifications in compliance with City ufMiami planning and zoning
requirements. Building construction in compliance with City of Miami and Florida Building Codes.
Development Ownership: Private fee simple or leasehold mmnemhhz through For -Profit or Not -For -Profit corporations
solely orthrough Partnerships.
Compliance: The City of Miami's Department ofHousing and Community Development shall beresponsible for the
contractusl/reguatorymmpliance of all developments assisted, Annual compliance monitoring shall be conducted by City
staff that will review project rent rolls, leases, tenant income files, financial statements, current operational licenses and
certificates, annual inspection of units, etc.
Loan Servicing: The City of Miami's Department of Housing and Community Development shall provide all loan servicing,
I.e. monthly billing and collection, maintaining current property insurances, tracking delinquencies,providing all required
reporting, etc.
Homeownership Pr88e[V@1/Qn Strategy
Program Summary
Program Description: Provides rehabilitation assistance to City of Miami homeowners, with repairs necessary in bringing
the home to decent, safe and sanitary conditions, as well as to include materials and methods that harden the property
to better withstand natural weather occurrences as well as to maximize the energy efficiencies of the home. The program
will assist Extremely Low Income (EL|),Very Low Income (VL|), Low Income (L|)level individuals and families and Workforce
(WF) income levels.
Maximum Award: The maximum total amountuf[ityofN1iamihnandnQohaUnutexceed$50,0U0perhome.
City Funding Sources: City of Miami General Obligation Bond, State Housing Partnership Program (SHIP), Community
Development Block Grant (CDBG), Affordable Housing Trust Funds (AHTF) and other sources of funding that may become
available tuthe City.
City funding Uses: Funds may be used for soft and hon1 construction ooxts. Upon completion the assistance shall be
converted into a permanent loan for a period of 10 years (affordability period).
City Funding Loans/Terms: The following loan types and terms may be used:
1. Deferred Payment Loan: No debt service payments required. Property must maintain the required affordability
structure for a period of 10 years. Failure to comply will result in the full repayment of principal and an agreed
upon default interest rate. Full repayment of principal at the 10 year maturity, The homeowner must maintain
occupancy in the home as their primary residence forthe period of affordability, or otherwise full payment of the
principal will bedue.
2. Principal and Interest Amortizable Loons: Principal and Interest payments based on an amortization of 10 years,
payable monthly until maturity, atorate ofinterest uptu3Y6, based oothe income and payment capacity ofthe
homeowner,
City Funding Availability Process: City funds shall be made available on a first come first sewed basis, for eligible
homeowners in the City ofMiami, City funding shall be secured and enforced by a Mortgage, Restrictive Covenant and
Note.
Unit Funding Leveraging: Project funding leveraging may be accepted from other City of Miami Miami Dads, State of
Florida rehabilitation programs, as well as any other sources available for this purpose.
Unitsassisted: Single family homes, townhornes, twin homes and condominiums.
Ownership: Private fee simple ufprimary residence ofeligible property owners,
Compliance: The City ofMiami's Department of Housing and Community Development shall be responsible for the
contractual/regulatory compliance of all homeowners assisted. Homeowners shall be monitored from on a semi-annual
basis toassure continued compliance with the terms ofthe Loan Documents,
Loan Servicing: The City Of Miami's Department of Housing and Community Developmentshall provide all loan servicing,
Le. monthly billing and collection, maintaining current property insurances, tracking delinquencies, providing all required
reporting, etc.
City Acquisition ofLand
Program Summary
Program Description: Funding under this strategy will be used by the City of Miami to acquire buildable vacant parcels
of land suitable for the development of mixed use/mixed income affordable rental o/ homeownership developments/
units to be built by the City ofMiami orbyorganizations that have been procured through a competitive request for
proposa|u(RFP) process.
Development financing for projects that have been selected through an RFP process, nhoU be the responsibility of the
Deve|opmont/OwnerOrganization. If partial funding is provided by the City of Miami, it shall be in accordance with the
specifications detailed inthe RFP.
Maximum Award: Funding for projects developed by the City of Miami shall come from any Federal, State, and/or local
sources available to the City, and shall be determined based upon the needs and structure of the proposed development.
City Funding Sources: City ofMiami General Obligation Bond, Home Investment Partnership Program (HOME), State
Housing Partnership Program (SHIP), Community Development Block Grant (CDBG), Affordable Housing Trust Funds
(AHTF) and other sources offunding that may become available to the City. Any additional funding provided to the
development will he in accordance with the terms of the particular ytrateOy, that is, New Rental Construction or
Homeownership Development Strategies.
Development Type: Mixed income and mixed -use multifamily rental apartment bUilding(s) of 5 or more units, containing,
units cfvarious sizes, with or without common amenities and, single family development of 5 or more homeownership
units. Project designs and specifications in compliance with City ofMiami planning and zoning requirements. Building
construction incompliance with City ofMiami and Florida Building Codes.
Income levels served: Proposed developments shall serve Extremely Low, Very Low, Low and Workforce level incomes.
{nproportions aswill beenumerated inthe Request for Proposals,
Development ownership; Private fee simple or leasehold ownership through For -Profit or Not -For -Profit corporations
solely or through Partnerships, OR City ofMiami owned. Preference will be given to non-profit Land -trust so as to make
the units permanently affordable.
Compliance: The City of yWiumYo Department of Housing and Community Development shall be responsible for the
contractual/regulatory compliance of all developments assisted, Annual compliance monitoring shall be conducted by City
staff that will review project rent rolls, leases, tenertincomefi|es, financial statements,current operational licenses and
certificates, annual Inspection of units, etc.
Loan Servicing: The City of Miami's Department of Housing and Community Development shall provide all loan servicing,
iw.monthly billing and collection, maintaining current property insurances, tracking delinquencies, providing all required
reporting, etc.
Affordable Homeownership Strategy
Program Summary
Program Description: . Provides construction and permanent financing toassist in part with the development of
affordable single family units, towohomex, twin homes, and condominium units to be sold to, eligible individuals or
families with incomes not toexceed 140Y6ufAreal Median Income (AM|)
Maximum Award: The Maximum total amount of City of Miami financing shall not exceed $50,000 per unit
City Funding Sources; City of Miami General Obligation Bond, Home Investment Partnership Program (HOME), State
Housing Partnership Program (SHIP), Community Development Block Grant (CD8G), Affordable Housing Trust Funds
(AHTF) and other sources of funding that may become available to the City,
Citvfunding Uses: Funds may be used for land acquisition, development soft cost, financing costs, hard construction costs
and may upon the completion of the construction of the unit, partially or entirely serve as a pass -through permanent loan
tothe eligible buyer ofthe completed unit.
City Funding Loans/Terms: The following loan types and terms may be used:
1. Deferred Payment Loan: No debt service payments required. Homeowner must maintain occupancy as primary
residence for a period of3Oyears (affordability period). Failure to comply will result in the full repayment of
principal and default interest rate. Sale or transfer of the units within the affordability period shall result in the
full payment of the loan. Other restrictions or provision may be imposed. Loan will be forgiven upon the
completion ofthe affordability period.
2. Principal and InterestAmortizoble Loons: Principal and Interest payments based on an amortization of 30 years,
payable monthly until maturity at on interest rate not to exceed 394 determined on the ability of the buyers
payment cmpacMy. Sale or transfer prior to the affordability period will result in the full repayment of principal
plus interest. 0therreotMctiunsmaybeimpoued.
City Funding Availability Process: City funds shall bemade available through aRequest for Proposals (RFP)toinclude pre-
determined requirementspertainingtothecopadtyofthedeve|npmentteam,abi||h/cfthedeve|npmenttnproosed|o
atimely manner, availability ofall project funding, location ofproject, leveraging requirements, number nfunits, total city
assistance per unit, types of units, energy efficiency, target income market addressed, etc, Projects will be selected on the
basis ofmpoint scoring system.
City construction funding shall be secured and enforced by a Mortgage, Restrictive Covenant, Note, Disbursement
Agreement, Regulatory Agreement, City Permanent/Pass through loan to the buyer shall be secured by a Mortgage, Note,
and Restrictive Covenant.
Development Funding Leveraging: Project funding leveraging shall be the responsibility of the Owner and may include
funding from private banking institutions, State of Florida, Miami -Dade County Surtax, etc,
Development Type: Single family homes attached townhomes, twin homes and condominium buildings,
Development Ownership: Private fee simple or leasehold ownership through For -Profit orNot-For-Profitcorporations
solely orthrough Partnerships.
Compliance: The City ufMiami's Department ofHousing and Community Development shall be responsible for the
contract u a I/regu latory compliance of all developments assisted, Homeowners shall be monitored on a semi-annual basis
to assure continued compliance with the terms of the Loan Documents.
Loan Servicing: The City of Miami's Department of Housing and Community Development shall provide all loan servicing,
Le. monthly billing and collection, maintaining current property insurances, tracking delinquencies,providing all required
reporting, etc.
Affordable Rental Housing Preservation Strategy
Program Summary
Program Description: Provides construction and permanent financing to assist in part with the
rehabilitation/preservation ofexisting affordable multifamily enta|pnojectz.[ityaobtadunhswiUbeequiredtoprovida
2O%ofthe assisted units for Extremely Low Income (30%AK4|), and D0%ofthe assisted units for Low Income (80Y6AK4|)
All unassisted units shall not berestricted,
Maximum Award: The Maximum total amount of City of Miami financing shall not exceed the lesser of $1M or 25% Loan
to Cost (LTC) of rehabilitation, on projects containing 20 or more total units and the lesser of $1 or 50% LTC on projects
containing less than 20to1a| units.
City Funding Sources: City ofMiami General DbU8odon Bond, Home Investment Partnership Program (HOME), State
Housing Partnership Program (SHIP), Community Development Block Grant (CDBG), Affordable Housing Trust Fonda
(AHTF)and other sources uffunding that may become available tothe City.
City funding Uses: Funds may be used for soft cost and hand rehabilitation costs, and permanent financing upon
construction completion.
City Funding Luono/Tennm: The following loan type and terms may beused:
1. Deferred Payment Loon: No debt service payments required, Property must maintain the required affordability
structure for a period of3Oyears. Failure tncomply will result in the full repayment ofprincipal and an agreed
upon default interest rate. Full repayment of principal at the 30 year maturity.
2. Interest Only Loon: Interest only payments at up to 3% interest rate, payable monthly until maturity or pre-
determined period. All principal and interest due at maturity. Loan maturity for a period up to 30 years.
City Funding Availability Process: City funds shall be made available on a first come first served basis, for eligible
multifamily building inthe City ofMiami. City funding shall be secured and enforced by Mortgage, Restrictive Covenant
Note, Disbursement Agreement, Regulatory Agreement, Rental Agreement, etc.
Development Funding Leveraging: Project funding leveraging shall be the responsibility of the Owner and may include
funding from private banking institutions, State ofFlorida, Miami -Dade County, Private investment, other City ofMiami
funding, etc.
Development Type: Multifamily rental apartment building(s) of 5 or more units, containing, units of various sizes, with or
without common amenities. Project designs and specifications in compliance with City of Miami planning and zoning
requirements. Building construction in compliance with City of Miami and Florida Building Codes.
Development Ownership: Private fee simple or leasehold ownership through For -Profit orNot'For-Profitcorporations
solely orthrough Partnerships,
Compliance: The City ofMiami's Department ofHousing and Community Development shall be responsible for the
contractual/regUlatory compliance of all developments assisted, Annual compliance monitoringshall be conducted byCity
staff that will review project rent rolls, leases, tenant income files, financial statements, current operational licenses and
certificates, annual inspection of units, etc,
Loan Servicing: The City of Miami's Department of Housing and Community Development shall provide all loan servicing,
Le. monthly billing and collection, maintaining current property insurances,tracking delinquencies, providing all required
reporting, etc.
Affordable New Construction Rental Strategy
Program Summary
Program Description: Provides construction and permanent financing to assist in part with the development of
affordable multifamily rental projects containing units affordable toExtremely Low Income (EU),Very Low |ncnme(V1|),
Low Income (U) and VVorNbn:e development (VVF) income levels individuals and families.
Maximum Award: The maximum total amount of City of Miami financing shall not exceed the lesser of $2M or 20% Loan
to Cost (LTC) on projects containing 20 or more total units and the lesser of $1M or 40% LTC on projectscontaining less
than 20tota| units.
City Funding Sources: City ofMiami General Obligation Bond, Home Investment Partnership Program (HOME), State
Housing Partnership Program (SHIP), Community Development Block Grant (CDBG), Affordable Housing Trust Funds
(AHTF)and other sources uffunding that may become available 10the City.
City funding Uses: Funds may be used for land acquisition, development soft cost, financing costs, hard construction costs,
and permanent financing upon construction completion.
City Funding Lomns/Tenns:The following loan type and terms may beused:
I. Deferred Payment Loan: No debt service payments required. Property most maintain the required affordability
structure for a period of 30 years. Failure to comply will result in the full repayment of principal and an agreed
upon default interest rate, Full repayment of principal at the 30 year maturity.
2. Interest Only Loan: Interest only payments at up to 3% interest rate, payable monthly until maturity. All principal
and interest due at maturity. Loan maturity can be set for a period up to 30 years.
3. Principal and Interest Amortizable Loans: Principal and Interest payments based onanamortization uf1Sto3D
years, payable monthly at a rate ofupto39, until maturity. Loan maturity can be set for a period ofupto 30
years.
CltyFundng AooUa6UltyProuess: City funds shall bemade available through aRequest for Proposals (RFP)toinclude pre-
determined requiremen|zpertainin8totheoapucityofthedeve|opmentteam,mbUhYuffhedeve|opmmnttopruueedin
a timely manner, availability of all project funding, location of project, leveraging requirements, number of units, total city
assistance per unit, types of units, energy efficiency, etc. Projects will be selected on the basis of a point scoring system.
City funding shall be secured and enforced by a Mortgage, Restrictive Covenant, Note, Disbursement Agreement,
Regulatory Agreement, Rental Agreement, etc,
Development Funding Leveraging: Project funding leveraging shall be the responsibility of the Owner and may include
funding from private banking institutions, State of Florida, Miami -Dade County, Private investment, etc.
DmvebnpmentTypm: Multifamily rental apartment building(s) of 5 or more units, containing, units of various sizes, with or
without common omendi«m. Project designs and specifications in compliance with City of Miami planning and zoning
requirements. Building construction in compliance with City of Miami and Florida Building Codes.
Development Ownership; Private fee simple or leasehold ownership through For -Profit or Not -For -Profit corporations
solely orthrough Partnerships,
Compliance: The City of Miami's Department of Housing and Community Development shall be responsible for the
contractual/regulatory compliance of all developments assisted. Annual compliance monitoring shall be conducted by City
staff that will review project rent rolls, leases, tenant income files, financial statements, current operational licenses and
certificates, annual inspection ofunits, etc.
Loan Servicing: The City of Miami's Department of Housing and Community Development shall provide all loan servicing,
Le. monthly billing and collection, maintaining current property insurances, tracking delinquencies, providing all required
reporting, etc,
SUBSTITUTED. Composite Exhibit A - P
CITY OF MIAMI
INTER -OFFICE MEMORANDUM
TO: Honorable Mayor and Members DATE: December 4, 2018
of the City Commission
SUBJECT: Declaration Intent - Miami
Forever B d Program -
First Tra,che of Projects
The City Commission adopted a resolution on July 27, 2017 calling ar a bond referendum special
election for the purpose of submitting to the electorate the Miri Forever Bond Program. On
November 7, 2017, the voters of the City of Miami approved thbond referendum in the amount
of $400 million. The Administration is proposing a list of p gjects for the First Tranche Series A
and B as described below (or bond issuance) as developed with City Commissioners and other
forms of input as indicated in the Project List and Affo able Housing Bond Strategies attached
to this memorandum.
The Administration is requesting approval to beg' the process of issuing taxable and tax-exempt
general obligation bonds payable from ad valo em taxes provided that the capital projects debt
millage not exceed the rate of 0.5935 mil . in accordance with the above -referenced bond
referendum. These bonds will be used to eimburse the City for funds advanced by the City for
certain expenses incurred with respect capital projects to be undertaken;
• to reduce flooding risks,
e to improve stormwater in astructure,
• to improve affordable .using, economic development, parks, cultural facilities, streets,
and infrastructure, a
• to enhance public ; ety within the City's limits
All as indicated in Exh' a it A attached to this memorandum.
The Guiding The es of this Bond Program are: Safety, Wellness and Quality of Life, Equity,
Economic Ret n, and Modernization. The established vision of this Bond Program is to
orchestrate . deliberate and objective project selection process, by expertly assessing Citywide
requireme s and citizen input, and optimize all available resources to create a stronger, more
innovateo and resilient future for Miami.
The ir t tranche is intended. to have an immediate impact. Then, the City expects to gain
mg mentum by completing the already -underway Stormwater Master Plan and the already-
mderway Affordable Housing Plan to be used for future tranches moving toward long-term
SUBSTITUTED. Composite Exhibit A - Page 2
rust: m�
Declaration OfIntent — Miami Forever Bond Program First TranoheofProjects
Decgrnber4`2Ol8
solutions and matching funding from all available sources. The first tranche is expected to h
a Series focusing on Infrastructure and a Series B focusing on Affordable Housing.
The entire Miami Forever Bond Program is authorized in the following categories:
m Roadways — total $23million ofthe $4D0million
� Parks and Cultural Facilities —total $78million ofthe $4OOmillion
Public Safety —total $7 million of the $400 million
0 Sea Level Rise and Flood Prevention —total $192 million of the $401 illion
0 Affordable Housing and Economic Development — total $100 million of the $400 million
^/
ve
The first tranche of the Miami Forever Bond Program is proposed j,
each category and series:
° Series
Roadways —$7,59K]1O2
° Parks and Cultural Facilities —$26,348,229
* public Safety —$42O,O0O
0 Sea Level Rise and Flood Prevention — 1'10,294,928
a Series
the following amounts in
Should you have any questions, please, contact Christopher Rose, Budget Director, at
(305)416-1500.
Attachments
SUBSTITUTED.
Composite Exhibit A - Page 3
Composite Exhibit A (continued): Project List
Category
Projects Series A
Project B#
Bond Fund g
Roads
Very Poor Condition Roads, Phase 1- Outside Priority Drainage Basins
TBD
$ ,590,182
Parks
Alice Wainwright Park Seawall and Resiliency
40-B40454C
$2,650,000
Parks
Antonio Maceo Boat Ramp and Dock Renovations
40-B17357
$79,929
Parks
Armbrister Park Community Center Design
TBD
$400,000
Parks
Bay of Pigs Park
40-B183526
% $310,000
Parks
Bryan Park Playground Renovations and Park Enhancements
TBD
$650,000
Parks
City-wide Parks Access and Mobility Renovations
TV.
$2,212,000
Parks
City-wide Parks Playground Renovations
BD
$2,788,200
Parks
City-wide Parks Roofing Reconstruction
TBD
$655,400
Parks
Coral Way Park Expansion and Enhancements
TBD
$925,000
Parks
Curtis Park Community Center Design
TBD
$400,000
Parks
Douglas Park Community Center
40-B40581
$1,000,000
Parks
Legion Park Boat Ramp
40-B40510
$263,000
Parks
Legion Park Building
40-840510A
$825,000
Parks
Moore Park Gym Design and Construction
TBD
$6,800,000
Parks
Morningside Park Pool Design and Permitting
TBD
$600,000
Parks
New Park at 2200 SW 9th Ave & 910 SW 22nd Rd
TBD
$1,000,000
Parks
New Park at 3699/3701 SW 1st Ave
TBD
$1,200,000
Parks
PBA/Fern Isle Park Enhancements
40-B40543
$244,700
Parks
Riverside Park Renovations and Enhancements
TBD
$995,000
Parks
Spring Garden Point Park
40-B40566
$850,000
Parks
West End Park Master Plan, Pool Design and Enhancemy is
40-B183505
$500,000
Public Safety
Fire Facilities Resiliency Project (FS10) - Design
TBD
$420,000
SLR&FP
Brickell Bay Drive Design Criteria Package
TBD
$1,000,000
SLR&FP
Fairview Flood Mitigation
40-B30737
$1,800,000
SLR&FP
Immediate Flood Control: install Backflow ,.Ives (Phase 1)
TBD
$2,457,000
SLR&FP
Improve Drainage Outside of Priority Dr A inage Basins (Phase 1)
TBD
$2,300,000
SLR&FP
Jose Marti Park Flood Mitigation Stu and Design
TBD
$940,000
SLR&FP
NW 17th Street from NW 27th Ay to NW 32nd Ave - Road & Drainage Construction
40-B183611
$1,797,928
Projects Series B
Housing
Affordable Housing and Ecs omic Development
TBD
$8,000,000
Housing
Construction and Perm., ent. Financing: MLK Residences
TBD
$2,000,000
Housing
Construction and Per anent Financing: Liberty Renaissance
TBD
$1,000,000
Housing
Home Ownership 'reservation / Single Family Home Rehabilitation
TBD
$4,000,000
Total
$58,653,339
SUBSTITUTED.
Affordable Workforce New Rental Strategy
Program Summary
Program Description; Provides construction and permanent financing to assist in part with the deve|o
affordable multifamily rental projects containing units affordable to Workforce development (WF) inc
individuals and families (up to 140% AMI).
entof
me levels
Maximum Award., The maximum total amount of City of Miami financing shall not exceed the orZ0%Loan
to Cost (LTC) on projects containing 20 or more total units and the lesser of $1M or 40% LTC on pro',cts containing less
than 20 total units,
City Funding Sources, City of Miami General Obligation Bond, Affordable Housing Trust Fund,,'(AHTF) and other eligible
sources of funding that may become available to the City,
City funding Uses, Funds may be used for land acquisition, development soft cost, financ* g costs, hard construction costs,
and permanent financing upon construction completion.
City Funding Loons/Tarmy: The following loan types and terms may beused:
1. Interest Only Loan: Interest only payments at an agreed upon intere/ rate, payable monthly until maturity or
pre -determined period, All principal and interest due at maturity. ,*an maturity can be set for a period up to 30
2. Principal and Interest Amortizable Loans: Principal and |nt based ouanamortization of15to3D
years, payable monthly until maturity. Loan maturity can be,�eit for a period of up to 30 years.
City Funding Availability Process: City funds shall bo made avail,;* le through
determined requirements pertaining to the capacity of the d-. elopment team, ability of the development to proceed in
a timely manner, availability of all projectfunding, location t" project, leveraging requirements, number of units, total city
assistance per unit, types of units, energy efficiency, etc, �rojects will be selected on the basis of a point scoring system,
City funding shall be secured and enforced by a Mertgage, Restrictive Covenant, Note, Disbursement Agreement,
Regulatory Agreement, Rental Agreement, etc.
Development Funding Leveraging: Project fun#" g leveraging shall be the responsibility of the Owner and may include
funding from private banking institutions, 5tat�, ufF|ndda, Miami -Dade County, Private 'investment, etc
'
Development Type: Multifamily rental a 'mentbuiNin0(s)of5ovrnnreunits,conta|ning,unitoofvahnuaybea with or
without common omenhdes. Project d-�48no and specifications in compliance with City of Miami planning and zoning
requirements. Building construction i ''compliance with City ofMiami and Florida Building Codes.
Development Ownership: Privu fee simple orleasehold ownership through For -Profit orNot-For-Profitcorporations
solely or through Partnerships.
Compliance: The City of'iamb Department of Housing and Community Development shall be responsible for the
contractual/regulatory all developments assisted. Annual compliance monitoring shall be conducted by City
staff that will review p,oject rent rolls, leases, tenant income files, financial statements, current operational licenses and
certificates, annual i opect|unofunits, etc,
LnanSenjdn:: e City of Miami's Department of Housing and Community Development shall provide all loan servicing,
Homeownership Preservation Strategy
Program Summary
Program Description: Provides rehabilitation assistance to City of Miami homeowners, with repairs necessary!'."hng|ng
the home to decent, safe and sanitary conditions, as well as to include materials and methods that harden U.- property
to better withstand natural weather occurrences as well as to maximize the energy efficiencies of the home, , "he program
will assist Extremely Low Income (ELI), Very Low Income (VLI), Low Income (LI) level individuals and famille .,-.'nd Workforce
(WF) income levels.
Maximum Award: The maximum total amount of City of Miami financing shall not exceed $50,000'ser home.
City Funding Sources: City ofMiami General Obligation Bond, State Housing Partnership P (SHIP), Community
Development Block Grant (CDBG), Affordable Housing Trust Funds (AHTF) and other sources 4f funding that may become
available to the City,
City funding Uses. Funds may be used for soft and hard construction costs. Upon
converted into apermanent loan for aperiod of1Oyears (affordability period).
City Funding Loans/Terms: The following loan types and terms may be used:
ompletion the assistance shall be
1 Deferred Payment Loan: No debt service payments nsquired. Pro vi4ty must maintain the required affordability
at/uctuefnra period of lOyeao. Failure to comply will result ',,'the full repayment of principal and an agreed
upon default interest rate. Full repayment of principal at the Oyoa/ maturity. The homeowner must maintain
occupancy in the home as their primary residence for the pe od of affordability, or otherwise full payment of the
principal will bedue.
l Principal and Interest Amortizable Loans: Principal and //terestpayments based ononamortization of1Oyears,
payable monthly until maturity, at a rate of interest u,,o to 3%, based on the income and payment capacity of the
homeowner,
City Funding Avo|kabUkv Process: City funds shall br made available on a first come first served basis, for eligible
homeowners in the City of Miarni. City funding shall te secured and enforced by a Mortgage, Restrictive Covenant and
Unit Funding Leveraging: Project funding from other City of Miami, Miami Dads, State of
Florida rehabilitation programs, as well as a 1/' other sources available for this purpose.
Unitsasoiste : Single family homes, 10 nhomes, twin homes and condominiums.
Ownership: Private fee simple of pf,mary residence ofeligible property owners,
'
'
'
Compliance: The City of Mia Department of Housing and Community Development aheU be responsible for the
contractual/regulatory comp,/ noeofoUh^menvvnenassbted.HomeownemshaUbemonhored6omonaspmi-annua|
basis toassure continued .4mpUencawith the terms ofthe Loan Documents,
Loan Servicing: The Oof Miami's Department ofHousing and Community Development shall provide all loan servicing,
City Acquisition ofLand
Program Summary
SUBSTITUTED.
Program Description: Funding under this strategy will beused bythe City ofMiami tuacquire buildable vacant parcel
of land suitable for the development of mixed use/mixed income affordable rental or homeownership development
units to be built by the City of Miami or by organizations that have been procured through a competitive request o
proposals (RFP) process.
Development financing for projects that have been selected through an RFP process, shall be the the
Development/owner Organization. If partial funding is provided by the City of Miami, it shall be in accordalce with the
specifications detailed in the RFP.
Maximum Award: Funding for projects developed by the City of Miami shall come from any Federal
sources available to the City, and shall be determined based upon the needs and structure of the pr
ate, and/or local
osed development.
City Funding Sources: City of Miami General Obligation Bond, Home Investment Partneoh OME), State
Housing Partnership Program (SHIP), Community Development Block Grant (O}8G), Affor ableHousing Trust Funds
(AHTF) and other sources of funding that may become available to the City. Any odd funding provided to the
will
be in accordance with the terms of the particular utro1e8y, �
that iNew Rental Construction o,
Homeownership Development Strategies.
Development Type: Mixed income and mixed -use multifamily rental apartment bLI'ding(s) of 5 or more units, containing,
units ofvarious sizes, with orwithout common amenities and, | family d |opmertof5ormore homeownership
units. Project designs and specifications in compliance with City ofMiami p/nning and zoning requirements. Building
construction in compliance with City of Miami and Florida Building Codes.
Income levels served: Proposed developments shall serve Extremely L
In proportions as will be enumerated in the Request for Proposals.
w4Very Low, Low and Workforce level incomes,
Development Ownership: Private fee simple or leasehold own" ship through For -Profit or Not -For -Profit corporations
solely or through Partnerships, OR City of Miami owned. Prefe,,ence will be given to non-profit Land -trust so as to make
the units permanently affordable.
Compliance: The City of Miami's Department of Hous' gand Community Development shall be responsible for the
contractual/regulatory compliance ofall development assisted. Annual compliance monitoring shall beconducted byCity
staff that will review project rent rolls, leases, tena income files, financial statements, current operational licenses and
certificates, annual inspection of units, etc,
Loan Servicing: The City ofMiami's Departm tofHousing and Community Development shall provide all loan servicing,
ie.monthly billing and collection, maintain' gcurrent property insurances, tracking delinquencies, providing all required
SUBSTITUTED.
Affordable Homeownership Strategy
Program Summary
Program Description: Provides construction and permanent financing to assist in part with of
affordable single family units, townhomes, twin homes, and condominium units to be sold to, eligible ln,,viduals or
families with incomes not to exceed 140% of Areal Median Income (AM I)
Maximum Award: The maximum total amount of City of Miami financing shall not exceed $50,000 per ni
City Funding Sources: City of Miami General Obligation Bond, Home Investment Partnership P gram (HOME), State
Housing Partnership Program (SHIP), Community Development Block Grant (CDBG), Afhorda e Housing Trust Funds
(AHTF) and other sources of funding that may become available to the City,
City funding Uses: Funds may beused for land acquisition, development soft cost, 0nan 'costs, hard construction costs
and may upon the completion of the construction of the unit, partially or entirely serve . a pass -through permanent loan
to the eligible buyer ofthe completed unit.
City Funding Lmans/Tenny: The following loan types and terms may beused:
1. Deferred Payment Loan: No debt som|ua payments required. Home,.-,' ner must maintain occupancy as primary
residence for a period of3O years (affordability period). Failure -* comply will result in the full repayment of
principal and default interest rate. Sale ortransfer ofthe units '��hinthe affondobUitypedodshaUmsu|tinthe
full payment of the loan. Other restrictions or provision ion ^4be imposed. Loan will be forgiven upon the
completion of the affordability period,
2. Principal and InterestAmortimble Loans: Principal and ln,�rest payments based on an amortization of 30 years,
payable monthly until maturity at an interest rate no''"o exceed 39, determined on the ability of the buyers
payment capacity, 6u|e or transfer prior to the afforrabUity period will result in the full repayment of principal
plus interest. Other restrictions may beimposed,
City Funding Availability Process: City funds shall benl-6eavailable through uRequest for Proposals (RfP)toinclude pre-
determined requiremenispmrtainingtotheoupac *f the developmentteam, ability ufthe development toproceed in
a timely manner, availability of all project funding, .,*cation of project, leveraging requirements, number of units, total city
assistance per unit, types of units, energy efficle , y, target income market addressed, etc. Projects will beselected onthe
basis of a point scoring systern.
City construction funding shall be secure,/and enforced by a Mortgage, Restrictive Covenant, Note, Disbursement
Agreement, Regulatory Agreement, City P� manent/Pass through loan to the buyer shall be secured by a Mortgage, Note,
and Restrictive Covenant,
Develo*ment Fundin- Levera-in : mroject funding leveraging shall be the responsibility of the Owner and may include
funding from private banking ins 1.*,utions, State of Florida, Miami -Dade County Surtax, etc.
Development Type- Single
montOwnec6|
solely orthrough Part
Compliance: The
toassure con
ily homes attached townhomes, twin homes and condominium buildings,
Private fee simple or leasehold ownership through For -Profit or Not -For -Profit corporations
ships.
ity of Miami's Department of Housing and Community Development shall be responsible for the
atory compliance of all developments assisted. Homeowners shall be monitored on a semi-annual basis
huedcompliance with the terms ofthe Loan Documents.
Loan Ser,,,,'cin:: The City of Miami's Department of Housing and Community Development shall provide all loan servicing,
Le, morIlly billing and collection, maintaining current property insurances, tracking delinquencies, providing all required
SUBSTITUTED.
Affordable Rental Housing Preservation Strategy
Program Summary
Program Description: Provides construction and permanent financing to assist in part /Ith the
rehabilitation/preservation of existing affordable multifamily rental projects. City assisted units will be requiretto provide
20 % of the assisted units for Extremely Low Income (30% AMI), and 80% of the assisted units for Low Inco (80%AK4|)
All unassisted units shall not be restricted.
Maximum Award: The maximum total amount of City of Miami financing shall not exceed the lesse
to Cost (LTC) of rehabilitation, on projects containing 20 or more total units and the lesser of $
containing less than 20 total units.
50% LTC on projects
f$11VIor2S%Loan
City Funding Sources: City nfMiami General Obligation Bond, Home Investment Partn (HOME), State
Housing Partnership Program (SHIP), Community Development Block Grant ([D8G),A 'rdab|e Housing Trust Funds
(AHTF) and other sources of funding that may become available to the City.
City funding Uses: Funds may be used for soft cost and hard rehabilitation c ts, and permanent financing upon
construction completion.
Citv Funding Loans/Terms: The following loan type and terms may be used:
1. Deferred Payment Loon: No debt service payments required. Pra' erty must maintain the required affordability
structure for a period of 30 years. Failure to comply will resu./in the full repayment of principal and an agreed
upon default interest rate. Full repayment o[principal atth-/'0year maturity.
2. Interest Only Loan: Interest only payments at up to 396 �leest rate, payable monthly until maturity or pre-
determined period. All principal and interest due at ma j rity. Loan maturity for a period up to 30 years,
City Funding Availability Process: City funds shall be m,de available on a first come first nemaJ basis, for eligible
mNtKami|yhui|dinQintheChyofK8iami.Cityfundingsha'bexecuredandenhzrcedbyaMortgage,RatdotiveCovenant
Note, Disbursement Agreement, Regulatory Agreemen .,"Rental Agreement, etc,
Development Funding Leveraging: Project fundint leveraging shall bethe responsibility ofthe Owner and may include
funding from private banking institutions, State of Florida, Miami -Dade County, Private investment, other City of Miami
funding, etc,
Deve|upmentType: Multifamily rental ap-rtment building(s) of 5 or more units, containing, units of various sizes, with or
without common amenities. Project d?x and specifications in compliance with City of Miami planning and zoning
requirements. Building construction i - compliance with City of Miami and Florida Building Codes.
Development Ownership: Priva,,i fee simple or leasehold ownership through For -Profit or Not -For -Profit corporations
solely orthrough Partnerships.
Compliance: The City of /bmYs Department of Housing and Community Development shall he responsible for the
conLeotuel/negu|atoryc*/ pliance of all developments assisted, Annual compliance monitoring shall be conducted by City
staff that will review p"oject rent rolls, leases, tenant income files, financial statements, current operational licenses and
certificates, annual iropectionofunits, etc,
Loan Sem|dn,..'eCity ofMiami's Department ofHuusirgandCommunm/DevelopmentuhaUpmvideaUkanaervicing,
Le. monthly W ing and collection, maintaining current property insurances, tracking delinquencies, providing all required
reporting, e/ .
Affordable New ConstructionReDtal Strategy SUBSTITUTED.
Program Summary
Program Description: Provides construction and permanent financing to assist in part with the development of
affordable multifamily rental projects containing units affordable to Extremely Low Income (ELI), Very Low Income (VLI
Low Income (LI) and Workforce development (WF) income levels individuals and families.
Maximum Award: The maximum total amountofCityofK8iamifinumdn0shaUnotexoeedtho|esoerof$2N1 or 21Yo Loan
to Cost (LTC) on projects containing 20 or more total units and the lesser of $1M or 40% LTC on projects cont,"ning less
than 20 total units.
City Funding Sources: City of Miami General Obligation Bond, Home(HOME), State
Housing Partnership Program (SHIP), Community Development Block Grant (CD8G), Affordable Ho/sing Trust Funds
(AHTF) and other sources of funding that may become available to the City,
City funding Uses: Funds may be used for land acquisition, development soft cost, financing cost ..,'hard construction costs,
and permanent financing upon construction completion.
City Funding Loans/Terms: The following loan type and terms may be used:
1. Deferred Payment Loon: Nndebt service payments required, Property mus'maintain the required affordability
structure for aperiod of3Uyears, Failure tocomply will result inthe ofprincipal and onagreed
upon default interest rate. Full repayment ofprincipal atthe 3Oyear ma~hty.
2. Interest Only Loon: Interest only payments at up to 3% interest rate, p.4yable monthly until maturity. All principal
and|ntexeutdueetmaturity.Loanmeturitycanbeaetformpedod4*to3Oyean.
l Principal and Interest Amortizable Loans: Principal and Interest p,;'Yments based on an amortization of 15 to 30
years, payable monthly at a rate ofupto 3%, until maturity. ,aan maturity can be set fora period of up to 30
City Funding Availability Process: City funds shall be made availa* e through a Request for Proposals (RFP) to include pre-
determined requirements pertaining to the capacity of the de,,-Iopment team, ability of the development to proceed in
a timely manner, availability of all project funding, location o.,troject, leveraging requirements, number of units, total city
assistance per unit, types of units, energy efficiency, etc. P,ejects will be selected on the basis of a point scoring system.
City funding shall be secured and enforced by a Mo,'gage, Restrictive Covenant, Note, Disbursement Agreement,
Regulatory Agreement, Rental Agreement, etc.
Development Funding Leveraging: Project fud leveraging shall bethe responsibility ofthe Owner and may include
funding from private banking institutions, State *f Florida, Miami -Dade County, Private investment, etc.
Development Type: Multifamily rental ap /menthuik1ing(s)of5ormore units, containing, units ofvarious sizes, with or
without common amenhies. Project de '8ns and specifications in compliance with City of Miami planning and zoning
requirements. Building construction |n ompUancewith City ofMiami and Florida Building Codes.
Development Ownership: Privat
solely orthrough Partnerships.
ee simple or leasehold ownership through For -Profit or Not -For -Profit corporations
Compliance: The City of /amys Department of Housing and Community Development ohoU be responsible for the
co/¢radual/reQu|atoryco/ pUan000fall developments assisted, Annual compliance monitoring shall beconducted byCity
staff that will review p4jectrent rolls, leases, tenant income files, financial statements, current operational licenses and
certificates, annual 'nt| f units,
c , /pe onn un ,eto.
Loan Servicing: ' e City of Miami's Department of Housing and Community Development shall provide all loan servicing,
i.e. monthly bi ing and collection, maintaining current property insurances, tracking delinquencies, providing all required
mporting,e