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HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM File ID: #5562 Date: 03/07/2019 Commission Meeting Date: 04/11/2019 Requesting Department: Department of Housing and Community Development Sponsored By: District Impacted: All Type: Resolution Subject: Purchase and Sale Agreement - Workforce Rental Housing Purpose of Item: AUTHORIZING THE ASSIGNMENT OF THE PURCHASE AND SALE AGREEMENT OF THE CITY OF MIAMI ("CITY") OWNED PARCELS OF LAND LOCATED AT 6240 NW 15AVENUE, 1501,1515, 1525,1535, 1551, 1560, 1520, 1500, NW62 STREET, MIAMI, FLORIDA, AS DESCRIBED IN ATTACHMENT "A", ATTACHED AND INCORPORATED, FROM ATLANTIC PACIFIC COMMUNITIES, LLC ("ATLANTIC") TO RESIDENCES AT DR. KING BOULEVARD, LTD., FOR THE DEVELOPMENT OF AFFORDABLE/WORKFORCE RENTAL HOUSING, AS AMENDED; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE, IN FORM(S) ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, FOR SAID PURPOSE. Background of Item: On November 21, 2016, the City of Miami ("City") issued a Request for Proposals ("RFP") inviting qualified private real estate developers to propose developments of Affordable/Workforce rental housing on certain City -owned parcels of land. A total of a total of six (6) responses were received, two (2) of which met the minimum threshold and fulfilled all the proposal requirements as responsive and responsible bidders, and of the two successful bidders, one was to Atlantic Pacific Communities, LLC., ("Atlantic") a Delaware Limited Liability Company. On November 16, 2017, pursuant to Resolution No. 17-0512, the City Commission conveyed, with affordable/workforce rental housing restrictions and automatic reverter provisions, the City -owned properties located 6240 NW 15 Avenue, 1501,1515, 1525,1535, 1551, 1560, 1520, 1500, NW 62 Street, Miami, Florida, to "Atlantic" for the construction of affordable/workforce housing for eligible low to moderate income persons. On December 14, 2017 a Purchase and Sale Agreement was executed between the City of Miami and "Atlantic". "Atlantic", has created a separate legal entity for the project, in connection with its application for low income housing tax credits from Housing Finance Corporation. "Atlantic" has requested that the City authorize the assignment of the Purchase and Sale Agreement to Residences at Dr. King Boulevard, Ltd. The City shall require the following in order to convey property to Residences at Dr. King Boulevard, Ltd.: (i) evidence satisfactory to the Director that financial commitments from the lender or lenders have been received; (ii) any mortgages obtained on the Lots will be subject to the approval of the Director; (iii) payment by the Residences at Dr. King Boulevard, Ltd., to the City of the total amount of restricted funds used to acquire, refinance, or improve with an affidavit and receipt by the City of such payment(s) in form(s) acceptable to the City's Finance Director, the City Attorney, and Bond Counsel; if any. The City Administration recommends that the City authorize the assignment of the Purchase and Sale Agreement from Atlantic Pacific Communities, LLC., to Residences at Dr. King Boulevard, Ltd; for the construction of affordable/workforce housing for eligible low to moderate income persons. Budget Impact Analysis Item is NOT Related to Revenue Item has NOT an Expenditure Item is NOT funded by Bonds Total Fiscal Impact: N/A Special Revenue Account No: TO BE DETERMINED Reviewedy George Mensah Department of Community and Economic Development Review Completed 03/22/2019 2:57 PM Office of Management and Budget Luis Hernandez -Torres Office of Management and Budget Christopher M Rose City Manager's Office Sandra Bridgeman City Manager's Office Nikolas Pascual Legislative Division Valentin J Alvarez Office of the City Attorney Richard Appleton Office of the City Attorney Barnaby L. Min Office of the City Attorney Victoria Mendez City Commission Maricarmen Lopez Office of the Mayor Mayor's Office Office of the City Clerk City Clerk's Office Office of the City Clerk City Clerk's Office Budget Analyst Review Budget Review Assistant City Manager Review City Manager Review Legislative Division Review ACA Review Deputy City Attorney Review Approved Form and Correctness Meeting Department Head Completed Completed Completed Completed Completed Completed Completed Completed Completed Signed by the Mayor Completed Signed and Attested by the City Clerk Completed Rendered Completed 03/25/2019 7:46 AM 03/26/2019 4:33 AM 03/26/2019 10:31 AM 03/26/2019 10:45 AM 03/26/2019 2:46 PM 03/27/2019 4:48 PM 03/28/2019 9:02 AM 03/28/2019 6:04 PM 04/11/2019 9:00 AM 04/22/2019 3:43 PM 04/22/2019 3:56 PM 04/22/2019 3:57 PM City of Miami Legislation Resolution Enactment Number: R-19-0141 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 5562 Final Action Date:4/11/2019 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE ASSIGNMENT OF THE PURCHASE AND SALE AGREEMENT FOR THE CITY OF MIAMI ("CITY") OWNED PARCELS OF LAND LOCATED AT 6240 NORTHWEST 15 AVENUE AND 1501, 1515, 1525, 1535, 1551, 1560, 1520, AND 1500 NORTHWEST 62 STREET, MIAMI, FLORIDA, AS MORE PARTICULARLY DESCRIBED IN ATTACHMENT "A," ATTACHED AND INCORPORATED, FROM ATLANTIC PACIFIC COMMUNITIES, LLC ("ATLANTIC") TO RESIDENCES AT DR. KING BOULEVARD, LTD., FOR THE DEVELOPMENT OF AFFORDABLE/WORKFORCE RENTAL HOUSING FOR ELIGIBLE LOW TO MODERATE INCOME PERSONS; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, ALL IN A FORM ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, FOR SAID PURPOSE. WHEREAS, on November 21, 2016, the City of Miami ("City") issued a Request for Proposals ("RFP") inviting qualified private real estate developers to propose developments of Affordable/Workforce rental housing on certain City -owned parcels of land; and WHEREAS, a total of six (6) responses were received, two (2) of which met the minimum threshold and fulfilled all the proposal requirements as responsive and responsible bidders; and WHEREAS, of the two (2) successful bidders, one (1) was Atlantic Pacific Communities, LLC., a Delaware Limited Liability Company ("Atlantic"); and WHEREAS, on November 16, 2017, pursuant to Resolution No. 17-0512, the City Commission authorized the conveyance, with affordable/workforce rental housing restrictions and automatic reverter provisions, of the City -owned properties located 6240 Northwest 15 Avenue and 1501, 1515, 1525, 1535, 1551, 1560, 1520, and 1500 Northwest 62 Street, Miami, Florida (collectively, "Lots") to Atlantic for the construction of affordable/workforce housing for eligible low to moderate income persons; and WHEREAS, on December 14, 2017, a Purchase and Sale Agreement ("Agreement") was executed between the City and Atlantic; and WHEREAS, Atlantic has created a separate legal entity for the project, Residences at Dr. King Boulevard, Ltd, a Florida Limited Partnership ("Residences"), in connection with its application to Florida Housing Finance Corporation for low income housing tax credits; and WHEREAS, Atlantic has requested that the City authorize the assignment of the Agreement to Residences; and WHEREAS, the City shall require the following in order to convey the Lots to Residences: (i) evidence satisfactory to the Director of Housing and Community Development ("Director") that financial commitments from the lender or lenders have been received; (ii) any mortgages obtained on the Lots will be subject to the approval of the Director; and (iii) payment by Residences to the City for the total amount of restricted funds used to acquire, refinance, or improve the Lots with an affidavit and receipt by the City of such payment(s), in form(s) acceptable to the City's Finance Director, the City Attorney, and Bond Counsel, if any; and WHEREAS, the City's Administration recommends that the City Commission authorize the assignment of the Agreement from Atlantic to Residences for the construction of affordable/workforce housing for eligible low to moderate income persons; NOW, THEREFORE, BE IT RESOLVED BY THE 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 if fully set forth in this Section. Section 2. The assignment of the Agreement for the City -owned parcels Lots, as more particularly described in Attachment "A," attached and incorporated, from Atlantic to Residences for the development of affordable/workforce rental housing for eligible low to moderate income persons is authorized.' Section 3. The City Manager is further authorized1 to negotiate and execute any and all necessary documents, all in a form acceptable to the City Attorney and Bond Counsel, for said purpose. Section 4. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: nd-LI e Attor ey 3/28/2019 1 The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to, those prescribed by applicable City Charter and City Code provisions. 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.