HomeMy WebLinkAboutExhibit BCITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO :
FROM:
Emilio T. Gonzalez, PhD.
City Manager
ector
sing and
pment
BACKGROUND
DATE :
SUBJECT:
June 10, 2019
FILE :
Award Contract -Housing and
Economic Development projects
REFERENCES:
ENCLOSURES:
On November 7, 2017, the registered voters of the City of Miami ("City") approved, by
referendum ballot, for the City to issue limited ad valorem bonds in an aggregate principal
amount not to exceed Four Hundred Million Dollars ($400,000,000.00), which included an
amount not to exceed One Hundred Million Dollars ($100,000,000.00) to improve affordable
housing and economic development within the City ("Bond Referendum").
On December 13, 2018, the City adopted Resolution No. R-18-0546 wherein the City declared
its official intent to issue both taxable and tax-exempt limited ad valorem bonds in the expected
not to exceed total maximum principal amount of Fifty -Eight Million, Six Hundred Fifty -Three
Thousand, Three Hundred Thirty -Nine Dollars ($58,653,339.00) ("Limited Ad Valorem Bonds")
and, to the extent permissible under the U.S. Internal Revenue Code of 1986, as amended
("IRS Code") regarding the tax-exempt Limited Ad Valorem Bonds, use a portion of the tax-
exempt Limited Ad Valorem Bonds to reimburse the City for funds advanced by it, for Original
Expenditures (as defined by the IRS Code) incurred and to be incurred with respect to the first
tranche Infrastructure Projects and Affordable Housing and Economic Development Projects
(collectively, "First Tranche Series Bonds").
On March 14, 2019, pursuant to Resolutions Nos. R-19-0062 and R-19-0111, the Miami City
Commission authorized the City to initiate validation proceedings for the Bond Referendum and
the taxable and tax-exempt bonds in the aggregate principal amount not exceeding Four
Hundred Million Dollars ($400,000,000.00) in one or more separate series of City Tax -Exempt
and Taxable Limited Ad Valorem Tax Bonds, including the First Tranche Series Bonds.
The First Tranche Series Bonds includes the City of Miami Forever Limited Ad Valorem Tax
Bonds (Affordable Housing and Economic Development Programs) Taxable Series 2019B in the
aggregate principal amount not exceeding Fifteen Million Dollars ($15,000,000.00) ("Series
2019B Affordable Housing and Economic Development Programs Bonds").
Later this year, the City will seek a judicial decree validating, among other things, the One
Hundred Million Dollars ($100,000,000.00) of Limited Ad Valorem Bonds dedicated to
Affordable Housing and Economic Development programs.
On February 25, 2019, the City's Department of Housing and Community Development
("Department") issued a Request for Proposals ("RFP") inviting qualified developers to propose
developments for the construction, rehabilitation, and permanent financing needs for affordable
housing rental developments and homeownership developments with five (5) or more units,
located within the City.
Of the Series 2019B Affordable Housing and Economic Development Programs Bonds, a total
aggregate principal amount of not to exceed Eight Million Dollars ($8,000,000.00) is intended to
fund Affordable Housing and Economic Development projects from the selected applicants in
the First Tranche.
RECOMMENDATION
The Department has recommended that of those applicants submitting responses to the RFP,
the following applicants and projects should be selected as the "First Tranche Selected
Applicants and First Tranche Projects" and that Series 2019B Affordable Housing and Economic
Development Program Bond funding should be allocated as follows: (a) nineteen (19) units of
mixed income affordable housing to be located at 5185 West Flagler Street, Miami, Florida, to
be developed by Opal Gardens LLC, a Florida Limited Liability Company with funding in an
amount not to exceed $850,000.00; (b) Eighty-one (81) units of mixed income affordable
housing and 20,000 of retail space to be located at 3750 South Dixie Highway, Miami, Florida,
to be developed by Platform 3750, LLC, a Florida Limited Liability Company with funding in an
amount not to exceed $3,500,000.00; (c) Thirty (30) units of mixed income affordable housing to
be located at NW 13th Court and NW 7th Street, Miami, Florida, to be developed by The Gallery
at River Parc, LLC, a Florida Limited Liability Company with funding in an amount not to exceed
$800,000.00, (d) Eight (8) units of mixed income affordable housing to be located at 337 NW
11th Avenue, Miami, Florida to be developed by MJ LH 337 NW 11 Ave LLC, a Florida Limited
Liability Company with funding in an amount not to exceed $229,000.00; (e) One hundred
twenty-one (121) units of mixed income affordable housing to be located at 1201 NW 65th
Street, Miami, Florida, to be developed by Liberty Square Phase Three, LLC, a Florida Limited
Liability Company with funding in an amount not to exceed $750,000.00; and (f) Seventy-five
(75) units of mixed income affordable housing to be located at 3372 NW 17 Avenue, Miami,
Florida, to be developed by Vineyard Villas, LLC, a Florida Limited Liability Company with
funding in an amount not to exceed $1,871,000.00.
gAIP-ROVED:
❑ DISAPPROVAL:
Emilio T. e'onzalez, PhD.
City Manger
CED18132