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Home My WebLink AboutR-19-0248City of Miami Resolution R-19-0248 Legislation City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 5643 Final Action Date: 6/27/2019 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENTS, APPROVING ALL OF THE CITY MANAGER'S RECOMMENDATIONS, EXCEPT FOR THE MODIFICATION MADE ON THE FLOOR FOR DISTRICT 4 PROJECT FUNDS AS SET FORTH HEREIN, PURSUANT TO THE FEBRUARY 25, 2019 REQUEST FOR PROPOSALS ("RFP") BY THE CITY OF MIAMI'S ("CITY") DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT ("DEPARTMENT"), FOR APPLICANTS FOR AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT PROJECTS, MORE PARTICULARLY AS DESCRIBED AND LISTED IN COMPOSITE EXHIBIT "A," ATTACHED AND INCORPORATED, AND AS MODIFIED FOR DISTRICT 4 ("FIRST TRANCHE SELECTED APPLICANTS"), SUBJECT TO COMPLETE PROJECT UNDERWRITING AND THE CITY RECEIVING THE REQUISITE APPROVALS AND AUTHORIZATIONS, THROUGH THE BOND VALIDATION PROCESS AND SUBSEQUENT ISSUANCE OF THE CITY'S BONDS AS DESCRIBED BELOW; AUTHORIZING THE CITY MANAGER TO AWARD THE RFP TO THE FIRST TRANCHE SELECTED APPLICANTS; 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, WITH THE FIRST TRANCHE SELECTED APPLICANTS FOR THE FIRST TRANCHE PROJECTS, IN THE RESPECTIVE NOT TO EXCEED AMOUNTS, FOR A TOTAL AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED EIGHT MILLION DOLLARS ($8,000,000.00) OF FIRST TRANCHE SERIES 2019B AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT PROGRAMS BONDS, INCLUDING ANY AND ALL AMENDMENTS, EXTENSIONS, AND MODIFICATIONS FOR THE COMPLETION OF SAID FIRST TRANCHE PROJECTS, BY THE FIRST TRANCHE SELECTED APPLICANTS. WHEREAS, 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"); and WHEREAS, on December 13, 2018, the City Commission 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 United States Internal Revenue Code of 1986, as amended ("IRS Code"), regarding the tax-exempt Limited Ad Valorem Bonds, to use a portion of the tax-exempt Limited Ad Valorem Bonds to reimburse the City of Miami Page 1 of 4 File ID: 5643 (Revision: A) Printed On: 4/18/2025 File ID: 5643 Enactment Number: R-19-0248 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"); and WHEREAS, on March 14, 2019, pursuant to Resolution Nos. R-19-0062 and R-19-0111, the City Commission authorized the initiation of validation proceedings for the Bond Referendum and issuance of the taxable and tax-exempt bonds, in the aggregate principal amount not exceeding Four Hundred Million Dollars ($400,000,000.00), in one (1) or more separate series of City Tax -Exempt and Taxable Limited Ad Valorem Tax Bonds (Miami Forever Capital Program) including the First Tranche Series Bonds; and WHEREAS, the First Tranche Series Bonds includes the City's proposed 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"); and WHEREAS, later this year, the City will seek a judicial decree validating, among other things, all of the One Hundred Million Dollars ($100,000,000.00) of Limited Ad Valorem Bonds dedicated to Affordable Housing and Economic Development Programs; and WHEREAS, 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; and WHEREAS, of the Series 2019B Affordable Housing and Economic Development Programs Bonds, a total aggregate principal amount not to exceed Eight Million Dollars ($8,000,000.00) is intended to fund Affordable Housing and Economic Development projects from the selected applicants from proceeds of the First Tranche Series Bonds; and WHEREAS, the Department has recommended that of those applicants submitting responses to the RFP, and the City Commission on the date hereof has made the District 4 modification set forth below, the following applicants and projects be selected as the "First Tranche Selected Applicants and First Tranche Projects" and that Series 2019B Affordable Housing and Economic Development Program Bond funding be allocated as follows: (a) an amount not to exceed $850,000.00 is allocated for land acquisition that will create and/or preserve affordable housing in District 4; (b) eighty-one (81) units of mixed income affordable housing and twenty thousand (20,000) square feet 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 Northwest 13th Court and Northwest 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 Northwest 11 th 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 Northwest 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 Northwest 17th Avenue, Miami, Florida to be developed by City of Miami Page 2 of 4 File ID: 5643 (Revision: A) Printed on: 4/18/2025 File ID: 5643 Enactment Number: R-19-0248 Vineyard Villas, LLC, a Florida Limited Liability Company, with funding in an amount not to exceed $1,871,000.00 (collectively, "First Tranche Selected Applicants" and "First Tranche Projects", as more particularly described in Composite Exhibit "A," attached and incorporated); and WHEREAS, the City's Administration recommends the selection of and award to the First Tranche Selected Applicants; and WHEREAS, the City Manager seeks authority to negotiate and execute Agreements, all in a form acceptable to the City Attorney and Bond Counsel, with the respective First Tranche Selected Applicants for their respective First Tranche Projects, with funding subject to complete project underwriting and the City receiving the requisite approvals and authorizations, through the bond validation process and subsequent issuance of the Series 2019B Affordable Housing and Economic Development Programs Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISISON 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 City Manager's recommendations, except for the modification made on the floor for District 4 project funds as set forth herein, pursuant to the February 25, 2019 RFP by the Department, for the selection of the First Tranche Selected Applicants for the First Tranche Projects as described in Composite Exhibit "A," attached and incorporated and as modified for District 4, is approved. Section 3. Subject to complete project underwriting and the City receiving the requisite approvals and authorizations through the bond validation process and subsequent issuance of the City's Series 2019B Affordable Housing and Economic Development Programs Bonds, the City Manager is authorized' to award the RFP to the First Tranche Selected Applicants. Section 4. The City Manager is further authorized' to negotiate and execute any and all necessary documents, all in a form acceptable to the City Attorney and Bond Counsel, with the First Tranche Selected Applicants for the First Tranche Projects in the respective not to exceed amounts, as described in Composite Exhibit "A," attached and incorporated, for a total aggregate principal amount, not to exceed Eight Million Dollars ($8,000,000.00) of First Tranche Series 2019B Affordable Housing and Economic Development Programs Bonds, including any and all amendments, extensions, and modifications for the completion of said First Tranche Projects by the First Tranche Selected Applicants. Section 5. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.2 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 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. City of Miami Page 3 of 4 File ID: 5643 (Revision: A) Printed on: 4/18/2025 File ID: 5643 Enactment Number: R-19-0248 APPROVED AS TO FORM AND CORRECTNESS: ndez, City tton ey 8/2072019 City of Miami Page 4 of 4 File ID: 5643 (Revision: A) Printed on: 4/18/2025