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HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM File ID: #7816 Date: 08/28/2020 Commission Meeting Date: 10/22/2020 Requesting Department: Department of Housing and Community Development Sponsored By: District Impacted: All Type: Resolution Subject: Amend - Miami Forever Affordable Housing and Economic Development Bonds Purpose of Item: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AMENDING AND SUPPLEMENTING RESOLUTION NO. R-19-0111 ADOPTED BY THE CITY COMMISSION ON MARCH 14, 2019, WHICH AUTHORIZED THE CITY MANAGER, THE CITY ATTORNEY, AND BOND COUNSEL TO TAKE ANY AND ALL STEPS NECESSARY TO VALIDATE THE APPROVED AND EXPECTED FUTURE EXPENDITURES OF NOT TO EXCEED ONE HUNDRED MILLION DOLLARS ($100,000,00.00) OF AGGREGATE PRINCIPAL TOTAL AMOUNT OF THE AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT PORTION OF THE MIAMI FOREVER BONDS ("MIAMI FOREVER AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT BONDS") IN ORDER TO REFLECT THE CHANGES TO FOUR (4) OF THE PROGRAM TYPE STANDARD OPERATING PROCEDURES FOR THE AFFORDABLE HOMEOWNERSHIP STRATEGY, AFFORDABLE NEW CONSTRUCTION RENTAL STRATEGY, AFFORDABLE WORKFORCE NEW RENTAL STRATEGY, AND HOMEOWNERSHIP PRESERVATION STRATEGY, AS SET FORTH COMPOSITE EXHIBIT "A," ATTACHED AN INCORPORATED. Background of Item: On March 14, 2019, pursuant to Resolution Nos. 19-0062 and 19-0111, the City Commission authorized the initiation of validation proceedings for the November 7, 2017 Bond Referendum ("Bond Referendum") and the issuance of the City of Miami ("City") 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 (Miami Forever Capital Program) (collectively, "Miami Forever Bonds"), including tax-exempt and taxable bonds in one or more separate series of not exceeding One Hundred Million Dollars ($100,000,000.00) for affordable housing and economic development capital projects ("Affordable Housing and Economic Development Bonds") of which an amount not to exceed Fifteen Million Dollars ($15,000,000.00) are proposed for the first tranche ("First Tranche Series Bonds"). For all series of the Affordable Housing and Economic Development Bonds, Resolutions No. 19-0111 and 19-0325 set forth seven (7) affordable housing and economic development program types of projects ("Program Types") as follows: i) Affordable Workforce New Rental Strategy, ii) Homeownership Preservation Strategy, iii) City Acquisition of Land, iv) Affordable Homeownership Strategy, v) Affordable Rental Housing Preservation Strategy, vi) Affordable New Construction Rental Strategy, and vii) Long Term Lease/Build/Manage Strategy. On December 16, 2019, the City appeared before the Honorable Carlos Guzman and upon the conclusion of the hearing, Judge Guzman found that the Miami Forever Bonds served a paramount public purpose and issued an order validating the Miami Forever Bonds in an aggregate principal amount not to exceed Four Hundred Million Dollars ($400,000,000.00) ("Final Order"). The Final Order identified the Program Types and acknowledged that the City had established clear and detailed Standard Operating Procedures ("SOP") for each Program Type, as such SOP's may be "amended and updated from time to time". Based upon the administration's experience to date in proceeding to implement the Program Types, the administration has recognized the need to amend, supplement, and update four (4) of the original seven (7) Program Type SOP's for additional public benefit: Affordable Homeownership Strategy, Affordable New Construction Rental Strategy, Affordable Workforce New Rental Strategy, and Homeownership Preservation Strategy, as set forth in Composite Exhibit "A," attached and incorporated. Budget Impact Analysis Item is NOT Related to Revenue Item is an Expenditure Item is NOT funded by Bonds Total Fiscal Impact: N/A Reviewed B Department of Community and Economic Development Review Completed 09/02/2020 10:37 AM Office of Management and Budget Rene Lazaro Hernandez Office of Management and Budget Christopher M Rose City Manager's Office Sandra Bridgeman City Manager's Office Legislative Division Office of the City Attorney Office of the City Attorney Office of the City Attorney City Commission Legislative Division Office of the City Attorney Office of the City Attorney Office of the City Attorney City Commission Arthur Noriega V Valentin J Alvarez Richard Appleton Barnaby L. Min Victoria Mendez Nicole Ewan Valentin J Alvarez Richard Appleton Barnaby L. Min Victoria Mendez Nicole Ewan George Mensah 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 Legislative Division Review ACA Review Deputy Attorney Review Approved Form and Correctness Meeting Department Head Completed Completed Completed Completed Completed Completed Completed Completed Completed Completed Completed Completed Completed Completed 09/15/2020 2:03 PM 09/15/2020 2:39 PM 09/15/2020 3:55 PM 09/15/2020 4:59 PM 09/15/2020 5:40 PM 09/15/2020 6:42 PM 09/15/2020 7:00 PM 09/15/2020 7:56 PM 09/24/2020 9:00 AM 10/08/2020 3:19 PM 10/09/2020 6:26 PM 10/09/2020 9:42 PM 10/13/2020 5:22 PM 10/22/2020 9:00 AM City of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 7816 Final Action Date:10/22/2020 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AMENDING AND SUPPLEMENTING RESOLUTION NO. R-19-0111 ADOPTED BY THE CITY COMMISSION ON MARCH 14, 2019, WHICH AUTHORIZED THE CITY MANAGER, THE CITY ATTORNEY, AND BOND COUNSEL TO TAKE ANY AND ALL STEPS NECESSARY TO VALIDATE THE APPROVED AND EXPECTED FUTURE EXPENDITURES NOT TO EXCEED ONE HUNDRED MILLION DOLLARS ($100,000,000.00) OF THE AGGREGATE PRINCIPAL TOTAL AMOUNT OF THE AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT PORTION OF THE MIAMI FOREVER BONDS IN ORDER TO REFLECT THE CHANGES TO FOUR (4) OF THE PROGRAM TYPE STANDARD OPERATING PROCEDURES FOR THE AFFORDABLE HOMEOWNERSHIP STRATEGY, AFFORDABLE NEW CONSTRUCTION RENTAL STRATEGY, AFFORDABLE WORKFORCE NEW RENTAL STRATEGY, AND HOMEOWNERSHIP PRESERVATION STRATEGY, ALL AS SET FORTH IN COMPOSITE EXHIBIT "A," ATTACHED AN INCORPORATED. 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 November 7, 2017 Bond Referendum and the issuance of the City of Miami's ("City") 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 (Miami Forever Capital Program) (collectively, "Miami Forever Bonds"), including tax-exempt and taxable bonds in one or more separate series not exceeding One Hundred Million Dollars ($100,000,000.00) for affordable housing and economic development capital projects ("Affordable Housing and Economic Development Bonds") of which an amount not to exceed Fifteen Million Dollars ($15,000,000.00) are proposed for the first tranche; and WHEREAS, for all series of the Affordable Housing and Economic Development Bonds, Resolution Nos. R-19-0111 and R-19-0325 set forth seven (7) affordable housing and economic development program types of projects ("Program Types") as follows: i) Affordable Workforce New Rental Strategy, ii) Homeownership Preservation Strategy, iii) City Acquisition of Land, iv) Affordable Homeownership Strategy, v) Affordable Rental Housing Preservation Strategy, vi) Affordable New Construction Rental Strategy, and vii) Long Term Lease/Build/Manage Strategy; and WHEREAS, on December 16, 2019, Judge Carlos Guzman found that the Miami Forever Bonds served a paramount public purpose and issued an order validating the Miami Forever Bonds in an aggregate principal amount not to exceed Four Hundred Million Dollars ($400,000,000.00) ("Final Order"); and WHEREAS, the Final Order identified the Program Types and acknowledged that the City had established clear and detailed Standard Operating Procedures ("SOP") for each Program Type, which may be "amended and updated from time to time"; and WHEREAS, based upon the City Administration's experience to date in proceeding to implement the Program Types, the City Administration has recognized the need to amend, supplement, and update four (4) of the original seven (7) Program Type SOPs for additional public benefits: Affordable Homeownership Strategy, Affordable New Construction Rental Strategy, Affordable Workforce New Rental Strategy, and Homeownership Preservation Strategy, all as set forth in Composite Exhibit "A," attached and incorporated; 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 hereby adopted by reference and incorporated herein as if fully set forth in this Section. Section 2. The City Manager is authorized' to amend and supplement Resolution No. R- 19-0111 adopted by the City Commission on March 14, 2019, which authorized the City Manager, the City Attorney, and Bond Counsel to take any and all steps necessary to validate the approved and expected future expenditures of the Affordable Housing and Economic Development Bonds portion of the Miami Forever Bonds in order to reflect the changes to the following four (4) Program Type SOPs for Affordable Homeownership Strategy, Affordable New Construction Rental Strategy, Affordable Workforce New Rental Strategy, and Homeownership Preservation Strategy, all as set forth in Composite Exhibit "A," attached and incorporated. Section 3. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: ndez, City Attor ey 9/15/2020 ndez, City ttor ey 10/13/2020 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.