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HomeMy WebLinkAboutAgenda Item Cover PageAGENDA ITEM COVER PAGE File ID: #8413 Resolution Sponsored by: Commissioner Alex Diaz de la Portilla, Commissioner Joe Carollo, Commissioner Manolo Reyes, Commissioner Jeffrey Watson A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING AND DIRECTING THE CITY MANAGER TO ALLOCATE, UPON THE FULFILLMENT BY BLOCK 55 OWNER, LLC, A FLORIDA LIMITED LIABILITY COMPANY ("DEVELOPER"), OF ALL OF THE TERMS AND CONDITIONS SET FORTH IN THE COLLECTIVE MEMORANDA TO THE CITY OF MIAMI'S ("CITY") HOUSING AND COMMERCIAL LOAN COMMITTEE, ATTACHED AND INCORPORATED AS COMPOSITE EXHIBIT "A", FUNDING ON A REIMBURSEMENT BASIS IN AN AMOUNT NOT TO EXCEED FIVE MILLION DOLLARS ($5,000,000.00) FROM THE PROPOSED TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS FOR THE AFFORDABLE HOUSING COMPONENTS OF A 19-STORY, HIGH RISE MIXED USE COMMERCIAL AND RESIDENTIAL COMPLEX PROJECT TO BE LOCATED AT 249 NORTH WEST 6TH STREET, TO BE KNOWN AS "SAWYER'S LANDING OR BLOCK 55", BEING DEVELOPED BY THE DEVELOPER; SUCH ALLOCATION TO BE IN COMPLIANCE WITH ALL APPLICABLE FEDERAL, STATE OF FLORIDA, LOCAL, AND CITY LAWS, RULES, AND REGULATIONS FOR AFFORDABLE HOUSING PROJECTS, INCLUDING BUT NOT LIMITED TO THE CITY'S AFFORDABLE HOUSING BONDS PROJECTS STRATEGIES, THE TRANCHE 2 AFFORDABLE HOUSING INTENT TO REIMBURSE RESOLUTION, AND THE TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS; PROVIDING FOR AN EFFECTIVE DATE. City of Miami Legislation Resolution Enactment Number: R-21-0047 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 8413 Final Action Date:1/28/2021 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING AND DIRECTING THE CITY MANAGER TO ALLOCATE, UPON THE FULFILLMENT BY BLOCK 55 OWNER, LLC, A FLORIDA LIMITED LIABILITY COMPANY ("DEVELOPER"), OF ALL OF THE TERMS AND CONDITIONS SET FORTH IN THE COLLECTIVE MEMORANDA TO THE CITY OF MIAMI'S ("CITY") HOUSING AND COMMERCIAL LOAN COMMITTEE, ATTACHED AND INCORPORATED AS COMPOSITE EXHIBIT "A", FUNDING ON A REIMBURSEMENT BASIS IN AN AMOUNT NOT TO EXCEED FIVE MILLION DOLLARS ($5,000,000.00) FROM THE PROPOSED TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS FOR THE AFFORDABLE HOUSING COMPONENTS OF A 19-STORY, HIGH RISE MIXED USE COMMERCIAL AND RESIDENTIAL COMPLEX PROJECT TO BE LOCATED AT 249 NORTH WEST 6TH STREET, TO BE KNOWN AS "SAWYER'S LANDING OR BLOCK 55", BEING DEVELOPED BY THE DEVELOPER; SUCH ALLOCATION TO BE IN COMPLIANCE WITH ALL APPLICABLE FEDERAL, STATE OF FLORIDA, LOCAL, AND CITY LAWS, RULES, AND REGULATIONS FOR AFFORDABLE HOUSING PROJECTS, INCLUDING BUT NOT LIMITED TO THE CITY'S AFFORDABLE HOUSING BONDS PROJECTS STRATEGIES, THE TRANCHE 2 AFFORDABLE HOUSING INTENT TO REIMBURSE RESOLUTION, AND THE TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Miami City Commission expects to provide for the issuance by the City of Miami ("City") of its Tranche 2 taxable and tax-exempt limited ad valorem bonds payable from ad valorem taxes provided that the capital projects debt millage not exceed the rate of 0.5935 mills in accordance with the November 7, 2017 bond referendum approved by the voters, initially in an expected not to exceed total maximum principal amount of Forty Million Dollars ($40,000,000.00), in order to, among other things, reimburse the City for funds advanced by the City for certain expenses incurred with respect to capital projects to be undertaken by the City to improve affordable housing within the City's limits (collectively, "Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds"), all as indicated in a separate City Commission Resolution, the related City Manager's Memorandum, and the seven (7) Tranche 2 Affordable Housing Bonds Projects Strategies attached and incorporated therein and thereby (collectively, "Tranche 2 Affordable Housing Bonds Intent to Reimburse Resolution"); and WHEREAS, the City's Housing and Commercial Loan Committee ("HCLC") has set forth certain terms and conditions set forth in the attached and incorporated collective Memoranda during three (collectively, "HCLC Terms and Conditions for Block 55 Project Reimbursement Basis Funding") for City affordable housing funding, on a reimbursement basis, to be considered and allocated for specific affordable housing components of a 19-story high mixed use commercial and residential complex to be located at 249 North West 6th Street and to be known as "Sawyer's Landing" or "Block 55" to be developed by Block 55 Owner, LLC, a Florida limited liability company ("Developer"), which project participated in the City's pipeline affordable housing projects continuing requests for proposals as presented to HCLC; and WHEREAS, the Developer has requested and the City Commission has determined that it is in the best interests of the City to authorize and direct the City Manager, upon the fulfillment by the Developer of all of the terms and conditions set forth in the HCLC Terms and Conditions for Sawyer's Landing/Block 55 Project Reimbursement Basis Funding, attached and incorporated in Composite Exhibit "A", to fund, on a reimbursement basis, an amount not to exceed Five Million Dollars ($5,000.000.00) from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for the affordable housing components of the Sawyer's Landing/Block 55 Project being developed by the Developer; and WHEREAS, such allocation shall be in compliance with all applicable Federal, State of Florida ("State"), local, and City laws, rules, and regulations for affordable housing projects, including but not limited to the City's Tranche 2 Affordable Housing Bonds Projects Strategies, the Tranche 2 Affordable Housing Intent to Reimburse Resolution, and the Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY MIAMI, FLORIDA: Section 1. Recitals and Findings. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as fully set forth in this Section. Section 2. The City Commission hereby authorizes' and directs the City Manager to allocate, upon the fulfillment by the Developer of all terms and conditions of the HCLC Terms and Conditions Sawyer's Landing/Block 55 Project Reimbursement Basis Funding, funding on a reimbursement basis in an amount not to exceed Five Million Dollars ($5,000,000.00) from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for the Sawyer's Landing/Block 55 Project being developed by Developer, subject to compliance with all applicable Federal, State, local, and City laws, rules, and regulations for affordable housing projects, including but not limited to, the City's Tranche 2 Affordable Housing Bonds Projects Strategies, the Tranche 2 Affordable Housing Intent to Reimburse Resolution, and the Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds. Section 3. Effective Date. This Resolution shall take effect immediately upon its adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: ndez, ity ttor ey , 1/19/2021 1 The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to, those prescribed by 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.