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Home My WebLink AboutR-21-0222City of Miami Resolution R-21-0222 Legislation City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 9092 Final Action Date: 6/10/2021 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), BY A FOUR -FIFTHS (4/STHS) AFFIRMATIVE VOTE, AFTER AN ADVERTISED PUBLIC HEARING, RATIFYING, APPROVING, AND CONFIRMING THE CITY MANAGER'S FINDING, ATTACHED AND INCORPORATED AS EXHIBIT "A," THAT COMPETITIVE NEGOTIATION METHODS AND PROCEDURES ARE NOT PRACTICABLE OR ADVANTAGEOUS FOR THE CITY OF MIAMI ("CITY") PURSUANT TO SECTION 18- 86 OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED; WAIVING THE REQUIREMENTS FOR SAID PROCEDURES; SUBJECT TO THE RECEIPT BY THE CITY MANAGER OF THE APPROVAL OF THE PROJECT BY THE DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT AND THE CITY'S HOUSING AND COMMERCIAL LOAN COMMITTEE (COLLECTIVELY, "HCD/HCLC APPROVALS"), PROVIDED THAT SUCH APPROVALS ARE CONSISTENT WITH THE CITY COMMISSION APPROVAL; ALLOCATING 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 TO 8TH STREET PROPERTIES, LLC, A FLORIDA LIMITED LIABILITY COMPANY ("DEVELOPER"), FOR THE AFFORDABLE HOUSING COMPONENTS OF AN 8-STORY, HIGH RISE MIXED USE COMMERCIAL AND RESIDENTIAL COMPLEX PROJECT TO BE LOCATED AT 829 SOUTHWEST 8TH STREET, 845 SOUTHWEST 8TH STREET, AND 847 SOUTHWEST 8TH STREET TO BE KNOWN AS "ESSENCE MIAMI" ("PROJECT"), PROVIDED THAT THE DEVELOPER FULFILLS ALL OF THE TERMS AND CONDITIONS TO BE SET FORTH IN THE HCD/HCLC APPROVALS, WHICH SHALL BE CONSISTENT WITH THE CITY COMMISSION APPROVAL; 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 SEVEN (7) 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 (COLLECTIVELY, "LAWS"); SUBJECT TO THE RECEIPT BY THE CITY MANAGER OF THE HCD/HCLC APPROVALS; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, INCLUDING AMENDMENTS, EXTENSIONS, AND MODIFICATIONS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, SUBJECT TO COMPLIANCE WITH ALL LAWS AND SUBJECT TO THE DEVELOPER FULFILLING ALL OF THE TERMS AND CONDITIONS TO BE SET FORTH IN THE HCD/HCLC APPROVALS, IN ORDER TO ALLOCATE THE CITY'S MIAMI FOREVER BOND FUNDING TO THE PROJECT; PROVIDING FOR AN EFFECTIVE DATE. SPONSOR(S): Mayor Francis X. Suarez WHEREAS, the City Commission expects to issue 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 City of Miami Page 1 of 3 File ID: 9092 (Revision: A) Printed On: 5/27/2025 File ID: 9092 Enactment Number: R-21-0222 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 of Miami ("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 Resolution, the related City Manager's Memorandum, and the seven (7) Tranche 2 Affordable Housing Bonds Projects Strategies ("Bonds Strategies") attached and incorporated therein and thereby (collectively, "Intent to Reimburse Resolution"); and WHEREAS, the City Commission has previously allocated an amount not to exceed Seven Million Five Hundred Thousand Dollars ($7,500,000.00) to the development of the residential complex to be known as "Sawyer's Landing/Block 55" in District 5 pursuant to Resolution Nos. R-21-0047 and R-21-0209 and a total amount not to exceed Two Million Two Hundred Sixty -Six Thousand Fifty Seven Dollars and Fifty Cents ($2,266,057.50) for the development of single-family affordable housing in District 3 pursuant to Resolution No. R-21-0156; and WHEREAS, the proposed mixed -use development known as Essence Miami will be located at 829 Southwest 8th Street, 845 Southwest 8th Street, and 847 Southwest 8th Street and will provide no less than eighty-eight (88) affordable and/or workforce rental units in District 3 ("Project"); and WHEREAS, since the Project has not yet submitted a responsive and responsible proposal to the City's pipeline affordable housing projects continuing requests for proposals, the City's Housing and Commercial Loan Committee ("HCLC") has not yet reviewed the Project nor has the Department of Housing and Community Development ("HCD") reviewed a completed proposal for the Project in order for the Project to receive an allocation of funds, on a reimbursement basis, and therefore, any City Commission approval is subject to the approval of the Project by HCD and HCLC (collectively, "HCD/HCLC Approvals") and the Developer fulfilling, in a timely manner, any and all terms, requirements, and conditions to be set forth by HCLC in its memoranda and fulfilling all requirements in order to be in compliance with the Bond Strategies; and WHEREAS, after the HCD/HCLC Approvals are finalized, the Project will return to the City Commission for further review and approval in order to solidify the affordability requirements and restrictions and to address any additional issues that may arise; and WHEREAS, the Developer has requested and the City Manager has determined in his memorandum, attached and incorporated as Exhibit "A", that it is in the best interest of the City to waive competitive bidding and that it is in the best interest of the City 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 ("Bonds") for the affordable housing components of the Project being developed by the Developer provided that the Developer fulfills any and all of the terms and conditions to be set forth by the HCD/HCLC Approvals and fulfills all requirements in order to be in compliance with the Bond Strategies; and WHEREAS, such allocation shall 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 Bonds Strategies, the Intent to Reimburse Resolution, and City of Miami Page 2 of 3 File ID: 9092 (Revision: A) Printed on: 5/27/2025 File ID: 9092 Enactment Number: R-21-0222 the Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds (collectively, "Laws"); NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY MIAMI, FLORIDA: Section 1. 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. By a four -fifths (4/5ths) affirmative vote, after an advertised public hearing, the City Manager's determinations, finding, and recommendation, attached and incorporated as Exhibit "A," pursuant to Section 18-86 of the Code of the City of Miami, Florida, as amended, are ratified, approved, and confirmed and the City Commission hereby waives the requirements for said procedures. Section 3. Subject to the receipt by the City Manager of the HCD/HCLC Approvals, which shall be consistent with the City Commission approval, the City Commission hereby authorizes' and directs the City Manager to allocate funding on a reimbursement basis in an amount not to exceed Five Million Dollars ($5,000,000.00) from the proposed Bonds for the Project being developed by the Developer provided that the Developer fulfills any and all terms and conditions to be set forth in the HCD/HCLC Approvals, which shall be consistent with the City Commission approval, and subject to compliance with all Laws. Section 4. Subject to the receipt by the City Manager of the HCD/HCLC Approvals, the City Manager is authorized' to negotiate and execute any and all necessary documents, including amendments, extensions, and modifications, all in forms acceptable to the City Attorney and Bond Counsel, subject to compliance with all Laws and subject to the Developer fulfilling all of the terms and conditions to be set forth in the HCD/HCLC Approvals, in order to allocate the City's Miami Forever Bond funding to the Project. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: end" ez, City Httor ey 6/18/2021 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 applicable City Charter and City Code provisions. City of Miami Page 3 of 3 File ID: 9092 (Revision: A) Printed on: 5/27/2025