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HomeMy WebLinkAboutAgenda Item Cover PageAGENDA ITEM COVER PAGE File ID: #9016 Resolution Sponsored by: Mayor Francis Suarez A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENTS, ALLOCATING FUNDING, ON A REIMBURSEMENT BASIS, IN AN AMOUNT NOT TO EXCEED FIFTEEN MILLION DOLLARS ($15,000,000.00) FROM THE PROPOSED TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS ("BONDS") FOR FUNDING THROUGH THE AFFORDABLE HOUSING MIAMI FOREVER BONDS PROJECTS STRATEGIES' CITY ACQUISITION OF LAND STRATEGY ("ACQUISITION STRATEGY"), ATTACHED AND INCORPORATED AS EXHIBIT "A"; FURTHER ALLOCATING FUNDING, ON A REIMBURSEMENT BASIS, IN AN AMOUNT NOT TO EXCEED TEN MILLION DOLLARS ($10,000,000.00) FROM THE BONDS FOR FINANCIAL ASSISTANCE THROUGH THE AFFORDABLE HOUSING MIAMI FOREVER BONDS PROJECTS STRATEGIES' AFFORDABLE NEW CONSTRUCTION RENTAL STRATEGY ("RENTAL STRATEGY"), ATTACHED AND INCORPORATED AS EXHIBIT "B," FOR PROJECTS THAT HAVE APPLIED FOR AND HAVE RECEIVED LOW INCOME HOUSING TAX CREDITS; ALL ALLOCATIONS MUST BE IN COMPLIANCE WITH ALL APPLICABLE FEDERAL, STATE OF FLORIDA ("STATE"), LOCAL, AND CITY OF MIAMI ("CITY") LAWS, RULES, AND REGULATIONS FOR AFFORDABLE HOUSING PROJECTS, INCLUDING BUT NOT LIMITED TO THE CITY'S AFFORDABLE HOUSING MIAMI FOREVER BONDS PROJECTS STRATEGIES, THE MIAMI FOREVER LIMITED AD VALOREM BONDS FINAL VALIDATION ORDER OF DECEMBER 16, 2019, THE TRANCHE 2 AFFORDABLE HOUSING INTENT TO REIMBURSE RESOLUTION, AND THE BONDS (COLLECTIVELY, "LAWS"), AND THESE ALLOCATIONS ARE IN ADDITION TO THE AMOUNTS PREVIOUSLY ALLOCATED FOR THE PREVIOUSLY ALLOCATED PROJECTS; FURTHER DIRECTING THE CITY MANAGER AND THE CITY OF MIAMI'S ADMINISTRATION TO DEVELOP AND REVISE, AS NECESSARY OR APPROPRIATE, ANY AND ALL NECESSARY DOCUMENTS, RULES, REQUIREMENTS, GUIDELINES, AND REGULATIONS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, IN ORDER TO IMPLEMENT THE FUNDING UNDER THE ACQUISITION STRATEGY AND RENTAL STRATEGY (COLLECTIVELY, "STRATEGIES"), SUBJECT TO ALL LAWS THAT REGULATE THE USE OF SUCH FUNDS; THE FORGOING IS SUBJECT TO THE CITY MANAGER IDENTIFYING AND PRESENTING TO THE CITY COMMISSION THE SPECIFIC PROJECTS FOR THE STRATEGIES THAT WILL BE RECEIVING BOND FUNDS PURSUANT HERETO; PROVIDING FOR AN EFFECTIVE DATE. City of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 9016 Final Action Date:9/13/2021 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENTS, ALLOCATING FUNDING, ON A REIMBURSEMENT BASIS, IN AN AMOUNT NOT TO EXCEED FIFTEEN MILLION DOLLARS ($15,000,000.00) FROM THE PROPOSED TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS ("BONDS") FOR FUNDING THROUGH THE AFFORDABLE HOUSING MIAMI FOREVER BONDS PROJECTS STRATEGIES' CITY ACQUISITION OF LAND STRATEGY ("ACQUISITION STRATEGY"), ATTACHED AND INCORPORATED AS EXHIBIT "A"; FURTHER ALLOCATING FUNDING, ON A REIMBURSEMENT BASIS, IN AN AMOUNT NOT TO EXCEED TEN MILLION DOLLARS ($10,000,000.00) FROM THE BONDS FOR FINANCIAL ASSISTANCE THROUGH THE AFFORDABLE HOUSING MIAMI FOREVER BONDS PROJECTS STRATEGIES' AFFORDABLE NEW CONSTRUCTION RENTAL STRATEGY ("RENTAL STRATEGY"), ATTACHED AND INCORPORATED AS EXHIBIT "B," FOR PROJECTS THAT HAVE APPLIED FOR AND HAVE RECEIVED LOW INCOME HOUSING TAX CREDITS; ALL ALLOCATIONS MUST BE IN COMPLIANCE WITH ALL APPLICABLE FEDERAL, STATE OF FLORIDA ("STATE"), LOCAL, AND CITY OF MIAMI ("CITY") LAWS, RULES, AND REGULATIONS FOR AFFORDABLE HOUSING PROJECTS, INCLUDING BUT NOT LIMITED TO THE CITY'S AFFORDABLE HOUSING MIAMI FOREVER BONDS PROJECTS STRATEGIES, THE MIAMI FOREVER LIMITED AD VALOREM BONDS FINAL VALIDATION ORDER OF DECEMBER 16, 2019, THE TRANCHE 2 AFFORDABLE HOUSING INTENT TO REIMBURSE RESOLUTION, AND THE BONDS (COLLECTIVELY, "LAWS"), AND THESE ALLOCATIONS ARE IN ADDITION TO THE AMOUNTS PREVIOUSLY ALLOCATED FOR THE PREVIOUSLY ALLOCATED PROJECTS; FURTHER DIRECTING THE CITY MANAGER AND THE CITY OF MIAMI'S ADMINISTRATION TO DEVELOP AND REVISE, AS NECESSARY OR APPROPRIATE, ANY AND ALL NECESSARY DOCUMENTS, RULES, REQUIREMENTS, GUIDELINES, AND REGULATIONS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, IN ORDER TO IMPLEMENT THE FUNDING UNDER THE ACQUISITION STRATEGY AND RENTAL STRATEGY (COLLECTIVELY, "STRATEGIES"), SUBJECT TO ALL LAWS THAT REGULATE THE USE OF SUCH FUNDS; THE FORGOING IS SUBJECT TO THE CITY MANAGER IDENTIFYING AND PRESENTING TO THE CITY COMMISSION THE SPECIFIC PROJECTS FOR THE STRATEGIES THAT WILL BE RECEIVING BOND FUNDS PURSUANT HERETO; PROVIDING FOR AN EFFECTIVE DATE. 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 ("Voter 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 (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) was proposed for the first tranche; and WHEREAS, as set forth in Resolution No. R-21-0156, the City Commission expects to provide for the issuance of the City's 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 Miami Forever Bonds Projects Strategies attached and incorporated therein and thereby (collectively, "Tranche 2 Affordable Housing Bonds Intent to Reimburse Resolution"); and WHEREAS, for all series of the Affordable Housing and Economic Development Bonds, Resolution Nos. R-19-0111, R-19-0325, and R-20-0337 set forth the aforementioned seven (7) Affordable Housing Miami Forever Bonds Projects Strategies 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, the City Acquisition of Land Strategy ("Acquisition Strategy") permits the City to acquire buildable vacant parcels of land suitable for the development of mixed use/mixed income affordable rental or homeownership developments/units to be built by the City or by organizations that have been procured through a competitive process; and WHEREAS, the City Commission has set forth certain requirements, terms, and conditions that are set forth in the City Acquisition of Land Program Summary, attached and incorporated as Exhibit "A," for certain costs/activities that are eligible for City funding under the Acquisition Strategy; and WHEREAS, the Affordable New Construction Rental Strategy ("Rental Strategy") provides construction and permanent financing to assist in part with the development of affordable multifamily rental projects containing units affordable to extremely low income, very low income, low income, and workforce development income levels individuals and families; and WHEREAS, the City Commission has set forth certain requirements, terms, and conditions that are set forth in the Affordable New Construction Rental Strategy Program Summary, attached and incorporated as Exhibit "B," for certain costs/activities that are eligible for City funding under the Rental Strategy; and WHEREAS, for Tranche 2, the City Commission has 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 located at 249 Northwest 6th Street and to be known as "Sawyer's Landing" or "Block 55" in District 5 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 (collectively, "Previously Allocated Projects"); and WHEREAS, the City Commission has determined that it is in the best interests of the City in accordance with the Voter Referendum, the Miami Forever Limited Ad Valorem Bonds Final Validation Order of December 16, 2019 ("Bonds Validation Order"), and the Tranche 2 Affordable Housing Bonds Intent to Reimburse Resolution, all attached and incorporated in Composite Exhibit "C," to authorize and allocate, on a reimbursement basis, an amount not to exceed Fifteen Million Dollars ($15,000,000.00) from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds ("Bonds") for certain costs/activities that are eligible for City funding under the Acquisition Strategy, provided that the specific projects, for the Acquisition Strategy, that will be receiving bond funds pursuant hereto will be identified and presented to the City Commission at a future meeting prior to said projects receiving Bonds, and an amount not to exceed Ten Million Dollars ($10,000,000.00) from the proposed Bonds for certain costs/activities that are eligible for City funding under the Rental Strategy, provided that the specific projects, for the Rental Strategy, that will be receiving bond funds pursuant hereto will be identified and presented to City Commission at a future meeting prior to said projects receiving Bonds, and provided that said projects have applied for and have received Low Income Housing Tax Credits ("LIHTC"); and WHEREAS, such allocations 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 Miami Forever Bonds Projects Strategies, the Tranche 2 Affordable Housing Intent to Reimburse Resolution, and the 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. The City Commission hereby authorizes' and directs the City Manager to allocate funding, on a reimbursement basis, in an amount not to exceed Fifteen Million Dollars ($15,000,000.00) from the proposed Bonds for financial assistance through the Affordable Housing Miami Forever Bonds Projects Strategies' Acquisition Strategy, attached and incorporated as Exhibit "A," subject to compliance with all Laws, and this allocation is in addition to the amount previously allocated for the Previously Allocated Projects. Section 3. The City Commission hereby authorizes' and directs the City Manager to allocate funding, on a reimbursement basis, in an amount not to exceed Ten Million Dollars ($10,000,000.00) from the proposed Bonds for financial assistance through the Affordable Housing Miami Forever Bonds Projects Strategies' Rental Strategy, attached and incorporated as Exhibit "B," for projects that have applied for and received LIHTC, subject to compliance with all applicable Laws, and this allocation is in addition to the amount previously allocated for the Previously Allocated Projects. Section 4. The City Manager is directed to develop and revise, as necessary or appropriate, any and all necessary documents, rules, requirements, guidelines, and regulations, all in forms acceptable to the City Attorney and Bond Counsel, in order to implement the funding under the Rental Strategy and Acquisition Strategy (collectively, "Strategies"), subject to all Laws that regulate the use of such funds. 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. Section 5. The forgoing is subject to the City Manager identifying and presenting to the City Commission the specific projects, under the Strategies, that will be receiving bond funds pursuant hereto. Section 6. 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 5/4/2021 Barnaby I_. Min, Deputy City Attorney 6/1/2021 ndez, ity Attor ey 5/1872021 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.