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HomeMy WebLinkAboutAgenda Item Cover PageAGENDA ITEM COVER PAGE File ID: #10701 Resolution Sponsored by: Commissioner Ken Russell A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENTS, BY A FOUR -FIFTHS (4/5THS) 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 18-85(A) OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED; WAIVING THE REQUIREMENTS FOR SAID PROCEDURES; ALLOCATING FUNDING IN THE FORM OF A FORGIVABLE LOAN IN AN AMOUNT NOT TO EXCEED TWO MILLION DOLLARS ($2,000,000.00) IN AMERICAN RESCUE PLAN ACT OF 2021 ("ARPA") FUNDS TO CASA VALENTINA, INC., A FLORIDA NOT FOR PROFIT CORPORATION ("DEVELOPER"), FOR THE DEVELOPER TO ACQUIRE ONE (1) OR MORE OF THE PARCELS DESCRIBED IN EXHIBIT "B," ATTACHED AND INCORPORATED, ON WHICH THE DEVELOPER WILL CAUSE TO BE CONSTRUCTED A NEW AFFORDABLE HOUSING DEVELOPMENT THAT WILL CONTAIN NO LESS THAN FIFTY (50) CITY -ASSISTED RESIDENTIAL RENTAL UNITS FOR ELIGIBLE RESIDENTS WHOSE ANNUAL INCOME IS EQUAL TO OR LESS THAN EIGHTY PERCENT (80%) OF AREA MEDIAN INCOME AS PUBLISHED ANNUALLY BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT TO BE KNOWN AS CASA VALENTINA ("PROJECT"), SUBJECT TO THE RECEIPT BY THE CITY MANAGER OF THE APPROVAL OF THE PROJECT BY THE CITY'S HOUSING AND COMMERCIAL LOAN COMMITTEE ("HCLC APPROVAL") AND SUBJECT TO THE TERMS, CONDITIONS, AND RESTRICTIONS CONTAINED HEREIN AND IN THE HCLC APPROVAL; 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, SUBJECT TO COMPLIANCE WITH ALL APPLICABLE FEDERAL, STATE OF FLORIDA, LOCAL, AND CITY LAWS, RULES, AND REGULATIONS FOR AFFORDABLE HOUSING PROJECTS AND ARPA FUNDS AND SUBJECT TO THE DEVELOPER FULFILLING ALL OF THE TERMS AND CONDITIONS SET FORTH IN THE HCLC APPROVAL, IN ORDER TO ALLOCATE THE CITY'S ARPA FUNDING TO THE PROJECT IN THE FORM OF A FORGIVABLE LOAN; PROVIDING FOR AN EFFECTIVE DATE. City of Miami Legislation Resolution Enactment Number: R-21-0427 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 10701 Final Action Date:10/14/2021 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENTS, 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 18-85(A) OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED; WAIVING THE REQUIREMENTS FOR SAID PROCEDURES; ALLOCATING FUNDING IN THE FORM OF A FORGIVABLE LOAN IN AN AMOUNT NOT TO EXCEED TWO MILLION DOLLARS ($2,000,000.00) IN AMERICAN RESCUE PLAN ACT OF 2021 ("ARPA") FUNDS TO CASA VALENTINA, INC., A FLORIDA NOT FOR PROFIT CORPORATION ("DEVELOPER"), FOR THE DEVELOPER TO ACQUIRE ONE (1) OR MORE OF THE PARCELS DESCRIBED IN EXHIBIT "B," ATTACHED AND INCORPORATED, ON WHICH THE DEVELOPER WILL CAUSE TO BE CONSTRUCTED A NEW AFFORDABLE HOUSING DEVELOPMENT THAT WILL CONTAIN NO LESS THAN FIFTY (50) CITY -ASSISTED RESIDENTIAL RENTAL UNITS FOR ELIGIBLE RESIDENTS WHOSE ANNUAL INCOME IS EQUAL TO OR LESS THAN EIGHTY PERCENT (80%) OF AREA MEDIAN INCOME AS PUBLISHED ANNUALLY BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT TO BE KNOWN AS CASA VALENTINA ("PROJECT"), SUBJECT TO THE RECEIPT BY THE CITY MANAGER OF THE APPROVAL OF THE PROJECT BY THE CITY'S HOUSING AND COMMERCIAL LOAN COMMITTEE ("HCLC APPROVAL") AND SUBJECT TO THE TERMS, CONDITIONS, AND RESTRICTIONS CONTAINED HEREIN AND IN THE HCLC APPROVAL; 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, SUBJECT TO COMPLIANCE WITH ALL APPLICABLE FEDERAL, STATE OF FLORIDA, LOCAL, AND CITY LAWS, RULES, AND REGULATIONS FOR AFFORDABLE HOUSING PROJECTS AND ARPA FUNDS AND SUBJECT TO THE DEVELOPER FULFILLING ALL OF THE TERMS AND CONDITIONS SET FORTH IN THE HCLC APPROVAL, IN ORDER TO ALLOCATE THE CITY'S ARPA FUNDING TO THE PROJECT IN THE FORM OF A FORGIVABLE LOAN; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the proposed residential development known as Casa Valentina will be located at approximately 3129 Mundy Street, 3133 Mundy Street, 3135 Mundy Street, 3145 Mundy Street, 3147 Mundy Street, and 3153 Mundy Street in Miami, Florida and likely at several other parcels, which are all set forth in Exhibit "B," attached and incorporated (collectively, "Property"), that Casa Valentina, Inc., a Florida not for profit corporation ("Developer"), is currently negotiating to purchase and which will provide no fewer than fifty (50) City -assisted affordable rental units ("City -Assisted Units") in District 2 ("Project"); and WHEREAS, the Developer proposes to develop and use the Property exclusively for affordable rental housing; and WHEREAS, in exchange for the City providing an amount not to exceed Two Million Dollars ($2,000,000.00) in American Rescue Plan Act of 2021 ("ARPA") funds in the form of a forgivable loan for the acquisition of a portion(s) of the Property, the Developer will construct and cause the City -Assisted Units to be occupied by eligible residents whose annual income is equal to or less than eighty percent (80%) of area median income ("AMI") as published annually by the United States Department of Housing and Urban Development ("HUD") ("Eligible Residents") for a period of no less than thirty (30) years commencing on the date on which the Project has obtained all of the required Certificates of Occupancy (or Temporary Certificates of Occupancy, if applicable) and all City -Assisted Units have been leased to Eligible Residents; and WHEREAS, the City's Housing and Commercial Loan Committee ("HCLC") has not yet reviewed a completed proposal for the Project in order for the Project to receive a forgivable loan of ARPA funds and, therefore, any City Commission approval is subject to the approval of the Project by HCLC ("HCLC Approval") and the Developer fulfilling, in a timely manner, any and all terms, requirements, and conditions set forth in the HCLC Approval; and WHEREAS, this forgivable loan is subject to City's ARPA funds shall remaining in escrow or with the City until the closing date of the acquisition of the Property and the City shall record or cause to be recorded a declaration of restrictive covenants that shall run with the land and shall set forth the affordability restrictions of the Project ("Covenant"), which Covenant shall have senior lien priority to any and all liens associated with the financing related to the Project; and WHEREAS, the Project shall commence construction within twelve (12) months of the date of adoption of this Resolution, the Project shall obtain all Certificates of Occupancy (or Temporary Certificates of Occupancy, as applicable) required for the Project within eighteen (18) months of the adoption of this Resolution, and the Project shall have all City -Assisted Units rented by Eligible Residents within twelve (12) months after the issuances of the Project's Certificates of Occupancy or Temporary Certificates of Occupancy, whichever shall occur first, but in no event later than thirty (30) months from the adoption of this Resolution (collectively, "Benchmarks"), which Benchmarks may be modified by HCLC in HCLC's sole discretion; 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 allocate, in the form of a forgivable loan, an amount not to exceed Two Million Dollars ($2,000,000.00) in ARPA funds 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 set forth by the HCLC Approval; and WHEREAS, such forgivable loan 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 ARPA (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 18-85 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 HCLC Approval and the requirements contained herein, the City Commission hereby authorizes' and directs the City Manager to allocate funding in the form of a forgivable loan in an amount not to exceed Two Million Dollars ($2,000,000.00) in ARPA funds for the Project being developed by the Developer, provided that the Developer fulfills any and all terms and conditions set forth in the HCLC Approval and subject to compliance with all Laws. Section 4. Subject to the receipt by the City Manager of the HCLC Approval, 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, subject to compliance with all Laws and subject to the Developer fulfilling all of the terms and conditions of the HCLC Approval, in the form of a forgivable loan to the Developer. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: ndez, ity Attor ey 10/1/2021 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.