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HomeMy WebLinkAboutAgenda Item Cover PageAGENDA ITEM COVER PAGE File ID: #11381 Resolution Sponsored by: Commissioner Christine King A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), ALLOCATING FUNDING ON A REIMBURSEMENT BASIS TO CITADELLE VILLAGE, LLC, A FLORIDA LIMITED LIABILITY COMPANY ("DEVELOPER"), IN AN AMOUNT NOT TO EXCEED TWO MILLION DOLLARS ($2,000,000.00) FROM THE PROPOSED TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS FOR THE AFFORDABLE HOUSING COMPONENTS OF A TWELVE (12) STORY, MIXED -USE MULTIFAMILY RENTAL PROJECT TO BE LOCATED AT 181 NORTHEAST 82 STREET TO BE KNOWN AS "CITADELLE VILLAGE" BEING DEVELOPED BY THE DEVELOPER; SUCH ALLOCATION MUST BE IN COMPLIANCE WITH THE HOUSING AND COMMERCIAL LOAN COMMITTEE MEMORANDUM, AS AMENDED, ATTACHED AND INCORPORATED AS EXHIBIT "A," AND ALL APPLICABLE FEDERAL, STATE OF FLORIDA, LOCAL, AND CITY OF MIAMI ("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; 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, FOR SAID PURPOSE; PROVIDING FOR AN EFFECTIVE DATE. City of Miami Legislation Resolution Enactment Number: R-22-0043 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 11381 Final Action Date:2/10/2022 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), ALLOCATING FUNDING ON A REIMBURSEMENT BASIS TO CITADELLE VILLAGE, LLC, A FLORIDA LIMITED LIABILITY COMPANY ("DEVELOPER"), IN AN AMOUNT NOT TO EXCEED TWO MILLION DOLLARS ($2,000,000.00) FROM THE PROPOSED TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS FOR THE AFFORDABLE HOUSING COMPONENTS OF A TWELVE (12) STORY, MIXED -USE MULTIFAMILY RENTAL PROJECT TO BE LOCATED AT 181 NORTHEAST 82 STREET TO BE KNOWN AS "CITADELLE VILLAGE" BEING DEVELOPED BY THE DEVELOPER; SUCH ALLOCATION MUST BE IN COMPLIANCE WITH THE HOUSING AND COMMERCIAL LOAN COMMITTEE MEMORANDUM, AS AMENDED, ATTACHED AND INCORPORATED AS EXHIBIT "A," AND ALL APPLICABLE FEDERAL, STATE OF FLORIDA, LOCAL, AND CITY OF MIAMI ("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; 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, FOR SAID PURPOSE; 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"); and WHEREAS, the City Commission expects to provide for the issuance by the 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 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 approved certain terms and conditions set forth in the attached and incorporated memoranda ("HCLC Memo") for a loan to be disbursed on a reimbursement basis to construct the affordable housing components of a twelve (12) story mixed use multifamily residential affordable housing complex to be located at 181 Northeast 82 Street and to be known as "Citadelle Village" that will be developed by Citadelle Village, LLC, a Florida limited liability company ("Developer"); and WHEREAS, the Developer participated in the City's pipeline affordable housing projects continuing requests for proposals which was presented to and approved by HCLC; and WHEREAS, since the HCLC Memo was approved, the Developer, pursuant to its January 19, 2022 letter, amended its loan request to $2,000,000.00 in Miami Forever Bond funds; and WHEREAS, pursuant to Resolution No. R-21-0046, which is the City's intent to reimburse resolution for Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds, the City Commission authorized $40,000,000.00 to be the not to exceed total maximum principal amount of Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds; 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 known as "Sawyer's Landing" or "Block 55" in District 5, 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, a total amount not to exceed Five Million Dollars ($5,000,000.00) for the development of the affordable housing rental project known as "Essence Miami" in District 3, and a total amount not to exceed One Million Five Hundred Five Thousand Dollars ($1,505,00.00) for land acquisition for affordable housing in District 4; 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 in accordance with the HCLC Memo, as amended, attached and incorporated as Exhibit "A", to fund, on a reimbursement basis, an amount not to exceed Two Million Dollars ($2,000.000.00) from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for the affordable housing components of the Citadelle Village 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. 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 in accordance with the terms and conditions of the HCLC Memo, as amended, funding on a reimbursement basis in an amount not to exceed Two Million Dollars ($2,000,000.00) from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for the Citadelle Village project being developed by Developer, subject to compliance with the HCLC Memo, attached and incorporated as Exhibit "A," and 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. 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, for said purpose. Section 4. This Resolution shall take effect immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: ndez, ity Attor ey 2/1/2022 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.