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HomeMy WebLinkAboutLegislation SUB,1F r miles III r ti, rfrxr THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT END OF THIS DOCUMENT. City of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 avww.miamigov.corn File Number: 11381 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING AND DIRECTING THE CITY MANAGER TO ALLOCATE 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 M1AM1 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 AND 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 MANAGR TO. NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, 1NC #JD1i AMENDMENTS, EXTENSIONS, AND MODIFICATIONS, ALL IN FORMS c7"' m ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, FOR SAID-j': = PURPOSE; PROVIDING FOR AN EFFECTIVE DATE. SPONSOR(S): Commissioner Christine King - WHEREAS, on March 14, 2019, pursuant to Resolution Nos, R-19-0062 aid 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 City of Miami Page i of 3 File ID: 113E11 (Revision: ) Printed On: xa 1.7 on 0 11381 Legislation -SUB THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT END OF THIS DOCUMENT. File ID: 11381 Enactment Number: 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 ("HC`L' r) has m 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 tom 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 Citadefl4iVilla e, LLC, a Florida limited liability company ("Developer"); and WHEREAS, the Developer participated in the City's pipeline affordable housing projects continuing requests for proposals and 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 and to be 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 Menlo, as amended, attached and incorporated City of Miami Page 2 of 3 File 10: 11381 (Revision: } Printed on: THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT END OF THIS DOCUMENT. File ID: 11381 Enactment Number: 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 M1AM1, 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 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.O0) 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 adoptfan. r*r 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. ri s-� 711 0 City of Miami Page 3 of 3 File ID: 11381 (Revision:) Printed on: City of Miami Legislation Resolution: City Hall 3500 Pan American Dri Miami, FL 33133 www.miamigov. im File Number: 11381 Final Acti A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTAC AUTHORIZING AND DIRECTING THE CITY MANAGER TO ALLO FUNDING ON A REIMBURSEMENT BASIS TO CITADELLE VIL FLORIDA LIMITED LIABILITY COMPANY ("DEVELOPER"), IN NOT TO EXCEED TWO MILLION DOLLARS ($2,000,000.00 PROPOSED TRANCHE 2 MIAMI FOREVER AFFORDABL LIMITED AD VALOREM BONDS FOR THE AFFORDAB COMPONENTS OF A TWELVE (12) STORY, MIXED-U RENTAL PROJECT TO BE LOCATED AT 181 NORT TO BE KNOWN AS "CITADELLE VILLAGE" BEING DEVELOPER; SUCH ALLOCATION MUST BE I HOUSING AND COMMERCIAL LOAN COMM AMENDED, ATTACHED AND INCORPORAT APPLICABLE FEDERAL, STATE OF FLOR ("CITY") LAWS, RULES, AND REGULAT PROJECTS, INCLUDING BUT NOT LI HOUSING BONDS PROJECTS STR AFFORDABLE HOUSING INTENT TRANCHE 2 MIAMI FOREVER A VALOREM BONDS; AUTHORI AND EXECUTE ANY AND A AMENDMENTS, EXTENSI ACCEPTABLE TO THE C PURPOSE; PROVIDIN n Date: MENT(S), ATE GE, LLC, A N AMOUNT ROM THE HOUSING HOUSING E MULTIFAMILY EAST 82 STREET AND EVELOPED BY THE OMPLIANCE WITH THE EE MEMORANDUM, AS D AS EXHIBIT "A," AND ALL A, LOCAL, AND CITY OF MIAMI NS FOR AFFORDABLE HOUSING TED TO THE CITY'S AFFORDABLE EGIES, THE TRANCHE 2 O REIMBURSE RESOLUTION, AND THE ORDABLE HOUSING LIMITED AQ, G THE CITY MANAGER TO NEGOM�`MAT NECESSARY DOCUMENTS, INCLUpl3G -n S, AND MODIFICATIONS, ALL IN FORMS c Y ATTORNEY AND BOND COUNSEL, FOB SAID FOR AN EFFECTIVE DATE. SPONSOR(S): Commission- Christine King WHEREAS, on M the City Commission au 2017 Bond Referendu taxable and tax-exe Million Dollars ($4 Taxable Limited exempt and t Dollars ($10 ("Affordab rev eh 14, 2019, pursuant to Resolution Nos. R-19-0062 and R 1:9-01-11, orized the initiation of validation proceedings for the November 7, (''Voter Referendum') and the issuance of the City of Miami's ("City') pt bonds in the aggregate principal amount not exceeding Four Hundred 000,000.00) in one or more separate series of City Tax -Exempt and d Valorem Tax Bonds (collectively, "Miami Forever Bonds"), including tax- able bonds in one or more separate series not exceeding One Hundred Million 000,000.00) for affordable housing and economic development capital projects Housing and Economic Development Bonds"); and HEREAS, the City Commission expects to provide for the issuance by the City of its Tra he 2 taxable and tax-exempt limited ad valorem bonds payable from ad valorem taxes prr vided that the capital projects debt miilage not exceed the rate of 0.5935 mills in accordance ith 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 City of Miami age 1 of 3 Fife ID: 11381 (Revision: ) Printed On: 21712022 File ID: 11301 Enactment Number: 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 Afforda Housing Bonds Intent to Reimburse Resolution"); and WHEREAS, the City's Housing and Commercial Loan Committee ("HCLC") approved certain terms and conditions set forth in the attached and incorporated ("HCLC Memo") for a forgivable loan to be disbursed on a reimbursement basis affordable housing components of a twelve (12) story mixed use multifamily r affordable housing complex to be located at 181 Northeast 82 Street and to "Citadelle Village" that will be developed by Citadelle Village, LLC, a Flori company ("Developer"); and moranda construct the idential e known as limited liability WHEREAS, the Developer participated in the City's pipeline ordable housing projects continuing requests for proposals and was presented to and appr■ ed by HCLC; and WHEREAS, since the HCLC Memo was approved, the reveloper, pursuant to its January 19, 2022 letter, amended its loan request to $2,000 400.00 in Miami Forever Bond funds; and WHEREAS, pursuant to Resolution No. R-21-i 546, which is the City's intent to--; reimburse resolution for Tranche 2 Miami Forever A P •rdabfe Housing Limited Ad Vali:item Bonds, the City Commission authorized $40,000,0%0,00 to be the not to exceed tots axirr utn ' principal amount of Tranche 2 Miami Forever A •rdable Housing Limited Ad ValorerrfEandst and WHEREAS, for Tranche 2, the Cit ommission has allocated an amount not1O. exceed s'1 Seven Million Five Hundred Thousand I>r.11ars ($7,500,000.00) to the development °Titre ."� residential complex to be located at 24'Y Northwest 6th Street and to be known as "Saw.yer's=, Landing" or "Block 55" in District 5, otal amount not to exceed Two Million Two Hundred Sixty -Six Thousand Fifty Seven D* ars and Fifty Cents ($2,266,057.50) for the development of single-family affordable housing District 3, a total amount not to exceed Five Million Dollars ($5,000,000.00) for the develo' ment of the affordable housing rental project known as "Essence Miami" in District 3, and a to : amount not to exceed One Million Five Hundred Five Thousand Dollars ($1,505,00.00) for nd acquisition for affordable housing in District 4; and WHEREAS, th= ■eveloper has requested and the City Commission has determined that it is in the best intere s of the City to authorize and direct the City Manager in accordance with the HCLC Memo, amended, attached and incorporated as Exhibit "A", to fund, on a reimbursement •.-sis, an amount not to exceed Two Million Dollars ($2,000.000.00) from the proposed Tran- e 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for the affordable h sing components of the Citadelle Village project being developed by the Developer nd HEREAS, such allocation shall be in compliance with all applicable Federal, State of Flori•. ["State"), local, and City laws, rules, and regulations for affordable housing projects, inc ding but not limited to the City's Tranche 2 Affordable Housing Bonds Projects Strategies, t►e Tranche 2 Affordable Housing Intent to Reimburse Resolution, and the Tranche 2 Miami orever Affordable Housing Limited Ad Valorem Bonds; City of Miami Page 2 of 3 File ID: 11381 (Revision:) Printed on: 21712022 File fD: 11381 Enactment plumber: 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 Preambl 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 Mana• -r to allocate in accordance with the terms and conditions of the HCLC Memo, as amende. funding on a reimbursement basis in an amount not to exceed Two Million Dollars ($2,000,ir f0.00) from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem :.nds for the Citadelle Village project being developed by Developer, subject to compliance „ith the HCLC Memo, attached and incorporated as Exhibit "A," and all applicable Federal, ate, local, and City laws, rules, and regulations for affordable housing projects, including b.t not limited to, the City's Tranche 2 Affordable Housing Bonds Projects Strategies, the Tran e 2 Affordable Housing Intent to Reimburse Resolution, and the Tranche 2 Miami For. er Affordable Housing Limited Ad Valorem Bonds. Section 3. The City Manager is authorized' to negotiate ar. execute any and all necessary documents, including amendments, extensions, and odifications, all in forms acceptable to the City Attorney and Bond Counsel, for said p pose. Section 4. This Resolution shall take effect immeately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS ty'ttor ey 2!t/ '22 eb he 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. i c• City of Miami Page 3 of 3 File ID: 11381 (Revision:) Printed on: 2/7/2022