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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:
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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
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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.
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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.
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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