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HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM File ID: #11917 Date: 04/28/2022 Commission Meeting Date: 04/28/2022 Type: Resolution Subject: HUD Subordination Agreement Purpose of Item: <Insert Purpose of Item Here> Background of Item: <Insert Background Here> Budget Impact Analysis Item has NOT an Expenditure Total Fiscal Impact: City Commission Legislative Division Office of the City Attorney Office of Management and Budget Office of the City Attorney Office of the City Clerk Maricarmen Lopez Valentin J Alvarez Amber Ketterer Marie Gouin Victoria Mendez City Clerk's Office Requesting Department: City Commission Sponsored By: Alex Diaz de la Portilla District Impacted: All Reviewed B Meeting Legislative Division Review ACA Review OMB Approved Form and Correctness Rendered Completed Completed Completed Completed Completed Completed 04/28/2022 9:00 AM 05/04/2022 9:45 AM 05/04/2022 12:04 PM 05/04/2022 4:38 PM 05/11/2022 10:36 AM 05/11/2022 2:20 PM City of Miami Legislation Resolution Enactment Number: R-22-0155 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 11917 Final Action Date:4/28/2022 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE CITY MANAGER TO EXECUTE A HOUSING AND URBAN DEVELOPMENT ("HUD") RIDER TO DECLARATION OF RESTRICTIVE COVENANTS WITH THE CITY OF MIAMI FOR THE AFFORDABLE HOUSING DEVELOPMENT LOCATED AT APPROXIMATELY 90 NORTHEAST 17 STREET, 70 NORTHEAST 17 STREET, AND 1642 NORTHEAST 1 AVENUE, MIAMI, FLORIDA, IN SUBSTANTIALLY THE ATTACHED FORM. WHEREAS, the owner of the property located at approximately 90 Northeast 17 Street, 70 Northeast 17 Street, and 1642 Northeast 1 Avenue Miami, Florida ("Property") proffered a Declaration of Restrictive Covenants ("Covenant") dated March 29, 2018 to the City of Miami's ("City") Planning Department pursuant to the public benefits program under the then Section 3.14.4(a)(1) of Ordinance No. 13114, the Zoning Ordinance of the City of Miami, Florida as amended ("Miami 21 Code"), which Covenant is attached and incorporated as Exhibit "A"; and WHEREAS, the Covenant was recorded on August 1, 2018 in Official Records Book 31084, Page 1411-1420, in the public records of Miami -Dade County; and WHEREAS, the Covenant restricted the development of the Property to provide a percentage of Workforce Housing serving residents at or below one -hundred forty percent (140%) Area Median Income ("AMI"), specifically ten percent (10%) of the units as Workforce Housing if the units are sold as condominium units or fourteen percent (14%) of the units as Workforce Housing if leased to tenants; and WHEREAS, in exchange for the Workforce Housing restriction pursuant to the Covenant, for each square foot of Workforce Housing provided on site, the development would be allowed two (2) square feet of additional area up to the bonus height and Floor Lot Ratio ("FLR"), as described in the then Section 3.14.1 of the Miami 21 Code; and WHEREAS, the City was informed that the property owner is obtaining a mortgage that will be insured by the United States Department of Housing and Urban Development ("HUD") and that HUD requires the City to execute the document ("Rider") attached and incorporated as Exhibit "B"; and WHEREAS, the City was further informed that the closing for this financing is fast approaching and the document required by HUD is necessary to allow the financing to move forward; and WHEREAS, the City Commission finds that it is in the best interest of the City to execute the Rider; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as if fully set forth in this Section. Section 2. The City Manager is hereby authorized' to execute a Housing and Urban Development ("HUD") Rider to Declaration of Restrictive Covenants with the City of Miami for the affordable housing development located at approximately 90 Northeast 17 Street, 70 Northeast 17 Street, and 1642 Northeast 1 Avenue, Miami, Florida, in substantially the attached form, attached and incorporated as Exhibit "B". Section 3. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: ndez, Ginty Attor ey 5/11/2022 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 applicable City Charter and City Code provisions.