HomeMy WebLinkAboutExhibit ACITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO: Arthur Noriega V.,
City Manager
FROM: George Mensah, ā¯‘irector.
Dpt. of Housing and Community Development REFERENCES:
DATE: June 28, 2022 FILE
SUBJECT: Allocation of $3,500,000 to
Wynwood Works Project
ENCLOSURES:
BACKGROUND
Due to the continuous decrease of available affordable housing in the City of Miami in the last few
years, the City Commission will review for approval on July 14, 2022 the allocation of Three Million
Five Hundred Thousand dollars ($3,500,000.00) from the proposed Tranche 2 Miami Forever
Affordable Housing Limited Ad Valorem Bonds to Wynwood Works, LLC., a Florida Limited
Liability Company ("Developer"), for the affordable housing component of a twelve story high-rise,
mixed -use, commercial and residential complex project.
On September 24, 2020, the Omni Redevelopment District Community Redevelopment Agency
("CRA") as part of its efforts to beautify the OMNI Community Redevelopment District approved
OMNI CRA Resolution CRA-R-20-0013, which authorized the execution of a Development
Agreement with Magellan Housing, LLC, now known as Wynwood Works, LLC (the 'Developer")
for the development of the property with addresses at 2035, 2037, and 2043 North Miami Avenue,
Miami, Florida.
The development will include 12 affordable units at 30% Area Median income ("AMI"), 12
units at 50% AMI and 96 units at 120% of AMI as calculated on an annual basis by the
Department of Housing and Urban Development ("HUD").
The development currently has all financing in place except an amount of $3.5 million from
the Wynwood Public Benefit Trust and an additional $3.5 million from the City's Affordable
General Obligation Bond. As this developer is familiar with the needs of the community
having constructed numerous affordable and workforce housing in the community in the last
15 years, and the amount the City and its agencies has already invested in this project, it is
in the best interest of the City to waive competitive bidding to allocate an amount not to
exceed Three Million Five Hundred Thousand dollars ($3,500,000.00) from the proposed
Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for the affordable
housing components of the Project.
Providing these funds to this developer will allow them to accelerate the process in a timely
manner which cannot happen with procurement process, which could take over 30-40 days.
RECOMMENDATION
Considering the above stated, approval of a waiver of the formal requirements of competitive
sealed bidding methods as not being practicable or advantageous to the City as set forth in the
City Code of Ordinance, as amended, specifically Section 18-85 (A), and the affirmation of these
written findings and the forwarding of the same to the City Commission for ratification by a four -
fifths vote is respectfully requested.
APPR'VIED: n DISAPPROVAL:
A hur Nga V.
City Manager