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Home My WebLink AboutR-22-0283City of Miami Resolution R-22-0283 Legislation City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 12209 Final Action Date: 7/28/2022 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), BY A FOUR -FIFTHS (4/STHS) AFFIRMATIVE VOTE, AFTER AN ADVERTISED PUBLIC HEARING, RATIFYING, APPROVING, AND CONFIRMING THE CITY MANAGER'S FINDINGS, ATTACHED AND INCORPORATED AS EXHIBIT "A," THAT COMPETITIVE NEGOTIATION METHODS AND PROCEDURES ARE NOT PRACTICABLE OR ADVANTAGEOUS FOR THE CITY OF MIAMI ("CITY") PURSUANT TO SECTION 18- 86 OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED; WAIVING THE REQUIREMENTS FOR SAID PROCEDURES; SUBJECT TO THE RECEIPT BY THE CITY MANAGER OF THE APPROVAL OF THE PROJECT BY THE DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT ("HCD") AND THE CITY'S HOUSING AND COMMERCIAL LOAN COMMITTEE ("HCLC") (COLLECTIVELY, "HCD/HCLC APPROVALS"), PROVIDED THAT SUCH APPROVALS ARE CONSISTENT WITH THE CITY COMMISSION APPROVAL; ALLOCATING FUNDING ON A REIMBURSEMENT BASIS IN 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 TO WYNWOOD WORKS, LLC, A FLORIDA LIMITED LIABILITY COMPANY ("DEVELOPER"), FOR THE AFFORDABLE HOUSING COMPONENTS OF A MIXED -USE, COMMERCIAL AND RESIDENTIAL DEVELOPMENT PROJECT TO BE CONSTRUCTED AND LOCATED AT 2043 N MIAMI AVE, 2045 N MIAMI AVE, 2037 N MIAMI AVE, TO BE KNOWN AS "WYNWOOD WORKS" ("PROJECT"), PROVIDED THAT THE DEVELOPER FULFILLS ALL OF THE TERMS AND CONDITIONS TO BE SET FORTH IN THE HCD/HCLC APPROVALS, WHICH SHALL BE CONSISTENT WITH THE CITY COMMISSION APPROVAL; SUCH ALLOCATION TO BE IN COMPLIANCE WITH ALL APPLICABLE FEDERAL, STATE OF FLORIDA, LOCAL, AND CITY LAWS, RULES, AND REGULATIONS FOR AFFORDABLE HOUSING PROJECTS, INCLUDING, BUT NOT LIMITED TO, THE CITY'S SEVEN (7) AFFORDABLE HOUSING BONDS PROJECTS STRATEGIES, THE TRANCHE 2 AFFORDABLE HOUSING INTENT TO REIMBURSE RESOLUTION, AND THE MIAMI FOREVER BOND VALIDATION ORDER (COLLECTIVELY, "LAWS"); FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, INCLUDING AGREEMENTS, AMENDMENTS, EXTENSIONS, AND MODIFICATIONS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, SUBJECT TO COMPLIANCE WITH ALL LAWS AND SUBJECT TO THE DEVELOPER FULFILLING ALL OF THE TERMS AND CONDITIONS TO BE SET FORTH IN THE HCD/HCLC APPROVALS, IN ORDER TO ALLOCATE THE CITY'S TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BOND FUNDING TO THE PROJECT; PROVIDING FOR AN EFFECTIVE DATE. SPONSOR(S): Commissioner Ken Russell WHEREAS, the City Commission expects to issue 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 City of Miami Page 1 of 3 File ID: 12209 (Revision:) Printed On: 6/16/2025 File ID: 12209 Enactment Number: R-22-0283 total maximum principal amount of Forty Million Dollars ($40,000,000.00), in order to, among other things, reimburse the City of Miami ("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 Resolution No. R-21- 0046 adopted January 28, 2021, the related City Manager's Memorandum, and the seven (7) Tranche 2 Affordable Housing Bonds Projects Strategies ("Bonds Strategies") attached and incorporated therein (collectively, "Intent to Reimburse Resolution"); and WHEREAS, Wynwood Works, LLC, a Florida Limited Liability Company ("Developer"), is developing a mixed -use development known as Wynwood Works that will be located at 2043 N. Miami Ave, 2045 N. Miami Ave, 2037 N. Miami Ave and will provide no less than one hundred twenty (120) affordable and/or workforce rental units ("Project"); and WHEREAS, the City's Department of Housing and Community Development ("HCD") and its Housing and Commercial Loan Committee ("HCLC") have not yet reviewed a completed proposal for the Project in order for the Project to receive an allocation of Bond funds, and therefore, any City Commission approval is subject to the approval of the Project by HCD/HCLC (collectively, "HCD/HCLC Approvals") and the Developer fulfilling, in a timely manner, any and all terms, requirements, and conditions to be set forth by HCLC in its memoranda, and fulfilling all requirements imposed by the City or its Department of Housing and Community Development ("HCD") in order to be in compliance with the Bond Strategies; and WHEREAS, such allocation shall be in compliance with all applicable Federal, State of Florida, local, and City laws, rules, and regulations for affordable housing projects, including, but not limited to, the Bonds Strategies, the Intent to Reimburse Resolution, and the Miami Forever Bond Validation Order (collectively, "Laws"); 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. By a four -fifths (4/5ths) affirmative vote, after an advertised public hearing, the City Manager's determinations, finding, and recommendation, attached and incorporated as Exhibit "A," pursuant to Section 18-86 of the Code of the City of Miami, Florida, as amended, are ratified, approved, and confirmed and the City Commission hereby waives the requirements for said procedures. Section 3. Subject to the receipt by the City Manager of the HCD/HCLC Approvals, which shall be consistent with the City Commission approval, the City Commission hereby authorizes' and directs the City Manager to allocate funding on a reimbursement basis in 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 Project being developed by the Developer provided that 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. City of Miami Page 2 of 3 File ID: 12209 (Revision:) Printed on: 6/16/2025 File ID: 12209 Enactment Number: R-22-0283 the Developer fulfills any and all terms and conditions to be set forth in the HCD/HCLC Approvals, which shall be consistent with the City Commission approval, and subject to compliance with all Laws. Section 4. Subject to the receipt by the City Manager of the HCD/HCLC Approvals, the City Manager is authorized' to negotiate and execute any and all necessary documents, including agreements, amendments, extensions, and modifications, all in forms acceptable to the City Attorney and Bond Counsel, subject to compliance with all Laws and subject to the Developer fulfilling all of the terms and conditions to be set forth in the HCD/HCLC Approvals, in order 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 to the Project. Section 5. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: ndez, City Attor 7/5/2022 City of Miami Page 3 of 3 File ID: 12209 (Revision:) Printed on: 6/16/2025