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HomeMy WebLinkAboutLegislation-SUBCity of Miami Resolution Legislation THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT END OF THIS DOCUMENT. City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), ALLOCATING FUNDING ON A REIMBURSEMENT BASIS TO YAEGER PLAZA PARTNERS, LLC, A FLORIDA LIMITED LIABILITY COMPANY ("DEVELOPER"), IN AN AMOUNT NOT TO EXCEED THREE MILLION AND 00/100 DOLLARS ($3,000,000.00) FROM THE PROPOSED TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS FOR THE DEVELOPMENT OF THE AFFORDABLE HOUSING PROJECT CONSISTING OF AN EIGHT (8) STORY MIXED -INCOME, MIXED USE DEVELOPMENT THAT WILL PROVIDE SIXTY-EIGHT (68) CITY -ASSISTED UNITS RANGING FROM FIFTY PERCENT (50%) AREA MEDIAN INCOME, AS PUBLISHED ANNUALLY BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("AMI") TO ONE HUNDRED FORTY PERCENT (140%) AMI TO BE KNOWN AS "YAEGER PLAZA" BEING DEVELOPED BY THE DEVELOPER; SUCH ALLOCATION MUST BE IN COMPLIANCE WITH THE HOUSING AND COMMERCIAL LOAN COMMITTEE ("HCLC") MEMORANDUM, IN SUBSTANTIALLY THE ATTACHED FORM AND INCORPORATED AS EXHIBIT "A" AND SUBJECT TO HCLC APPROVAL, 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 MANAGER TO NEGOTIATE: AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, INCLUDING AMENDMENTS, EXTENSIONS, AND MODIFICATIONS, ALL IN FORMS:ry ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, FOR -SAID' PURPOSE, SUBJECT TO HCLC APPROVAL; PROVIDING FOR AN _ _'1-74 EFFECTIVE DATE. WHEREAS, on March 14, 2019, pursuant to Resolution Nos. R-19-0062 and R-19-0 1, 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, City of Miami Page 1 of 3 File ID: 14336 Legislation -SUB File ID: THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT END OF THIS DOCUMENT. Enactment Number: 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 total maximum principal amount of Forty Million and 00/100 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 ("HCLC") will review certain terms and conditions set forth in the attached and incorporated memoranda ("HCLC Memo") for a loan to be disbursed on a reimbursement basis to develop of an eight (8) story mixed -income, mixed use development that will provide sixty-eight (68) City -assisted units ranging from fifty percent (50%) area median income, as published annually by the United States Department of Housing and Urban Development ("AMI") to one hundred forty percent (140%) AMI to be located at approximately 1199 NW 62 Street, Miami, Florida 33150 and to be known as "Yaeger Plaza" that will be developed by Yaeger Plaza Partners, LLC, a Florida limited liability company ("Developer"); and WHEREAS, the Developer participated in the City's pipeline affordable housing projects continuing requests for proposals which will be presented to HCLC; 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 Forty Million and 00/100 Dollars ("$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, 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 Memo, in substantially the attached form and incorporated as Exhibit "A" and subject to HCLC review and approval, to fund, on a reimbursement basis, an amount not to exceed Three Million and 00/100 Dollars ($3,000.000.00) from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for the development of the Yaeger Plaza project being developed by the Developer; and WHEREAS, such allocation shall be in compliance with all applicable Federal, State of j 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 Forever Affordable Housing Limited Ad Valorem Bonds; -a NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE-err1 MIAMI, FLORIDA: • CD CD Section 1. The recitals and findings contained in the Preamble to this Resolution arP adopted by reference and incorporated as fully set forth in this Section. • ak rn City of Miami Page 2 of 3 File ID: File ID: THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT END OF THIS DOCUMENT. Enactment Number: 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, funding on a reimbursement basis in an amount not to exceed Three Million and 00/100 Dollars ($3,000,000.00) from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for the Yaeger Plaza project being developed by Developer, subject to compliance with the HCLC Memo, in substantially the attached form and incorporated as Exhibit "A" and subject to HCLC review and approval, 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, subject to HCLC approval. Section 4. This Resolution shall take effect immediately upon its adoption. 9 rto 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 City Charter and City Code provisions. City of Miami Page 3 of 3 File ID: SUBSTITUTED City of Miami Resolution Legislation City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.co File Number: 14336 Final Actio ' Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACH ALLOCATING FUNDING ON A REIMBURSEMENT BASIS TO YAE PARTNERS, LLC, A FLORIDA LIMITED LIABILITY COMPANY ("DEVELOPER"), IN AN AMOUNT NOT TO EXCEED THREE M 00/100 DOLLARS ($3,000,000.00) FROM THE DISTRICT 5 C SHARE OF MIAMI FOR EVERYONE ("MFE") PROGRAM F DEVELOPMENT OF THE AFFORDABLE HOUSING PRO OF AN EIGHT (8) STORY MIXED -INCOME, MIXED US THAT WILL PROVIDE SIXTY-EIGHT (68) CITY-ASSI FROM FIFTY PERCENT (50%) AREA MEDIAN INC ANNUALLY BY THE UNITED STATES DEPART URBAN DEVELOPMENT ("AMI") TO ONE HUN (140%) AMI TO BE KNOWN AS "YAEGER PL THE DEVELOPER; SUCH ALLOCATION M THE HOUSING AND COMMERCIAL LOA SUBSTANTIALLY THE ATTACHED FO "A," AND ALL APPLICABLE FEDERA CITY OF MIAMI ("CITY") LAWS, RU AFFORDABLE HOUSING PROJ THE CITY'S DEPARTMENT OF GUIDELINES, AND MFE PR AUTHORIZING THE CITY AND ALL NECESSARY D EXTENSIONS, AND M CITY ATTORNEY, FO DATE. ENT(S), R PLAZA LION AND MISSIONER'S DING FOR THE CT CONSISTING DEVELOPMENT ED UNITS RANGING ME, AS PUBLISHED NT OF HOUSING AND ED FORTY PERCENT A" BEING DEVELOPED BY T BE IN COMPLIANCE WITH COMMITTEE MEMORANDUM, IN AND INCORPORATED AS EXHIBIT , STATE OF FLORIDA, LOCAL, AND S, AND REGULATIONS FOR TS, INCLUDING BUT NOT LIMITED TO OUSING AND COMMUNITY DEVELOPMENT RAM GUIDELINES, AS APPLICABLE;:::;;'; NAGER TO NEGOTIATE AND EXECUTE:JAN i CUMENTS, INCLUDING AMENDMENTSirr s cT IFICATIONS, ALL IN FORMS ACCEPTABLE:TO I"k1E SAID PURPOSE; PROVIDING FOR AN EFF fTIVE1 SPONSOR(S): Commis 'over Christine King WHEREAS, o ("City") created the term complicatio the most vulne support towa Districts; a w„S i r.� April 13, 2023, pursuant to Resolution No. R-23-0178, the Cit�yiof I I mi iami For Everyone ("MFE") Program to assist communities facing'the long - resulting from declared emergencies and to address the specific needs of ble residents and businesses, through a strategy of focusing the provision of s priority areas of need that will further stabilize economic conditions within City HEREAS, the MFE resolution established guidance and eligibility of the MFE Program fund or affordable housing projects; and WHEREAS, the MFE Program funding is subject to compliance with the City's epartment of Housing and Community Development's ("HOD") rules, guidelines, processes, and procedures; and City of Miami Page 1 of 3 File ID: 14336 (Revision:) Printed On: 7/27/2023 SUBSTITUTED File ID: 14336 Enactment Number: WHEREAS, the City's Housing and Commercial Loan Committee ("HCLC") has 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 to develop of an eight story mixed -income, mixed use development that will provide sixty-eight (68) City -assisted u ► is ranging from fifty percent (50%) area median income ("AMI") as published annually b, the United States Department of Housing and Urban Development ("HUD") to one hundr:: forty percent (140%) AMI to be located at approximately 1199 NW 62 Street, Miami, Flori 33150 and to be known as "Yaeger Plaza" that will be developed by Yaeger Plaza Partn- s, LLC, a Florida limited liability company ("Developer"); and WHEREAS, the Developer participated in the City's pipeline affordable ousing projects continuing requests for proposals which was presented to and approved by LC; and WHEREAS, the Developer has requested and the City Commiss it is in the best interests of the City to authorize and direct the City M the HCLC Memo, in substantially the attached form and incorporate a reimbursement basis, an amount not to exceed Three ($3,000.000.00) from the City's District 5 Commissioner ("Co Program Funds for the development of the Yaeger Plaza Developer; and n has determined that ager in accordance with as Exhibit "A", to fund, on illion and 00/100 Dollars issioner") share of the MFE roject being developed by the WHEREAS, MFE Program funding for the Proj t will also be subject to Developer's compliance with all other contracts or agreements it h with the City for the Project; and WHEREAS, such allocation shall be in co► pliance with all applicable Federal, State of Florida ("State"), local, and City laws, rules, a►. regulations for affordable housing projects, including but not limited to the City's Depar ent of Housing and Community Development Guidelines, and MFE Program Guidelines, a applicable; NOW, THEREFORE, BE IT RE'OLVED BY THE CITY COMMISSION OF:THEMITY MIAMI, FLORIDA: rn Section 1. The recitals a, • findings contained in the Preamble to this II'sglutipr3 adopted by reference and incor• • rated as fully set forth in this Section. ;y a' Section 2. The Cit Commission hereby authorizes' and directs the Cr `I lane' er tc ' allocate in accordance h the terms and conditions of the HCLC Memo, 'Titodin&on b reimbursement basis an amount not to exceed Three Million and 00400 rpollar ($3,000,000.00) from e Commissioner's Share of MFE Program Funds for the ?aegePlaza project being deve ped by Developer, subject to compliance with the HCLC Memo, in substantially the . tached form and incorporated as Exhibit "A," and all applicable Federal, State, local, an• ity laws, rules, and regulations for affordable housing projects, including but not limited to o the City's Department of Housing and Community Development Guidelines, and MFE Pr gram Guidelines, as applicable. ction 3. The City Manager is authorized' to negotiate and execute any and all neces.ary documents, including amendments, extensions, and modifications, all in forms acc: •table to the City Attorney, for said purpose. 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. City of Miami Page 2 of 3 File ID: 14336 (Revision:) Printed on: 7/27/2023 SUBSTITUTED File ID: 14336 Enactment Number: Section 4. This Resolution shall take effect immediately upon its adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: fri r 0 If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. City of Miami Page 3 of 3 File ID: 14336 (Revision:) Printed on: 7/27/2023