HomeMy WebLinkAboutR-23-0343City of Miami
Resolution R-23-0343
Legislation
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 14336 Final Action Date: 7/27/2023
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
ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, FOR SAID
PURPOSE, SUBJECT TO HCLC APPROVAL; PROVIDING FOR AN
EFFECTIVE DATE.
SPONSOR(S): Commissioner Christine King
WHEREAS, on March 14, 2019, pursuant to Resolution Nos. R-19-0062 and 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
City of Miami Page 1 of 3 File ID: 14336 (Revision: A) Printed On: 7/10/2025
File ID: 14336 Enactment Number: R-23-0343
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 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
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
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.
City of Miami Page 2 of 3 File ID: 14336 (Revision: A) Printed on: 7/10/2025
File ID: 14336 Enactment Number: R-23-0343
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.
APPROVED AS TO FORM AND CORRECTNESS:
ndez, City ttor ey ) 8/10/2023
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: 14336 (Revision: A) Printed on: 7/10/2025