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HomeMy WebLinkAboutExhibit B SUBTO: FROM: Arthur Noriega V City Manager CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM THIS ITEM IS SUBSTITUTION. THE ORIGINAL CAN BE FOUND AT THE END OF THIS DOCUMENT. DocuSigned by: Marie "Maggie" Gouin Director 5F6E831796C5495... Office of Management 6, tsuaget BACKGROUND DATE: September 26, 2023 SUBJECT District 5 MFE Allocation of $3M to Liberty Renaissance Apartments, LLC. The City of Miami ("City") created the Miami For Everyone ("MFE") Program to assist communities facing the long-term complications resulting from declared emergencies and to address the specific needs of the most vulnerable residents and businesses, through a strategy of focusing the provision of support towards priority areas of need that will further stabilize economic conditions within City Districts. Liberty Renaissance Apartments, LLC, a Florida limited liability company created for the development of the project. The Managing Partners are Lewis V. Swezy (99.9%) and Liberty Renaissance Apartments MM LLC (0.01%). Lewis Swezy is the Principal of the Centennial Management Corp. Centennial Management Corp. is a full - service real estate development company with vast experience in all aspects of development. It is a part of a family companies owned and operated by Lewis Swezy. Mr. Swezy has been developing, constructing, and managing real estate properties in Miami -Dade and Broward Counties for the last 30 years. As a developer, licensed real estate broker and licensed general contractor Centennial Management and its affiliates handle every step of the development process: land acquisition, financing, construction, marketing, and property management. Properties currently owned and managed include over 3,000 residential housing rental units, as well as 900,000 square feet of commercial space. Vacant land owned in South Florida totals roughly 250 acres (of which two properties are in underwriting at this time). Centennial Management worked directly with a number of municipalities in meeting their housing objectives including the City of Miami, City of Hallandale Beach and Town of Davie (Sunbiz attached as Exhibit "A"). The organization proposes a new affordable housing project for the City -owned properties located at 1305- 1361 NW 61 St, 1320 NW 61 St St, and 1370 NW 61 St St ("property"), which has been authorized by Commission (per R-19-0100) to be conveyed through an appropriate property transfer agreement to Liberty Renaissance Apartments, LLC (Transfer Reso and Parcels attached as Exhibit "B'9; said agreement will require Liberty Renaissance to provide, (1) evidence satisfactory to the Director of Housing & Community Development that financial commitments from the lender or lenders have been received. (2) any mortgages obtained by Liberty Renaissance for the conveyed parcels will be subject to the approval of the Director, (3) payment by Liberty Renaissance to the City of the total amount of restricted funds used to acquire, refinance, or improved the parcels with an affidavit of such payment and receipt by the City of such payments(s) in form(s) acceptable to the City's Finance Director, the City Attorney, and Bond Counsel; and (4) the closing of the property transfer occurs simultaneously with the closing of the construction financing by the lender(s), if any. The organization has submitted a completed MFE Application to the Office of Management and Budget identifying the proposed development as "LIBERTY RENAISSANCE" (attached as Exhibit "C'). The organization's project description is as follows: "98 1 and 2 bedrooms affordable housing units in one three story and one five -story building. 68 Units will be provided on the north side and 30 units on the south side of NW 61 Street. Rents will be restricted to 30-70% of Area Median Income. Elderly demographic" FILE NO. 14653 EXHIBIT B SUB D5 MFE $3M to Liberty Renaissance Apartments, LLC Liberty Renaissance communicated further an anticipated completion date of 3 to 4 years to from the date of approval of the grant allocation. Upon completion, the development is anticipated to provide a total of (98) rental units for households ranging from 30% up to 70% of the area median income. To complete the above stated, Liberty Renaissance Apartments, LLC has requested MFE funds in the amount of Three Million Dollars ($3,000,000). The MFE funds will be used as gap funding to pay for construction costs. RECOMMENDATION The City's District 5 Commissioner ("Commissioner") has reviewed the MFE Application attached and wishes to provide grant funds from the Commissioner's share of MFE funding in an amount not to exceed Three Million Dollars ($3,000,000) to Liberty Renaissance Apartments, LLC. In light of 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 Ordinances, 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 fourth -fifths vote is respectfully requested. APPROVED / DISAPPROVED �DocuSigned by: ailt6r Nevi +% `— 850 C F6 C 372 D D 42A... Arthur Noriega V City Manager cc: George Mensah, Director Housing and Community Development Alfredo Duran, Assistant Director Housing and Community Development Alberto Castellon, Housing Development Coordinator Housing and Community Development EXHIBIT "A" DIVISION OF CORPORATIONS re . g LI O2J D p A— i D i T !III official aaan of Florida ivebsi7` Department of State / Division of Corporations / Search Records / Search by Entity Name / Detail by Entity Name Florida Limited Liability Company LIBERTY RENAISSANCE APARTMENTS LLC Filing Information Document Number L18000239940 FEI/EIN Number APPLIED FOR Date Filed 10/10/2018 Effective Date 10/10/2018 State FL Status ACTIVE Principal Address 7735 NW 146TH ST SUITE 306 MIAMI LAKES, FL 33016 Mailing Address 7735 NW 146TH ST SUITE 306 MIAMI LAKES, FL 33016 Registered Agent Name & Address SWEZY, LEWIS V 7735 NW 146TH ST SUITE 306 MIAMI LAKES, FL 33016 Authorized Person(s) Detail Name &Address Title AMBR SWEZY, LEWIS V 7735 NW 146TH ST, SUITE 306 MIAMI LAKES, FL 33016 Title MGR LIBERTY RENAISSANCE APARTMENTS MM LLC 7735 NW 146TH ST, SUITE 306 MIAMI LAKES, FL 33016 Annual Reports Report Year Filed Date 2021 04/06/2021 2022 04/20/2022 2023 04/27/2023 Document Images 04/27/2023--ANNUAL REPORT View image in PDF format 04/20/2022 -- ANNUAL REPORT View image in PDF format 04/06/2021 --ANNUAL REPORT View image in PDF format 06/29/2020 --ANNUAL REPORT View image in PDF format 04/23/2019 --ANNUAL REPORT View image in PDF format 10/10/2018-- Florida Lim iced Liability View image in PDF format Honda Department of State, Season of Corpoatlons EXHIBIT "B" City of Miami Legislation Resolution: R-19-0100 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 5428 Final Action Date, 3/14/2019 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENTS, BY A FOUR -FIFTHS (4/5THS) AFFIRMATIVE VOTE, AFTER AN ADVERTISED PUBLIC HEARING, RATIFYING, APPROVING, AND CONFIRMING THE CITY MANAGER'S FINDING, ATTACHED AND INCORPORATED AS EXHIBIT"B," THAT COMPETITIVE NEGOTIATION METHODS AND PROCEDURES ARE NOT PRACTICABLE OR ADVANTAGEOUS FOR THE CITY OF MIAMI ("CITY") PURSUANT TO SECTION 29-B(A) OF THE CHARTER OF THE CITY OF MIAMI, FLORIDA, AS AMENDED ("CITY CHARTER"), AND SECTION 18- 182(C) OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED ("CITY CODE"); WAIVING THE REQUIREMENTS FOR SAID PROCEDURES; AUTHORIZING THE CITY MANAGER TO TRANSFER, WITH AFFORDABLE/WORKFORCE RENTAL HOUSING RESTRICTIONS AND AUTOMATIC REVERTER PROVISIONS, THE CITY -OWNED PARCELS OF LAND LOCATED AT 1305, 1321, 1331, 1341, 1361, 1320, AND 1370 NORTHWEST 61 STREET, MIAMI, FLORIDA, AS MORE PARTICULARLY DESCRIBED IN EXHIBIT "A," ATTACHED AND INCORPORATED, TO LIBERTY RENAISSANCE APARTMENTS LLC, A FLORIDA LIMITED LIABILITY COMPANY, FOR THE DEVELOPMENT OF AFFORDABLE/WORKFORCE RENTAL HOUSING IN ACCORDANCE WITH SECTION 29-B(A) OF THE CITY CHARTER; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, ALL IN A FORM ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, FOR SAID PURPOSE. WHEREAS, on November 21, 2016, the City of Miami ("City") issued a Request for Proposals ("RFP") inviting qualified private real estate developers to propose developments of Affordable/Workforce rental housing on certain City -owned parcels of land; and WHEREAS, a total of six (6) responses were received, two (2) of which met the minimum threshold and fulfilled all the proposal requirements as responsive and responsible bidders; and WHEREAS, one (1) of the two (2) successful bidders was Centennial Management Corp., a Florida Corporation ("Centennial"); and WHEREAS, on November 16, 2017, pursuant to Resolution No. 17-0512, the City Commission authorized the transfer, with affordable/workforce rental housing restrictions and automatic reverter provisions, of the City -owned properties located 1305, 1321, 1331, 1341, and 1361 Northwest 61 Street, Miami, Florida ("Original Parcels") to Centennial for the construction of affordable/workforce housing for eligible low to moderate income persons; and City of Miami Page 1 of 4 File ID: 5428 (Revision:) Printed On: 3119/2019 File ID: 5428 Enactment Number: R-19-0100 WHEREAS, on August 10, 2018, Centennial submitted a Letter of Request to the City for additional sites located at 1320 and 1370 Northwest 61 Street, Miami, Florida; and WHEREAS, the Original Parcels did not comply with the minimum requirements for Federal Housing Finance Agency ("FHFC") loan funding because the Original Parcels did not provide a sufficient number of units; and WHEREAS, on November 15, 2018, pursuant to Resolution No. 18-0506, the City Commission authorized the transfer, with affordable/workforce rental housing restrictions and automatic reverter provisions, of the City -owned properties located at 1320 and 1370 Northwest 61 Street, Miami, Florida (these two (2) City -owned properties together with the Original Parcels shall hereinafter be known as the "Combined Lots"), which were parcels of land that were included in the RFP, to Centennial; and WHEREAS, none of the Combined Lots were ultimately conveyed to Centennial; and WHEREAS, the Combined Lots will allow for a viable affordable housing development ("Project") to be constructed; and WHEREAS, Resolution No. 17-0512 and Resolution No, 18-0506 specified that Centennial was the only entity that was authorized to receive the Combined Lots; however, Centennial recently requested that the City transfer the Combined Lots to an affiliated legal entity; and WHEREAS, Centennial has created a separate legal entity for the Project, Liberty Renaissance Apartments LLC, a Florida Limited Liability Company ("Liberty Renaissance"), in connection with its application for low income housing tax credits from the Florida Housing Finance Corporation and has requested that the City transfer the Combined Lots to Liberty Renaissance; and WHEREAS, a portion of the Combined Lots was acquired with, refinanced by, or improved by the City's tax-exempt bond funds and such restricted funds must be repaid by Liberty Renaissance to the City in order to comply with continuing requirements of the United States Internal Revenue Code of 1986, as amended; and WHEREAS, the affordable/workforce rental housing restrictions and automatic reverter provisions contained in the conveying instrument(s) shall require the Combined Lots to automatically revert to the City if (i) the Combined Lots are not fully developed within twenty-four (24) months of the date of closing as evidenced by a Certificate of Occupancy or Temporary Certificate of Use, where the twenty-four (24) month requirement may be amended by the Director of the Department of Housing and Community Development ("Director") by a written communication and (!i) the Combined Lots are not solely used for low to moderate income housing; and WHEREAS, the Combined Lots shall be for the development of affordable/workforce rental housing in accordance with Section 29-B(a) of the Charter of the City of Miami, Florida, as amended ("City Charter"); and WHEREAS, the City shall require the following in order to convey the Combined Lots to Liberty Renaissance: (i) evidence satisfactory to the Director that financial commitments from the lender or lenders have been received; (ii) any mortgages obtained by Liberty Renaissance on the Combined Lots will be subject to the approval of the Director; (Ili) payment by Liberty City of Miami Page 2 of 4 File 1D: 5428 (Revision:) Printed on: 2/19/2019 File ID: 5428 Enactment Number: R-19-0100 Renaissance to the City of the total amount of restricted funds used to acquire, refinance, or improve the Combined Lots with an affidavit of such payment and receipt by the City of such payment(s) in form(s) acceptable to the City's Finance Director, the City Attorney, and Bond Counsel; and (iv) the closing of the Combined Lots occurs simultaneously with the closing of the construction financing by the lender(s), if any; and WHEREAS, the Combined Lots shall be conveyed through purchase and safe agreement(s) and any other necessary documents, all in form(s) acceptable to the City Attorney and Bond Counsel; and WHEREAS, the City Administration recommends that the City transfer, with affordable/workforce rental housing restrictions and automatic reverter provisions, the Combined Lots to Liberty Renaissance for the construction of affordable/workforce housing for eligible low to moderate income persons; 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. By a four -fifths (4/5ths) affirmative vote, after an advertised public hearing, the City Manager's determinations, findings, and recommendations, attached and incorporated as Exhibit "B," pursuant to Sections 29-B(a) of the City Charter and Section 18-182(c) 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. The City Manager is authorized to transfer, with affordable/workforce rental housing restrictions and automatic reverter provisions, the Combined Lots, as described in Exhibit "A," attached and incorporated, to Liberty Renaissance for the development of affordable/workforce rental housing in accordance with Section 29-B(a) of the City Charter. Section 4. The City Manager is further authorized1 to negotiate and execute any and all necessary documents, all in a form acceptable to the City Attorney and Bond Counsel, for said purpose. Section 5. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.2 1 The herein authorization Is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to, those prescribed by applicable City Charter and City Code provisions. 2 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 4 File ID; 5428 (R'evision:) Printed on: 3/1912019 File ID; 5428 APPROVED AS TO FORM AND CORRECTNESS: Enactment Number: R-19-0100 City of Miami Page 4 of 4 File !D: 5428 (Revision:) Printed on: 3/19/2019 Attachment A ANDRESS • 13051OW 61 ST • 1321 NW61ST • 1331 NW615T • 1341 NW61ST • 1361 NW 615T POLIO#: LEGAL DESCRIPTION Size PURCHASE PRICE Company 01.-31I4-043-0i50 ORCHARD VILLA 'c.XT PB 17-55 W35FT LOT 20 BLK 1 LOT SIZE 35.000 X 106 OR 15299-317412913 O1-3114-94}p160 ORCHARD VILLA EXT PS 17-55 LOTS 29030 BLK 1 LOT SIZE 10,000 $ I7,592.00 100.000 X 106 OR 25835-3078 08 20073 01-3x1a-Qa3-01sa ORCHARD VILLA EXT F617-55LOT 31 BUS 1 LDTSIZ55©.50C X 106 5,3da $ 7.0,752.75 OR 19717-331S 05 20013 01-3114-643-0190 145341 ORCHARD VIU.A APB 17-55 LOT32 BLK 1 LOT SIZE 50.090 X 111E OR 22559 443613804 3 01-3114-043-0200 ORCHARD VILLA 00 PB 17-55 LOTS 33 THRi136 81151 LOT SIZE 200.000 X 106 OR 19451-1586 01131 3 3,710 5,300 $ 120,330.00 21200 56 S $ 150_118.17 296.797.92 Centennia€ Management • 1320 NW61ST • 1370NW61ST 01-3114-043-p690 ORCHARD VILLA= P0 17-55 LOTS 6705INC BLK4 LOT SIZE 21,200 S 37,714-47 290.000 X 106 CR 25055-30780820073 ORCHARD VILLA EIT BB 17-55 LOTS 3THRU 5 INC 8154 LOT SIZE 01-3114-043-0660 15.300 $ 26.0/7.84 150.000 X 105 OR 2585E-307$ 002007 3 37,160 4 65,73731 Centennial Management Attachment "A" DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT ADDRESS FOLIO#_ LEGAL DESCRIPTION Ste 8C'ND TO BE PAID 132.0 NW 61 ST 01-3114-043-0690 ORCHARD VILLA laT PB 17-55 LOTS 5 TO 91NC BLK 4 LOT SIZE 700.000 X 1CG OR 25855-3078 082007 3 21,200 $37,719.47 1370 NW 61ST ' 01-3114-043-066O ORCHARD VIVA E77PE 17-55 LOTS 3 THRU 5 MC BEX 4 LOT SIZE 150.000 X 10b OR 25855 3073 082007 3 15.900 $29.017.84 37,100 $15-11731 Company Centennial Management OFFICE OF THE PROPERTY APPRAISER Summary Report Generated On: 09/26/2023 Folio 01-3114-043-0660 Property Address 1370NW61 ST MIAMI, FL 33142-8211 Owner CITY OF MIAMI Mailing Address 444 SW 2ND AVE STE 945 MIAMI, FL 33130-1910 Primary Zone 3901 GENERAL URBAN 36U/A LIMITED Primary Land Use 8080 VACANT GOVERNMENTAL _ VACANT LAND -GOVERNMENTAL Beds / Baths /Half 0/0/0 Floors 0 Living Units 0 Actual Area 0 SoFt Living Area 0 SoFt Adjusted Area 0 SoFt Lot Size 15,900 Sq Ft Year Built 0 Year 2023 2022 2021 Land Value $715,500 $397,500 $286200 Building Value $0 $0 $0 Extra Feature Value $0 $0 $0 Market Value $715,500 $391500 $286200 Assessed Value $96838 $88035 $80032 Benefit Type 2023 2022 2021 Non -Homestead Cap Assessment Reduction $818,662 $309,465 $206,168 Municipal Exemption $96838 $88,035 $80032 Note_ Not all benefits are applicable to all Taxable Values (i e_ County, School Board, City, Regional)_ ORCHAD VILLA EXT PB 17-55 LOTS 3 TH RU 5 INC BLK 4 LOT SIZE 150000 X 106 OR 25855-3078 082007 3 TAXABLE VALUE INFORMATION Year COUNTY Exemption Value Taxable Value SCHOOL BOARD Exemption Value Taxable Value CITY Exemption Value Taxable Value REGIONAL Exemption Value Taxable Value 2023 2022 $96.838 $88,035 $0 $0 $715,500 $397,500 $0 $0 $96.838 $88,035 $0 $0 $96838 $88035 $0 $0 2022 Aerial Photography 200ft 2021 $80,032 $0 $286 200 $0 $80,032 $0 $80,032 $0 Previous Sale Price OR Book -Page Qualification Description 02/07/2020 $0 31811-3816 Corrective, tax or co;Omin consideration 08/01/2007 $224,209 25855-3070 Sales which are disqualified as a result of examination of the deed 07/01/1987 $220,000 13371-0653 Sales which are qualified 01/01/1982 $174,222 11372-0814 Sales which are qualified The Once of the Property Appraiser is continually editing and updating the tax roll_ This website may not reflect the most current information on record_ The Properly Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http.//wwwmiamidadeoov/info/thsclaimer_asp OFFICE OF THE PROPERTY APPRAISER Summary Report Generated On: 09/26/2023 Folio 01-3114-043-0690 Property Address 1320NW61 ST MIAMI, FL 33142-8211 Owner CITY OF MIAMI Mailing Address 444 SW 2ND AVE 3R0 FL MIAMI, FL 33130 Primary Zone 3901 GENERAL URBAN 36U/A LIMITED Primary Land Use 8080 VACANT GOVERNMENTAL_ VACANT LAND -GOVERNMENTAL Beds / Baths /Half 0/0/0 Floors 0 Living Units 0 Actual Area 0 Sq Ft Living Area 0 SgFt Adjusted Area 0 Sq Ft Lot Size 21,200 Sq Ft Year Built 0 Year 2023 2022 2021 Land Value $954,000 $530,000 $381,800 Building Value $0 $0 $0 Extra Feature Value $0 $0 $0 Market Value $954,000 $530,000 $381600 Assessed Value $129,121 $117,383 $106712 Benefit Type 2023 2022 2021 Non -Homestead Cap Assessment Reduction $824,879 $412617 $274,888 Municipal Exemption $129,121 $117,383 $106,712 Note_ Not all benefits are applicable to all Taxable Values (Le_ County, School Board, City, Regional)_ ORCHARD VILLA EXT PB 17-55 LOTS 6 TO 9 INC BLK 4 LOT SIZE 200000 X 106 OR 258553078 082007 3 Year COUNTY Exemption Value Taxable Value SCHOOL BOARD Exemption Value Taxable Value CITY Exemption Value Taxable Value REGIONAL Exemption Value Taxable Value 2022 Aenal Photography 200ft 2023 2022 2021 $129,121 $117,383 $0 $0 $954,000 $530,000 $0 $0 $129,121 $117,383 $0 $0 $129,121 $117,383 $0 $0 $106,712 $0 $381 600 $0 $106,712 $0 $106,712 $0 Previous Sale Price OR Book -Page Qualification Description 02/07/2020 $0 31811-3816 Corrective, tax or QCD; min consideration 08/01/2007 $224,209 258553078 Sales which are disqualified as a result of examination of the deed 07/01/1987 $403,300 13371-0647 Other disqualified The Office of the Property Appraiser is continually edrling and updating the tax roll_ This website may not reflect the most current information on record_ The Properly Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http.//www_miamidade_gov/info/disclaimer_asp OFFICE OF THE PROPERTY APPRAISER Summary Report Generated On: 09/26/2023 Folio 01-3114-043-0200 Property Address 1361 NW61 ST MIAMI, FL 33142-8212 Owner CITY OF MIAMI ASSET MGT Mailing Address 444 SW2AVE#325 MIAMI, FL 33130-1910 Primary Zone 6107 RESIDENTIAL -MEDIUM RETAIL Primary Land Use BOB0 VACANT GOVERNMENTAL VACANT LAND -GOVERNMENTAL Beds / Baths /Half 0/0/0 Floors 0 Living Units 0 Actual Area 0 Sq Ft Living Area 0 SgFt Adjusted Area 0 Sq Ft Lot Size 21,200 Sq Ft Year Built 0 Year 2023 2022 2021 Land Value $954,000 $381 600 $318000 Building Value $0 $0 $0 Extra Feature Value $0 $0 $0 Market Value $954,000 $381600 $318000 Assessed Value $142,033 $129,121 $117,383 Benefit Type 2023 2022 2021 Non -Homestead Cap Assessment Reduction $811 967 $252, 479 $200, 617 Municipal Exemption $142033 $129,121 $117,383 Note_ Not all benefits are applicable to all Taxable Values (i e_ County, School Board, City, Regional)_ ORCHARD VILLA EXT PB 17-55 LOT 33 THRU 36 BLK 1 LOT SIZE 200000 X 106 OR 19451-15960101 3 2022 Aerial Photography 200ft Year COUNTY Exemption Value Taxable Value SCHOOL BOARD Exemption Value Taxable Value CITY Exemption Value Taxable Value REGIONAL Exemption Value Taxable Value 2023 2022 2021 $142,033 $129,121 $117 383 $0 $0 $0 $954,000 9381600 $318,000 $0 $0 $0 $142,033 $129,121 $117 383 $0 $0 $0 $142,033 $129,121 $117 383 $0 $0 $0 Previous Sale Price OR Book -Page Qualification Description 03/01/1992 $0 00000-00000 Sales which are disqualified as a resuA of examination of the deed 12/01/1991 $0 00000-00000 Sales which are disqualified as a resuA of examination of the deed 09/01/1989 $0 14262-3093 Sales which are disqualified as a resuA of examination of the deed 09/01/1983 $0 11902-1797 Sales which are disqualified as a result of examination of the deed The Once of the Property Appraiser is continually editing and updating the tax roll This website may not reflect the most current information on record_ The Properly Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at http.//www_miamidade_goy/info/thsclaimer_asp OFFICE OF THE PROPERTY APPRAISER Summary Report Generated On: 09/26/2023 Folio 01-3114-043-0190 Property Address 1341 NW61 ST MIAMI, FL 33142-8212 Owner CITY OF MIAMI Mailing Address 444 SW2 AVE10FL MIAMI, FL 33130-1910 Primary Zone 6107 RESIDENTIAL -MEDIUM RETAIL Primary Land Use 8040 VACANT GOVERNMENTAL _ MUNICIPAL Belts/Baths/Half 0/0/0 Floors 0 Living Units 0 Actual Area 0 Sq Ft Living Area 0 Sq Ft Adjusted Area 0 Sq Ft Lot Size 5,300 Sq_Ft Year Built 0 Year 2023 2022 2021 Land Value $71,565 $71,565 $71,565 Building Value $0 $0 $0 Extra Feature Value $0 $0 $0 Market Value $71565 $71565 $71565 Assessed Value $71565 $71565 $71,565 Benefit Type 2023 2022 Municipal Exemption $71565 $71565 Nolo: Not all benefits are applicable to all Taxable Values (Le. County, School Board, City, Regional). 2021 $71,565 14 53 41 ORCHARD VILLA EXT PB 17-55 LOT 32 BLK 1 LOT SIZE 50.000 X 106 OR 22559 3636 0804 3 TAXABLE VALUE INFORMATION Year COUNTY Exemption Value Taxable Value SCHOOL BOARD Exemption Value Taxable Value 2023 $71,565 $0 2022 2022 Aerial Photography 2OOft 2021 $71,565 $71,565 $71,565 $0 $0 $71,565 $71,565 $0 $0 $0 CITY Exemption Value $71,565 $71,565 $71,565 Taxable Value REGIONAL Exemption Value Taxable Value $0 $71,565 $0 $0 $0 $71565 $71.565 $0 $0 Previous Sale Price OR Book -Page Qualification Description 07/01/1977 $30000 09837-2885 Sales which are tlisqua Idled as a result of examination of the deed 09/01/1976 $18,000 00000-00000 Sales which arequaliletl The Office of the Property Appraiser is continually editing and updating the tax roll_ This websfle may not reflect the most current information on recortl. The Properly Appraiser and Miami -Dade County assumes no liability, see full disclaimer and User Agreement at httpl/www_miamidade_goy/info/dIsclaimer_asp OFFICE OF THE PROPERTY APPRAISER Summary Report Generated On: 09/26/2023 Folio 01-3114-043-0150 Property Address 1305NW61 ST MIAMI, FL 33142-6316 Owner CITY OF MIAMI-DEPT OF P&D , ASSET MANAGEMENT DIVISION Mailing Address 444 SW2 AVE STE#325 MIAMI, FL 33130-1910 Primary Zone 6107 RESIDENTIAL -MEDIUM RETAIL Primary Land Use BOB0 VACANT GOVERNMENTAL _ VACANT LAND -GOVERNMENTAL Beds / Baths /Half 0/0/0 Floors 0 Living Units 0 Actual Area 0 Sq Ft Living Area 0 SgFt Adjusted Area 0 Sq Ft Lot Size 3,710 Sq Ft Year Built 0 Year 2023 2022 2021 Land Value $166,950 $66780 $55,650 Building Value $0 $0 $0 Extra Feature Value $0 $0 $0 Market Value $166,950 $66,780 $55,650 Assessed Value $19878 $18071 $16429 Benefit Type 2023 2022 2021 Non -Homestead Cap Assessment Reduction $147,072 $48,709 $39221 Municipal Exemption $19878 $18071 $16,429 REGIONAL Note_ Not all benefits are applicable to all Taxable Values (i e_ County, School Board, City, Regional)_ Exemption Value Taxable Value TAMABLEVALOEINFOBMATION Year COUNTY 2022 Aenal Photography 200ft 2023 2022 2021 Exemption Value Taxable Value $19 878 $0 $18,071 $0 $16429 $0 SCHOOL BOARD Exemption Value Taxable Value CITY $166,950 $66,780 $55650 $0 $0 $0 Exemption Value Taxable Value $19 878 $18,071 $16429 $0 $0 $0 ORCHARD VILLA EXT PB 17-55 VV35FT LOT 28 BLK 1 LOT SIZE 35000 X 106 OR 15299-31761291 3 $19878 $18,071 916429 $0 $0 $0 Previous Sale Price OR Book -Page Qualification Description 12/01/1988 $0 00000-00000 Sales which are disqualified as a resul of examination of the deed The Office of the Property Appraiser is continually editing and updating the tax roll This webs0e may not reflect the most current intomiation on record. The Properly Appraiser and Miami -Dade County assumes no liability, see Lull disclaimer and User Agreement at httpliwww_miamidade_goy/info/disclaimerasp OFFICE OF THE PROPERTY APPRAISER Summary Report Generated On: 09/26/2023 Folio 01-3114-043-0160 Property Address 1321 NW61 ST MIAMI, FL 33142-6316 Owner CITY OF MIAMI Mailing Address 444 SW2 AVE 3R0 FLOOR MIAMI, FL 33130 Primary Zone 6107 RESIDENTIAL -MEDIUM RETAIL Primary Land Use BOB0 VACANT GOVERNMENTAL _ VACANT LAND -GOVERNMENTAL Beds/Baths/Half 0/0/0 Floors 0 Living Units 0 Actual Area 0 SoFt Living Area 0 Sq FI Adjusted Area 0 SoFt Lot Size 10,600 Sq FI Year Built 0 2022 Aerial Photography 200ft 1- Year Year 2023 2022 2021 COUNTY Land Value $477,000 $190,800 $159 000 Exemption Value Building Value $0 $0 $0 Taxable Value Extra Feature Value $0 $0 $0 SCHOOL BOARD Market Value $477,000 $190,800 $159 000 Exemption Value Assessed Value $71 012 $64,557 $58.. 689 Taxable Value CITY Benefit Type 2023 2022 2021 Exemption Value Non -Homestead Cap Assessment Reduction $405 988 $126, 243 $100,311 Taxable Value Municipal Exemption $71012 $64557 $58 689 REGIONAL Note. Not all benefits are applicable 10 all Taxable Values (i e_ County, School Board, City, Regional), Exemption Value Taxable Value ORCHARD VILLA EXT PB 17-55 LOTS 29 8 30 BLK 1 LOT SIZE 100 000 X 106 0R 25855-3078 08 2007 3 2023 971012 964,557 958689 $0 $0 $0 $477,000 $190,800 $159 000 $0 $0 $0 971012 964,557 958689 $0 $0 $0 $71 012 964,557 958,689 $0 $0 $0 2022 2021 Previous Sale Price OR Book -Page Qualification Description 02/07/2020 $0 31811-3816 Corrective, tax or OCD, min consideration 08/01/2007 $224,209 25855-3078 Sales which are disqualified as a result of examination of the deed The Office of the Properly Appraiser is continually editing and updating the lax roll_ This websile may not reflect the most current information on record. The Properly Appraiser and Miami0ade County assumes no liability, see full disclaimer and User Agreement at hflp//wwwmiamidade gov/nfo/disclaimerasp OFFICE OF THE PROPERTY APPRAISER Summary Report Generated On: 09/26/2023 Folio 01-3114-043-0180 Property Address 1331 NW61 ST MIAMI, FL 33142-6316 Owner CITY OF MIAMI Mailing Address 444 SW2AVE MIAMI, FL 33130-1910 Primary Zone 6107 RESIDENTIAL -MEDIUM RETAIL Primary Land Use 8080 VACANT GOVERNMENTAL_ VACANT LAND -GOVERNMENTAL Beds/Baths/Half 0/0/0 Floors 0 Living Units 0 Actual Area 0 SoFt Living Area 0 SoFt Adjusted Area 0 SoFt Lot Size 5,300 Sq Ft Year Built 0 ...1-, Year Year 2023 2022 2021 COUNTY Land Value $238,500 $95,400 $79,500 Exemption Value Building Value $0 $0 $0 Taxable Value Extra Feature Value $0 $0 $0 SCHOOL BOARD Market Value $238,500 $95,400 $79 500 Exemption Value Assessed Value $35503 $32276 $29 342 Taxable Value CITY Benefit Type 2023 2022 2021 Exemption Value Non -Homestead Cap Assessment Reduction $202,997 $63,124 $50,158 Taxable Value Municipal Exemption $35,503 $32276 $29,342 REGIONAL Note. Not all benefits are applicable l0 all Taxable Values (i e_ County, School Board, City, Regional)_ Exemption Value Taxable Value ORCHARD VILLA EXT PB 17-55 LOT 31 BLK 1 LOT SIZE 50.000 X 109 0R 19717-3315052001 3 2022 Aerial Photography 200ft 2023 2022 2021 $35.503 932276 $29 342 $0 $0 $0 $238,500 $95 400 979,500 $0 $0 $0 $35 503 $32 276 $29 342 $0 $0 $0 $35 503 $32 276 $29 342 $0 $0 $0 Previous Sale Price OR Book -Page Qualification Description The Office of the Properly Appraiser is continually editing and updating the lax roll_ This webs0e may not reflect the most current information on record. The Properly Appraiser and Miami -Dade County assumes no liability, see Lull disclaimer and UserAgreement at hflp//www miamidade gov/nfo/disclaimerasp EXHIBIT "C" City of Miami Miami For Everyone Program Guidelines Background: On April 13th 2023, the Miami City Commission approved Resolution No. R-23-0178 establishing the Miami For Everyone ("MFE") program. The following Miami For Everyone guidelines were adopted in said Resolution R-23-0178, to ensure the accountability and utilization of the program funds meets the intent of the MFE Program. Funding for the MFE Program will be allocated by the City Commission. Purpose: The purpose of the Miami For Everyone program is to. assist communities facing the long-term complications resulting from declared emergencies and to address the specific needs of the most vulnerable residents and businesses, through a strategy of focusing the provision of support towards priority areas of need that will further stabilize economic conditions within City District(s). The City of Miami created the. Miami For Everyone program to address the needs of the most vulnerable residents who continue to experience hardships due to a declared emergency (pandemic, natural disaster, etc.). Miami For Everyone focuses on projects and programs providing services directly benefitting City of Miami residents in the following priority areas: • Affordable Housing1 • Educational Programs for children, youth and adults • Elderly meals, direct financial assistance, transportation, recreational and health/wellness related activities • Direct financial assistance, food assistance (gift card programs, voucher programs) • At -risk youth or youth summer job programs • Transportation services and programs • Job development, retention and training programs • Homeless Services • Food Distribution programs • Necessary climate and resiliency improvements in compliance with program purpose and guidelines • Essential supplies, during a State of Emergency, natural disaster, or economic crisis. • Necessary infrastructure improvements in compliance with program purpose and guidelines The expenditure of Miami For Everyone funds allocated under this Initiative shall only be expended to benefit the interest of disadvantaged residents of the City of Miami. Eligible Entities and Organizations: Miami For Everyone fund recipients must be an active and registered State of Florida entity: 1.AII Affordable Housing projects shall be managed by the City of Miami's Department of Housing and Community Development (" HCD") and subject to compliance with HCD's applicable rules, guidelines, processes,and procedures, including but not limited to, relevant funding agreements. City of Miami Miami For Everyone Program Guidelines (1) For Profit2; (2) Not -for profit organizations {501(3)(c)}; (3) Governmental units; (4) Educational and academic institutions; (5) City of Miami departments, Offices of City Elected Officials, agencies, or boards. Additional Program Guidelines and Requirements • Arty organization considered for or selected to receive Miami For Everyone funds must comply with any and all local, state and federal laws, rules, regulations, or guidelines associated with the programs funded, and such allocations may be revoked at the sole discretion of the City Commission. • Organization must complete a Miami For Everyone funding request form. • MFE programs are subject to funding availability. MFE fund recipients will use funds for a program or initiative that reaches a significant number of individuals and/or significantly mitigates the impacts of a declared emergency. • Recipients will be required to enter into a grant agreement with the City of Miami prior to any funding being disbursed. Said agreement shall include program/activity information and language regarding: o Resolution stating who is authorized to execute agreement with City of Miami o Scope of Services including but not limited to number of residents being served, City of Miami District/Location where services are being provided, program focus/priority area, frequency of service, performance measures and any other performance metric deemed relevant to the program priority area o Budget detailing how funding will be utilized to provided services to City/District residents as described in the Scope of Services o Invoicing for activities and services provided and residents assisted or served o Conflict of Interest o Insurance as required by the City of Miami, which said requirements may be amended by the City's Department of Risk Management ("Risk") and approved by Risk, which may be withheld in the City's sole discretion. o Any other material terms deem applicable to ensure appropriate use of public funds • If an agreement is not executed in six (6) months from the date of Commission approval, the recipient will be recommended for de -obligation. • Unless otherwise approved or extended by City Commission, the agreement term will end a year following contract execution. • Recipients will be required to complete an end of program close-out report certifying the services provided, performance metrics, location of services, timeline for the provision of MFE related services and a narrative of the overall accomplishments of the program. The City, from time to time, may conduct on -site monitoring and/or audits of the MFE funded program/activity/service. • Funds cannot be used to pay expenditures such as: o Lobbying Activities o Traveling for non -program participants o Meals for non -program participants o Pay bad debt 2 Only eligible to be awarded funding for affordable housing projects. City of Miami Miami For Everyone Program Guidelines o Defense and prosecution of criminal and civil proceedings o Donations or fund raising activities o Individual or Personal expenses o Pay same expense charged to other funding source (e.g. CDBG funds) o Sponsorship of events and activities o Any other expenditures deemed ineligible by the City of Miami Organizations that discriminate based on race, color, sex, religion, national origin, age or disability will not be recommended for funding. Administrative/Indirect expenses cannot exceed 10% of the budget allocation. • These guidelines are further subject to compliance with all requirements that may be imposed. by the City Attorney, including but not limited to, those prescribed by applicable City Charter and City Code provisions. • The attached Funding Request Form (pages 1-6) must be completed in its entirety by the applicant. The completed form must besubmitted to the Office of Management and Budget before the entity may added to the Commission Agenda for approval. (March 28, 2023) City of Miami Miami For Everyone Program Funding Request Form CONTACT INFORMATION: Contact Person: Paul Bilton Title: Project Manager Phone number: 786-399-4210 Email Address: pbilton@centennialmgt.com Name of Person completing this form: Paul Bilton Legal Name of Organization: Liberty Renaissance Apartments LLC Address (Street, City, State, Zip Code): 7735 NW 146 Street, Ste 306 Miami Lakes, FL 33016 Executive Director of Organization: Lewis Swezy Executive Director email: ISWeZy@centennialmgt.Com Executive Director Contact Phone Number: 305-7.20-3350 The organization is a registered and active State of Florida Corporation (select one): For -profit organization Not -for profit organization {501(3)(c)} nLocal governmental unit nState governmental unit nEducational and academic institution City of Miami department, office of elected official, agency or board Page 1 of 6 Return this form to: gbrito@miamigov.com (March 28, 2023) City of Miami Miami For Everyone Program Funding Request Form ORGANIZATION AND PROGRAM/PROJECT INFORMATION Organization History and Background information: 40 years of experience in land acquisition, finance procurement, development and construction in Miami -Dade Broward and Palm Beach counties. We have developed, constructed and continue to manage about 4,000 apartment units, most of which is residential Affordable Housing. Is your program/project providing direct services to residents of the City of Miami? Yes ❑No ❑ Number of residents your entity will serve: Frequency of Service: Age Group Served: 1s your program/project related to a declared emergency in the City of Miami? Yes❑No❑ Narne of Declared Emergency: Date of Official Declaration: Is your program/project impacting one of Miami's afflicted communities? Geographic Area Served (specific to this project/program) District Served (1, 2, 3, 4, 5, Citywide) Citywide Neighborhood/Community being served: Liberty City Yes ❑ No❑ Program/Project Priority area (Select one): n Affordable Housing riEducational Programs for children, youth, and adults nElderly meals, direct financial assistance, transportation, recreational and health/wellness related activities Direct financial assistance, food assistance (gift card programs, voucher programs) u At -risk youth or youth summer job programs Page 2of6 Return this form to: gbrito@miamigov:com (March 28, 2023) City of Miami Miami For Everyone Program Funding Request Form Transportation services and programs Job development, retention and training programs Homeless Services Food Distribution programs Climate Resiliency Improvements nEssential supplies, during a State of Emergency, natural disaster, or economic crisis nAllowable Infrastructure Improvement per program purpose and guidelines Page 3 of 6 Return this form to: gbrito@miamigov.com (March 28, 2023) City of Miami Miami For Everyone Program Funding Request Form Program/Project Title: Liberty Renaissance Project/Program Description: 98 1- and 2-bedroom Affordable Housing units in one three-story and one five -story building. 68 Units will be provided on the north side and 30 units on the south side of NW 61 Street Rents will be restricted to 30-70% of Area Median Income. Elderly demographic. Program Start Date: 9/28/2023 Program End Date: First Quarter 2027 Please describe how this program/project and funding will assist the community overcome the adverse effects of the declared emergency: IMPACT AND PERFORMANCE: Describe overall expected outcomes and performance measures for this project/program: Provide 98 Affordable Housing units for the Elderly. Please attach additional pages to the back of this packet, if the space above is not sufficient. Page 4 of 6 Return this form to: gbrito@miamigov.com (March 28; 2023) City of Miami Miami For Everyone Program Funding Request Form FUNDING REQUEST INFORMATION: Amount Requested: $ 3,000,000 Explain how the City of Miami's Miami For Everyone funding will be utilized: It will be used as gap funding to pay construction cost. The devlopment will be located at 1305-1361 and 1320-1370 NW 61 Street. Itemize MFE funding related to expenditures below: Personnel Salaries & Wages: $ Personnel Benefits $ Space Rental: $ Utilities (Electricity, Phone, Internet): $ Supplies: $ Equipment $ Marketing: $ Transportation (Participants): $ Meals (Participants): $ Professional Services (List each): $ Construction (attach schedule of costs): $ 3,000,000 Other (please describe): Other (please describe): Other (please describe): Page 5 of 6 Return this form to: gbrito@miainiRov.com (March 28, 2023) Completed by (Print & Sign): City of Miami Miami For Everyone Program Funding Request Form To be completed by the Entity/Recipient By signing below you agree to the guidelines and stipulate that t accurate and complete. Completed by (Print & Sign): Lewis Swezy Date: 9/25/2023 Additional Comments: n provided • is form is To be completed by District Commissioner/Mayor's Office Recommended for funding: Yes TIN° $3,000,000.00 Funding Recommendation: 09/28/2023 Commission Meeting Date: Additional Comments: 489AF7131458459... September 26, 2023 1 15:21:30 EDT Date: Yvette Harrell c DocuSigned by: To be completed by the Department ,-DoouSigned by. Mari e Goui n Received by (Print & Sign): '-' 5F6E831796C5495... September 26, 2023 1 15:51:07 EDT Date: Additional Comments: Return this form to: gbrito@miamigov.com Page 6 of 6 (March 28, 2023) Members of the Housing and September 26, 2023 Commercial Loan Committee George Mensah, Director Depai intent of Housing & Community Development BORROWER: Liberty Renaissance Apartments, LLC: Liberty Renaissance Liberty Renaissance Apartments, LLC, a Florida limited liability company created for the development of the project. The Managing Partners are Lewis V. Swezy (99.9%) and Liberty Renaissance Apaitinents MM LLC (0.01%). Mr. Swezy is the Principal of the Centennial Management Corp. Centennial Management Corp. is a full service real estate development company with the vast experience in all aspects of development. It is a part of a family companies owned and operated by Lewis Swezy. Mr. Swezy has been developing, constructing and managing real estate properties in Miami -Dade and Broward Counties for the last 30 years. As a developer, licensed real estate broker and licensed general contractor Centennial Management and its affiliates handle every step of the development process: land acquisition, financing, construction, marketing and property management. Properties currently owned and managed include over 3,000 residential housing rental units, as well as 900,000 square feet of commercial space. Vacant land owned in South Florida totals roughly 250 acres (of which two properties are in underwriting at this time). Centennial Management worked directly with a number of municipalities in meeting their housing objectives including the City of Miami, City of Hallandale Beach and Town of Davie. PROJECT Liberty Renaissance will be a new construction. The development will be located on non- contiguous sites. It will be a combination of sites, currently owned by the City of Miami. 1305-1361 NW 61 St site, on the north side, will be a 5-story mixed use building that will have total of 68 units, fifty-six (56) units, one bedroom and one bath, and twelve (12) units, two bedroom and two bath. Building will have leasing office, laundry room, community, and fitness center. 1320 and 1370 NW 61 St, on the south side, will be a 3-story mixed use building that will have total of thirty units, twenty-seven (27) units, one bedroom and one bath and three (3) units, two bedroom and two bath. Building will have a community room. Liberty Renaissance Apartments, LLC: Liberty Renaissance 2 September 26, 2023 The project will have nighty -eight (98) City of Miami For Everyone ("MFE") assisted units. The project will provide an affordable housing for extremely low, very low- and low-income persons, ranging from 30% up to 70% of the area median income. BACKGROUND On November 21, 2016, the City of Miami issued a Request for Proposals ("RFP") inviting qualified private real estate developers to propose developments of Affordable/Workforce rental housing on certain City -owned parcels of land. One of the two successful bidders was Centennial Management Corp. On November 16, 2017, pursuant to Resolution 17-0512, the City Commission authorized the transfer with affordable/workforce rental housing restrictions and automatic reverter provisions, of the City -owned properties located at 1305, 1321, 1331, 1341 and 1361 NW 61 St to Centennial Management for the construction of affordable/workforce housing for eligible low to moderate income persons. On November 15, 2018, pursuant to Resolution 18-0506, the City Commission authorized the transfer with affordable/workforce rental housing restrictions and automatic reverter provisions, of the City -owned properties located at 1320 and 1370 NW 61 St to Centennial Management for the construction of affordable/workforce housing opportunities. Centennial Management will be required to pay back the City of Miami $364,530.25 for all of the sites as Homeland Defense Limited Ad Valorem Tax Bonds were used at acquisition and, therefore, the City of Miami is required to be reimbursed back. On March 14, 2019, pursuant to Resolution 19-0100, the City Commission authorized the conveyance of the sites to Liberty Renaissance Apaittnents LLC. On March 14, 2019, pursuant to Resolution 19-0111, the City Commission authorized the issuance and Bond validation for the Liberty Renaissance project in the amount of $1,000,000. On September 27, 2019, Members of the Housing and Commercial Loan Committee approved the allocation of Miami Forever Bond ("GOB") in the amount of $1,000,000 for the development of 98-unit, Liberty Renaissance project. The original development plan was to build two structures containing a total of ninety-eight (98) units. North side building located at 1305-1361 NW 61 St sites to contain sixty-eight (68) units and the South side building to be built on 1320 and 1370 NW 61 St sites a total of thirty (30) rental units. The developer made two unsuccessful attempts to secure 9 % tax credits from the State of Florida Low Income Housing Tax Credit program. Subsequently, it was determined that to meet the priorities of the District, the Developer was asked to restructure the proposed plan to include a rental development on parcel 1305-1361 NW 61 St and a homeownership development on parcel 1320 and 1370 NW 61 St. Liberty Renaissance Apartments, LLC: Liberty Renaissance 3 September 26, 2023 On October 29, 2021, Members of the Housing and Commercial Loan Committee approved a new modified rental project. The new modified project would provide sixty-eight (68) rental units for households ranging from 30% up to 80% of the area median income. The project would be built on the City of Miami -owned parcels 1305-1321-1331-1341-1361 NW 61 St. The City of Miami -owned parcels located at 1320 and 1370 NW 61 St would not be used for this project as originally projected. At that time, additional funding in the amount of $2,064,070 in GOB funds was approved for the new 68-unit project, bringing the total GOB financing to $3.064M. The originally proposed homeownership project did not materialize due to the lack of funding and change in the District 5 Commissioner's Office. The new and fully rental project is now being supported by the current District 5 Commissioner's Office. BORROWER' S REQUEST On July 26, 2023, Developer submitted a Letter of Request to the City of Miami with a proposal of the new modifications to the project. The new modified project will provide (98) rental units for households ranging from 30% up to 70% of the area median income. The project will be built on North Side on the City of Miami -owned parcels 1305-1321-1331-1341-1361 NW 61 St and on South Side at 1320 and 1370 NW 61 St as originally projected. The proposed project mix is as follows: Previously approved: 10 units at 28% AMI 5 units at 30% AMI 5 units at 50% AMI 63 units at 60% AMI 0 units at 70% AMI 15 units at 80% AMI Total 98 units DEPARTMENTAL RECOMMENDATION Proposed: 0 units at 28% AMI 20 units at 30% AMI 0 units at 50% AMI 33 units at 60% AMI 45 units at 70% AMI 0 units at 80% AMI Total 98 units Based on the Borrower's request, the Department recommends de -obligating the past allocation of $3,064,070 in Miami Forever Bonds ("GOB") funds and now allocating $3,000,000 of City of Miami For Everyone ("MFE") Funds to Liberty Renaissance Apartments, LLC for the development of Liberty Renaissance project. The City of Miami For Everyone Funds dollars shall be contingent on but not limited to the following terms and conditions: Liberty Renaissance Apartments, LLC: Liberty Renaissance 4 September 26, 2023 1. Project Financing: Evidence of the project securing a construction/permanent loan(s) acceptable to the Department of Housing and Community Development and the City Attorney's Office. 2. Permitting: Evidence that the project secured full construction building permit form the City of Miami. 3. Use of Funds: City funds will be used for the construction hard costs. 4. City Assisted Units: 98 project units shall be assisted with MFE funds for low and very low-income households. 20 units will be at 30% AMI, 33 units will be at 60% of AMI, and 45 units will be at 70% of AMI. 5. MFE Funding approval. The requested allocation of the MFE funding requested is subject to City of Miami Commission approval. 6. Maximum Rent Levels: Rents charged on MFE-assisted units will be subject to Florida Housing Finance Corporation for Multifamily Rental Programs and CWHIP Homeownership according to the income target proposed by the Borrower. The rent and income limits are published annually by the US Department of Housing and Urban Development ("HUD") and Florida Housing Finance Corporation ("FHFC"). 7. Affordability Period: an affordability period of 30 years will apply commencing from the date the City approves the closeout of the project. 8. Loan Repayment & Interest Rate Terms: This is a deferred loan provided to the Borrower with no debt service payments required. The property must maintain the required affordability structure for a period of 30 years. Failure to comply with these requirements will result in the full repayment of principal and interest at an agreed upon interest rate. Upon completely upholding 30-year affordability requirement, deferred loan may be forgiven. 9. Draw Disbursements: The City shall not fund any draw request in an amount that exceeds the City's initial contribution percentage of the entire development cost of the project. 10. City Incurred Costs: Borrower understands and agrees that $10,000 of the MFE funds may be used by the City to cover costs incurred by the City on behalf of the project. 11. Increase in Project Costs: If the project costs increase ten percent (10%) or more of the original budget, and the Borrower is not able to secure additional funding within 60 days before the project commencement, the project will be subject to recommendation to the Housing and Commercial Loan Committee for de -obligation of the project funding. 12. Retainage(s): Five percent (5%) of each draw request will be retained until the City has received as part of the close-out, at the Borrower's sole cost, a Final Cost Certification prepared by an independent certified public accountant, both in form and substance acceptable to the City. 13. Commitment Fee: There will be a $5,000 commitment fee. 14. Eligible Project Costs: Eligible project costs will be effective from the date of environmental clearance. 15. Reporting Compliance: Borrower is subject to compliance reporting requirements in the process of construction and during the affordability period. 16. Development Benchmarks/Scope of Work: The project shall: (a) commence construction within six (6) months from the Effective Date['1 of the contract; (b) obtain all certificates of occupancy required for the project within 18 months from the Effective Date; and (c) have all project units rented within 12 months after the issuance of Ili The "Effective Date" is the date on which the contract has been signed by the City Manager and attested to by the City Clerk. Liberty Renaissance Apartments, LLC: Liberty Renaissance 5 September 26, 2023 project's certificate(s) of occupancy, but in no event later than 30 months from the Effective Date. 17. Insurance Requirements: Borrower shall obtain and furnish evidence of insurance coverage as the City may require in connection with the Project. 18. Affirmative Marketing Plan: Borrower shall provide an Affirmative Marketing Plan using HUD's approved form and report to the City annually on all actions taken to comply with said plan. Borrower shall comply with the requirements of the affordable housing notice to City Officials Ordinance #13491. 19. Lottery: Selection of eligible tenants shall be from the results of a tenant lottery, which shall be conducted with a representative of the City of Miami present. In addition, the project shall comply with the requirements of the City of Miami Ordinance 13645, Resident Preference. 20. Project Signage: Borrower shall furnish signage identifying the Project and shall acknowledge the contribution of the City by incorporating the seal of the City and the names of the City commissioners and officials in all documents, literature, pamphlets, advertisements, and signage, permanent or otherwise. All such acknowledgments shall be in a form acceptable to the City and its costs should be covered under the City Incurred Cost line item. 21. De -obligation of Funds: The City may at its sole discretion de -obligate the funding approved herein, if by no later than six (6) months from the date of approval of the City funds, the Borrower has failed to close on all funding commitments represented herein. 22. Discretionary Action by Administration: Staff shall have the discretion to approve and, by way of Memorandum, authorize the City Manager to execute any and all documents needed to further the Project Completion, provided, however, that the lien position nor the project terms are not materially affected. 23. Project Default: If the City determines that the project is in default, the following conditions will apply: • The highest interest rate available under the law will be applicable for the funds disbursed from date of disbursement. • The Restrictive Covenant will remain as a restriction on the Project property throughout the Affordability Period; and • The borrower, project developer, managing partner(s) of the borrower and/or other individuals, principals and/or other entities as determined by the City will be debarred from receiving any City funding for a period of five (5) years. 24. Compliance with Ordinance #13491 Notice to Residents, and Ordinance #13645 Resident Preference. 25. Compliance with the provisions of Davis Bacon Act, and regulations, as amended and if applicable. Liberty Renaissance Apartments, LLC: Liberty Renaissance 6 September 26, 2023 HOUSING AND COMMERCIAL LOAN COMMITTEE DECISION: Approved as Recommended by Staff To Include Additional Conditions or Restrictions Disapproved To Include Further Action Specify any further action, conditions or restrictions: Yes ❑ No ❑N/A ❑ Yes ❑No ❑ N/A ❑ Yes ❑No ❑ N/A ❑ Yes ❑No ❑ N/A ❑ Chairperson or Representative Stamp Date SUBSTITUTED. Exhibit B To Be Distributed File ID 14653