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HomeMy WebLinkAboutAgenda Item Cover PageAGENDA ITEM COVER PAGE File ID: #17236 Resolution Sponsored by: Commissioner Manolo Reyes A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE DE - OBLIGATION OF MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BOND FUNDS ("MFB FUNDS") IN A TOTAL AMOUNT NOT TO EXCEED ONE MILLION, EIGHT HUNDRED THOUSAND AND 00/100 DOLLARS ($1,800,000.00) FROM THE FLAGLER VILLAS AFFORDABLE RENTAL HOUSING PROJECT FOR LOW-INCOME SENIORS LOCATED AT 5215 WEST FLAGLER STREET, MIAMI, FLORIDA ("PROJECT") AND THE RETURN OF THE DE - OBLIGATED MFB FUNDS TO THE DISTRICT 4 COMMISSIONER'S SHARE, SUBJECT TO ALL FEDERAL, STATE, AND LOCAL LAWS THAT REGULATE THE USE OF SUCH FUNDS AND THE RECEIPT OF ALL NECESSARY APPROVALS INCLUDING, BUT NOT LIMITED TO, THE CITY'S DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT ("HCD") AND THE CITY'S HOUSING AND COMMERCIAL LOAN COMMITTEE ("HCLC") APPROVALS; FINDING THAT THE USE, ALLOCATION, AND APPROPRIATION OF THE MFB FUNDS ARE SUBJECT TO ALL FEDERAL, STATE, AND LOCAL LAWS THAT REGULATE THE USE OF SUCH FUNDS AND THE RECEIPT OF ALL NECESSARY APPROVALS, INCLUDING, BUT NOT LIMITED TO THE CITY ATTORNEY AND BOND COUNSEL APPROVAL; AUTHORIZING THE CITY MANAGER TO MAKE ANY CHANGES TO ADJUST, AMEND, AND APPROPRIATE THE CITY'S OPERATING BUDGET, FIVE-YEAR FINANCIAL PLAN, STRATEGIC PLAN, AND MULTI -YEAR CAPITAL PLAN, AS NECESSARY AND APPLICABLE, PURSUANT TO THE PROVISIONS OF THIS RESOLUTION; AUTHORIZING, RATIFYING, APPROVING, AND CONFIRMING CERTAIN NECESSARY ACTIONS BY THE CITY MANAGER AND THE DESIGNATED CITY DEPARTMENTS TO UPDATE THE RELEVANT FINANCIAL CONTROLS, PROJECT CLOSE-OUTS, ACCOUNTING ENTRIES, AND COMPUTER SYSTEMS IN CONNECTION HEREWITH; AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE, ANY AND ALL DOCUMENTS, INCLUDING, BUT NOT LIMITED TO, AGREEMENTS, AMENDMENTS, MODIFICATIONS, AND MEMORANDUM OF UNDERSTANDING, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY, NECESSARY FOR THE PURPOSES STATED HEREIN. City of Miami Legislation Resolution Enactment Number: R-25-0066 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 17236 Final Action Date:2/27/2025 A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE DE - OBLIGATION OF MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BOND FUNDS ("MFB FUNDS") IN A TOTAL AMOUNT NOT TO EXCEED ONE MILLION, EIGHT HUNDRED THOUSAND AND 00/100 DOLLARS ($1,800,000.00) FROM THE FLAGLER VILLAS AFFORDABLE RENTAL HOUSING PROJECT FOR LOW-INCOME SENIORS LOCATED AT 5215 WEST FLAGLER STREET, MIAMI, FLORIDA ("PROJECT") AND THE RETURN OF THE DE - OBLIGATED MFB FUNDS TO THE DISTRICT 4 COMMISSIONER'S SHARE, SUBJECT TO ALL FEDERAL, STATE, AND LOCAL LAWS THAT REGULATE THE USE OF SUCH FUNDS AND THE RECEIPT OF ALL NECESSARY APPROVALS INCLUDING, BUT NOT LIMITED TO, THE CITY'S DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT ("HCD") AND THE CITY'S HOUSING AND COMMERCIAL LOAN COMMITTEE ("HCLC") APPROVALS; FINDING THAT THE USE, ALLOCATION, AND APPROPRIATION OF THE MFB FUNDS ARE SUBJECT TO ALL FEDERAL, STATE, AND LOCAL LAWS THAT REGULATE THE USE OF SUCH FUNDS AND THE RECEIPT OF ALL NECESSARY APPROVALS, INCLUDING, BUT NOT LIMITED TO THE CITY ATTORNEY AND BOND COUNSEL APPROVAL; AUTHORIZING THE CITY MANAGER TO MAKE ANY CHANGES TO ADJUST, AMEND, AND APPROPRIATE THE CITY'S OPERATING BUDGET, FIVE-YEAR FINANCIAL PLAN, STRATEGIC PLAN, AND MULTI -YEAR CAPITAL PLAN, AS NECESSARY AND APPLICABLE, PURSUANT TO THE PROVISIONS OF THIS RESOLUTION; AUTHORIZING, RATIFYING, APPROVING, AND CONFIRMING CERTAIN NECESSARY ACTIONS BY THE CITY MANAGER AND THE DESIGNATED CITY DEPARTMENTS TO UPDATE THE RELEVANT FINANCIAL CONTROLS, PROJECT CLOSE-OUTS, ACCOUNTING ENTRIES, AND COMPUTER SYSTEMS IN CONNECTION HEREWITH; AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE, ANY AND ALL DOCUMENTS, INCLUDING, BUT NOT LIMITED TO, AGREEMENTS, AMENDMENTS, MODIFICATIONS, AND MEMORANDUM OF UNDERSTANDING, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY, NECESSARY FOR THE PURPOSES STATED HEREIN. WHEREAS, pursuant to Resolution No. R-24-0373 adopted on October 28, 2021, the City Commission allocated funding on a reimbursement basis in an amount not to exceed Three Million, Nine Hundred Thousand Dollars ($3,900,000.00) in Miami Forever Affordable Housing Limited Ad Valorem Bond Funds ("MFB Funds") for the development of affordable rental housing project for low-income seniors located at 5215 West Flagler Street, Miami, Florida ("Project") by 5215 Flagler Street, LLC ("Developer"); and WHEREAS, on March 28, 2023, the City of Miami's Housing and Commercial Loan Committee approved awarding One Million, Seven Hundred Thousand and 00/100 Dollars ($1,700,00.00) in HOME Investment Program Partnership funds and Three Million, Nine Hundred Thousand and 00/100 Dollars ($3,900,000.00) in MFB Funds for the Development of the Project; and WHEREAS, pursuant to Resolution No. R-24-0424 adopted on October 24, 2024, the City accepted Economic Development Incentive ("EDI") - Community Project Funding ("CPF") grant funds in the amount of Three Million Five Hundred Thousand and 00/100 Dollars ($3,500,000.00) from the United States Department of Housing and Urban Development ("HUD") to fund the Project; and WHEREAS, due to the various funding sources awarded to the Project, it is in the best interest of the City to de -obligate One Million, Eight Hundred Thousand and 00/100 Dollars ($1,800,000.00) of the MFB Funds originally awarded to the Project and return the de -obligated MFB Funds to the District 4 Commissioner's share; and WHEREAS, any actions authorized and undertaken pursuant to this Resolution shall be in compliance with all applicable Federal, State of Florida, local, and City laws, rules, regulations, and procedures, including, but not limited to, the Bonds Strategies, the Intent to Reimburse Resolution, and the Miami Forever Bond Validation Order, the Charter of the City of Miami, Florida, as amended ("City Charter"), and the Code of the City of Miami, Florida, as amended ("City Code") (collectively, "Laws"); and WHEREAS, any actions authorized and undertaken pursuant to this Resolution shall receive and be subject to the receipt of any and all necessary approvals including, but not limited to, City Attorney, Bond Counsel, the City's Department of Housing and Community Development ("HCD"), the City's Housing and Commercial Loan Committee ("HCLC"), the City's Office of Management and Budget, and the City's Department of Finance approval, as applicable; 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. The de -obligation of MFB Funds in a total amount not to exceed One Million, Eight Hundred Thousand and 00/100 Dollars ($1,800,000.00) from the Project and return of the de -obligated MFB Funds to the District 4 Commissioner's share is approved,' subject to all federal, State, and local laws that regulate the use of such funds and the receipt of all necessary approvals including, but not limited to, HCD and HCLC approvals. Section 3. The use, allocation, and appropriation of the Miami Forever Affordable Housing Bond Funds are subject to all federal, State, and local laws that regulate the use of such funds and the receipt of all necessary approvals, including, but not limited to the City Attorney and Bond Counsel approval. Section 4. The City Manager is authorized to make any changes to adjust, amend, and appropriate the City's Operating Budget, Five -Year Financial Plan, Strategic Plan, and Multi - Year Capital Plan, as necessary and applicable, pursuant to the provisions of this Resolution. Section 5. Certain necessary actions by the City Manager and the designated City departments to update the relevant financial controls, project close-outs, accounting entries, and computer systems in connection herewith are hereby authorized,' ratified, approved, and confirmed. Section 6. The City Manager is authorized to negotiate and execute any and all documents, including, but not limited to, agreements, amendments, modifications, and memorandum of understanding, all in forms acceptable to the City Attorney, necessary for the purposes stated herein. Section 7. The City Manager in consultation with the City Attorney, Bond Counsel, Disclosure Counsel, Financial Advisor, Chief Financial Officer, Finance Director, Budget Director, and such other appropriate officers, employees, and agents of the City as the City Manager deems necessary are hereby authorized' to take such actions as may be necessary to carry out the purposes of this Resolution. Section 8. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.' APPROVED AS TO FORM AND CORRECTNESS: ge Wy ng III, C y tor -y 2/18/2025 1 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.