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HomeMy WebLinkAboutAgenda Item Cover PageAGENDA ITEM COVER PAGE File ID: #17289 Resolution Sponsored by: Commissioner Christine King A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), DECLARING THE OFFICIAL INTENT OF THE CITY OF MIAMI ("CITY") TO ISSUE TAX-EXEMPT OR TAXABLE GENERAL OBLIGATION 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 IN AN INITIAL EXPECTED NOT TO EXCEED TOTAL MAXIMUM PRINCIPAL AMOUNT OF ONE MILLION TWO HUNDRED THOUSAND and 00/100 DOLLARS ($1,200,000.00) 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, SPECIFICALLY, FOR THE CONSTRUCTION OF SINGLE FAMILY AND/OR TWIN HOMES IN DISTRICT 5 (COLLECTIVELY, "DISTRICT 5 NEW CONSTRUCTION HOMEOWNERSHIP") AS MORE PARTICULARLY DESCRIBED IN EXHIBIT "B," IN COMPLIANCE THE CITY'S SEVEN (7) AFFORDABLE HOUSING STRATEGIES OUTLINED IN EXHIBIT "A," ATTACHED AND INCORPORATED ("STRATEGIES FOR AFFORDABLE HOUSING PROJECTS"); ESTABLISHING CERTAIN RELATED DEFINITIONS OF TERMS; AUTHORIZING CERTAIN FURTHER AND INCIDENTAL ACTIONS BY THE CITY MANAGER, DESIGNATED CITY OFFICIALS, AND DEPARTMENTS, IN CONSULTATION WITH THE CITY ATTORNEY AND SUCH OTHER APPROPRIATE OFFICERS, EMPLOYEES, AND AGENTS OF THE CITY AS NECESSARY, ALL AS REQUIRED FOR PURPOSES OF SECTIONS 103 AND 141-150 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, THE LAWS OF THE STATE OF FLORIDA ("STATE LAWS"),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"), AND FOR COMPLIANCE THEREWITH; FURTHER AUTHORIZING RELATED AMENDMENTS TO THE CITY'S MULTI -YEAR CAPITAL PLAN AS NECESSARY. City of Miami Legislation Resolution Enactment Number: R-25-0067 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 17289 Final Action Date:3/13/2025 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), DECLARING THE OFFICIAL INTENT OF THE CITY OF MIAMI ("CITY") TO ISSUE TAX-EXEMPT OR TAXABLE GENERAL OBLIGATION 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 IN AN INITIAL EXPECTED NOT TO EXCEED TOTAL MAXIMUM PRINCIPAL AMOUNT OF ONE MILLION TWO HUNDRED THOUSAND and 00/100 DOLLARS ($1,200,000.00) 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, SPECIFICALLY, FOR THE CONSTRUCTION OF SINGLE FAMILY AND/OR TWIN HOMES IN DISTRICT 5 (COLLECTIVELY, "DISTRICT 5 NEW CONSTRUCTION HOMEOWNERSHIP") AS MORE PARTICULARLY DESCRIBED IN EXHIBIT "B," IN COMPLIANCE THE CITY'S SEVEN (7) AFFORDABLE HOUSING STRATEGIES OUTLINED IN EXHIBIT "A," ATTACHED AND INCORPORATED ("STRATEGIES FOR AFFORDABLE HOUSING PROJECTS"); ESTABLISHING CERTAIN RELATED DEFINITIONS OF TERMS; AUTHORIZING CERTAIN FURTHER AND INCIDENTAL ACTIONS BY THE CITY MANAGER, DESIGNATED CITY OFFICIALS, AND DEPARTMENTS, IN CONSULTATION WITH THE CITY ATTORNEY AND SUCH OTHER APPROPRIATE OFFICERS, EMPLOYEES, AND AGENTS OF THE CITY AS NECESSARY, ALL AS REQUIRED FOR PURPOSES OF SECTIONS 103 AND 141-150 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, THE LAWS OF THE STATE OF FLORIDA ("STATE LAWS"),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"), AND FOR COMPLIANCE THEREWITH; FURTHER AUTHORIZING RELATED AMENDMENTS TO THE CITY'S MULTI -YEAR CAPITAL PLAN AS NECESSARY. 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's taxable and tax exempt bonds in the aggregate principal amount not exceeding Four Hundred Million and 00/100 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 and 00/100 Dollars ($100,000,000.00) for affordable housing and economic development capital projects ("Affordable Housing and Economic Development Bonds") of which an amount not to exceed Fifteen Million and 00/100 Dollars ($15,000,000.00) was proposed for the first Declaration of Intent to Reimburse; and WHEREAS, for all series of the Affordable Housing and Economic Development Bonds, Resolution Nos. R-19-0111, R-19-0325, and R-20-0337 set forth seven (7) Affordable Housing Miami Forever Bonds Projects Strategies as follows: i) Affordable Workforce New Rental Strategy, ii) Homeownership Preservation Strategy, iii) City Acquisition of Land, iv) Affordable Homeownership Strategy, v) Affordable Rental Housing Preservation Strategy, vi) Affordable New Construction Rental Strategy, and vii) Long Term Lease/Build/Manage Strategy, as outlined in Exhibit "A," attached and incorporated ("Affordable Housing Strategies"); and WHEREAS, the City's Affordable Homeownership Strategy ("Homeownership Strategy") permits the City to utilize Miami Forever Bond funding for land acquisition, development soft cost, financing costs, and hard construction costs made available through a Request for Proposals (RFP) process; and WHEREAS, the City Commission expects to provide for the issuance in one or more series by the City of Miami ("City") of both tax-exempt or taxable 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 in an expected not to exceed total maximum principal amount of One Million, Two Hundred Thousand and 00/100 Dollars ($1,200,000.00) 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/increase affordable housing within the City's limits, specifically, for the construction of single family and/or twin homes in District 5 (collectively, "District 5 New Construction Homeownership") as more particularly described in Exhibit "B," in compliance with the City's Affordable Housing Strategies; and WHEREAS, the City Commission hereby allocates an amount not to exceed One Million, Two Hundred Thousand and 00/100 Dollars ($1,200,000.00) for pre -development and construction costs ("Development Costs") associated with the development of affordable single family and/or twin homes in District 5; and WHEREAS, the City Commission has determined that it is in the best interests of the City in accordance with the Voter Referendum, the Miami Forever Limited Ad Valorem Bonds Final Validation Order of December 16, 2019, ("Bond Validation Order"), and the Affordable Housing Strategies to authorize the allocation of an amount not to exceed One Million, Two Hundred Thousand and 00/100 Dollars ($1,200,000.00) for the development of affordable single family and/or twin homes in District 5 from the District 5 Commissioner's share of Miami Forever Bond Affordable Housing and Economic Development Bonds for certain costs/activities that are eligible for City funding under the Affordable Homeownership Strategy; and WHEREAS, such allocations shall comply with all applicable Federal, State of Florida ("State"), Miami -Dade County ("County"), and City laws, rules, and regulations for affordable housing projects, including but not limited to the City's Affordable Housing Miami Forever Bonds Projects Strategies, this Affordable Housing Intent to Reimburse Resolution, and the Miami Forever Affordable Housing Limited Ad Valorem Bonds (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. Definitions. The following definitions apply to the terms used herein: "Reimbursement" or "Reimburse" means the restoration to the City of money temporarily advanced from its own funds and spent for Original Expenditures before the issuance of the Limited Ad Valorem Bonds evidenced in writing by an allocation on the books and records of the City that show the use of the proceeds of the Limited Ad Valorem Bonds to restore the money advanced for the Original Expenditures. "Reimbursement" or "Reimburse" generally does not include the refunding or retiring of Bonds previously issued and sold to, or borrowings from, unrelated entities. Section 3. Declaration of Official Intent. The City Commission hereby declares the City's official intent to issue both taxable and tax-exempt Limited Ad Valorem Bonds, in one or more series, in the expected not to exceed total maximum principal amount of One Million, Two Hundred Thousand and 00/100 Dollars ($1,200,000.00) and, to the extent permissible under the IRS Code regarding the tax-exempt Limited Ad Valorem Bonds, use a portion of the tax-exempt Limited Ad Valorem Bonds to reimburse the City for funds advanced by it for Original Expenditures incurred and to be incurred with respect to the Projects. This Resolution is intended as a declaration of official intent under United States Treasury Regulation § 1.150-2, for the development of affordable single family and/or twin homes in District 5 as approved by the City Commission in future public meetings and in the subsequent City Manager's Memorandum. Section 4. Incidental Actions. 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 and the IRS Code and for compliance therewith. Section 5. Related Amendment of the City's Multi -Year Capital Plan. The City Manager, designated City Officials, and Departments are hereby authorized' to amend the Multi -Year Capital Plan (i) to include the projects listed in Exhibit "B," attached and incorporated, and for the associated financing(s) for the City's contributions to Projects' funding through the Limited Ad Valorem Bonds as referenced in this Resolution with new project numbers to be determined by the City Manager, (ii) to comply with State Laws, the City Charter, and the City Code, and (iii) to require that future reallocations of funding sources be presented to City Commission from time to time in connection with said financings for the Projects pursuant to the future required bond resolution(s) authorizing each particular series of Limited Ad Valorem Bonds. Section 6. Effective Date. This Resolution shall take effect immediately upon its adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: 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. 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 of Miami Commission.