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File ID: #17306
Resolution
Sponsored by: Commissioner Damian Pardo
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING AND DIRECTING THE CITY MANAGER TO ALLOCATE, UPON
THE FULFILLMENT BY GROVE PROSPERITY PARTNERS, LLC, A FLORIDA
LIMITED LIABILITY COMPANY ("DEVELOPER"), OF ALL OF THE TERMS AND
CONDITIONS SET FORTH IN THE COLLECTIVE MEMORANDA TO THE CITY
OF MIAMI'S ("CITY") HOUSING AND COMMERCIAL LOAN COMMITTEE,
ATTACHED AND INCORPORATED AS COMPOSITE EXHIBIT "A" ("HCLC
MEMORANDUM"); ALLOCATING FUNDING ON A REIMBURSEMENT BASIS IN
AN AMOUNT NOT TO EXCEED FOUR MILLION, TWO HUNDRED TEN
THOUSAND AND 00/100 DOLLARS ($4,210,000.00) FROM THE DISTRICT 2
SHARE OF THE MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD
VALOREM BOND TO DEVELOPER, FOR THE AFFORDABLE HOUSING
COMPONENTS OF A MIXED -USE, COMMERCIAL AND RESIDENTIAL
DEVELOPMENT PROJECT TO BE CONSTRUCTED AND LOCATED AT 3655
GRAND AVENUE, 3659 GRAND AVENUE, AND 3650 FLORIDA AVENUE, TO
BE KNOWN AS "GROVE BAHAMAS PLACE" ("PROJECT"), PROVIDED THAT
THE DEVELOPER FULFILLS ALL OF THE TERMS AND CONDITIONS SET
FORTH IN THE HCD/HCLC APPROVALS, WHICH SHALL BE CONSISTENT
WITH THE CITY COMMISSION APPROVAL; SUCH ALLOCATION TO BE IN
COMPLIANCE WITH ALL APPLICABLE FEDERAL, STATE OF FLORIDA,
LOCAL, AND CITY LAWS, RULES, AND REGULATIONS FOR AFFORDABLE
HOUSING PROJECTS, INCLUDING, BUT NOT LIMITED TO, THIS
RESOLUTION, THE BONDS STRATEGIES, ANY APPLICABLE INTENT TO
REIMBURSE RESOLUTION, THE HCLC MEMORANDUM, AND THE MIAMI
FOREVER BOND VALIDATION ORDER (COLLECTIVELY, "LAWS");
DECLARING THE OFFICIAL INTENT OF THE CITY OF MIAMI ("CITY") TO
ISSUE BOTH TAXABLE AND TAX-EXEMPT GENERAL OBLIGATION BONDS,
IN ONE OR MORE SERIES, 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
FOUR MILLION, TWO HUNDRED TEN THOUSAND AND 00/100 DOLLARS
($4,210,000.00) IN ORDER TO, AMONG OTHER THINGS, REIMBURSE THE
CITY FOR FUNDS ADVANCED BY THE CITY FOR CERTAIN EXPENSES
INCURRED WITH RESPECT TO THE PROJECT TO IMPROVE AFFORDABLE
HOUSING WITHIN THE CITY'S LIMITS; 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 BY ALL
APPLICABLE LAWS; FURTHER AUTHORIZING THE CITY MANAGER TO
NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS,
INCLUDING AGREEMENTS, AMENDMENTS, EXTENSIONS, AND
MODIFICATIONS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY
AND BOND COUNSEL, SUBJECT TO COMPLIANCE WITH ALL LAWS AND
SUBJECT TO THE DEVELOPER FULFILLING ALL OF THE TERMS AND
CONDITIONS SET FORTH IN THE HCLC MEMORANDUM, IN ORDER TO
ALLOCATE AN AMOUNT NOT TO EXCEED FOUR MILLION, TWO HUNDRED
TEN THOUSAND AND 00/100 DOLLARS ($4,210,000.00) FROM THE
PROPOSED MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD
VALOREM BONDS TO THE PROJECT FURTHER AUTHORIZING RELATED
AMENDMENTS TO THE CITY'S MULTI -YEAR CAPITAL PLAN AS
NECESSARY.
City of Miami
Legislation
Resolution
Enactment Number: R-25-0104
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 17306 Final Action Date:3/13/2025
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING AND DIRECTING THE CITY MANAGER TO ALLOCATE, UPON
THE FULFILLMENT BY GROVE PROSPERITY PARTNERS, LLC, A FLORIDA
LIMITED LIABILITY COMPANY ("DEVELOPER"), OF ALL OF THE TERMS AND
CONDITIONS SET FORTH IN THE COLLECTIVE MEMORANDA TO THE CITY
OF MIAMI'S ("CITY") HOUSING AND COMMERCIAL LOAN COMMITTEE,
ATTACHED AND INCORPORATED AS COMPOSITE EXHIBIT "A" ("HCLC
MEMORANDUM"); ALLOCATING FUNDING ON A REIMBURSEMENT BASIS IN
AN AMOUNT NOT TO EXCEED FOUR MILLION, TWO HUNDRED TEN
THOUSAND AND 00/100 DOLLARS ($4,210,000.00) FROM THE DISTRICT 2
SHARE OF THE MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD
VALOREM BOND TO DEVELOPER, FOR THE AFFORDABLE HOUSING
COMPONENTS OF A MIXED -USE, COMMERCIAL AND RESIDENTIAL
DEVELOPMENT PROJECT TO BE CONSTRUCTED AND LOCATED AT 3655
GRAND AVENUE, 3659 GRAND AVENUE, AND 3650 FLORIDA AVENUE, TO
BE KNOWN AS "GROVE BAHAMAS PLACE" ("PROJECT"), PROVIDED THAT
THE DEVELOPER FULFILLS ALL OF THE TERMS AND CONDITIONS SET
FORTH IN THE HCD/HCLC APPROVALS, WHICH SHALL BE CONSISTENT
WITH THE CITY COMMISSION APPROVAL; SUCH ALLOCATION TO BE IN
COMPLIANCE WITH ALL APPLICABLE FEDERAL, STATE OF FLORIDA,
LOCAL, AND CITY LAWS, RULES, AND REGULATIONS FOR AFFORDABLE
HOUSING PROJECTS, INCLUDING, BUT NOT LIMITED TO, THIS
RESOLUTION, THE BONDS STRATEGIES, ANY APPLICABLE INTENT TO
REIMBURSE RESOLUTION, THE HCLC MEMORANDUM, AND THE MIAMI
FOREVER BOND VALIDATION ORDER (COLLECTIVELY, "LAWS");
DECLARING THE OFFICIAL INTENT OF THE CITY OF MIAMI ("CITY") TO
ISSUE BOTH TAXABLE AND TAX-EXEMPT GENERAL OBLIGATION BONDS,
IN ONE OR MORE SERIES, 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
FOUR MILLION, TWO HUNDRED TEN THOUSAND AND 00/100 DOLLARS
($4,210,000.00) IN ORDER TO, AMONG OTHER THINGS, REIMBURSE THE
CITY FOR FUNDS ADVANCED BY THE CITY FOR CERTAIN EXPENSES
INCURRED WITH RESPECT TO THE PROJECT TO IMPROVE AFFORDABLE
HOUSING WITHIN THE CITY'S LIMITS; 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 BY ALL
APPLICABLE LAWS; FURTHER AUTHORIZING THE CITY MANAGER TO
NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS,
INCLUDING AGREEMENTS, AMENDMENTS, EXTENSIONS, AND
MODIFICATIONS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY
AND BOND COUNSEL, SUBJECT TO COMPLIANCE WITH ALL LAWS AND
SUBJECT TO THE DEVELOPER FULFILLING ALL OF THE TERMS AND
CONDITIONS SET FORTH IN THE HCLC MEMORANDUM, IN ORDER TO
ALLOCATE AN AMOUNT NOT TO EXCEED FOUR MILLION, TWO HUNDRED
TEN THOUSAND AND 00/100 DOLLARS ($4,210,000.00) FROM THE
PROPOSED MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD
VALOREM BONDS TO THE PROJECT FURTHER AUTHORIZING RELATED
AMENDMENTS TO THE CITY'S MULTI -YEAR CAPITAL PLAN AS
NECESSARY.
WHEREAS, Grove Prosperity Partners, LLC is a Florida limited liability company
("Developer") created for the development of a mixed -use development known as "Grove
Bahamas Place" that will be located on 3659 Grand Avenue, 3655 Grand Avenue, and 3650
Florida Avenue (collectively, "Property) and will provide no fewer than fifty-six (56) micro -condo
affordable homeownership units for low income households at or below eighty percent (80%) of
area median income adjusted for family size, as published annually by the United States
Department of Housing and Urban Development ("AMI") ("Project"); and
WHEREAS, the fifty-six (56) micro -condo homeownership units will be restricted to
families earning up to eighty percent (80%) AMI with sales prices ranging from Three Hundred
Five Thousand and 00/100 Dollars ($305,000.00) and Four Hundred Five Thousand and 00/100
Dollars ($405,000.00), with the proposed unit breakdown as follows: eight (8) units will be four
hundred (400) square feet (1 bed/1 bath); eight (8) units will be four hundred seven (407) square
feet (lbed/1.5 bath); twenty-four (24) units at four hundred twenty-four (424) square feet
(1 bed/1.5bath); eight (8) units at five hundred twenty-seven (527) square feet (2-bed/1 bath);
and eight (8) units at six hundred fifty (650) square feet (2-bed/1.5 bath); and
WHEREAS, the Developer participated in the City of Miami's ("City") pipeline affordable
housing projects continuing requests for proposals; and
WHEREAS, on February 25 2025, the City's Department of Housing and Community
Development ("HCD") presented the Project to the City's Housing and Commercial Loan
Committee ("HCLC") and HCLC recommended the allocation of Miami Forever Affordable
Housing Limited Ad Valorem Bonds funds in an amount not to exceed Four Million, Two
Hundred Ten Thousand and 00/100 Dollars ($4,210,000.00) for the Project, pursuant to the
terms, requirements, and conditions set forth by HCLC in its memoranda, attached and
incorporated herein as Exhibit "A" ("HCLC Memorandum"), and fulfilling all requirements
imposed by the City or HCD, and in accordance with the seven (7) Strategies for Affordable
Housing Strategies, attached and incorporated as Exhibit "B"; and
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 ("Miami Forever Affordable Housing Limited Ad Valorem 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 Miami Forever Affordable Housing Limited Ad Valorem
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 "B," 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 by the City of its
taxable and tax-exempt limited ad valorem bonds, in one or more series, 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 Four Million, Two Hundred Ten
Thousand and 00/100 Dollars ($4,210,000.00) ("Miami Forever Affordable Housing Limited Ad
Valorem Bonds") in order to, among other things, reimburse the City for funds advanced by the
City for certain expenses incurred with respect to the affordable housing components of the
Project; and
WHEREAS, the Laws of the State of Florida ("State Law"), Charter of the City of Miami,
Florida, as amended ("City Charter"), and the Code of the City of Miami, Florida, as amended
("City Code"), also contain certain provisions relating to budgeting and Multi -Year Capital Plan
amendments, procurement, bond issuance, and financial compliance applicable to the advance
of City funds for the Project and other approved projects partially or fully funded with Miami
Forever Affordable Housing Limited Ad Valorem Bond funding; and
WHEREAS, the City expects to make Original Expenditures that will be reimbursed from
proceeds of the Miami Forever Affordable Housing Limited Ad Valorem Bonds; and
WHEREAS, such allocation shall be in compliance with all applicable Federal, State of
Florida, local, and City laws, rules, and regulations for affordable housing projects, including, but
not limited to, this Resolution, the Affordable Housing Strategies, any applicable Intent to
Reimburse Resolution, the HCLC Memorandum, and the Miami Forever Bond Validation Order
(collectively, "Laws");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY
MIAMI, FLORIDA:
Section 1: Recitals and Findings. 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 Miami Forever Affordable Housing 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
Miami Forever Affordable Housing Limited Ad Valorem Bonds to restore the money
advanced for Original Expenditures for the Project. "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 Miami Forever Affordable
Housing Limited Ad Valorem Bonds, in one or more series, for Affordable Housing
Projects in the expected not to exceed total maximum principal amount of Four Million Two
Hundred Ten Thousand and 00/100 Dollars ($4,210,000.00) and, to the extent permissible
to reimburse the City for funds advanced by it for Original Expenditures incurred and to be
incurred with respect to the Project.
Section 4. The City Commission hereby authorizes' and directs the City Manager
to allocate funding on a reimbursement basis in an amount not to exceed Four Million Two
Hundred Ten Thousand and 00/100 Dollars ($4,210,000.00) from the District 2
Commissioner's share of the proposed Miami Forever Affordable Housing Limited Ad
Valorem Bonds for the Project being developed by the Developer provided that the
Developer fulfills any and all terms and conditions to be set forth in the HCD/HCLC
Approvals, which shall be consistent with the City Commission approval, and subject to
compliance with all Laws.
Section 5. Incidental Actions. The City Manager, in consultation with the City
Attorney and such other appropriate officers, employees, and agents of the City as
necessary, is hereby authorized to take such actions as may be necessary to carry out
the purposes of this Resolution and for compliance with all applicable Laws.
Section 6. The City Manager is further authorized' to negotiate and execute any
and all necessary documents, including agreements, amendments, extensions, and
modifications, all in forms acceptable to the City Attorney and Bond Counsel, subject to
compliance with all Laws and subject to the Developer fulfilling all of the terms and
conditions set forth in the HCLC Memorandum, in order to allocate an amount not to
exceed Four Million, Two Hundred Ten Thousand and 00/100 Dollars ($4,210,000.00)
from the proposed Miami Forever Affordable Housing Limited Ad Valorem Bonds to the
Project.
Section 7. Related Amendment of the City's Multi -Year Capital Plan. The City
Manager, designated City Officials, and Departments are hereby authorized' to amend the
City's Multi -Year Capital Plan to include the Project, and the associated financing(s) for the
City's contributions to the Project's funding through the Miami Forever Affordable Housing
Limited Ad Valorem Bonds as referenced in this Resolution with new project numbers to
be determined by the City Manager; to comply with State Laws, the City Charter, and the
City Code; and to require that future reallocations of funding sources be presented to City
Commission from time to time in connection with said financings pursuant to the future
required bond resolutions authorizing each particular series of Miami Forever Affordable
Housing Limited Ad Valorem Bonds.
Section 8. Effective Date. This Resolution shall take effect immediately upon its
adoption and signature by the Mayor.2
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 Commission.
APPROVED AS TO FORM AND CORRECTNESS:
g III, C y`attory J 3/4/2025