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HomeMy WebLinkAboutR-25-0104City of Miami Resolution R-25-0104 Legislation 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, City of Miami Page 1 of 5 File ID: 17306 (Revision: A) Printed On: 8/19/2025 File ID: 17306 Enactment Number: R-25-0104 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. SPONSOR(S): Commissioner Damian Pardo 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 City of Miami Page 2 of 5 File ID: 17306 (Revision: A) Printed on: 8/19/2025 File ID: 17306 Enactment Number: R-25-0104 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 City of Miami Page 3 of 5 File ID: 17306 (Revision: A) Printed on: 8/19/2025 File ID: 17306 Enactment Number: R-25-0104 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. 1 The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to, those prescribed by City Charter and City Code provisions. City of Miami Page 4 of 5 File ID: 17306 (Revision: A) Printed on: 8/19/2025 File ID: 17306 Enactment Number: R-25-0104 Section 8. Effective Date. This Resolution shall take effect immediately upon its adoption and signature by the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: rge Wy j ng III, City ttor ~y 4/22/2025 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 5 of 5 File ID: 17306 (Revision: A) Printed on: 8/19/2025