HomeMy WebLinkAboutPre-LegislationCity of Miami
Resolution R-21-0222
Legislation
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 9092 Final Action Date: 6/10/2021
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), BY A
FOUR -FIFTHS (4/STHS) AFFIRMATIVE VOTE, AFTER AN ADVERTISED PUBLIC
HEARING, RATIFYING, APPROVING, AND CONFIRMING THE CITY MANAGER'S
FINDING, ATTACHED AND INCORPORATED AS EXHIBIT "A," THAT COMPETITIVE
NEGOTIATION METHODS AND PROCEDURES ARE NOT PRACTICABLE OR
ADVANTAGEOUS FOR THE CITY OF MIAMI ("CITY") PURSUANT TO SECTION 18-
86 OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED; WAIVING THE
REQUIREMENTS FOR SAID PROCEDURES; SUBJECT TO THE RECEIPT BY THE
CITY MANAGER OF THE APPROVAL OF THE PROJECT BY THE DEPARTMENT OF
HOUSING AND COMMUNITY DEVELOPMENT AND THE CITY'S HOUSING AND
COMMERCIAL LOAN COMMITTEE (COLLECTIVELY, "HCD/HCLC APPROVALS"),
PROVIDED THAT SUCH APPROVALS ARE CONSISTENT WITH THE CITY
COMMISSION APPROVAL; ALLOCATING FUNDING ON A REIMBURSEMENT BASIS
IN AN AMOUNT NOT TO EXCEED FIVE MILLION DOLLARS ($5,000,000.00) FROM
THE PROPOSED TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED
AD VALOREM BONDS TO 8TH STREET PROPERTIES, LLC, A FLORIDA LIMITED
LIABILITY COMPANY ("DEVELOPER"), FOR THE AFFORDABLE HOUSING
COMPONENTS OF AN 8-STORY, HIGH RISE MIXED USE COMMERCIAL AND
RESIDENTIAL COMPLEX PROJECT TO BE LOCATED AT 829 SOUTHWEST 8TH
STREET, 845 SOUTHWEST 8TH STREET, AND 847 SOUTHWEST 8TH STREET TO
BE KNOWN AS "ESSENCE MIAMI" ("PROJECT"), PROVIDED THAT THE
DEVELOPER FULFILLS ALL OF THE TERMS AND CONDITIONS TO BE 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 THE CITY'S SEVEN (7) AFFORDABLE HOUSING BONDS
PROJECTS STRATEGIES, THE TRANCHE 2 AFFORDABLE HOUSING INTENT TO
REIMBURSE RESOLUTION, AND THE TRANCHE 2 MIAMI FOREVER AFFORDABLE
HOUSING LIMITED AD VALOREM BONDS (COLLECTIVELY, "LAWS"); SUBJECT TO
THE RECEIPT BY THE CITY MANAGER OF THE HCD/HCLC APPROVALS;
FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE
ANY AND ALL NECESSARY DOCUMENTS, INCLUDING 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 TO BE SET FORTH IN THE HCD/HCLC APPROVALS, IN ORDER TO
ALLOCATE THE CITY'S MIAMI FOREVER BOND FUNDING TO THE PROJECT;
PROVIDING FOR AN EFFECTIVE DATE.
SPONSOR(S): Mayor Francis X. Suarez
WHEREAS, the City Commission expects to issue Tranche 2 taxable and tax-
exempt 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
City of Miami Page 1 of 3 File ID: 9092 (Revision: A) Printed On: 4/29/2025
File ID: 9092 Enactment Number: R-21-0222
7, 2017 bond referendum approved by the voters, initially in an expected not to exceed
total maximum principal amount of Forty Million Dollars ($40,000,000.00), in order to,
among other things, reimburse the City of Miami ("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 (collectively, "Tranche 2 Miami Forever
Affordable Housing Limited Ad Valorem Bonds"), all as indicated in a separate Resolution,
the related City Manager's Memorandum, and the seven (7) Tranche 2 Affordable Housing
Bonds Projects Strategies ("Bonds Strategies") attached and incorporated therein and
thereby (collectively, "Intent to Reimburse Resolution"); and
WHEREAS, the City Commission has previously allocated an amount not to
exceed Seven Million Five Hundred Thousand Dollars ($7,500,000.00) to the development
of the residential complex to be known as "Sawyer's Landing/Block 55" in District 5
pursuant to Resolution Nos. R-21-0047 and R-21-0209 and a total amount not to exceed
Two Million Two Hundred Sixty -Six Thousand Fifty Seven Dollars and Fifty Cents
($2,266,057.50) for the development of single-family affordable housing in District 3
pursuant to Resolution No. R-21-0156; and
WHEREAS, the proposed mixed -use development known as Essence Miami will
be located at 829 Southwest 8th Street, 845 Southwest 8th Street, and 847 Southwest 8th
Street and will provide no less than eighty-eight (88) affordable and/or workforce rental
units in District 3 ("Project"); and
WHEREAS, since the Project has not yet submitted a responsive and responsible
proposal to the City's pipeline affordable housing projects continuing requests for
proposals, the City's Housing and Commercial Loan Committee ("HCLC") has not yet
reviewed the Project nor has the Department of Housing and Community Development
("HCD") reviewed a completed proposal for the Project in order for the Project to receive
an allocation of funds, on a reimbursement basis, and therefore, any City Commission
approval is subject to the approval of the Project by HCD and HCLC (collectively,
"HCD/HCLC Approvals") and the Developer fulfilling, in a timely manner, any and all
terms, requirements, and conditions to be set forth by HCLC in its memoranda and
fulfilling all requirements in order to be in compliance with the Bond Strategies; and
WHEREAS, after the HCD/HCLC Approvals are finalized, the Project will return to
the City Commission for further review and approval in order to solidify the affordability
requirements and restrictions and to address any additional issues that may arise; and
WHEREAS, the Developer has requested and the City Manager has determined in
his memorandum, attached and incorporated as Exhibit "A", that it is in the best interest of
the City to waive competitive bidding and that it is in the best interest of the City to fund, on
a reimbursement basis, an amount not to exceed Five Million Dollars ($5,000,000.00) from
the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds
("Bonds") for the affordable housing components of the Project being developed by the
Developer provided that the Developer fulfills any and all of the terms and conditions to be
set forth by the HCD/HCLC Approvals and fulfills all requirements in order to be in
compliance with the Bond Strategies; 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 the Bonds Strategies, the Intent to Reimburse Resolution, and
City of Miami Page 2 of 3 File ID: 9092 (Revision: A) Printed on: 4/29/2025
File ID: 9092 Enactment Number: R-21-0222
the Tranche 2 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. By a four -fifths (4/5ths) affirmative vote, after an advertised public
hearing, the City Manager's determinations, finding, and recommendation, attached and
incorporated as Exhibit "A," pursuant to Section 18-86 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. Subject to the receipt by the City Manager of the HCD/HCLC
Approvals, which shall be consistent with the City Commission approval, the City
Commission hereby authorizes' and directs the City Manager to allocate funding on a
reimbursement basis in an amount not to exceed Five Million Dollars ($5,000,000.00) from
the proposed 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 4. Subject to the receipt by the City Manager of the HCD/HCLC
Approvals, the City Manager is authorized' to negotiate and execute any and all
necessary documents, including 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 to be set forth in the
HCD/HCLC Approvals, in order to allocate the City's Miami Forever Bond funding to the
Project.
Section 5. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
-17\11.:ndez, ity Attor'
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 applicable City Charter and City Code
provisions.
City of Miami Page 3 of 3 File ID: 9092 (Revision: A) Printed on: 4/29/2025
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO: Honorable Mayor and Members
of the City Commission
FROM: Arthur Noriega V.
City Manager
Date: May 27th, 2021
SUBJECT: Declaration of Intent -Miami Forever
Bond Program — Second Tranche of Affordable
Housing Strategies Projects
ENCLOSURES: Attachments
The Miami City Commission expects to issue Tranche 2 taxable and tax-exempt 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, initially in an expected not to exceed total maximum
principal amount of Forty Million Dollars ($40,000,000.00), in order to, among other things,
reimburse the City of Miami ("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 (collectively, "Tranche 2 Miami Forever Affordable Housing
Limited Ad Valorem Bonds"), all as indicated in a separate Resolution, the related City
Manager's Memorandum, and the seven (7) Tranche 2 Affordable Housing Bonds Projects
Strategies ("Bonds Strategies") attached and incorporated therein and thereby (collectively,
"Intent to Reimburse Resolution").
The City Commission has previously allocated an amount not to exceed Seven Million Five
Hundred Thousand Dollars ($7,500,000.00) to the development of the residential complex of
the Project in District 5 pursuant to Resolution No. R-21-0047 and a total amount not to
exceed Two Million Two Hundred Sixty -Six Thousand Fifty Seven Dollars and Fifty Cents
($2,266,057.50) for the development of single-family affordable housing in District 3 pursuant
to Resolution No. R-21-0156.
The proposed mixed -use development, known as Essence Miami, will be located at 829
Southwest 8th Street, 845 Southwest 8th Street, and 847 Southwest 8th Street ("Project")
and it will provide no less than eighty-eight (88) affordable and/or workforce rental units in
District 3.
Since the Project has not yet submitted a responsive and responsible proposal to the City's
pipeline affordable housing projects continuing requests for proposals, the City's Housing
and Commercial Loan Committee ("HCLC") has not yet reviewed the Project nor has the
Department of Housing and Community Development ("HCD") reviewed a completed
proposal for the Project in order for the Project to receive an allocation of funds, on a
reimbursement basis, and therefore, any City Commission approval is subject to the
approval of the Project by HCD and HCLC (collectively, the "HCD/HCLC Approvals") and the
Developer fulfilling, in a timely manner, any and all terms, requirements, and conditions set
forth by HCLC in its memoranda and fulfilling all requirements in order to be in compliance
with the Bond Strategies.
The Developer has requested and the City Manager has determined in his attached
memorandum that it is in the best interest of the City to waive competitive bidding and that it
is in the best interest of the City to fund, on a reimbursement basis, an amount not to exceed
Five Million Dollars ($5,000,000.00) from the proposed Tranche 2 Miami Forever Affordable
Housing Limited Ad Valorem Bonds for the affordable housing components of the Project
being developed by the Developer provided that the Developer fulfills any and all of the
terms and conditions to be set forth by the HCD/HCLC Approvals and fulfills all requirements
in order to be in compliance with the Bond Strategies.
Such allocation shall be in compliance with all applicable Federal, State of Florida ("State"),
local, and City laws, rules, and regulations for affordable housing projects, including but not
limited to the Bonds Strategies, the Intent to Reimburse Resolution, and the Tranche 2
Miami Forever Affordable Housing Limited Ad Valorem Bonds.
Should you have any questions, please contact George Mensah, Director of the Department of
Housing and Community Development, at 305-416-2080.
Attachments
City of Miami
Legislation
Resolution: R-21-0047
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 8413 Final Action Date: 1/28/2021
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING AND DIRECTING THE CITY MANAGER TO ALLOCATE, UPON
THE FULFILLMENT BY BLOCK 55 OWNER, 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", FUNDING
ON A REIMBURSEMENT BASIS IN AN AMOUNT NOT TO EXCEED FIVE
MILLION DOLLARS ($5,000,000.00) FROM THE PROPOSED TRANCHE 2
MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS
FOR THE AFFORDABLE HOUSING COMPONENTS OF A 19-STORY, HIGH
RISE MIXED USE COMMERCIAL AND RESIDENTIAL COMPLEX PROJECT
TO BE LOCATED AT 249 NORTH WEST 6TH STREET, TO BE KNOWN AS
"SAWYER'S LANDING OR BLOCK 55", BEING DEVELOPED BY THE
DEVELOPER; 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 THE CITY'S AFFORDABLE HOUSING
BONDS PROJECTS STRATEGIES, THE TRANCHE 2 AFFORDABLE
HOUSING INTENT TO REIMBURSE RESOLUTION, AND THE TRANCHE 2
MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS;
PROVIDING FOR AN EFFECTIVE DATE.
SPONSOR(S): Commissioner Alex Diaz de la Portilla, Commissioner Joe Carollo,
Commissioner Manolo Reyes, Commissioner Jeffrey Watson
WHEREAS, the Miami City Commission expects to provide for the issuance by the City
of Miami ("City") of its Tranche 2 taxable and tax-exempt 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,
initially in an expected not to exceed total maximum principal amount of Forty Million Dollars
($40,000,000.00), 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 (collectively, "Tranche 2 Miami Forever
Affordable Housing Limited Ad Valorem Bonds"), all as indicated in a separate City Commission
Resolution, the related City Manager's Memorandum, and the seven (7) Tranche 2 Affordable
Housing Bonds Projects Strategies attached and incorporated therein and thereby (collectively,
"Tranche 2 Affordable Housing Bonds Intent to Reimburse Resolution"); and
WHEREAS, the City's Housing and Commercial Loan Committee ("NOLO") has set forth
certain terms and conditions set forth in the attached and incorporated collective Memoranda
during three (collectively, "HCLC Terms and Conditions for Block 55 Project Reimbursement
Basis Funding") for City affordable housing funding, on a reimbursement basis, to be considered
City of Miami Page 1 of 3 File ID: 8413 (Revision:) Printed On: 5/27/2021
File ID: 8413 Enactment Number: R-21-0047
and allocated for specific affordable housing components of a 19-story high mixed use
commercial and residential complex to be located at 249 North West 6th Street and to be known
as "Sawyer's Landing" or "Block 55" to be developed by Block 55 Owner, LLC, a Florida limited
liability company ("Developer"), which project participated in the City's pipeline affordable
housing projects continuing requests for proposals as presented to HCLC; and
WHEREAS, the Developer has requested and the City Commission has determined that
it is in the best interests of the City to authorize and direct the City Manager, upon the fulfillment
by the Developer of all of the terms and conditions set forth in the HCLC Terms and Conditions
for Sawyer's Landing/Block 55 Project Reimbursement Basis Funding, attached and
incorporated in Composite Exhibit "A", to fund, on a reimbursement basis, an amount not to
exceed Five Million Dollars ($5,000.000.00) from the proposed Tranche 2 Miami Forever
Affordable Housing Limited Ad Valorem Bonds for the affordable housing components of the
Sawyer's Landing/Block 55 Project being developed by the Developer; and
WHEREAS, such allocation shall be in compliance with all applicable Federal, State of
Florida ("State"), local, and City laws, rules, and regulations for affordable housing projects,
including but not limited to the City's Tranche 2 Affordable Housing Bonds Projects Strategies,
the Tranche 2 Affordable Housing Intent to Reimburse Resolution, and the Tranche 2 Miami
Forever Affordable Housing Limited Ad Valorem Bonds;
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. The City Commission hereby authorizes' and directs the City Manager to
allocate, upon the fulfillment by the Developer of all terms and conditions of the HCLC Terms
and Conditions Sawyer's Landing/Block 55 Project Reimbursement Basis Funding, funding on a
reimbursement basis in an amount not to exceed Five Million Dollars ($5,000,000.00) from the
proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for the
Sawyer's Landing/Block 55 Project being developed by Developer, subject to compliance with
all applicable Federal, State, local, and City laws, rules, and regulations for affordable housing
projects, including but not limited to, the City's Tranche 2 Affordable Housing Bonds Projects
Strategies, the Tranche 2 Affordable Housing Intent to Reimburse Resolution, and the Tranche
2 Miami Forever Affordable Housing Limited Ad Valorem Bonds.
Section 3. Effective Date. This Resolution shall take effect immediately upon its
adoption and signature of 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.
City of Miami Page 2 of 3 File ID: 8413 (Revision:) Printed on: 5/27/2021
File ID: 8413
Enactment Number: R-21-0047
APPROVED AS TO FORM AND CORRECTNESS:
ndez, ity ttor ey 1/19/2021
City of Miami Page 3 of 3 File ID: 8413 (Revision:) Printed on: 5/27/2021
City of Miami
Legislation
Resolution: R-21-0156
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 8870 Final Action Date: 4/8/2021
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING AND DIRECTING THE CITY MANAGER TO ALLOCATE FROM
THE TRANCHE 2 AFFORDABLE HOUSING CATEGORY, IN ACCORDANCE
WITH (A) THE NOVEMBER 7, 2017 VOTER REFERENDUM FOR THE CITY
OF MIAMI ("CITY") FOREVER LIMITED AD VALOREM BONDS ("VOTER
REFERENDUM"), (B) THE FINAL BOND VALIDATION ORDER DATED
DECEMBER 16, 2019 ("BONDS VALIDATION ORDER"), AND (C) THE CITY
COMMISSION'S UPDATED SEVEN (7) AFFORDABLE HOUSING BONDS
PROJECTS STRATEGIES AND THE TRANCHE 2 AFFORDABLE HOUSING
BONDS INTENT TO REIMBURSE RESOLUTION NO. R-21-0046 ADOPTED
JANUARY 28, 2021, ALL ATTACHED AND INCORPORATED AS COMPOSITE
EXHIBIT "A", FUNDING ON A REIMBURSEMENT BASIS IN AN AMOUNT NOT
TO EXCEED TWO MILLION TWO HUNDRED SIXTY SIX THOUSAND FIFTY
SEVEN AND 50/100 DOLLARS ($2,266,057.50) FROM THE PROPOSED
TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD
VALOREM BONDS FOR THE AFFORDABLE HOUSING COMPONENTS OF
SINGLE FAMILY HOUSING PROJECTS FOR LOW AND/OR MODERATE
INCOME PERSONS/FAMILIES TO BE LOCATED WITHIN THE CITY'S
DISTRICT 3 AT 1251 SOUTHWEST 7 STREET (FOLIO NO. 01-4102-011-
0370), 1261 SOUTHWEST 7 STREET (FOLIO NO. 01-4102-011-0361), 1269
SOUTHWEST 7 STREET (FOLIO NO. 01-4102-011-0360), AND 643
SOUTHWEST 13 AVENUE (FOLIO NO. 01-4102-011-0340), MIAMI, FLORIDA
AND AS LEGALLY DESCRIBED IN THE EXHIBIT "B," ATTACHED AND
INCORPORATED (COLLECTIVELY, "DISTRICT 3 SINGLE-FAMILY
PROJECTS"), TO BE DEVELOPED BY THE CITY AS THE DEVELOPER;
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 THE CITY'S AFFORDABLE HOUSING BONDS PROJECTS
STRATEGIES, THE TRANCHE 2 AFFORDABLE HOUSING INTENT TO
REIMBURSE RESOLUTION, THE VOTER REFERENDUM, THE BONDS
VALIDATION ORDER, THE TRANCHE 2 MIAMI FOREVER AFFORDABLE
HOUSING LIMITED AD VALOREM BONDS, THE CHARTER OF THE CITY OF
MIAMI, FLORIDA, AS AMENDED, AND THE CODE OF THE CITY OF MIAMI,
FLORIDA, AS AMENDED; DESIGNATING AN EMERGENCY NATURE;
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City Commission expects to provide for the issuance by the City of
Miami ("City") of its Tranche 2 taxable and tax-exempt 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 ("Voter
Referendum"), initially in an expected not to exceed total maximum principal amount of Forty
Million Dollars ($40,000,000.00), 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
City of Miami Page 1 of 3 File ID: 8870 (Revision:) Printed On: 5/27/2021
File ID: 8870 Enactment Number: R-21-0156
undertaken by the City to improve affordable housing within the City's limits (collectively,
"Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds"), all as indicated in a
Resolution No. R-21-0046 adopted January 28, 2021, the related City Manager's Memorandum
thereto, and the seven (7) Tranche 2 Affordable Housing Bonds Projects Strategies attached
and incorporated therein (collectively, "Tranche 2 Affordable Housing Bonds Intent to
Reimburse Resolution"); and
WHEREAS, the City's District 3 has previously purchased on February 27, 2019 with
funding from District 3 Park Impact Fees authorized by City Commission Resolution No. R-18-
0487 adopted October 25, 2018 four (4) properties located at 1251 Southwest 7 Street (Folio
No. 01-4102-011-0370), 1261 Southwest 7 Street (Folio No. 01-4102-011-0361), 1269
Southwest 7 Street (Folio No. 01-4102-011-0360), and 643 Southwest 13 Avenue (Folio No. 01-
4102-011-0340), all as legally described in Exhibit "B" attached and incorporated (collectively,
"Properties"), for a total cost of two million two hundred sixty six thousand fifty seven and 50/100
dollars ($2,266,057.50) inclusive of the purchase price and associated acquisition costs sourced
from the Office of Capital Improvement ("OCI") Project No. 40-B183415, District 3 Park Land
Acquisition, and further broken down as follows:
Purchase Price: $ 2,255,000.00
Closing Costs: $ 11,057.50
TOTAL , $ 2,266,057.50
WHEREAS, the District 3 Commission is requesting the Properties be utilized for
affordable housing which is in the best interests of the City due to the ongoing dire need for
affordable housing and to provide authorization to fund, on a reimbursement basis, an amount
not to exceed two million two hundred sixty six thousand fifty seven and 50/100 dollars
($2,266,057.50) from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad
Valorem Bonds for the affordable housing components for single family projects for
persons/families of low and/or moderate income of the City to be developed by the City as
Developer (collectively, "District 3 Single Family Projects"); and
WHEREAS, the District 3 Commissioner has requested and the City Commission has
determined that it is in the best interests of the City to authorize and direct the City Manager, in
accordance with the Voter Referendum, the Miami Forever Limited Ad Valorem Bonds Final
Validation Order of December 16, 2019 ("Bonds Validation Order"), the City's Affordable
Housing Bonds Projects Strategies, and the Tranche 2 Affordable Housing Bonds Intent to
Reimburse Resolution, all attached and incorporated in Composite Exhibit "A", to fund, on a
reimbursement basis, an amount not to exceed two million two hundred sixty six thousand fifty
seven and 50/100 dollars ($2,266,057.50) from the proposed Tranche 2 Miami Forever
Affordable Housing Limited Ad Valorem Bonds for the affordable housing components of the
District 3 Single Family Projects to be developed by the City as the Developer; and
WHEREAS, such allocation shall be in compliance with all applicable Federal, State of
Florida ("State"), local, and City laws, rules, and regulations for affordable housing projects,
including but not limited to the City's Tranche 2 Affordable Housing Bonds Projects Strategies,
the Tranche 2 Affordable Housing Intent to Reimburse Resolution, the Voter Referendum, the
Bonds Validation Order, the Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem
Bonds, 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
WHEREAS, in accordance with Section 2-33(f) of the City Code, the City Commission,
by a majority vote, hereby deems this Resolution to be of an emergency nature;
City of Miami Page 2 of 3 File ID: 8870 (Revision:) Printed on: 5/27/2021
File ID: 8870 Enactment Number: R-21-0156
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. The City Commission hereby authorizes' and directs the City Manager to
allocate from the Tranche 2 Affordable Housing category funding on a reimbursement basis in
an amount not to exceed two million two hundred sixty six thousand fifty seven and 50/100
dollars ($2,266,057.50) from the proposed Tranche 2 Miami Forever Affordable Housing Limited
Ad Valorem Bonds for the affordable housing components of the single family housing projects
for low and/or moderate income persons/families to be located at the Properties, as legally
described in the Exhibit "B", attached and incorporated, to be developed by the City as the
Developer, with such allocation to be in compliance with all applicable Federal, State, Local, and
City laws, rules, and regulations for affordable housing projects, including but not limited to the
City's Affordable Housing Bonds Projects Strategies, the Tranche 2 Affordable Housing Intent to
Reimburse Resolution the Voter Referendum, the Bonds Validation Order, the Tranche 2 Miami
Forever Affordable Housing Limited Ad Valorem Bonds, the City Charter, and the City Code.
Section 3. 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 Commission.
City of Miami Page 3 of 3 File ID: 8870 (Revision:) Printed on: 5/27/2021
OF
0R
City of Miami
Legislation
Resolution:
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 9092 Final Action Date:
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 "A,"
THAT COMPETITIVE NEGOTIATION METHODS AND PROCEDURES ARE
NOT PRACTICABLE OR ADVANTAGEOUS FOR THE CITY OF MIAMI ("CITY")
PURSUANT TO SECTION 18-86 OF THE CODE OF THE CITY OF MIAMI,
FLORIDA, AS AMENDED ("CITY CODE"); WAIVING THE REQUIREMENTS
FOR SAID PROCEDURES; SUBJECT TO THE RECEIPT BY THE CITY
MANAGER OF THE APPROVAL OF THE PROJECT, AS DEFINED BELOW, BY
THE DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
("HCD") AND THE CITY'S HOUSING AND COMMERCIAL LOAN COMMITTEE
("HCLC") (COLLECTIVELY, "HCD/HCLC APPROVALS"), ALLOCATING
FUNDING ON A REIMBURSEMENT BASIS IN AN AMOUNT NOT TO EXCEED
FIVE MILLION DOLLARS ($5,000,000.00) FROM THE PROPOSED TRANCHE
2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS
TO 8TH STREET PROPERTIES, LLC, A FLORIDA LIMITED LIABILITY
COMPANY ("DEVELOPER"), FOR THE AFFORDABLE HOUSING
COMPONENTS OF AN 8-STORY, HIGH RISE MIXED USE COMMERCIAL
AND RESIDENTIAL COMPLEX PROJECT TO BE LOCATED AT 829 SOUTH
WEST 8TH STREET, 845 SOUTH WEST 8TH STREET, AND 847 SOUTH
WEST 8TH STREET TO BE KNOWN AS "ESSENCE MIAMI" ("PROJECT"),
BEING DEVELOPED BY THE DEVELOPER, PROVIDED THAT DEVELOPER
FULFILLS ALL OF THE TERMS AND CONDITIONS SET FORTH IN THE
HCD/HCLC APPROVALS; SUCH ALLOCATION TO BE IN COMPLIANCE WITH
ALL APPLICABLE FEDERAL, STATE OF FLORIDA ("STATE"), LOCAL, AND
CITY LAWS, RULES, AND REGULATIONS FOR AFFORDABLE HOUSING
PROJECTS, INCLUDING BUT NOT LIMITED TO THE CITY'S SEVEN (7)
AFFORDABLE HOUSING BONDS PROJECTS STRATEGIES, THE TRANCHE
2 AFFORDABLE HOUSING INTENT TO REIMBURSE RESOLUTION, AND THE
TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD
VALOREM BONDS; SUBJECT TO THE RECEIPT BY THE CITY MANAGER OF
THE HCD/HCLC APPROVALS, FURTHER AUTHORIZING THE CITY
MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY
DOCUMENTS, INCLUDING AMENDMENTS, EXTENSIONS, AND
MODIFICATIONS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY
AND BOND COUNSEL, SUBJECT TO COMPLIANCE WITH ALL APPLICABLE
FEDERAL, STATE, LOCAL, AND CITY LAWS, RULES, AND REGULATIONS
FOR AFFORDABLE HOUSING PROJECTS, INCLUDING BUT NOT LIMITED
TO, THE BONDS STRATEGIES, THE INTENT TO REIMBURSE RESOLUTION,
AND THE TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED
City of Miami
Page 1 of 3 File ID: 9092 (Revision:) Printed On: 5/26/2021
File ID: 9092 Enactment Number:
AD VALOREM BONDS, AND SUBJECT TO THE DEVELOPER FULFILLING
ALL OF THE TERMS AND CONDITIONS SET FORTH IN THE HCD/HCLC
APPROVALS, IN ORDER TO ALLOCATE THE CITY'S MIAMI FOREVER BOND
FUNDING TO THE PROJECT; PROVIDING FOR AN EFFECTIVE DATE.
SPONSOR(S): Mayor Francis X. Suarez
WHEREAS, the Miami City Commission expects to issue Tranche 2 taxable and
tax-exempt 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, initially in an expected not to
exceed total maximum principal amount of Forty Million Dollars ($40,000,000.00), in order
to, among other things, reimburse the City of Miami ("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 (collectively, "Tranche 2 Miami
Forever Affordable Housing Limited Ad Valorem Bonds"), all as indicated in a separate
Resolution, the related City Manager's Memorandum, and the seven (7) Tranche 2
Affordable Housing Bonds Projects Strategies ("Bonds Strategies") attached and
incorporated therein and thereby (collectively, "Intent to Reimburse Resolution"); and
WHEREAS, the City Commission has previously allocated an amount not to
exceed Seven Million Five Hundred Thousand Dollars ($7,500,000.00) to the development
of the residential complex of the Project in District 5 pursuant to Resolution No. R-21-0047
and a total amount not to exceed Two Million Two Hundred Sixty -Six Thousand Fifty
Seven Dollars and Fifty Cents ($2,266,057.50) for the development of single-family
affordable housing in District 3 pursuant to Resolution No. R-21-0156; and
WHEREAS, the proposed mixed -use development, known as Essence Miami, will
be located at 829 Southwest 8th Street, 845 Southwest 8th Street, and 847 Southwest 8th
Street ("Project") and it will provide no less than eighty-eight (88) affordable and/or
workforce rental units in District 3; and
WHEREAS, since the Project has not yet submitted a responsive and responsible
proposal to the City's pipeline affordable housing projects continuing requests for
proposals, the City's Housing and Commercial Loan Committee ("HCLC") has not yet
reviewed the Project nor has the Department of Housing and Community Development
("HCD") reviewed a completed proposal for the Project in order for the Project to receive
an allocation of funds, on a reimbursement basis, and therefore, any City Commission
approval is subject to the approval of the Project by HCD and HCLC (collectively, the
"HCD/HCLC Approvals") and the Developer fulfilling, in a timely manner, any and all
terms, requirements, and conditions set forth by HCLC in its memoranda and fulfilling all
requirements in order to be in compliance with the Bond Strategies; and
WHEREAS, the Developer has requested and the City Manager has determined in
his attached memorandum that it is in the best interest of the City to waive competitive
bidding and that it is in the best interest of the City to fund, on a reimbursement basis, an
amount not to exceed Five Million Dollars ($5,000,000.00) from the proposed Tranche 2
Miami Forever Affordable Housing Limited Ad Valorem Bonds for the affordable housing
components of the Project being developed by the Developer provided that the Developer
fulfills any and all of the terms and conditions to be set forth by the HCD/HCLC Approvals
and fulfills all requirements in order to be in compliance with the Bond Strategies; and
City of Miami Page 2 of 3 File ID: 9092 (Revision:) Printed on: 5/26/2021
File ID: 9092 Enactment Number:
WHEREAS, such allocation shall be in compliance with all applicable Federal,
State of Florida ("State"), local, and City laws, rules, and regulations for affordable housing
projects, including but not limited to the Bonds Strategies, the Intent to Reimburse
Resolution, and the Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem
Bonds;
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. By a four -fifths (4/5ths) affirmative vote, after an advertised public
hearing, the City Manager's determinations, finding, and recommendation, attached and
incorporated as Exhibit "A," pursuant to Section 18-86 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. Subject to the receipt by the City Manager of the HCD/HCLC
Approvals, the City Commission hereby authorizes' and directs the City Manager to
allocate funding on a reimbursement basis in an amount not to exceed Five Million Dollars
($5,000,000.00) from the proposed Tranche 2 Miami Forever Affordable Housing Limited
Ad Valorem Bonds for the Project being developed by Developer provided that the
Developer fulfills any and all terms and conditions to be set forth in the HCD/HCLC
Approvals and subject to compliance with all applicable Federal, State, local, and City
laws, rules, and regulations for affordable housing projects, including but not limited to, the
Bonds Strategies, the Intent to Reimburse Resolution, and the Tranche 2 Miami Forever
Affordable Housing Limited Ad Valorem Bonds.
Section 4. Subject to the receipt by the City Manager of the HCD/HCLC Approvals,
the City Manager is authorized' to negotiate and execute any and all necessary
documents, including amendments, extensions, and modifications, all in forms acceptable
to the City Attorney and Bond Counsel, subject to compliance with all applicable Federal,
State, local, and City laws, rules, and regulations for affordable housing projects, including
but not limited to, the Bonds Strategies, the Intent to Reimburse Resolution, and the
Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds, and subject to
the Developer fulfilling all of the terms and conditions to be set forth in the HCD/HCLC
Approvals, in order to allocate the City's Miami Forever Bond Funding to the Project.
Section 5. This Resolution shall become effective immediately upon its adoption.
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 applicable City Charter and City Code
provisions.
City of Miami Page 3 of 3 File ID: 9092 (Revision:) Printed on: 5/26/2021
City of Miami
Resolution R-21-0391
Legislation
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 10718 Final Action Date: 9/23/2021
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
APPROVING THE TERMS, CONDITIONS, AND AFFORDABILITY
REQUIREMENTS SET FORTH IN THE HOUSING AND COMMERCIAL LOAN
COMMITTEE'S MEMORANDA, ATTACHED AND INCORPORATED AS
EXHIBIT "A," FOR THE LOAN, AS DESCRIBED HEREIN, TO 8TH STREET
PROPERTIES, LLC, A FLORIDA LIMITED LIABILITY COMPANY, TO
CONSTRUCT THE AFFORDABLE HOUSING PROJECT TO BE LOCATED AT
829 SOUTHWEST 8TH STREET, 845 SOUTHWEST 8TH STREET, AND 847
SOUTHWEST 8TH STREET TO BE KNOWN AS "ESSENCE MIAMI"
("PROJECT"); AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND
EXECUTE ANY AND ALL NECESSARY DOCUMENTS, INCLUDING
AMENDMENTS, EXTENSIONS, AND MODIFICATIONS, ALL IN FORMS
ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, IN ORDER
TO LOAN FIVE MILLION DOLLARS ($5,000,000.00) IN MIAMI FOREVER
BONDS TO THE DEVELOPER TO CONSTRUCT THE PROJECT.
WHEREAS, the City Commission expects to issue Tranche 2 taxable and tax-exempt
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 initially in an expected not to exceed total maximum
principal amount of Forty Million Dollars ($40,000,000.00) in order to, among other things,
reimburse the City of Miami ("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 (collectively, "Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem
Bonds"), all as indicated in Resolution No. R-21-0046 adopted on January 28, 2021, the related
City Manager's Memorandum, and the seven (7) Tranche 2 Affordable Housing Bonds Projects
Strategies ("Bonds Strategies") attached and incorporated therein and thereby (collectively,
"Intent to Reimburse Resolution"); and
WHEREAS, the City Commission has previously allocated an amount not to exceed
Seven Million Five Hundred Thousand Dollars ($7,500,000.00) to the development of the
residential complex to be known as "Sawyer's Landing/Block 55" in District 5 pursuant to
Resolution Nos. R-21-0047 and R-21-0209 and a total amount not to exceed Two Million Two
Hundred Sixty -Six Thousand Fifty Seven Dollars and Fifty Cents ($2,266,057.50) for the
development of single-family affordable housing in District 3 pursuant to Resolution No. R-21-
0156; and
WHEREAS, the proposed mixed -use development known as Essence Miami will be
located at 829 Southwest 8th Street, 845 Southwest 8th Street, and 847 Southwest 8th Street
and will provide no less than eighty-eight (88) affordable rental units in District 3 for low income
and workforce income households (the housing portion of the Essence Miami development shall
hereinafter be referred to as the "Project"); and
City of Miami Page 1 of 3 File ID: 10718 (Revision:) Printed On: 4/29/2025
File ID: 10718 Enactment Number: R-21-0391
WHEREAS, at the June 10, 2021 City Commission meeting ("Meeting"), the City
Commission approved Resolution No. R-21-0222 allocating Five Million Dollars ($5,000,000.00)
in Miami Forever Bonds to be loaned to the Project's developer, 8th Street Properties, LLC, a
Florida limited liability company ("Developer"), subject to certain conditions set forth in the
Resolution ("Loan"); and
WHEREAS, at the time of the Meeting, the Project had not yet submitted a responsive
and responsible proposal to the City's pipeline affordable housing projects continuing requests
for proposals and since the City's Housing and Commercial Loan Committee ("HCLC") had not
yet reviewed the Project nor had the Department of Housing and Community Development
("HCD") reviewed a completed proposal for the Project in order for the Project to receive an
allocation of funds in the form of a loan on a reimbursement basis, the City Commission's
approval was subject to the approval of the Project by HCD and HCLC and the Developer
fulfilling, in a timely manner, any and all terms, requirements, and conditions to be set forth by
HCLC in its memoranda and fulfilling all requirements in order to be in compliance with the Bond
Strategies; and
WHEREAS, on July 30, 2021, the Project was approved and the Project's terms,
requirements, and conditions were established by HCLC as set forth in Exhibit "A," attached and
incorporated, and is now returning to the City Commission for further review and approval as
required by Resolution No. R-21-0222; and
WHEREAS, the City's Administration recommends the approval of the terms, conditions,
and affordability requirements in compliance with HCLC's memoranda, attached and
incorporated in Exhibit "A," for the Loan to the Developer to construct the Project;
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. The terms, conditions, and affordability requirements set forth in HCLC's
memoranda, attached and incorporated as Exhibit "A," for the Loan to the Developer are
approved.
Section 3. The City Manager is authorized' to negotiate and execute any and all
necessary documents, including amendments, extensions, and modifications, all in forms
acceptable to the City Attorney and Bond Counsel, in order to make the Loan to the Developer
to construct the Project.
Section 4. This Resolution shall become effective immediately upon its adoption.
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 applicable City Charter and City Code
provisions.
City of Miami Page 2 of 3 File ID: 10718 (Revision:) Printed on: 4/29/2025
File ID: 10718 Enactment Number: R-21-0391
APPROVED AS TO FORM AND CORRECTNESS:
ndez, ity Attar ey 9/14/2021
City of Miami Page 3 of 3 File ID: 10718 (Revision:) Printed on: 4/29/2025
TO:
FROM:
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
Members of the Housing and
Commercial Loan Committee
DATE :
SUBJECT:
George N h, irecttdr
Depart t of Community & Economic Development
REFERENCES:
ENCLOSURES:
BORROWER:
July 30th, 2021
8tl' Street Properties, LLC:
Essence Miami
FILE
gth Street Properties LLC is a Florida Limited Partnership Company that was established in November
2005 and managed by the Nuri Dorra and Ingrid Dorra. Mr. Nuri Dorra has been a Real Estate
Developer since 1975. His portfolio includes real estate development in Argentina and Florida. Mr.
Dorra`s extensive experience includes the development of single family homes, townhouses, multi-
family projects, hotel conversions and real estate rehabilitation.
8tl' Street Properties, LLC owns the three (3) lots that will become the new development, Essence
Miami.
PROJECT
Essence of Miami will be a new 8-story mixed use development that will feature residential and
commercial space. The development will be developed on three contiguous sites having a total of
25,563 sq. ft., located at 829 SW 8tR Street, in the Little Havana neighborhood . The project will provide
eighty-eight (88) rental units, one and two bedrooms for low- income and workforce families and 590
sq. ft. of commercial space. The Project will contain fifty-seven (57) units of one bedroom, on bath and
thirty-one (31) units of two bedrooms and one bath. All the units will be City -assisted for low-income
families at 60% of AMI and workforce families at 100% of AMI.
BACKGROUND
On February 25, 2019, the Department of Housing and Community Development ("Department")
issued a Request for Proposals ("RFP") in HOME Investment Partnerships Program ("HOME") funds;
Community Development Block Grant ("CDBG") funds; State Housing Initiatives Partnership
Program ("SHIP") funds; Affordable Housing Trust Funds ("AHTF") funds; and Miami Forever Bonds
("GOB") for the construction and rehabilitation financing of multifamily rental housing projects and
homeownership projects.
On June 10, 2021, the City Commission approved Resolution R-21-0222. The City Commission
authorized the allocation in an amount not to exceed $5,000,000 from the proposed Tranche 2 Miami
Forever Affordable Housing Limited Ad Valorem Bonds to the Project provided that the Developer
fulfills all the terms and conditions to be set forth by the Department of Housing and Community
Development and approved the Housing and Commercial Loan Committee, (HCD/HCLC). Pursuant
to the Section 18-86 of the Code of the City of Miami, Florida, the Competitive Negotiation Methods
and Procedures were waived by a 4/5t° vote of the City Commission.
8TH STREET PROPERTIES, LLC 2 June 25, 2021
ESSENCE MIAMI
BORROWER'S REQUEST
The Borrower submitted a request for Bond funds in the amount of $5M to cover in part the total
development cost of the proposed 88 unit mix use development targeting low income families at 60%
of the area median income and workforce households at 100% of the area median income.
DEPARTMENTAL RECOMMENDATION
Based on the proposal provided by Borrower, the Department recommends allocation up to $5,000,000
in Miami Forever Bonds ("GOB") funds to 8`i' Street Properties, LLC for the development of Miami
Essence project. Funding of GOB dollars shall be contingent on but not limited to the following teens
and conditions.
The following loan terns and conditions shall apply:
1. Project Financing: Evidence of the project securing a construction/permanent loan from Ocean
Bank in the amount of no less than $14M acceptable to the Department of Housing and
Community Development and the City Attorney's office.
2. Permitting: Evidence that project has secures full construction building permit from the City of
Miami.
3. City Commission Approval: Subsequent approval of the project by the City of Miami
Commission approval.
4. Use ofFunds: City funds will be used for construction hard costs. No City of Miami GOB funds
shall be disbursed prior to evidence that all project financing as indicated herein has been
secured. All project financing shall close simultaneously.
5. City Assisted Units: Eighty-eight (88) project units shall be assisted with GOB funds for low
income and workforce households.
6. Maximum Rent. and Income Levels: Rents charged on City -assisted units are subject to Florida
Housing Finance Corporation State Housing Initiatives Partnership ("SHIP") program
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 cornrnencing 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 an agreed upon interest rate. Full repayment of principal is due
at the 30-year maturity.
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 GOB 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 Conunittee 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.
8tu' STREET PROPERTIES, LLC 3 June 25, 2021
ESSENCE MIAMI
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) continence construction within
six (6) months from the Effective Date] 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 project's certificate(s) of occupancy, .but in no
event later than 36 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, pemianent 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. Discretionmy 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 terns are not
materially affected.
23. Compliance with Ordinance #13491 Notice to Residents, and Ordinance #13645 Resident
Preference.
24. Compliance with the provisions of Davis Bacon Act, and regulations, as amended.
25. Project Default: If the City determines that the project is in default, the following conditions
will apply:
o 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
o 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.
ill The "Effective Date" is the date on which the contract has been signed by the City Manager and attested to
by the City Clerk.
8TH STREET PROPERTIES, LLC 4 June 25, 2021
ESSENCE MIAMI
HOUSING AND COMMERCIAL LOAN COMMITTEE DECISION:
Approved as Recommended by Staff Yes ❑ No ❑N/A T
To Include Additional Conditions or Restrictions Yes [ No (I N/A C
Disapproved Yes ❑ No ❑ N/A (—
To Include Further Action Yes ❑ No El N/A ❑
Specify any further action, conditions or restrictions:
hairpersor%r Representae Stamp Date
8th Street Properties LLC
Project Analysis: Essence Miami
Market Risk
The market risk for this project is low, given the scarcity of affordable rental units in the City of Miami
for low-income residents.
According to the City of Miami's 2014-2018 Consolidated Plan, city residents have not been able to keep
up with the increasing high cost of living in the Miami area, as such 67% of city residents fit the low -to -
moderate income category and nearly half of city households (46%) are cost -burdened.
The proposed project is a new construction of 8-story multi -family building that will provide a total of a
eighty eight (88) units. Fifty-seven (57) units will be one bedroom and one bath, 565-723 sq. ft., and
eight (8) units will be two bedroom and one bath, 845-960 sq. ft. and twenty-three (23) units will be two
bedroom and two bath, 845-960 sq. ft.
Due to the limited number of new projects coming online at the same time and a medium size of the
subject, it is anticipated that the project will generate a demand for is units that will result in the need to
conduct a lottery of the applicants.
The construction of this affordable rental building will contribute to alleviate the housing needs of the
most disadvantaged residents and will contribute to the revitalization and stabilization of the area, which
has been a priority redevelopment area for the City of Miami.
Borrower Risk
8th Street Properties LLC is a Florida Limited Partnership Company that was established in November
2005 and managed by the Nuri Dona and Ingrid Dona. Mr. Nuri Dorra has been a Real Estate Developer
since 1975. His portfolio includes real estate development in Argentina and Florida. Mr. Dora's extensive
experience includes the development of single-family homes, townhouses, multi -family projects, hotel
conversions and real rehab.
Project Risk
Essence of Miami will be a new 8-story construction, mixed use development on 829-845-847 SW 8th St
vacant sites that will feature residential and commercial space. The development will be located on three
contiguous sites total of 25,563 sq. ft. The project will provide eighty-eight (88) units, one and two
bedrooms for low- income families and 590 sq. ft. of commercial space. The project will provide one
hundred thirty-five (135) parking spaces, security system, high efficiency elevator, LED lighting, high
efficiency appliances, community room and recreational facilities such as gym, solarium, outside deck
area with BBQs, meeting room, retail office and front desk.
The project will provide an affordable housing for very low, low and workforce income persons, ranging
from 60% to 100% of the area median income.
The borrower has provided the following financial structure: $4,000,000 (Equity); $5,000,000 (City of
Miami -General Bond Funding); $14,000,000 (Ocean Bank). Total development cost of the project is
$23,000,000. Based on the borrower's financial information the project is viable.
8th Street Properties, LLC-Essence Miami
Vacancies are projected at 7% after the stabilization of the project. At this vacancy level the project is
financially feasible, as shown in the attached Pro -Forma.
Acquisition/Relocation Risk
On February 25, 2019, the City of Miami issued a Request for Proposals ("RFP") inviting qualified
private real estate developers to propose developments of Affordable/Workforce rental housing in the
City of Miami. The goal of this application process is for the City of Miami to establish an Affordable
Housing Development Pipeline intended to address the affordable housing needs.
On June 10, 2021, the City Commission approved Resolution R-21-0222. The City Commission
authorized the allocation in an amount not to exceed $5,000,000 from the proposed tranche 2 Miami
Forever Affordable Housing Limited Ad Valorem Bonds to the Project provided that the Developer
fulfills any and all of the terms and conditions to be set forth by the HCD/HCLC Approvals and fulfills all
requirements in order to be in compliance with the Bond Strategies. Pursuant to the Section 18-86 of the
Code of the City of Miami, Florida, the Competitive Negotiation Methods and Procedures were waived.
Portfolio Risk
The project is located in the City of Miami, District 3. The owner of the sites is 8th Street Properties, LLC.
Project addresses objectives within the City of Miami's Consolidated Plan. The proposed development is
for individuals and families with a gross annual income between thirty (60%) and one hundred (100%)
percent of the Area Median Income (AMI) adjusted for family size. The City of Miami GOB funding will
be used for development cost (hard costs). The project will yield 88 units. The project has a 30-year
Affordability Period. The City's total average investment per unit is $56,818. The Principals have
developed and managed a considerable number of units throughout Miami -Dade County and are currently
in good standing.
Development Budget:
Land $4,000,000
Hard Cost $15,215,230
Soft Cost $3,784,770
Total Development Cost: $23,000,000
See attached the Budget - Cost Allocation.
Project Information:
Project Location: 829-845-847 SW 8th St
8th Street Properties, LLC-Essence Miami
Area: 25,563 sq. ft.
Number of Units: 88
Type of Unit: 1 bed/1 bath: 565-775 sq. ft.
2 bed/1 bath: 845-960 sq. ft.
2 bed/2 bath: 845-960 sq. ft.
Commercial Space: 590 sq. ft.
Amenities:
Project amenities will include parking garage, community room and recreational facilities such as gym,
solarium, outside deck area with BBQs, meeting room, retail office and front desk.
Collateral Subordination:
1st Position- Ocean Bank in the amount of $14,000,000
2nd Position: GOB City of Miami in the amount of $5,000,000
Equity Investment funding in the amount of $4,000,000
Total Developer's Fee: $742,330 (4%)
Project Feasibility:
Bedrooms
Baths
No. of
Units
Unit
Size
(SF)
Median
Income %
Max
Gross
HC
Rents
Max Net
HC Rents
Monthly
Rents
1
1
12
565-775
60%
$1017
$1017
$12,204
1
1
6
565-775
100%
$1696
$1500
$9,000
1
1
31
565-775
100%
$1696
$1600
$49,600
1
1
8
565-775
100%
$1696
$1650
$13,200
2
1 or 2
6
845-960
60%
$1221
$1221
$7,326
2
1 or 2
21
845-960
100%
$2035
$1750
$36,750
2
1 or 2
4
845-960
100%
$2035
$1775
$7,100
TOTAL:
88
$135,180
8th Street Properties, LLC-Essence Miami
# Units
Type of
Bedrooms
GOB
Funds
invested
per unit
Total Funds
Invested
88
1 and 2
$56,818
$5,000,000
8th Street Properties, LLC-Essence Miami
Agency:
Project:
Funding Source / Amount:
Prep:
Total
Project
City HOME
City CDBG
LISC Loan
Surtax Loan
Check Total
Over/(Short)
Loan Costs
-
-
Title Insurance & Recording
Loan Closing Costs
Total Loan Costs
-
Land
Hard Costs
-
-
-
-
-
-
-
-
Construction
Fencing and Gates
Construction contingency
Impact Fees
Permits / Fees
Constr Concrete Test
WASA and Utility Fees
Fire Fee
Total Hard
-
Soft Costs
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Architect & Engineering
Construction inspection/analysis
Surveys
Appraisal
Insurance Const Period
RE taxes
Closing Costs (Buyers
Interest Costs
Legal
Licenses / Environmental
Interest (Absorbtion)
Developer's Fees
Misc & Contingency
Total Soft
-
iTotal
-
-
-
-
-
-
-
-
City of Miami - Department of Community Development
COST ALLOCATION REPORT
Financing Sources: Specify Name
Total Project
%
City HOME
Other:
Ocean Bank
Other: City
of Miami
Other:
Other:
Equity
Investment
Land Acquisition
4,000000
17%
4,000,000
Hard Costs
13,675,289
8,685,289
4,990,000
-
Construction (incl. Site work)
59%
Construction contingency
1,234,941
5%
1,234,941
-
-
Construction: Concrete/Soil Test
5,000
0%
5,000
-
-
Appliances
-
0%
-
-
-
Construction Supervision
300,000
1%
300,000
-
-
Total Hard Costs
15,215,230
66%
-
10,225,230
4,990,000
-
Soft Costs
469,000
469,000
-
-
Arch Design, Civil Engineering
2%
Impact & School Fees
434,829
2%
434,829
-
-
Permits / Fees
140,800
1%
140,800
-
-
Legal
100,000
0%
100,000
-
-
Licenses / Environmental / Util Fees
83,041
0%
83,041
-
-
Appraisal / Surveys
15,000
0%
15,000
-
-
Insurance: Construction Period
75,000
0%
75,000
-
-
Marketing / Advertising
50,000
0%
50,000
-
-
Loan Closing / Financing Fees
400,000
2%
400,000
-
-
Interest / Carrying Costs
850,000
4%
850,000
-
-
Title Insurance & Recording
127,000
1%
127,000
-
-
Taxes
50,000
0%
50,000
-
-
Construction Acctg
140,000
1%
140,000
-
-
For Use by City: City incurred costs
10,000
0%
-
10,000
-
Developer's Fees & Overhead
742,330
3%
742,330
-
-
Soft Cost Contingency
97,770
0%
97,770
-
-
Total Soft Costs
3,784,770
16%
3,774,770
10,000
Total Project Cost
23,000,000
100%
-
14,000,000
5,000,000
4,000,000
Percent of City Funding to TDC
Total Units
Number of City Units
Percent of City Units to Total Units
City Subsidy Per Assisted Unit
6/22/2021 10:14
0%
88
88
1
#VALUE!
Total Square Footage
Total Cost per S/F
175000
5.71429E-06
Total Livable Area
74753
Total Livable Area of City Assisted Units
74753
Percent of City Area to Total
1
845 SW 8th Street
t l `s `, xdu Rini'..:Me,$150 �Iant* annually
ONE BEDROOMS
1A- 1BR/1 BA- 100%AMI 565 2 1,130 $1,500 $2.65
1B- 1BR/1 BA- 60% AMI 570 1 570 $1,017 $1.78
1C- 1BR/1 BA- 60% AMI 700 1 700 $1,017 $1.45
1C- 1BR/1 BA- 100% AMI 700 4 2,800 $1,500 $2.14
1D- 1BR/1 BA- 60% AMI 715 1 715 $1,017 $1.42
1D- 1BR/1 BA- 100% AMI 715 4 2,860 $1,600 $2.24
1E- 1BR/1 BA- 60% AMI 720 2 1,440 $1,017 $1.41
1E- 1BR/1 BA- 100% AMI 720 8 5,760 $1,600 $2.22
1F- 1BR/1 BA- 60% AMI 725 2 1,450 $1,017 $1.40
1F- 1BR/1 BA- 100% AMI 725 7 5,075 $1,600 $2.21
1G- 1BR/1 BA- 60% AMI 730 3 2,190 $1,017 $1.39
1G- 1BR/1 BA- 100% AMI 730 12 8,760 $1,600 $2.19
1H- 1BR/1 BA- 60% AMI 775 2 1,550 $1,017 $1.31
1H- 1BR/1 BA- 100% ami 775 8 6,200 $1,650 $2.13
1 BR TOTALS 723 57 41,200 $1,473.75 $2.04
TWO BEDROOMS
2A- 2BR/1BA- 60% AMI 845
2A- 2BR/2BA- 100% AMI 845
2B- 2BR/2BA- 100% AMI 900
2C- 2BR/28A- 60% AMI 940
2C- 2BR/2BA- 100% AMI 940
2D- 2BR/1BA- 60% AMI 950
2D- 2BR/2BA- 100% AMI 950
2E- 2BR/2BA- 60% AMI 960
2E- 2BR/1BA-100% AMI 960
2 BR TOTALS 903
3 2,535 $1,221 $1.44
9 7,605 $1,750 $2.07
4 3,600 $1,775 $1.97
1 940 $1,221 $1.30
4 3,760 $1,750 $1.86
1 950 $1,221 $1.29
4 3,800 $1,750 $1.84
1 960 $1,221 $1.27
4 3,840 $1,750 $1.82
31 27,990 $1,650.84 $1.83
3
$3,000 $36,000
$1,017 $12,204
$1,017 $12,204
$6,000 $72,000
$1,017 $12,204
$6,400 $76,800
$2,034 $24,408
$12,800 $153,600
$2,034 $24,408
$11,200 $134,400
$3,051 $36,612
$19,200 $230,400
$2,034 $24,408
$13,200 $158,400
$84,004 $1,008,048
$3,663 $43,956
$15,750 $189,000
$7,100 $85,200
$1,221 $14,652
$7,000 $84,000
$1,221 $14,652
$7,000 $84,000
$1,221 $14,652
$7,000 $84,000
$51,176 $614,112
845 SW 8th Street
REVENUE
Multifamily
Rental Income
1 BD/1 BA
2 BD/2 BA
Subtotal
Thai
51�
41,200
27,990
'iotai
Uiis
57
31
i;pk
Atg R¢Xt .>
$1,474
$1,651
69,190
88
$1,536
Other Income
Parking & Storage
Water & Sewer ReBill + Trash Valet
Other Income
Subtotal
GROSS REVENUE MULITFAMILY
Less: Multifamily Vacancy
EFFECTIVE GROSS
MULTIFAMILY EXPENSES
Real Estate Taxes
Property Insurance
Payroll
R&M/Contract Services
General & Admin
Trash
Water & Sewer
Electric
Gas
Marketing
Management Fee
Reserves
MULTIFAMILY EXPENSES
NET INCOME
$568
$740
$600
$1,908
6%
$/PSF
$/Unit
$3.97
$3,105
$0.89
$700
$1.91
$1,500
$0.78
$610
$0.64
$500
$0.24
$185
$0.48
$380
$0.60
$475
$0.17
$136
$0.50
$392
$0.71
2.75%
$0.32
$250
$11.20
$8,807
psis IInws PorSP Cnsliffaws
Annually Monthly l or•Unit
$1,008,048
$614,112
$2.04
$1.83
$17,685
$19,810
$1,622,160 I $1.95 I $18,433.64
$50,000
$65,120
$52,800
$0.06
$0.08
$0.06
$568
$740
$600
$167,920 $0.20
$1,908
'19.0,060 $2.16 „ .$20,642
-$107,405 -$1.55
;6$2,675 : ` $24 32
-$1,221
Total
$/PSF $/Unit
$274,499
$61,600
$132,000
$53,680
$44,000
$16,280
$33,440
$41,800
$12,000
$34,498
$49,227
$22,000
$3.97
$0.89
$1.91
$0.78
$0.64
$0.24
$0.48
$0.60
$0.17
$0.50
$0.71
$0.32
$3,119
$700
$1,500
$610
$500
$185
$380
$475
$136
$392
$559
$250
$775,024 $11.20
$8,807
$90Z6 2,` 'L $'13�� t $10,314
845 SW 8th Street
Occupied Revenue Units
Physical Occupancy %
Avg. Street Rent / Unit
Avg. Street Rent / SF
Rent Growth
Vacancy Factor
Expense Growth
Multifamily
1 BD/1 BA
2 BD/2 BA
Gross Potentual Rent- Multifamily
Garage & Storage
Water & Sewer ReBill
Other Income
Other Income Multifamily
GROSS REVENUE MULITFAMILY
Less: Multifamily Vacancy
EFFECTIVE GROSS
MULTIFAMILY EXPENSES
Real Estate Taxes
Property Insurance
Payroll
R&M/Contract Services
General & Admin
Trash
Water & Sewer
Electric
Gas
Marketing
Management Fee
Reserves
MULTIFAMILY EXPENSES
NET INCOME
7%
$3.97
$0.89
$1.91
$0.78
$0.64
$0.24
$0.48
$0.60
$0.17
$0.50
$0.71
$0.32
$3,181.69
$714.00
$1,530.00
$622.20
$510.00
$188.70
$387.60
$484.50
$139.09
$399.86
3%
$255.00
88
94%
$1,536
$1.95
2.00%
6.00%
2.00%
88
94%
$1,567
$1.99
2.00%
6.00%
2.00%
ear 6 Year 6 " Year 7 '' 1fear >3 Year 6 Year 10
eat Year, 4< Yea 6 ; Year+ 6 Year 7 Year 0
88
94%
$1,598
$2.03
2.00%
6.00%
2.00%
88
94%
$1,630
$2.07
2.00%
6.00%
2.00%
88
94%
$1,663
$2.11
2.00%
6.00%
2.00%
88
94%
$1,696
$2.16
2.00%
6.00%
2.00%
88
94%
$1,730
$2.20
2.00%
6.00%
2.00%
88
94%
$1,765
$2.24
2.00%
6.00%
2.00%
$1,008,048 $1,028,209 $1,048,773 $1,069,749 $1,091,144 $1,112,966 $1,135,226 $1,157,930
$614,112 $626,394 $638,922 $651,701 $664,735 $678,029 $691,590 $705,422
$1,622,160 $1,654,603 $1,687,695 $1,721,449 $1,755,878 $1,790,996 $1,826,816 $1,863,352
$50,000 $53,633 $54,706 $55,800 $56,916 $58,054 $59,215 $60,399
$65,120 $69,852 $71,249 $72,674 $74,128 $75,610 $77,122 $78,665
$52,800 $56,637 $57,770 $58,925 $60,104 $61,306 $62,532 $63,782
$167,920 $180,122 $183,724 $187,399 $191,147 $194,970 $198,869 $202,847
g$1000$0' $11$34.0 +41f8Y1t42U' $1905;848'= $1;9dYt625;` $1 J55,96G $2;0256116' $2066,109
-$107,405
-$110,084
-$112,285
-$114,531
-$116,822
-$119,158
-$121,541
-$123,972
s 41;9i ,$421'- $ ,-769i136`. $Ii7J$s41°1,':-_ ;$1,813,204:_. $ ;8661608..` $19041144<:._, `' $ ,942,22i.
$274,499
$61,600
$132,000
$53,680
$44,000
$16,280
$33,440
$41,800
$12,000
$34,498
$49,227
$22,000
$279,989
$62,832
$134,640
$54,754
$44,880
$16,606
$34,109
$42,636
$12,240
$35,187
$47,428
$22,440
$285,589
$64,089
$137,333
$55,849
$45,778
$16,938
$34,791
$43,489
$12,485
$35,891
$48,376
$22,889
$291,301
$65,370
$140,079
$56,966
$46,693
$17,276
$35,487
$44,358
$12,734
$36,609
$49,344
$23,347
$297,127
$66,678
$142,881
$58,105
$47,627
$17,622
$36,197
$45,246
$12,989
$37,341
$50,331
$23,814
$303,069
$68,011
$145,739
$59,267
$48,580
$17,974
$36,920
$46,151
$13,249
$38,088
$51,337
$24,290
$309,130
$69,372
$148,653
$60,452
$49,551
$18,334
$37,659
$47,074
$13,514
$38,850
$52,364
$24,776
$315,313
$70,759
$151,627
$61,661
$50,542
$18,701
$38,412
$48,015
$13,784
$39,627
$53,411
$25,271
SYY0
$78 4
$803,495;
'$819,665'
$835;986
$862,678' $869,729 $887,123
11002
$994,247
1;014-133"
$,'110040415„
11085,103
88 88 88 88
94% 94% 94% 94%
$1,800 $1,836 $1,873 $1,910
$2.29 $2.33 $2.38 $2.43
2.00%
G.00%
2.00%
2.00%
6.00%
2.00%
2.00%
6.00%
2.00%
2.00%
6.00%
2.00%
88
94%
$1,948
$2.48
2.00%
6.00%
2.00%
88
94%
$1,987
$2.53
2.00%
6.00%
2.00%
88
94%
$2,027
$2.58
2.00%
6.00%
2.00%
88
94%
$2,067
$2.63
2.00%
6.00%
2.00%
88
94%
$2,109
$2.68
2.00%
• 6.00%
2.00%
88
94%
$2,151
$2.74
2.00%
6.00%
2.00%
88
94%
$2,194
$2.79
2.00%
6.00%
2.00%
Year22 Year23
Year`20 Year 21
88
94%
$2,238
$2.85
2.00%
6.00%
2.00%
88
94%
$2,283
$2.90
2.00%
6.00%
2.00%
$1,181,089 $1,204,711 $1,228,805 $1,253,381 $1,278,449 $1,304,018 $1,330,098 $1,356,700 $1,383,834 $1,411,511 $1,439,741 $1,468,536 $1,497,906
$719,530 $733,921 $748,599 $763,571 $778,843 $794,419 $810,308 $826,514 $843,044 $859,905 $877,103 $894,645 $912,538
$1,900,619 $1,938,631 $1,977,404 $2,016,952 $2,057,291 $2,098,437 $2,140,406 $2,183,214 $2,226,878 $2,271,416 $2,316,844 $2,363,181 $2,410,444
$61,607 $62,840 $64,096 $65,378 $66,686 $68,020 $69,380 $70,768 $72,183 $73,627 $75,099 $76,601 $78,133
$80,238 $81,843 $83,480 $85,149 $86,852 $88,589 $90,361 $92,168 $94,012 $95,892 $97,810 $99,766 $101,761
$65,058 $66,359 $67,686 $69,040 $70,421 $71,829 $73,266 $74,731 $76,226 $77,750 $79,305 $80,892 $82,509
$206,904 $211,042 $215,262 $219,568 $223,959 $228,438 $233,007 $237,667 $242,420 $247,269 $252,214 $257,259 $262,404
PrOiwie
j��iljtlY2h tf :�1207L566�
236%520 °` $21 81,25b. ` 2 326 5 5! $2,3Y3,418 $2j420,801... $2,489,299 :$2 618455 $2 559,058, 52,620 439 '$2,02,846
-8126,451-8128,980-8131,560-8134,191-$136,875-$139,613 -8142,405 -8145,253 -8148,158
-$151,121.
-$154,143
-$157,226
-$160,371
i';$2i6fi��159 =:$2�.�02529: ..'�2�1A4,2,0 :<'$2145'1g'i52. ;$22,900V...$2;521Y1di $2491',552= . $2;414;945-.. ;,.$1,483j213 '$2512,0Y',,
$321,619
$72,174
$154,659
$62,895
$51,553
$19,075
$39,180
$48,975
$14,060
$40,419
$54,479
$25,777
43'866
$328,052
$73,618
$157,752
$64,153
$52,584
$19,456
$39,964
$49,955
$14,341
$41,228
$55,569
$26,292
$334,613
$75,090
$160,907
$65,436
$53,636
$19,845
$40,763
$50,954
$14,628
$42,052
$56,680
$26,818
$341,305
$76,592
$164,125
$66,744
$54,708
$20,242
$41,578
$51,973
$14,920
$42,893
$57,814
$27,354
966
$348,131
$78,124
$167,408
$68,079
$55,803
$20,647
$42,410
$53,013
$15,219
$43,751
$58,970
$27,901
79,4.
$355,094
$79,686
$170,756
$69,441
$56, 919
$21, 060
$43,258
$54,073
$15,523
$44,626
$60,150
$28,459
$362,196
$81,280
$174,171
$70,830
$58,057
$21,481
$44,123
$55,154
$15,834
$45,519
$61,353
$29,029
$369,440
$82,905
$177,655
$72,246
$59,218
$21,911
$45,006
$56,257
$16,150
$46,429
$62,580
$29,609
$376,828
$84,564
$181,208
$73,691
$60,403
$22,349
$45,906
$57,382
$16,473
$47,358
$63,831
$30,201
$384,365
$86,255
$184,832
$75,165
$61,611
$22,796
$46,824
$58,530
$16,803
$48,305
$65,108
$30,805
$392,052
$87,980
$188,529
$76,668
$62,843
$23,252
$47,761
$59,701
$17,139
$49,271
$66,410
$31,421
$399,893 $407,891
$89,740 $91,534
$192,299 $196,145
$78,202 $79,766
$64,100 $65,382
$23,717 $24,191
$48,716 $49,690
$60,895 $62,113
$17,482 $17,831
$50,256 $51,261
$67,738 $69,093
$32,050 $32,691
81,039,406 ..`' $:1,060,194 $1,091,398' $1,"103,026 "".";;51,12"5 087 " .,.81,147,559 ".`
4916
64 9
11260,947 1384,809
:Year�: Y�ar3� Yaar~3�
`a��' 6 Yaa>` y Y� r` Yaar'29 Yaai+ 3O
88 88 88 88 88 88 88 88 88
94% 94% 94% 94% 94% 94% 94% 94% 94%
$2,328 $2,375 $2,422 $2,471 $2,520 $2,571 $2,622 $2,674 $2,728
$2.96 $3.02 $3.08 $3.14 $3.21 $3.27 $3.33 $3.40 $3.47
Z00% 2.00%
6.00% 6.00%
2.00% 2.00%
2.00%
6.00%
2.00%
2.00%
6.00%
2,00%
2.00%
6.00%
2.00%
2.00%
6.00%
2.00%
Z00% 2.00%
6.00% 6.00%
2.00% 2.00%
2.00%
6.00%
2.00%
$1,527,864 $1,558,422 $1,589,590 $1,621,382 $1,653,810 $1,686,886 $1,720,623 $1,755,036 $1,790,137
$930,789 $949,405 $968,393 $987,761 $1,007,516 $1,027,666 $1,048,219 $1,069,184 $1,090,568
$2,458,653 $2,507,826 $2,557,983 $2,609,143 $2,661,325 $2,714,552 $2,768,843 $2,824,220 $2,880,704
$79,696 $81,290
$103,796 $105,872
$84,160 $85,843
$267,652 $273,005
$82,916 $84,574 $86,265 $87,991 $89,750 $91,545 $93,376
$107,990 $110,150 $112,353 $114,600 $116,892 $119,229 $121,614
$87,560 $89,311 $91,097 $92,919 $94,777 $96,673 $98,606
$278,465 $284,034 $289,715 $295,509 $301,419 $307,448 $313,597
-$163,578 -$166,850
-8170,187-8173,591-8177,062-8180,604 -8184,216 -$187,900 -$191,658
i" aiget2fy'Z 0i 1426?1';',, tItigi$ e,IV321 M'Yi r. "$ ,629i46 .. $2y"NH6,04y,-ff $2 943 ttt' 7,$$otl02y643=-
$416,049
$93,365
$200,068
$81,361
$66,689
$24,675
$50,684
$63,355
$18,188
$52,287
$70,475
$33,345
$424,370
$95,232
$204,069
$82,988
$68,023
$25,169
$51,698
$64,622
$18,552
$53,332
$71,884
$34,012
$432,857
$97,137
$208,151
$84,648
$69,384
$25,672
$52,732
$65,914
$18,923
$54,399
$73,322
$34,692
$441,514
$99,080
$212,314
$86,341
$70,771
$26,185
$53,786
$67,233
$19,301
$55,487
$74,789
$35,386
u -$1j1`i11,$140Mti nx:$4010,3b $'C 24211,)
$450,345
$101,061
$216,560
$88,068
$72,187
$26,709
$54,862
$68,577
$19,687
$56,597
$76,284
$36,093
$459,352
$103,083
$220,891
$89,829
$73,630
$27,243
$55,959
$69,949
$20,081
$57,729
$77,810
$36,815
$468,539
$105,144
$225,309
$91,626
$75,103
$27,788
$57,078
$71,348
$20,483
$58,883
$79,366
$37,552
$477,909
$107,247
$229,815
$93,458
$76,605
$28,344
$58,220
$72,775
$20, 892
$60,061
$80,954
$38,303
$487,468
$109,392
$234,411
$95,327
$78,137
$28,911
$59,384
$74,230
$21,310
$61,262
$82,573
$39,069
; all 0 ei;29011, S20181219_,'::._$'1y344i6g3....,$1;3/944/5 ,
506jta4y $1y6.4Yi6 $ _.. iGOO t1 11f$99,, 00.. $1)031004 ,
845 SW 8th Street
1211/2021 12/1/2022 1211/2022' 12/ /2024 12/1/2025. 121112020 . ''.12/1/2021
�ear1 Yeer2 V 2r Vaal'4 /enrd Year ' .. VOA l
Gross Potential Rent (Multi) $0 $0 $1,622,160 $1,654,603
Plus: Other lncome $0 $0 $167,920 $180,122
Less: Vacancy/Collection Loss $0 $0 -$107,405 -$110,084
GROSS REVENUE MULITFAMILY $0 $0 $1,682,675 $1,724,642
Mulitfamily Expenses
TOTAL EXPENSES
$0 $0
$0 $0
$775,024
$775,024
$787,740
$787,740
$1,687,695
$183,724
-$112,285
$1,759,135
$803,495
$803,495
$1,721,449
$187,399
-$114,531
$1,794,317
$819,565
$819,565
$1,755,878
$191,147
-$116,822
$1,830,204
$835,956
$835,956
$1,790,996
$194,970
-$119,156
$1,866,808
$852,675
$852,675
12/4/2020 `' . 12/1/2020
Year Veer10
$1,826,816
$198,869
-$121,541
$1,904,144
$1,863,352
$202,847
-$123,972
$1,942,227
$869,729 $887,123
$869,729 $867,123
NET OPERATING INCOME $0 $0 $907,652 $936,902 $955,640 $974,752 $994,247 $1,014,132 $1,034,415 $1,055,103
Debt N/A N/A $754,395 $754,395 $754,395 $754,395 $754,395 $754,395 $754,395 $754,395
DSCR N/A N/A 1.20 1.24 1.27 1.29 1.32 1.34 1.37 1.40
NCFADS $0 $0 $153,257 8182,507 $201,245 $220,357 $239,852 $269,737 $280,020 $300,708
N f;00210144ArfOn0btAO ilEeE; $n ` : $far 153,257,. _ , , s $1$2;507
$220j357,. " '$230$062 :!.,..$259,' 37, $20002tl. ``:$300,700
DEVELOPMENT BUDGET
PRO ECT COSTS
Land Costs
Hard Costs
Professional Fees
Property Taxes & Insurance
Municipal Fees
Interest Costs
Closing Costs
Working Capital
Working Capital
FF&E
Equity
City of Miami Grant
Construction Loan
.} I s`.t~tiNes lifiat
T lyultIi t�N;:t;IigY
17.4% $
65.2% $
2.7% $
1.1% $
5.8% $
3.9% $
2.6% $
0.4% $
0.4% $
0.4% $
57.81
216.79
9.11
3.61
19.18
13.01
8.59
1.45
1.45
1.45
tl`ta1[
45,455
170,455
7,159
2,841
15,083
10,227
6,750
1,136
1,136
1,136
7'ulnl CtstD_,
$ 4,000,000
$ 15,000,000
$ 630,000
$ 250,000
$ 1,327,313
$ 900,000
$ 594,000
$ 100,000
$ 100,000
$ 100,000
3;O00,06';_
Return on Cost without Miami Grant
Return on Cost with Miami Grant Miami
17.4% $
21.7% $
60.9% $
osts),SK
57.81 $
72.26 $
202.34
Rounded: $
23,000,000
'faih/unit &WINO'Mb
45,454.55 $
56,818 $
159 091 $
4,000,000
5,000,000
14 000 000
i$l ...... z. .. . 263.40 L3,000t0tf0
3.95% 4.65%
5.04% 6.26%
*DEVELOPMENT SCHEDULE
Scope of Work Estimated Date Actual Date
Closing on Total Project Financing by Source Month/Year Month/Year
a.
b.
c.
d.
Finalize Partnership 6/2020
Selection of Architect 8/2020
Appraisal/Market Study 10/2020
Engineering Report 12/2020
Architectural Plans and Specifications 12/2020
City or County Environmental Clearance 512021
Site Plan Approval 6/2021
Working Drawings Completed 3/2021
Submit Drawings for Permit Approval 4/2021
Construction Bids 6/2021
Selection of General Contractor 7/2021
Building Permits Issued 4/2022
Start of Construction 9/2021
Construction Completion @ 40% 5/2022
Construction Completion @ 80% 11/2022
Construction Completed - C.Q. 5/2023
Rentals— 90% Occupancy 9/2023
Temporary/Permanent Relocations NIA
*Not limited to format or detail but must include these items.