HomeMy WebLinkAboutR-78-0012fttsotU 'to 4 Nc. • '
A RESOLUTION REPEALING RESOLUTION NO. 71=-659 AND APPROVING THE
FINANCIAL PLAN AND PROJECT CONTRACT FOR 99 SECTION 8 HOUSING
UNITS FOR HOUSEHOLDS OF LOW AND MODERATE INCOME LOCATED IN LITTLE
HAVANA AND COCONUT GROVE; SUCH APPROVAL fS CONSISTENT AND IN
ACCORDANCE WITH THE AGREEMENT FOR FINANCING HOUSING IN THE CITY
OF M1AMI BY AND BETWEEN DADE COUNTY AND THE CITY OF MIAMI DATED
JULY 19, 1916
WHEREAS, there is a shortage of adequate housing units for households of
low and moderate income; and
WHEREAS, the City of Miami passed a $25,000,000 Housing Bond Issue to
alleviate this crucial need; and
WHEREAS, the U. S. Department of Housing and Urban Development has
allocated subsidies for 99 Section 8 new construction dwelling units for house-
holds of low and moderate income; and
WHEREAS, Dade County has prepared a Financial Plan and Project Contract
for said units in accordance with the Agreement for Financing Housing in the
City of Miami by and between Dade County and the City of Miami, dated
July 19, 1976; and
WHEREAS, such Financial Plan and Project Contract requires approval by
the Commission of the City of Miami to proceed with the development of said
housing units;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMW,SLON(JMEtET ITYO EXIAMI,
FLORIDA:
ITEM NO. t?)
Section 1. Resolution No. 77-659 adopted on July 28, 1977 and approving
the Financial Plan and Project Contract for 156 Section 8 housing units for
households of low and moderate income located in Lummus Park, Little Havana,
Coconut Grove and Model Cities is hereby repealed.
Section 2. The Financial Plan and Project Contract for the 99 Section 8
housing units located in Little Havana and Coconut Grove are hereby approved.
Section 3. The City Manager is hereby authorized to coordinate with Dade
County in the development of said housing units in accordance with the guide-
lines established in the Agreement for Financing Housing in The City of Miami
by and between Dade County and The City of Miami dated July 19, 1976.
CITY COMMISSION
MEETING OF
JAIti 11078
;mu7s-12
k O.
PASSED AND ADOPTED THIS
ATTEST:
RALPH G. ONGIE
CITY CLERK
PREPARED AND APPROVED BY.
MICHEL E. ANDERSON
ASSISTANT CITY ATTORNEY
APP
GEORGE F
CITY ATT
AS TO FORK, AND MalliTNESS:
OX, JR.
EY
f
llth day of JANUARY._ r 1978.
MAURICE A. FERRE
MAURICE A, FERRE
MAYOR
CITY COMMISSION
MEETING OF
J A N i ' 978
• .
•
Joseph R. Grassie,
City Manager
Richard Fosmoen,-
Planning birector
'77 tC1�
I,,
December 20, 1977
Financial Plan and Project Contract
for 99 Section 8 housing units
City Commission Agenda
January 11, 1978
On July 28, 1977 the City Commission approved Resolution No. 77-659 (enclosed)
endorsing The Financial Plan and Project Contract for 156 Section 8 units in
Lummus Park, Little Havana, Coconut Grove and Model Cities.
Since that time we have lost the Lummus Park units due to a court decision and
the Model Cities units because of neighborhood opposition. As such, the previous-
ly approved Financial Plan and Project Contract are no longer valid.
The enclosed new Financial Plan and Project Contract for the remaining 99 Section
8 units in Little Havana and Coconut Grove have been prepared by Dade County's
Department of Housing and Urban Development and reviewed by the City of Miami's
Planning and Finance Departments. Both documents are found to be in accordance
with the Agreement for Financing Housing in the City of Miami by and between
Dade County and the City of Miami dated July 19, 1976.
Funds from the sale of City of Miami's Housing Bonds in the amount of $207,900.00
will be used to support $2,520,000.00 worth of Dade County's revenue bonds.
Repeal of Resolution No. 77-659 and review and approval by the City Commission of
the new Financial Plan are now necessary to proceed with the development of the
99 housing units.
RF:jr
"SUPPORTIVE
DOCUMENTS
FOLLOW"
FINANCIAL PLAN FOR SECTION 3 HOUSI`I3 PROJECTS
CITY OF MIAMI
bade 3-6 t 3-7
In accordance with Section 9 of the Agreement for Financing Housing in the
City of Miami by and between Dade County and the City of Miami, dated
July 13, 1976, the follo4ing data constitutes the Financial Plan for the
da.'elcp~ent of 2 housing projects) consisting of 99_ units.
As illustrated in Exhibit "A"1"
& "A-2"
the annual total project income for
the projects(s) totals $347+379 , which is more than necessary to
meet both projPcted operating expenses of 5139,363 and debt service
of S207,900 The slight projected surplus of St11 would be
deposited into the Redemption Account, in accordance with Section 503
of the Trust Indenture.
Included in the bond issue will be a debt service reserve account
equal to one year of debt service.
b) It is the intention to request proposals for the desicn and
construction of the project(s). Bid proposal documents,
containing minimum physical requirements, have been prepared for each of the
2 projects, and have been approved by the City of Miami, and by the
.U. S. HUD on February 24, 1977. These minimum requirements define the
building type, unit size and distribution, equipment schedule, utility
combinations and other similar improvements.
"SUPPORTIVE
DOCUMENTS
NTS"
FOLLOW
1. 1'. :7',•�,J :n
.ot.31 .:i�. i�: .'.I7t ���it�, ..hich .7ro iii trat2d in
„) of %?ousind and Urhin Deveic:) :nt had approved
" rJ zt(,':,) and assi.itan`2 under S0cdton 3 of t`;Housing and
C muni ty Development Act of 1974 (42 U.S.C. 14.57),
�'th
��) Assistance in the arvun t of 207+ -'00 s needed to support e
financing cf the housing project(s). This assistance is equal
to one year of debt service and must be made available to the
County prior to the sale and delivery of the County bonds.
f) The total esti:�.ated Operating Expenses for the projects) is 5 -),z ?
c)
per year.
proj^cts.
This is based en experience in the operation of similar
Exhibits I'A-1 and A_21! illustrate the projected
incc^e, operating expenses, and the net amount available for debt
service for each of the 2 proposed project(s).
The esti7ated annual amount required for the payment of debt
Service on the Revenue Bonds is S207,900 .
h) The County expects to issue 30 year revenue bonds at an interest
rate not to exceed 7. During the first two years, interest only
will be paid. The bonds will arorti:ed over the reraining 23 years.
2
1
As shown on Exhibit "3" the County cYeeets to pay S2,015. 17rv„ for
the acquisition of the 2 housing project(s), The max r'um net
int.rost cost anticipated to be incurred by the Co.inty (n the
County cb1itjation is 7 .
j) The Praj•:ct Contract for the housing project(y), consistent
with this Financial Plan, will be prepared and submitted for
approval and execution for and on behalf of the City and the
County.
k) A psyrent in lieu of taxes (PILOT) will be paid annually based
upon 8 of the annual rental income collected, including the
Federal Housing Assistance Payments. The City of Miami will
receive its pro-rata share of the total PILOT, or an amount equal
to approximately $11.114 . However, in accordance with the Trust
Indenture and Project Contract, the County will place the total
PILOT into the Pilot Escrow Fund, until the fund equals one year
of debt service on the County Bonds.
SL. ! P Qi"iTf VE
DOCUMENTS
3 FOLLOW„
K
. 1 .+ o L
lu Y 1
15
,.,,inistrriion
er:I t S3rlic:as
Si'... : l i e s
Crw i r-,. r( Maintenance
rare I er es
7-erew e 1:--e7 i ace-ent F..nd
?IL0 (a% of T.P.1.)
1.3721
0ett Service
•
57,200
403
Less: Fen;' List (2%)
ioj3I Project Inccre
PU'.i
$ I5.-5
3.:5
5.00
32.31
13.19
12.00
2E . S2
S111."
$103,7 0
Annual
S
S 71,736
EXHI It "A-2II
�a'Ji3 r/ 1:: of
:-:Jal/'�1'./•1.0, FI
ti
"ftr elderly
43
'0 J
- tin- Ex-e':s4s
1cmi i i si T r3 i i cn
w Ter r,t Services
Su;,oli=d Utilities
Cr..inery "min` nonce
G�r.er3l :x:e^ses
PenewaliRec12cerent Fund
PILOT (5% cf ;.P.1.)
Less:
Tc'�I
Ctntract
Pent
237
Less: Rent Less (2a)
Total Project Income
o Availeole for Cett Service
5 15.45
3.95
24.00
29.01
13.19
12.00
21.65
$I(9.25
tl I,wVV ,or 25 years . 1p = iI3V,207
Annual Con.— Authority S245,5E0
Annual
In
5145,250
250
5I031'2�0/J.._
$2480580
4 ,?7
$243,609
Annual
5107,334
5136,275
1
•
1.1 :1 1 t t ! •.
1. ,• ('1.
;•1 il,1l
'..11'1•r ,.;11
.•ttt.
Itivt:l;iiIt:
7:)
Pt•Vt1,11r row!
1.11 y llevt:1 t11,lttt•Ii 1 ,
Subtotal
coconut (ii ovn City
'J!1
11 ,fi(IO
4.!',1) t ,(1Ii(1
.?,095,11/
2O/ ,'101I
6_i,tt(I0
•1 ,•I.1O
5,/1O
7,(I1.i
• 5,040
39,000
25,000
40,300
• ?,5?(1,1)t)f)
%111,(. i,l I i't:v, Ilu,! 1:ontl
t.i,tlrlt I!( vr!lti tt(!nta
;t•r ir; A
I'l:l'r i Iil:
(,1
1•2,297,0( t1
Stt!; 1. (t t, it l
I;uulcl:, Cuwlt.y
.11i 11
$1 ,5?l;,! l(, $3,40.5.4'11
11ltt,/'1/ • •
'1 5 ,O7l,
`; 1 ,fi(1 1,01111
;1,1(111,0HH0
! 1,
tit)
"�,•r.'ttI
Section 3: The County and the City hereby agrees to cooperate
in providing and financing certain Housing Projects located within the
corporate boundaries of the City described and located as follows:
Dad_e_3=6: Seventy --five unit medium -rise for the
elderly to be located in the Little
Havana area on the South side of S.W.
1st Street between 9th and loth Avenues.
(Also known as FL29-0023s006).
Dade -.7: Twenty-four units for families located
on the East side of Douglas Road between
Day and Oak Avenues.
(Also known as FL29=0028-007).
herein called the "Housing Projects."
Section 4. It is estimated that the total cost to the County
of providing the Housing Projects, including financing costs, shall be
Two Ni, 11 ion Five Hundred and Twenty, DOLLARS (S2,520,000.) The County
agrees to undertake, carry out and complete the Housing Projects in
accordance with the plans, specifications, contracts and other contract
documents approved by the City, as expeditiously as practicable. The
County further agrees that it shall issue its revenue bonds (herein
called the "County Obligations") in the principal amount of S2,520,000,
to pay, with other funds available therefore, the entire cost of the
Housing Projects. In addition, maximum Federal assistance through an
annual contribution of $366.948. will be provided for the Housing Project:;-
by contract with the United States Department of Housing and Urban
Development through the Section 8 program of the Housing and Community
Development Act of 1974. The construction and operation of the Housing
Projects shall be subject to applicable Federal regulations and conditio
related to the aforementioned Federal projects.
Section 5. In order to assist the County in financing the
Housing Projects and to increase the security and marketability of the
County Obligations, the City, pursuant to the Basic Agreement and
this Contract, hereby covenants and agrees to provide City Assistance
for financing the Housing Projects through the use of proceeds of City
Bonds as herein provided. As City Bonds are issued and sold by the
City from time to time, the net proceeds thereof remaining after deduct-
ing all costs and expenses of or attributable to such issuance and sale
`SUP?,^;nTIVE
OOCUMNTS
12/9/77
3n. snail ...'.i i, 3dhini s_..
.'t•_:1:.!il ov the :it', ' r the purposes arbv; d d i _h1
,r.I.a.nce. 3isi: A ree:ment ]rid :his Project Conteedt.
.earn i n;
and profit; derived from Such investments shall 54 credited and losses
mail pe cher;`ad to such fund.
Section 6. Prom the Monies paid into such fund, the sum of
3'�i3JJ. shall be "lade available by the City as City Assistance to
assist the County in financing the Housing Projects. Such sum shall
5e trynsferred by the City to the County contemporaneously with the
delivery ny the County of its County Obligations and/or the receipt by
the County of the proceeds of such obligations. Such transfer shall
be effected by the payment or deposit to the credit of the Special
Housi,a Fund as provided for in Section 501 of the Trust Indenture
for the County tions wihich wi i i be administered by a trustee or
ogler fiscal agent tc be appointed by the County, pursuant to a trust
agreement, ordinance or resolution, executed or adopted by the County
securing tn. County Obligations issued for the Housing Projects. Such
fund snail 5e held and aominister:d by the trustee or fiscal agent as
eaci_ionai security for the County Obligations issued or incurred for
the purpose of financing the dousing Projects and shall be held,
administered, applied or otherwise used for the Housing Projects in
the manner and for the purposes provided in the Basic Agreement, in
this Project Contract and in the aforesaid trust agreement, ordinance
or resolution authorizing the use of such funds to assist in the
provision of the Housing Projects.
Section 7. In addition to the City Assistance provided for
in Sections 5 and 6 of this Project Contract, the County and City agree
to pledge their .hares of PILOT from public housing now or hereafter
owned by the County, which are located within the City of Miami, and to
pledge the entire PILOT from the Housing Projects until such time as the
PILOT Escrow Fund, established in Section 501 of the Trust Indenture,
equals or exceeds an amount equal to one year of debt service on the
County Obli;ations as provided for in Section 502 of the Trust Indenture
1; /0/77
IN wI NESS THEREOF, C: TY OF MI MI, FLORIDA, has :aused
this .Jn ��. Lo be executed in its name and behalf by its City
'i3n3qer and its official seal to be hereunto affixed and attested
by its City Clerk: or a Deputy City Clark _hereunto duly authorized;
and DADE COUNTY. FLORIDA, has caused this Contract to be executed in
its name and behalf by its County Manager and the official seal of
the Board of County Commissioners to be hereunto affixed and attested
by the Clerk or a Deputy Clerk of said Board thereunto duly authorized
as of the day of
ATTEST:
City Clerk
(CITY SEAL)
ATTEST:
Clerk of the Board of
County Commissioners
(COUNTY SEAL)
1978.
CITY OF MIAMI, FLORIDA
By
City Manager
DAD COUNTY, FLORIDA
By
County Manager
1