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HomeMy WebLinkAboutR-78-0353MEW- n r PEESOI.UTION N0, 7 c` •3 t) 3 A RESOLUTION REPEALING RESOLUTION N0, 78-12 ADOPTED ON JANUARY 11, 1978 IN SO FAR AS IT APPROVED THE PROJECT THE PROJECT CONTRACT FOR 99 SECTION 8 ROUSING UNITS LOCATED IN LITTLE IHAVANA AND COCONUT GROVE; AND APPROV- ING AND AUTHORIZING THE EXECUTION OF A PROJECT CONTRACT RELATING TO HOUSING PROJECTS IN TILE CITY OF MIAMI DESIG- NATED DADE 8-6 (RIVERSIDE) AND DADE 8-7 (COCONUT GROVE) PURSUANT TO THE BASIC AGREEMENT' FOR FINANCING ROUSING IN THE CITY OF MIA'II BY AND BETWEEN DADE COUNTY AND THE CITY OF MIAMI, DATED JULY 19, 1976, AND MAKING CERTAIN DETERMINATIONS WITH REGARD TO SAID HOUSING PROJECTS IN "SUPPORT!, feCORDANCE WITH SAID BASIC AGREEMENT, DOCU VILN_1.. FOLLOW" 33 IT FESOLVED by the Commission of the City of Miami, Florida: Section 1. The Commission (the "Commission") of the City of Miami, Florida (the "City") has found and determined and does hereby declare that (a) The City and Dade County, Florida (the "County") on July 19, 1976, entered into an agreement for financing housing in the City (the "3asic Agree- ment") in which the County agreed to finance hous- ing projects through the issuance of obligations of the County (the "County Obligations"), secured in part by City assistance, including proceeds of hous- ing bonds of the City to be issued for such purpose, such projects to be self-liquidating in that the pay- ment of the principal of and the Interest on such obligations can be paid in full from rents, charges and fees collected by the County therefor, together with such Federal, state and private grants, contri- butions and other income and money which may be made available therefor (exclusive of any proceeds of said boubing bends of the City) , "DOCUMENT ANDEX ITEM NO. n CITY COMMISSION MEETING OF MAY l 9 1978 r, n ., Repou Tmu No. ` c ; " REMARKS ...... r r~ ~~ (b) Pursuant to the Basid Agreement the City and the County have heretofore approved a financial plan for dousing Project Dade 8~b (Ri~terside) and housing Project Dade 8=7 (Coconut Grove) the "Housing Projects". (c) The Housing Projects are hereby determined to be "Housing" as defined in the Basic Agreement. (d) .The proposed residents of the [lousing Projects are families and persons eligible for assistance under Section 8 of the United States Housing Act of 1937, as amended ("Section 8"), and such families and persons are hereby determined to be "families and persons, includ- ing the elderly, of low or moderate income" as defined in the Basic Agreement and Ordinance No. 8514 of the City (the "City Ordinance") authorizing said housing bonds of the City (the "City Bonds"). (e) In accordance with the Basic Agreement the A ~~ County has obtained and given due consideration to n `~ r ~'"? "'" ~ / x" `j !t ~ 'L~ '`t'he opinion of counsel for the County upon the legality ~~vtJl`VIL.1~~~~..of the Housin P ~) ~f~~ g ro3ects under applicable law, the City ~~ ~~ ~~ ~ t,, ~ Ordinance and the Basic Agreement . (f) The City hereby determines that each Housing Project will be self-liquidating in that the payment of the principal of and the interest on the County Obligations to be issued to finance each housing Project can be paid in full from rents to be collected by the County therefor, to- gether ~.~ith Federal housing assistance payments to be made available therefor under Section 8 (exclusive of any proceeds of said housing bonds of. the City). r~ ~~' ... •~ ~t .nJ ~ ~ a ~ S (g) 1~nrsuant to the Basic ~greefient+ the City and the Cotanty plan to enter into a Project Contract for the Ho~isng Projects (the "P~ojeot Contract"), which Project Contract provides among other things, that if any provision of the Project Contract shall be in conflict with the Basic Agreement, the Project 4 ~ ~ •'~ `'- Contract shall be controlling. .,_, k~'; ' ~ ~ ;~' ~~ ; ,~ ~ ~ Section 2 . The City hereby deems and determines fir; ~.~ ~.. ~J ~' ~+ that faith respect to the Housing Projects all provisions of the Basic Agreement, as supplemented by the Project Contract, shall have been fully complied with by both the County and the City upon the execution of the Project Contract. Section 3. The City is advised by its counsel and hereby determines that the Housing Projects, the Project Contract, the County Obligations and the City assistance provided for in the Project Contract alI conform to, and are not in conflict with, the provisions of the City Ordinance, the proposition respecting 'the City Bonds approved by the voters of the City and the decree ' of the Circuit Court of the Eleventh. Judicial Circuit of Florida, in and for Dade County, validating the City Bonds. Section 4. The City hereby approves the Project Contract in substantially the form presented to the Commission at the meeting of the Commission at which this resolution is adopted, subject to such minor changes as may be approved and made in such form of Project Contract by the officers of the City executing the same pursuant to this Section. The City Manager is hereby authorized to execute the Project Contract for and on behalf of the City with the official seal of the City to be impressed thereon ailci attested by the Clerk or Deputy Clerk of the City, and such execution shall be conclusive evidence of the City's approval. of any such changes in said form off' Project Contract. r t, ~ . • Section 5~ Resolution No. 78-12 adopted oii Jahua~y l.~s ].978 in so faY as it approved the I':^oject Contract for 99 Section 8 housing units located in Little Havana and Coconut Grove is het~eby repealed. Section 6. The provisions of this resolution shall become effective immediately upon its adoption. PASSL'D AND ADOPTED T13IS 19th day of May , 19 7 8 ATTEST: Q LPH ' ITY LEP.K PREPARED e1ND APPROVED BI' P~aurice A. Ferre 1`tAURICE A FERRE 1`iAXOR ~` „ ~' "SUPP'~~ ~ i~JE ASSISTANT CITY ATTORNEY DOV U l v~l ~.~~~f ~ J FOLLaW" APPI~Ei~ AS TO I'ORAI ~1ND CORRECTNESS r cl:oltcE r. Noa, JR. CITY ATT R EX ~ 7 . ~ J ~3 .. '~ _ ~t ~ r~ t~ ~S.t ~~~P ~.~F,~ ~tG v 3. ,r } ~i~BJEC~ ~~NT~AC'F ~~L-A~'l NG ~b H~U~ I N ~it~J~~~'~ IN 'SHE CIfiY ~I' MIAMi ~C~IGNA~'C6 ~A6E ~~6 (RiVl~516~) AN6 DA~C ~~~ (COCCNU'T GiZ6VE) TH f ~ ~RC~ICCT Ci~NT~AC'i', dated as of _ ~~,. 1~~$ by and between THC CIfY 01= MIAMI, a municipal corporatio~i (hereihafter called the "City") and iSADI COUN`fY, 1=l.dRIDA, a zc~unty (hereinafter called the "County"), ih the State of I`lorida: W I T N E S S E T Hs !n consideration of the covenants and agreements herein contained to be performed by the City and the County and other good and valuable consideration paid by each of the parties to the other, the receipt of which is hereby severally acknowledged, THE CITY OF MIAMI, FLORIDA, and DARE COUNTY, FLORIDA, hereby agree as follows: Section 1. This Contract is executed and delivered pur- suant to that certain Agreement designated, AGREEMENT FOR FINANCING HOUSING IN THE CITY OF MIAMI BY AND BETWEEN DADE COUNTY AND THE CITY OF MIAMI 8y and between the City and the County, dated as of July 19, 1976 (herein called the "Basic Agreement"). This Contract supplements the Basic Agreement and it is Pntended that the Basic Agreement and this Contract shall be part of an overall agreement between the City and the County. Words and terms used in this Contract which are defined in the Basic Agreement shall have the same meanings as in the Basic Agreement. if any provision of this Contract shall be - in conflict with the Basic Agreemetn~~~~~i~,~on.t~c~et shat ) be t I la l~1 1 { is tr controlling. DOC.~e,~~~._~~.~~5 Section 2. The County and~t~hkL..6,i~/~~e~reby covenant .and represent that each of them is authorized to enter into and to be bound by this Project,Contract and to do all of the acts and things and to perform all of the obligations undertaken by each of them pursuant to this Project Contract and the Basic Agreement, Sect;on ~, fihe County and tha Gity hereby agre~S to coR operate in providing and financing certain Mousing Projects located wiXhir~ the corporate boundaries of~the City described and located a s f o i l ows : ~~ ~} y~ ,~ y . D iJ • i ~ad~ ~~,b~ 5~v~~ty~~iv~ u~i;t ~ediur~~Fi~~ ~~~ the elderly to be located iii the Litt 1 ~ Wavaha area oft the South side of S: W: lst Street between nth arid loth Avenues. (Alsr~ known as ~L29-0028=006)+ ~.~ ,,. ~_ _ ~+~,~~ 6~_de___~__ ,7,_,, TwenCy"four units for farm l ies liicatad ~'1~ ~ ~ s • R~ ~ -~~,t,~-- nn the Eas t s i de of Doug 1 as Soad '~ • `.rr t ~~rl _.. ~~ ( ~ between bay and Oak Avenues i-. t -~~,:1;r~ {Also known as FL29y0028~00~'): herein called the "Housing Projects." Section 4: It is estimated that the total i:ost to the County of providing the Housing Projects including financing Zosts, shah be Two Million Five Hundred and Twenty DOLLARS {52,520,000). 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 aggregate annual contribution of 5354,468.00 wilt be provided for the Housing Projects by contract with the United States Depart- ment of Housing and Urban Deve1•opment through the .Section 8 program of the Housing and Community Development Act of 1974• The con- struction and operation of the Housing Projects shall be subject to applicable Federal regulations and conditions under said Section $ p rog ram. Section 5. In order to assist the County in financing the Nousing 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 deducting all ousts and expenses of or attributable to such issuance and sale shall be paid into a trust fund ar other ~- -: { -~ ;~~~: s ear~iarked atcou~t est~6lished ~~ ~ balk ~r iStheF de~~slt~ry by the pity and shall be hold, adr~ifiisterpd; if5vestad end r~~ invested by the G i ty fir the purposes Orbvi ded i ~i tha Ord i YiaFice ~ the 13asi~ Agreement and this Project Eo~itract. earnings and profits derived fror~ such investments shad be credited and losses shall be charged to such fund. Section From the Monies paid into such fund, a sum equal to the maximum Principal and Interest Requirements (as defined in the Trust Indenture securing said County Obligations) for any single Bond Year (as defined in said Trust Indenture) for the County Obligations, which sum may not exceed $300,000, shall be made available by the City as City Assistance to assist the County in financing the Housing Projects. Such sum shall be transferred by the City to the County contemporaneously with the delivery by 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 Housing Fund established by said Trust Indenture as provided for in Section 208 of said Trust Indenture. Such fund shall be held and L1J ~ administered by the trustee under said Trust Indenture as additional j ~ ~ security for. the County Obiigat'ions issued ar incurred for the ~ ~ ~ W purpose of financing the Housing Projects and shall be held, admin- ~ ~ ~istered, applied or otherwise used for the Housing Projects in the ~ U manner and for the purposes provided in the Basic Agreement, in Q ~ ('] this Project Contract and in the said Trust Indenture. Section 7. Each year the County shall make a payment in lieu of taxes (herein called PILOT) from the excess net revenues of the Housing Project, if any, in an amount equal to eight ( 8 a ) of the annual rent collected at Aade 8~6 and 8-7, including the Federal Housing Assistance Payments, but ntrt, in any event, e~~ceeding such excess net revenues for the particular year. If the excess net reven±~es shall be sufficient to permit a PLOT at the full rates described herein=above, the City and the County shall each receive a `= ~~ - _; ~; ~' . ~~ • ~orti~n rif tli~ ~ILt~~` ih the patio that 1t~ t~~' r~t~ b~~t'l; t~ the total tax rate b~ the Gity ahd the Gau~ity; i~ the excels yet reve~rues shaii be ihsufficient to ~i~rmit a PIL01` at the fuil rate, the City shat"1 receive as much of its fult i'fLO~', as the excess net revenue will permit, ahd the remaining excess tet revenue, if any, shall be paid to the County in the manner described hereiih~above. Excess net revenue shall mean the gross revenue of the Housing Project less (i) the Operating Expense for the Housing Project, or (ii) so long as any County Obligations are outstanding under the Trust Indenture, the sum of the First through the Six deposits required by Section 503 of the Trust Indenture. In order to assist further the County in financing the Housing Projects and to increase the security and marketability of the County Obligations, and in consideration of the County's agree- ment herein to issue its County Obligations and the County's pledge of its share of certain payments in lieu of taxes ("PILOT") to the extent and in the manner provided in the Trust Indenture securing the County Obligations, the City agrees as follows: (a) The City hereby pledges to the payment of the W ~, ~.~,. ,, County Obligations all PILOT payable to the City with ~., --~. ;""'" ~ , respect to ( i ) each housing project located wi th i n the -~ ~.c.::, _,~ corporate 1 i mi is of the C i ty which w as owned by the !~'z.. ~~ ;Y~ County as of Januar y 1 , 1978 and ( i i ) the Housing Pro- r ~ ~ ~ ~ v ~' jects, and the City hereby agrees th at 50 long as any Bond is outstanding under said Trust Indenture such PILOT shall be deposited by the County on behalf of the City in the PILOT Escrow Fund created by the Trust In- denture to the extent and in the manner provided in Section 502 of said Trust Indenture; provided, however, that if on the date when any PILOT is payable with re- sped to said housing projects or the Housing Projects the amount held for the credit of the PILOT' Escrow Fund f ;~ •:. • • e~uais of ~s~ceeds a~ amount e~uai td the maximum i'ri~tici~iai ahd intcfest ~tetlui Fer~e~its for any s iF1~ia cuFre~it cF Future i3dfid YaaP, the Gi ty`s sh~we ~~ such AIL-GT sh~ii be paid by the Goui~ty to the pity in acc~rdaiice with said Trust indenture. __ (b The City hereby agrees to deposit Sii0,d00 of Community Development 13ioclt Grant funds or other monies of the City not derived from ad valorem taxation with the Trustee under said Trust indenture simuly taneously with the delivery of the County Obligatio~ts to the purchasers thereof, such sum to be held by said Trustee in a special account for the purpose of paying certain costs of constructing the Dade $-6 (Riverside) Housing Project. Such costs shall be-paid by the Trustee from said special account upon the receipt of requisitions therefor in form satisfactory to said Trustee signed by the Finance Director of the County or his designee. Pending such payment, monies in said special account shall be secured by said Trustee in the manner provided in Section 601 of said Trust Indenture and shall ' be invested by said Trustee in Investment Obligations . ,"" (as defined in said Trust indenture) to such extent and ~_ `- i in such manner as the Finance Director of the County or . s ~~ ~~~~ his designee shall direct said Trustee in writing. Any i . _. ;_~ ~ investment income derived from said special account shall ,..~.> Cp`i :.....1 be pa i d by sa i d Trustee to the C i ty upon rece i pt thereof . M Any monies remaining in said special account after the Dade 8-6 (Riverside) Housing Project is acquired by the County purusant to said Trust Indenture shah be paid by said Trustee to the City. (c) The City hereby agrees to convey its title to the site for the pade 8T6 (Riverside) Housing .Project to the County prior to the execution by the County of Part ti of the Acquisition Agreement (as defined in said Trust .indenture) s. '''~ F`,- • s ~' i`~r ~~ i d Houl i n~ i5 F~ jest - 1`hd county a~~ee5 t~ het i fy the ~ i ty off' the tiatc ~1` such ctit-vey~nce nbt later that thirty (30) days iiricr tip such date. iN Wi~'NCS~ WNEREOi, the CITY Ci: MIAMi, ~I:bRIDA, has Caused this Co~itraCt to be executed in its Name and behalf by its City Manager and. its official seal to be hereunto affixed and attested by its City Clerk nr a Deputy City Clerk thereunto duly authorized; and DADC COUNTY, FLORIDA, has Caused this GohtraCt 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 1978. ATTEST: City Clerk CITY OF MIAMI, FLORlOA By: City Manager (CITY SEAL) ATTEST: Clerk of the Board of County Commissioners .DADS COUNTY, FLORIDA (COUNTY SEAL) By: County Manager ~ ~ ~ ~~ i'~ ~1 d~:.~ ` ... . ; ." s ;i} ;.: {"~' ~_ f ~ .. ~ :-.~J `=` __- ~ ~' ~ ~ } • r•, _ + RESOLUTION i•1C~r `' `" •`'~` •y r~ RE5OL,UmI~~ REP>/t~I,IyG RE5OLU`I'fOt1 t~iO+ 77-559 I~:JD dP8FO0USI,i~itE 1'IQit1;dC~e'1L PL1N t~;iD PF~OJECT COi3TF2r1CT FOR 99 SECTiO. L~;J'~T5 1OR itOUSEElOLDS OF ~SUCitD~+PPPOV~e`~I'EIStiCGt StSOTE'JT~r~,~iD~iIt ITTLI i;~Ve~~il~ r1Nb COCOiIUT GrAVE; ACCO~~'uiCE WITH TiiE ~ECN D DETCOU:IT`fIr1NDCTi1C CITIiOF 1I~~:• IFDITED 0>' ttle1~•1I $Y AND BETt JUL~t 19 ~ 197G p~CF.ie1S, there is a shortage of adequate housing units for households of low and moderate income; and - wHER.Er1S, the City of t•iiami passed a $25,000,000 Housing Bond Issue to alleviate this crucial need; and i4FiEREaS, the U. S. Department of Housing and Urbah 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 _ Housing s.n the for said units in accordance with the Agreement for Financing City of ;diami by and between Dade County and the City of tiiami, dated, July 19, 1976; and 4dHEP.EAS, 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 C0:•L'•1ISSION OF THE CITY OF i4IA:•iI, FLORIDA 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, re Baled. Coconut Grove and .Model Cities is hereby p ection 2. The Financial Plan and Project Contract for the 99 Section 8 S housing units located in Little Havana and Coconut Greve are hereby approved. Section 3. The City Manager is hereby authorized to coordinate with Dade uide- County in the development of said housing units in accordance with the g lines established in the Agreement for Financing Housing in The City of tdiami by and between Dade County and The City of Miami dated July 19, 1976• CITY GQMMI~~ic:iJ ~ ME~TIN~ OF aft; ~ 1 ~~~ to ~S~ ~~ ~pt,ti~K.Y ro .......... ....,,,, ~~. _, P:'~SSGD e1~1b ~1DOF''TED Tllf S 1 1'~•~t_, day of ,7~,iit~ )~+_. F~;_.-' i'' i ~; i~1t'IURICL•' el. 1'Ej'-='E i ~11Uf:2CE e+• FEF2RF.' ;•11~YOP. ~~ ~ aZ+'rEST ,~ ~ , c, ~._. ~_:.. •.~ i~.,• l _-~~ .~ ~ RALPH G. Oi1GIc. \ CITY CLERF PREPARED ~p APPROVED BY'• t•SICHEL E. ANDERSON ASSIST.~,JT CITY ATTORNEY GEORGE ~' CITY ATTC _- 4,-t ~; } SS: C1TY C4MMISStON ~E~T1NG OF ,lA~+-~~ 9~i31 , ,~ Nn,.......,..,.,.. ~„ ~~-•~•• - ~--- F: ~Y ~- ~~ _ ~ 'W/ 27 ro; -,~••.~: Ri ChBf'c~ 1, ~ ~'osriloefi ~,ct.ng City t9anager ~oena Spillman bisector ,,, Community Detrelopment t: MAY ~ 19~~ }<~~ financial ~1an and P~dject Contrac fof~ 99 Section $ Hotisiflg knits _~~= ~•~~~~ City Commission Ac~erlda T+2ay 1~, 1978 On December 20, 19'77, the City Commission approved Resolution tVo. 78-12 (enclosed) endorsing the financial plan and project contract for 99 Section 8 housing units in Little Havana and Coconut Grove. Since that time, it has become necessary to revise the financial plan and project contract to assure the sale of County bonds through an adjustment in the financing of the projects by adjusting the payment in lieu of taxes clause. 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 P~iiami dated July 19, 1976. Partial repeal of Resolution 78-12 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. <<SUPP ~-,, ,,~.. ~~;~:; ~. ; ... ~o !~ L~~ ~ ~_ 78-353 :;~,-,: :~_ ,.. ~;°~ =~:_-: ;.; i ~•i ~~Ir ..L.~.. ., ~~ y, ~ y ~~ ~ ~ , a ! ~ i' 1 .. .1 ~. '.1 }fj c~ ~ ii~7 V ~ ' f nJ:. J. -. ~ [a ... ~:Y~~ .asi 1 1 •:'~ ~ tc+~ !ky • 1 d e~f a ~ ~ ' . ,.. / Y«. e •..-ir ~ y ~ . . ,.. . : . ..aw ~ .1 ~ . i 1 X01 ~V, IV. 7tlr Strcet l ~@~6ttfiipfit 0~ 3nr X50 - Rirc~rsirlc StaNo-t Aunt>ti, Florida 33135 ~ ~ U ~711~1 ~7 ~ ~ R B A ~ ~ ~ V ~ L~ ~ ~ E N h~.l'- I 1 SO OF~1CE OF DIRECTOR I•ia,y 3 , 19 7 8 i~+ir. Joseph R. Grassie City 'manager City of I4liami P. 0. Box 330708 Ivlia;"i, Florida 33133 Re: City of Miami N.ousing Series "A" Bonds (99 units) Dade 8-6 and 8-7 ileac i~ir. Grassie For appropriate action by the City Commission, I am for- ~•~ardin~ the Resolution authorizing the execution cif the Project Contract relatin to housing projects in the City of Miami de- signated as Dade 8-6 (Riverside, 75 units for elderly) and Dade 8-7 (Coconut Grove, 24 units for families) pursuant to the Basic Agreement between the City and Dade County-dated July 19, 1976. This is beinc, sent to the County Commission at this time for concurrent approval. Then this resolution has been approved, please .have each of the enclosed 5 copies of the Project Contract executed, and return to r.,y office to be executed by the County. Also, please senri us 2 executed copies of the City Resolution. Very truly yours, MJA/HVR/i:m Fnclosu r~s cc: Dona Spillman ~;d ^eSe3r 1~lelvitt ~?. Adams ~- ~_ ~1 !1. :. +-'i!4 ! _. ..~ -~$ 5 ~ } ; ~ ~ t .sS.Ev: .~. . ! .. . _. _ s. ~ ~, i f y Y4 s C r f x s p- x tt ,~;~ `_