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Home My WebLink AboutR-25-0525City of Miami Resolution R-25-0525 Legislation City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 18362 Final Action Date: 12/11/2025 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING AND DIRECTING THE CITY MANAGER TO ALLOCATE, UPON THE FULFILLMENT BY GALLERY AT WAGNER CREEK, 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 FOUR MILLION EIGHT HUNDRED FORTY EIGHT THOUSAND EIGHTY DOLLARS ($4,848,080.00) FROM THE PROPOSED TRANCHE 2 MIAMI FOREVER AFFORDABLE HOUSING LIMITED AD VALOREM BONDS FOR THE AFFORDABLE HOUSING COMPONENTS OF A 27-STORY, MIXED USE COMMERCIAL AND RESIDENTIAL PROJECT TO BE LOCATED AT 1500 NORTHWEST 12 AVENUE, TO BE KNOWN AS "GALLERY AT WAGNER CREEK," 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 Miguel Angel Gabela WHEREAS, the City Commission expects to provide for the issuance of the City of Miami's ("City") 2nd Declaration of Intent for 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 undertaken by the City to improve affordable housing within the City's municipal boundaries (collectively, "DOI #2 Miami Forever Affordable Housing Limited Ad Valorem Bonds"), all as indicated in Resolution No. R-21-0046 adopted January 28, 2021, the related City Manager's Memorandum thereto, and the seven (7) DOI #2 Affordable Housing Bonds Projects Strategies ("Bond Strategies") attached and incorporated therein (collectively, "DOI #2 Affordable Housing Bonds Intent to Reimburse Resolution"); and WHEREAS, on March 14, 2019, pursuant to Resolution Nos. R-19-0062 and R-19-0111, the City Commission authorized the initiation of validation proceedings for the November 7, City of Miami Page 1 of 3 File ID: 18362 (Revision:) Printed On: 1/8/2026 File ID: 18362 Enactment Number: R-25-0525 2017 Bond Referendum ("Voter Referendum") and the issuance of the City's taxable and tax- exempt bonds in the aggregate principal amount not exceeding Four Hundred Million Dollars ($400,000,000.00) in one or more separate series of City Tax -Exempt and Taxable Limited Ad Valorem Tax Bonds (collectively, "Miami Forever Bonds"), including tax-exempt and taxable bonds in one or more separate series not exceeding One Hundred Million Dollars ($100,000,000.00) for affordable housing and economic development capital projects ("Affordable Housing and Economic Development Bonds") of which an amount not to exceed Fifteen Million Dollars ($15,000,000.00) was proposed for the first Declaration of Intent to Reimburse; and WHEREAS, the City's Housing and Commercial Loan Committee ("HCLC") has set forth certain terms and conditions set forth in the attached and incorporated collective Memoranda during three (collectively, "HCLC Terms and Conditions for Gallery at Wagner Creek Project Reimbursement Basis Funding") for City affordable housing funding, on a reimbursement basis, to be considered and allocated for specific affordable housing components of a 27-story mixed use commercial and residential complex to be located at 1500 Northwest 12 Avenue and to be known as "Gallery at Wagner Creek" to be developed by Gallery at Wagner Creek, 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 Gallery at Wagner Creek Project Reimbursement Basis Funding, attached and incorporated in Composite Exhibit "A", to fund, on a reimbursement basis, an amount not to exceed Four Million Eight Hundred Forty Eight Thousand Eighty Dollars ($4,848,080.00) from the proposed Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for the affordable housing components of the Gallery at Wagner Creek Project being developed by the Developer; and WHEREAS, such allocations shall comply with all applicable Federal, State of Florida ("State"), Miami -Dade County ("County"), and City laws, rules, and regulations for affordable housing projects, including but not limited to the City's DOI #2 Affordable Housing Miami Forever Bonds Projects Strategies, the DOI #2 Affordable Housing Intent to Reimburse Resolution, and the DOI #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. 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 Gallery at Wagner Creek Project Reimbursement Basis Funding, funding on a reimbursement basis in an amount not to exceed Four Million Eight Hundred Forty Eight Thousand Eighty Dollars ($4,848,080.00) from the proposed DOI #2 Miami Forever Affordable Housing Limited Ad Valorem Bonds for the Gallery at Wagner Creek Project being developed by 1 The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to, those prescribed by City Charter and City Code provisions. City of Miami Page 2 of 3 File ID: 18362 (Revision:) Printed on: 1/8/2026 File ID: 18362 Enactment Number: R-25-0525 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. The City Manager is directed and authorized' to negotiate and execute the Loan Agreement and any and all other necessary documents, including, but not limited to, amendments thereto, all in forms acceptable to the City Attorney and Bond Counsel, for the obligation of Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds in an amount not to exceed Four Million Eight Hundred Forty Eight Thousand Eighty Dollars ($4,848,080.00) to the Developer subject to compliance with all applicable Laws and for the purposes set forth in this Resolution. Section 4. This Resolution shall take effect immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: rge . Wyy ng III, C ty ttor -y 11/7/2025 City of Miami Page 3 of 3 File ID: 18362 (Revision:) Printed on: 1/8/2026