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Home My WebLink AboutR-25-0543City of Miami Resolution R-25-0543 Legislation City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 18621 Final Action Date: 12/11/2025 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING A FORGIVABLE LOAN IN AN AMOUNT NOT TO EXCEED FOUR MILLION DOLLARS ($4,000,000.00) FROM LEGALLY AVAILABLE FUNDING SOURCES AS FURTHER DESCRIBED HEREIN ("FUNDS"), TO N.R. INVESTMENTS, INC., A FLORIDA PROFIT CORPORATION ("DEVELOPER"), TO CONSTRUCT A NEW AFFORDABLE AND WORKFORCE HOUSING DEVELOPMENT THAT WILL CONTAIN NO FEWER THAN EIGHTY (80) CITY OF MIAMI-ASSISTED RESIDENTIAL RENTAL UNITS FOR ELIGIBLE RESIDENTS WHOSE ANNUAL INCOME IS EQUAL TO OR BETWEEN SIXTY PERCENT (60%) AND ONE HUNDRED TWENTY PERCENT (120%) OF AREA MEDIAN INCOME, AS PUBLISHED ANNUALLY BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AS FURTHER DESCRIBED HEREIN, LOCATED AT 1340 SOUTHWEST 8TH STREET AND 825 SOUTHWEST 13TH COURT, MIAMI, FLORIDA, AS MORE PARTICULARLY DESCRIBED IN EXHIBIT "A", ATTACHED AND INCORPORATED ("PROJECT"), WHERE DISBURSEMENT OF THE FUNDS IS SUBJECT TO THE RECEIPT BY THE CITY MANAGER OF THE WRITTEN APPROVAL OF THE LOAN BY THE CITY'S HOUSING AND COMMERCIAL LOAN COMMITTEE ("HCLC APPROVAL"), AND SUBJECT TO THE TERMS, CONDITIONS, AND RESTRICTIONS CONTAINED HEREIN, IN THE HCLC APPROVAL, THE CITY'S DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT GUIDELINES, ANY OTHER APPLICABLE CITY RESOLUTIONS RELATED TO THE PROJECT, AND ALL APPLICABLE FEDERAL, STATE OF FLORIDA, LOCAL, AND CITY LAWS, RULES, AND REGULATIONS FOR AFFORDABLE HOUSING PROJECTS; 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, FOR SAID PURPOSE; PROVIDING FOR AN EFFECTIVE DATE. SPONSOR(S): Commissioner Joe Carollo WHEREAS, on December 11, 2025, pursuant to Resolution No. R-25-0528, the City Commission, pursuant to Section 29-B(a) of the City Charter, authorized the transfer, with restrictions and automatic reverter provisions, of the parcels located at 1340 Southwest 8th Avenue and 825 Southwest 13th Court, Miami, Florida, as legally described in Exhibit "A," attached and incorporated ("Parcel"), to N.R. Investments, Inc., a Florida Profit Corporation ("NR Investments") for the redevelopment of the Parcel as a mixed use development with affordable and workforce housing, subject to all applicable restrictions; and City of Miami Page 1 of 3 File ID: 18621 (Revision: A) Printed On: 1/12/2026 File ID: 18621 Enactment Number: R-25-0543 WHEREAS, the proposed mixed use development will be located on the Parcel, and will provide no fewer than eighty (80) City of Miami -assisted affordable rental units ("City -Assisted Units") in District 3 ("Project"); and WHEREAS, on December 1, 2025, NR Investments submitted a letter to the City of Miami ("City") requesting funds in an amount not to exceed Four Million Dollars ($4,000,000.00) to support the Project, attached and incorporated herein as Exhibit "B;" WHEREAS, in exchange for the City providing a forgivable loan amount not to exceed Four Million Dollars ($4,000,000.00) from the following legally available funding sources: a) District 3 Capital Reserve b) District 3 Affordable Housing Public Benefit Trust Fund c) MiamiCoin- Affordable Housing and/or Rental Assistance Program ("Funds") to NR Investments ("Developer"), the Developer will construct and cause the City - Assisted Units to be occupied by eligible residents whose annual income is as follows: a) No less than fifteen percent (15%) of the City -Assisted Units shall be occupied by eligible residents whose annual income is equal to or less than sixty percent (60%) of area median income ("AMI") as published annually by the United States Department of Housing and Urban Development ("HUD"); b) No less than twenty-five percent (25%) of the City Assisted -Units shall be occupied by eligible residents whose annual income is equal to or less than one hundred percent (100%) AMI; and c) No less than thirty percent (30%) of the City Assisted -Units shall be occupied by eligible residents whose annual income is equal to or less than one hundred twenty percent (120%) AMI; (collectively, "Eligible Residents") for a period of no less than thirty (30) years commencing on the date on which the Project has obtained all of the required Certificates of Occupancy (or Temporary Certificates of Occupancy, if applicable) and all City -Assisted Units have been leased to Eligible Residents; and WHEREAS, the City's Housing and Commercial Loan Committee ("HCLC") has not yet reviewed a completed proposal for the Project in order for the Project to receive a forgivable loan of the Funds, and therefore, the disbursement of the Funds is subject to the approval of the loan by HCLC ("HCLC Approval"), and is subject to the Developer fulfilling, in a timely manner, any and all terms, requirements, and conditions set forth in the HCLC Approval; and WHEREAS, the Project shall commence construction within six (6) months of the date of the loan's closing as described in the HCLC Approval ("Closing"), the Project shall obtain all Certificates of Occupancy (or Temporary Certificates of Occupancy, as applicable) required for the Project within eighteen (18) months of the Closing, the Project shall have all City -Assisted Units rented by Eligible Residents within twelve (12) months after the issuances of the Project's Certificates of Occupancy or Temporary Certificates of Occupancy, whichever shall occur first, but in no event later than thirty (30) months from Closing, and no funds shall be disbursed prior to all construction financing being secured and the loan's closing shall occur simultaneously with all other construction financing (collectively, "Benchmarks"); and WHEREAS, it is now necessary to authorize the forgivable loan in an amount not to exceed Four Million Dollars ($4,000,000.00) in Funds to the Developer for the construction of City of Miami Page 2 of 3 File ID: 18621 (Revision: A) Printed on: 1/12/2026 File ID: 18621 Enactment Number: R-25-0543 the affordable housing components of the Project, provided that the Developer fulfills any and all of the terms and conditions set forth herein, in the HCLC Approval, the City's Department of Housing and Community Development guidelines, any other applicable City Resolutions related to the Project, and all applicable Federal, State of Florida, local, and City laws, rules, and regulations for affordable housing projects; and WHEREAS, such forgivable loan shall be in compliance with all applicable Federal, State of Florida, local, and City laws, rules, and regulations for affordable housing projects; 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 the City Manager to loan funds in an amount not to exceed Four Million Dollars ($4,000,000.00) in Funds to the Developer for the construction of the Project, where the disbursement of the Funds is subject to the receipt by the City Manager of the HCLC Approval, and the Developer's fulfillment of any and all terms and conditions set forth herein, in the HCLC Approval, the City's Department of Housing and Community Development guidelines, any other applicable City Resolutions related to the Project, and all applicable Federal, State of Florida, local, and City laws, rules, and regulations for affordable housing projects. 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, for said purpose. Section 4. The City Commission hereby ratifies, approves, and confirms certain necessary actions by the City Manager and designated City departments in order to update the City's operating and capital budgets as necessary, relevant financial controls and computer systems in connection therewith, for project close-outs, and for grants and other funding sources in progress in connection herewith. Section 5. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: rge ng II , C ty ttor -y 1/9/2026 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. 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: 18621 (Revision: A) Printed on: 1/12/2026