The URL can be used to link to this page

Home My WebLink About25380AGREEMENT INFORMATION AGREEMENT NUMBER 25380 NAME/TYPE OF AGREEMENT MIAMI-DADE COUNTY DESCRIPTION DISBURSEMENT AGREEMENT/HIDEAWAYS BY THE BAY/MATTER ID: 24-3280/#2 EFFECTIVE DATE January 8, 2025 ATTESTED BY TODD B. HANNON ATTESTED DATE 1/8/2025 DATE RECEIVED FROM ISSUING DEPT. 1/8/2025 NOTE ao5 D DISBURSEMENT AGREEMENT FOR HIDEAWAYS BY THE BAY This Disbursement Agreement for HOME Investment Partnershi� ^s-American Rescue Plan Act of 2021 ("HOME -ARP") funds ("Agreement") is made as of this �'" day of 5orJv`' 2 ®ZS 2Qy and between MIAMI-DADE COUNTY, a political subdivision of the State of Florida (hereinafter the "Project Sponsor"), and the CITY OF MIAMI, a municipal corporation of the State of Florida (hereinafter the "City"). RECITALS WHEREAS, the Project Sponsor is developing a project known as Hideaways by the Bay (the "Project"), that will increase the supply of rental housing units for HOME -ARP Qualifying Populations and Low -Income Households in the community; and WHEREAS, on November 15, 2024 and on December 12, 2024, the City's Housing and Commercial Loan Committee ("HCLC") and the Miami City Commission respectively approved an allocation of HOME -ARP funds in the amount of $8,000,000.00 (the "HOME -ARP Funds") to Project Sponsor for the Property's acquisition; and WHEREAS, the funding commitment of the City to the Project Sponsor for the HOME - ARP Funds is more fully described in that certain HOME -ARP Loan Agreement of even date herewith (the "HOME -ARP Agreement"); and WHEREAS, the Project Sponsor and the City desire to establish the mechanism whereby the Project Sponsor will apply to receive the HOME -ARP Funds; NOW, THEREFORE, for and in consideration of the Project Sponsor's construction and development of the Project and the reciprocal agreements set forth herein, the Project Sponsor and the City agree as follows: ARTICLE I DISBURSEMENT PROCEDURE 1.1 The HOME -ARP Agreement establishes the conditions to the City's obligation to loan the HOME -ARP Funds to the Project Sponsor. The Project Sponsor may not request disbursement of funds pursuant to this Agreement until such funds are needed for the eligible costs. Provided the City is obligated to disburse the HOME -ARP Funds pursuant to the terms of HOME -ARP Agreement and this Agreement, the City will disburse such funds in accordance with this Article I. 1.2 The Project Sponsor shall submit a request for the HOME -ARP Funds, at the time of the Initial Closing where the City shall disburse the Loan Funds as described in the HOME - ARP Loan Agreement. The Project Sponsor will submit or cause to be submitted the following documentation to the City for the City's review for sufficiency, prior to any disbursement of HOME -ARP Funds by the City: (a) Acquisition Costs: (i) An approved amendment from HUD of the City of Miami's HOME -ARP Allocation Plan. Page 1 of 5 (ii) HUD Funds Release Approval: The release of funds shall be subject to receipt of HUD approval of the request of release of funds ("RROF"). (iii) At the time of the final closing for the acquisition of the Property the funds may be disbursed in one lump sum for the purpose of closing on the Property. (iv) Such other information and documents as the City may require including but not limited to Phase 1 environmental report in a form acceptable to the City. require. 1.3 The City Inspector shall have access to the Project at all reasonable times for the purpose of inspection of progress of work for which each Request for Disbursement of the HOME - ARP Funds is submitted. The City Inspector will review and approve the final plans and specifications for the Project and will review and approve the draw requests based on the percentage of work completed. The City Inspector's reviews, approvals, and conclusions shall be for the sole benefit of the City. 1.4 Within ten (10) working days of its receipt of a Request for Disbursement delivered pursuant to Section 1.2 hereof and without attempting to verify the completeness of same, the City will notify the City Inspector of the need to inspect the progress of construction work at the Project (the "Notification") and shall forward to the City Inspector the Request for Disbursement that has been delivered by the Project Sponsor. 1.5 The City Inspector shall complete its inspection and submit its report to the City within five (5) working days of receipt of the Notification. 1.6 If the City finds the materials submitted by the Project Sponsor and the report of inspection by the City Inspector to be satisfactory to the City and in accordance with the HOME - ARP Agreement, the City shall fund to the Project Sponsor the sum requested by the Project Sponsor or such lower sum as the City deems appropriate. 1.7 The City shall fund disbursements of the HOME -ARP Funds by no later than fourteen (14) working days after it has received both the Request For Disbursement, in the form required by Section 1.2 hereof, and the inspection report of the City Inspector, in the form required by Sections 1.2 and 1.3 hereof. 1.8 Omitted. 1.9 The City reserves the right to refuse to fund any disbursement request(s) in the event that the City determines that the Project and/or the Project Sponsor are not in compliance with any local, state or federal law or requirement, including but not limited to the 24 CFR Part 92, the HOME -ARP guidance, and the United States Department of the Treasury's final rule, 31 CFR Part 35, that implements the Coronavirus State Fiscal and Local Fiscal Recovery Funds established under the American Rescue Plan Act of 2021, or an material provision of the Loan Documents. 1.10 Disbursements for other than hard costs, if permitted pursuant to the HOME -ARP Agreement, shall be made in accordance with the City of Miami Department of Housing and Community Development Disbursement of Funds Checklist. 1.11 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. Page 2 of 5 ARTICLE II MISCELLANEOUS 2.1 This Agreement may only be amended in writing by all the parties hereto. 2.2 This Agreement, the HOME -ARP Agreement and the other documents executed by the parties in connection therewith constitute the entire agreement between the parties hereto and no other agreements or representations, unless incorporated in this Agreement, shall be binding upon any of the parties hereto. 2.3 All capitalized terms not defined herein shall have the meanings provided in the HOME -ARP Agreement. 2.4 In the event litigation, arbitration, or mediation, between the parties hereto, arises out of the terms of this Agreement, each party shall be responsible for its own attorney's fees, costs, charges, and expenses through the conclusion of all appellate proceedings, and including any final settlement or judgment. 2.5 Counterparts and Electronic Signatures. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, and such counterparts shall together constitute but one and the same Agreement. The parties shall be entitled to sign and transmit an electronic signature of this Agreement (whether by facsimile, PDF or other email transmission), which signature shall be binding on the party whose name is contained therein. Any party providing an electronic signature agrees to promptly execute and deliver to the other parties an original signed Agreement upon request. IN WITNESS WHEREOF, this Agreement has been executed by the Project Sponsor and the City on the date first above written. [Signature Page Follows] Page 3 of 5 WITNESSES: Signature: �� i� 9JQAIb)JJ. Print Name: I' OE dress: 130a..SLainsu Signature: Print Name:-‘4:3h12,5 )9 L dU Address: 3 h y , pvJ,- Are La 44 fk evielk pL333i,;) STATE OF FLORIDA COUNTY OF MIAMI-DADE PROJECT SPONSOR: MIAMI-DADE COUNTY, a political subdivisi i n of the S. to of Florida By: Print Title: ACKNOWLEDGMENT The foregoing instrument w�s acknowledged before me by means online notarization, this 4Lday of ° r2024 by arced d es O of ®physical presence or O as at of Miami -Dade County, a political subdivision of the State of Florida. to me or has produced _ as identification. (NOTARY PUBLIC SEAL) RONALD LEE 30CK =ypFc7 \ votary pubric - State of F'.crida txQ Commission; NH 241777 ++ta. *. My Comm. Expires mar 17. 2026 3cnCee •Poufs Satieral votary ASV. She/He is personally known Signature of Person Taking Acknowledgment (Printed, Typed, or Stamped Name of Notary Public) Serial Number, if any Page 4 of 5 ATTEST: CITY: Date: Todd City Clerk 19PaaJ APPROVED AS TO FORM AND CORRECTNESS: George K. Wysong III t< City Attorney Z, -372 CITY OF MIAMI, a municipal corporation of the State of Florida By: L4 �.rr 4ul. l/i Arthur Noriega V City Manager a55q)o Page 5 of 5