HomeMy WebLinkAboutR-77-0659140 77,659
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..,,VRESOLUTION APPROVING THE FINANCIAL PLAN AND
IDROJECT CONTRACT FOR 156 SECTION 8 HOUSING UNITS
FOR HOUSEHOLDS OF LOW AND MODERATE INCOME LOCATED
IN LUMMUS PARK, LITTLE HAVANA, COCONUT iROVE AND
MODEL CITIES; SUCH APPROVAL IS CONSISTENT AND IN
ACCORDANCE WITH THE AGREEMENT FOR FINANCING HOUS
ING IN THE CITY or MIAMI BY AND BETWEEN DADE
COUNTY AND THE CITY oF MIAMI DATED JULY 19,
WntRtAS, there is a shortage of adequate
households of low and moderate income; and
WHEREAS, the City of Miami passe 25,000,00 using Bond
Issue to alleviate this crucial nee and
WHEREAS, the U.S. Dopartm sing Urban Development
has allocated subsidies for 6 Sect w truction dwelling
units for households of 1 income; and
WHEREAS, Dad prepared a Financial Plan and Pro -
Contract for said u aecordance with the Agreement for
Financing Uousi n Ci f r 1 by and between Dade County
and the City Mlami, ated Ju 19. 1976; and
h Financial Plan and Project Contract requires
appro
de
sion of the City of Miami t
sing units;
proceed with the
FORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
"DOCUMENT INDEX
ITEM NO..90
ion 1. The Financial Plan and Project Contract for the
Section 8 housing units located in Lummus Park, Little Havana,
onut Grove and Model Cities are hereby approved.
Section 2. The City Manager is hereby authorized to coordin-
ate with Dade County in the development of said housing units in
accordance with the guidelines established in the Agreement for Fin-
ancing Housing in the City of Miami by and between Dade County and the
City of Miami dated July 19, 1976
CITY COMMISSION
MEETING OF
JUL 2 3 1977
7 7 - 6 5
RE61117:,J4 NO.
9
Repealed by R-78-0012
MM
N E▪ N
Emm
MEM
BEE
SEb ANb AbbP1 b TNtS Z TH.. day of
RA G.
CIT CLERK
PREPARED AND APPROVED BY:
MIQiEL E. ANDERSON
ASSISTANT CITY ATTORNEY
APPROVFti-D AS TO FO_IMAND COR
GEORGE F. KNO
CITY ATTORNEY
Repealed by R-78-0012
MAURICE ^.. FERRE
MAURICE A. FERRE
MAYOR
.5r11
,
Joseph R, GYasaie ``� �t"''f' 1.J77 ,.
City Manager
Richard L. Fosmoen, Director
Department of Planning
t '
•
, lGi-► =�
Financial Plan and Project
Contract for 156 Section 8
Housing Units
City Commission Agehda
July 28, 1977
The U.S. Department of Housing and Urban Development, in
response to Miami's housing efforts as demonstrated by
the passage of the $25,000,000 Housing Bond Issue in 1976,
has allocated Section 8 subsidies for 156 dwelling units
for households of low and moderate income.
Funds from the sale of City of Miami's Housing Bonds in the
amount of $321,915 will be used to support $3,903,000 worth
of Dade County's revenue bonds.
The attached Financial Plan and Project Contract 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 were 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 1'), 1976.
Review and approval by the City Commission are now neces-
sary to proceed with the development of the 156 housing
units.
E Vatt .Ot1'f F?f (i , aE.i,.'.TT t "' g0L'Stc
0.):2CT3 tii2
f}t.:qtIi1ATrD DADE 3t; Lt1rMtlS
bADE 8=='i MODEL CITY); DADE•8 -o •
(RIVERSIDE) ; AND DADE 8-1 (COCOHtJ ' .1110:VS.)`
`t' tLL PR'OJECT CONTRACT, dated as of
191.by and between THE CITY •OF `tIAMI, a
municipal cornot'atioh
(hereinafter called the "City") and DADE COUNTY, FLORIDA, a couhty
(hereinafter called the "County"), in the State of Florida:
• w1Tr)a s •
consideration of the covenants and agreements herein cO -
tained to be performed by the City and the County and other good
valuable consideration paid by each of the parties to the other,
the receipt of which is hereby severally acknowleded, THE CITY OF
MIAMI, FLORIDA, and DADE COUNTY, FLORIDA, hereby agree as follows
Section 1. This Contract is executed and delivered pursuant
;rtain A reement designated,
:AGREEMENT FOR FINANCING HOUSING
IN THE CITY OF dIP t BY AND BETWEEN
• DADE COUNTY AND THE CITY CF MIAMI,
by ar.d between the City and the County, dated as of July 19
197E
(herein
called the "Basic Agreement"). This Contract
supplements the Basic Agreement and it is intended 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 meaninzs as in the Basic Agreement. If any provision of this
Contract shall be in conflict with the Basic Agreement, the Basic
Agreement shall be controlling unless this Contract expressly
provides to the contrary.
Section 2, The County and the City hereby covenant and
reUresent that each of them is authorised to enter into and to be
boon; by tnis 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 the Project Contract and the Basic Agreement.
•
ctiuh 3 t The yo C' t tiri�,ya.hd the city hereby agrees to
'oet�ate in br.3V Aihq' and flnancir P cettain- Housing Pebjeotd
legated within the Corporate boundaries of the City described
acid located as follOWs t
Dade ,3Y-2 Fit'ty unit medium -rise for
the elderly to be located on the
Southwest corner of N.W. 2nd Street
and N . t'1. 3rd Avenue
.(Also known as F129-0012-005)
Dade 8-5 Seven townhouse units for
families to be located on the East
side of N.W. 12th Avenue between
N.W. 53 and 59 Streets.
(Also known as F129-0028-005 )
Dade 8-6 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 F129-0028-O0b)
Dade 8-7 Twenty-four units for
families located on the East side
of Douglas Road between Day and
Oak Streets.
(Also known as F129-0028-007)
the
"Housing Projects."
Section 4. It is estimated that the total cost to the.
Counaty.of providing the Housing Projects, including financing
casts, shall be Three million, nine hundred and two thousand DOLLARS
(w3,902,000). 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 ex-
peditiously as practicable. The County further agrees that it shall
issue its revenue bonds (herein called the "County Obligations")
in the principal amount of $3.902,000 to pay, with other funds
available therefor, the entire cost of the Housing Projects. In
addition, Federal assistance through an annual contribution of
$5 74,'a'1O• will be provided for the Housing Projects by contract with
the United States Department of Housing and Urban Development through
the Section 8 program o+' the Housing and Community Development Act
of 1974,
the d' ttht / ih t irra f
.th41116.ilsir g Projects and to indreaSo the sed►.trity at-ti marke
ability of the County Obligations, the City, pursuant to the paid
Areetent and this Contract, hereby cjven,ants and agrees to proVide
City Assistance for f'inancin:_ the Housing Projects through the use
oti proceeds of City Bonds as herein broviued. A$ City ponds are
issued and sold by the City from time to time, the net proceeds
thereof remaining after deducting all costs and e rpenses of or
attributable to such issuance and sale shall be paid into a trust
fund or other earmarked account established in a bank or other
depositary by the City and shall be held, administered, invested
and reinvested by the City for the purposes provided in the Ordin-
ance, the Basic Agreement and this Project Contract. Earnings and
profits derived from such investments shall be credited and losses
shall be charged to such fund.
Section 6. From the monies paid into such fund, the sum of
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 contem-
poraneously with the deliver;,- 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 as provided for in Section 501 of
the Trust Indenture for the County Obligations which will be adminis-
tered by a trustee or other fiscal agent to be appointed by the County
pursuant to a trust agreement, ordinance or resolution, executed or
adopted by the County securing the County Obligations issued for the
Housing Projects. Such fund shall be held and administered by the
trustee or fiscal agent as additional security for the County Obliga-
tions issued or incurred for the purpose of financing the Housing
Projects and shall be held, administered, applied or otherwise used
for the Housing Projects in the manner and for the purposes provided
in the 'easic Agreement, in this Project Contract and in the aforesaid
3?1,915
ut,hot'iz in the •use
�y 11. r+ �.y Y�uA
. � i �' - in the b 'o�.�i d ioh o the Hous Irv; L-1 o�j �� uSO Y
h f Ond to aSS iS ,
edtioti 7. Zn addition to the City Assistance pro Tided t{ t'
l.n Se tiob
5 and 6 Of thin Project Contract, the County and pity
agree to pledae their# shares of PitJOT from County -owned public
housing, in Manarerttent a5 Of December 31, 1976, and to pled5e
the entire PILOT ft'orn the Housing' Projects until such time as the
PILOT Cxcrow Fund, established in Section 501 of the Trust Indenture,
equals of exceeds an amount equal to one year of debt service on
the County Obligations as provided for in Section 502 of the Trust
Indentures
In WITNESS WHEREOF, the CITY OF MIIAMI, FLORIDA, has caused
this Contract to be executed in its name and behalf by its Mayor -
or Vice Mayor and its official seal to be hereunto affixed and attested
by its City Clerk or a Deputy City Clerk thereunto duly authorized; and
DARE OOi:NTY, FLORID., has caused this Contract to be executed in its
name and behalf by its Mayor or Vice Mayor 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
ATTE. 3T :
City Clerk
(CITY SEAL)
ATTEST..;
day of , 1977.
Clerk of the Board
County Commissioners
(COUNTY SEAL)
CITY OF MIAMI, FLORIDA
ADE COUNTY, FLORIDA
P I NANO 1 APLAN FOR SECTION 8 HOUSING MAGI'S
CITY OF MIAMI
i0c6irdante with tedtion 9 of the Agreement for Finantin§ Flbusitig if.tl
41if Miami by and between Dade County and the City of MiaMi, dated
JUiy 19, 1976, the following data constitutes the Financial Plan for the
do,tr'eIbprnent of four housing projects consisting of 156 units.
illustrated in Exhibit "A", the annual total project income for
the projects totals $550,883., which is more than necessary to
meet both projected operating expenses of $220,282 and debt service
of $321,915. The slight,projectcd surplus of $8,686. 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.
the intention to request proposals for the design and construe;
ion' of the projects. Bid proposal documents, containing minimum'
ysical requirements, have been prepared for each of the four
projects, and have been approved by the City of Miami, and by the
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.
/`
As shown on Exhibit B, the County expects to pay $3,198,000 for
the acquisition of the four housing projects. the maximum net
interest cost anticipated to be incurred by the County on the
County obligation is 7 ,
the Project Contract for the four housing projects, consistent
with this Financial P1an,will be prepared and submitted for approval
and execution for and on behalf of the City and the County.
k) A payment 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 $13, 400. 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
debt service on the County Bonds.
lNANC!AL PLAN FOR 3EMON A HOUS114 PROJEM
CITY OF MIAM|
rd6Mt'd with Section 9 of the Agreement for P11hehdM§ HbUs^hg "M thet
'
� ~ iam� and between bade �oun�y and the �"�V of 4^
�m�, da��� vty �f 1� �
^
�..�
Jul / lq� 1 76, the fbl lowing data Con5ti1utes the r1hand61 Plan fOP thd`�''
-d|Velopmgoi of four housing projects consisting of
156 UMlt5,
'
`
'
~
j;
^ ' `
'Illustrated in [nhY6\t ''/Y/° the annual total project income for /.
,
"',��I''the pro^ects totals $550^883., which is more than necessary to
^` ^
neet both projected operating expenses of $220,282 and debt service
of $321,915, The slighL^proJecLcd surplus of $8,686. would be
deposited into the Redemption Account, in accordance with Section 503
of the Trust Indenture,
�'
^
^.|ntluded in the bond issua w! I be a debt servi cc rmservei accoun t
oqua1 to one year of de6t serv'icm.
'^
]t is the intent ion to request proposals for the design and construc-
tion of the projects. Bid proposal documents, containing minimum '
l h b d f h f h [ '
physical r�qu requirements, have been prepared for cacti o the four `
'
.` `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
' 6u| ldYn8 type , un| t s i zc and di sLr|but ion , equ ipnent scheduie, ut i l i ty .'
,,combinations and other similar improvements.
`
`
�
~
-
_
-
~_
-
-
_
1101 III 111111111111111111M II
It
estimated aggregate amoUht of bonds to be issued ii1 connection
x -
h the projects will be $3,903,000. This figure i§ based on the
projected total development costs, which are illustrated in Exhibit "But
The U.S, Department of Housing and Urban Development had approved
these projects and assistance under Section 8 of the Housing and
Community Development Act of 1974 (42 U.S.C. 1437).
Assistance in the amount of $321,915 is needed to support the
financing of the housing project. 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.
The total estimated Operating Expenses for the projects is $220,282,
pet year. This is based on experience in the operation of similar
rojects. Exhibits "C-1" through "C-4" illustrate the projected
i►icome, operating expenses, and the net amount available for debt
service for each of the four proposed projects.
The estimated annual amount required for the payment of debt
Service on the Revenue Bonds is $321,915.
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 be amortized over the remaining 28
years.
111■11t11■III
As shown on Exhibit11 Bi, the County expects to pay $1,198,000 for
the acquisition of the four housing projects, the maximum het
interest cost anticipated to be incurred by the County on the
County obligation is 7%.
The Project Contract for the four housing projects) consistent
:with this Financial Plan,will be prepared and submitted for approval
:lid execution for and oh behalf of the City and the County.
payment ih 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 $13,400. 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
bf'debt service on the County Bonds.
iiiii■t■■iiiiiiui■uuii 110
L.tininus
R1vetslde
6othhUt 6t-bvd
FkdE:1 ti
lI Y DEVELOPMENTS
N 0P BR. CONTRACT ANNUAL OPERAtIN6
'RODE, UNA 1-5 SIZE RENT INCOME EXPENSES
30 0-BR $277 $ 99,720
20 1-BR 295 )
70,80o $ 71,556
45 0-BR 277 149,580)
30 1-BR 295 106,200) 107,334
16 3-BR 339 65,088)
4-BR 391 37,536) 32,034
43-BR 339 16,272)
3 4-BR 391 14,076) 9,358
Less: Reht Loss
559,272
3,389
Total Project Income 550,883,
Less t Operating Expenses
inc. PILOT & R.R.
Net Available for Debt Service
'Amt. Needed for $3,902,000
$220,282
330,601
321,915
urplus = $ 8,686.
11
k��
o��
'
.r'
Special Housing Revenue Bond
~
City Developments
Series A
USE OF PROCEEDS
=
Lummus
50
Riverside
75
Coconut
Grove
24
Model
Cities
7
Subtotal
City
156
Acquisition of Projects
� 18,500/du
925,000
S 18,000/du
1,350,000
30,000/du
720,000
29,000/du
203,000
/'5
3~198,OO[
Debt Service Reserve
'
|
321^915
Net Interest During Const.
917,56C
^
7,OO{
Prepaid Insurance
�
--
'���.��`'����
Bond Counsel
� �
' ' '
'
'
7,31S
Financial Advisor
'
'
9^755
Other Issuance Costs
|
)
7,805
Development Administration
62,40O
Construction Supervision
'
4D~000
Dwelling Equipment
19,000
28,500
11,800
3.500
|
|
6%` 8DO
Ma,intenance Equipment
10,000
18^750
7,200
3,100
31,0500
,Operating Reserve
12,000
18,500
5,000
1,500
3/,000
'
~
N
�
�
III
11
IIIIIIIIIIIIIIIIIIII
N
�
U
�
�
1111
N
1111
�
Construction contingencies
U
U
n
|�
|
��
TOTAL
1111111111
11
S 3,889,625
\2,4OO
S 3,952,000
C
m�iiii�illillillll
III
1111
111111
11
1111111
`
III
11111
$ I c
•
i
•
Propted/Projedt 1464
lummus
Pt!pject Income.:
Uhit
Size
0 BR
BR
Operating Expenses:
FINANOAL _PLAN
P1 29.0012-005
50 uhits for elderly
No1 of
Uhts
PUM
Administration $ 15.45
Tenant Services 3.96
Supplied Utilities 24.00
Ordinary Maintenance 29.86
General Expenses 13.19
Renewal/Replacement Fund - 12.00
Pilot (8% of T.P.I.) 20.80
Less: Total $119.26
Contract
keit
277
295:
Annua 1
Income
$ 99,720.
70,800.
170,520. -
Total Project Income $167,962.
Anhual
$71,556
Amount available for Debt Service $96,06.
tiOXJ*6M AuthQrsty
17.0'.,520j
owilqtit6liqloom(otk!
riNANCIALPLAN
'posed/Project Noa f~1 29-0028-006
Riverside
Project Income:,
Unit
Size
0 BR
1 BR: -
Operating Expenses:
No, of
Units
45
Administration
Tenant Services
Supplied Utilities
Ordinary Maintenance
General Expenses
Renewal/Replacement Fund
Pilot (8% of T.P.I.)
tohtraot
Rent
277
295
Atthue 1
Income
$149,580,
106,200,
255,780.
Less: Rent Loss @1.5% 3,837.
=,Total Project Income $251,943.
PUM
$ 15.45
3.96
24.00
29.86
13.19
12.00
20.80
Less: Total $119.26
Annual
t}a: ;
Amount available for Debt Service �_..���f;..,,`ti�ij�:�����..._r.......,--
$144 , 609
u
Pra osr3d/F roject No
Coconut Grove
Project Income:
Unit
Size
INAUCIAL PLAN,_
F1 29-002C-00/
_ 24 Units for farm t; its
Not of
UNias
3 BR 16
Operating Expenses:
Administration
Tenant Services
Supplied Utilities
Ordinary Maintenance
General Expenses
Renewal/Replacement Fund
Pilot (8% of T.P.I.)
PUM
$ 15.45
3.96
5.00
36.62
13.19
12.00
25.01
Less: Total $111.23
Amount available for Debt Service
xlmwm Contract Author.it
COhtraet
Refit
339
Annual
Indomr
$ 65,088.
391 37,536.
102,624.
Less: Rent Loss 0.5% 1,539.
Total Project Income $101,085.
Annual
$69,051.
f
11111111111■■II ■1•111
FINANCIAL PLAN
Pfbposed/Ptojeet Nit * P1 29-0026-005
Model City
Project Income:,
Unit
Size
3 BR
4 BR
Operating Expenses:
7 Units for family
Not Of
Units
Administration
Tenant Services
Supplied Utilities
Ordinary Maintenance
General Expenses
Renewal/Replacement Fund
Pilot (8% of T.P.I.)
Less: Total
PUM
$ 15.45
3.96
5.00
36.62
13.19
12.00
25.18
'Contract
339
Annual
h, come
S16,272.
1
it
14,076.
30, 34$.
Total Project Income $29,893.
Annual_
v i ce =,r. , y;.f; : wa 4Y $ 2 0 5 3 5
Amount available for Debt Service � rti, �� .�: rw �?,,