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HomeMy WebLinkAboutAgenda Item Summary FormG,IY of AGENDA ITEM COVER PAGE itself IF File ID: #5056 < a R 9 Resolution Sponsored by: Commissioner Keon Hardemon A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), BY A FOUR- FIFTHS (4/5THS) AFFIRMATIVE VOTE, AFTER AN ADVERTISED PUBLIC HEARING, RATIFYING, APPROVING, AND CONFIRMING THE CITY MANAGER'S FINDING, ATTACHED AND INCORPORATED AS ATTACHMENT "B," THAT COMPETITIVE NEGOTIATION METHODS AND PROCEDURES ARE NOT PRACTICABLE OR ADVANTAGEOUS FOR THE CITY OF MIAMI ("CITY") PURSUANT TO SECTIONS 29-B(A) OF THE CHARTER OF THE CITY OF MIAMI, FLORIDA, AS AMENDED ("CITY CHARTER"), AND SECTION 18-182(C) OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED ("CITY CODE"); WAIVING THE REQUIREMENTS FOR SAID PROCEDURES; AUTHORIZING THE CITY MANAGER TO TRANSFER, WITH AFFORDABLEM/ORKFORCE RENTAL HOUSING RESTRICTIONS AND AUTOMATIC REVERTER PROVISIONS, THE CITY OF MIAMI ("CITY") OWNED PARCELS OF LAND LOCATED AT 1320 NORTHWEST 61 STREET AND 1370 NORTHWEST 61 STREET, MIAMI, FLORIDA, AS MORE PARTICULARLY DESCRIBED IN ATTACHMENT "A," ATTACHED AND INCORPORATED (COLLECTIVELY "PARCELS"), TO CENTENNIAL MANAGEMENT CORP., A FLORIDA CORPORATION ("DEVELOPER"), FOR THE DEVELOPMENT OF AFFORDABLE/WORKFORCE RENTAL HOUSING; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE PURCHASE AND SALE AGREEMENT(S) FOR EACH PARCEL AND ANY AND ALL OTHER NECESSARY DOCUMENTS, IN FORM(S) ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, TO TRANSFER THE RESPECTIVE PARCELS TO THE DEVELOPER IN ORDER TO RECOUP RESTRICTED FUNDS AS AND IF APPLICABLE AND IN COMPLIANCE WITH THE REQUIREMENTS UNDER THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED. File Number: 5056 City of Miami Legislation Resolution Enactment Number: R-18-0506 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date: 11/15/2018 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), BY A FOUR-FIFTHS (4/5THS) AFFIRMATIVE VOTE, AFTER AN ADVERTISED PUBLIC HEARING, RATIFYING, APPROVING, AND CONFIRMING THE CITY MANAGER'S FINDING, ATTACHED AND INCORPORATED AS ATTACHMENT "B," THAT COMPETITIVE NEGOTIATION METHODS AND PROCEDURES ARE NOT PRACTICABLE OR ADVANTAGEOUS FOR THE CITY OF MIAMI ("CITY") PURSUANT TO SECTIONS 29-B(A) OF THE CHARTER OF THE CITY OF MIAMI, FLORIDA, AS AMENDED ("CITY CHARTER"), AND SECTION 18-182(C) OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED ("CITY CODE"); WAIVING THE REQUIREMENTS FOR SAID PROCEDURES; AUTHORIZING THE CITY MANAGER TO TRANSFER, WITH AFFORDABLE/WORKFORCE RENTAL HOUSING RESTRICTIONS AND AUTOMATIC REVERTER PROVISIONS, THE CITY OF MIAMI ("CITY") OWNED PARCELS OF LAND LOCATED AT 1320 NORTHWEST 61 STREET AND 1370 NORTHWEST 61 STREET, MIAMI, FLORIDA, AS MORE PARTICULARLY DESCRIBED IN ATTACHMENT "A," ATTACHED AND INCORPORATED (COLLECTIVELY "PARCELS"), TO CENTENNIAL MANAGEMENT CORP., A FLORIDA CORPORATION ("DEVELOPER"), FOR THE DEVELOPMENT OF AFFORDABLE/WORKFORCE RENTAL HOUSING; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE PURCHASE AND SALE AGREEMENT(S) FOR EACH PARCEL AND ANY AND ALL OTHER NECESSARY DOCUMENTS, IN FORM(S) ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, TO TRANSFER THE RESPECTIVE PARCELS TO THE DEVELOPER IN ORDER TO RECOUP RESTRICTED FUNDS AS AND IF APPLICABLE AND IN COMPLIANCE WITH THE REQUIREMENTS UNDER THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED. WHEREAS, on November 21, 2016, the City of Miami ("City") issued a Request for Proposals ("RFP") inviting qualified private real estate developers to propose developments of affordable/workforce rental housing on certain City -owned parcels of land; and WHEREAS, a total of six (6) responses were received, two (2) of which met the minimum threshold and fulfilled all the proposal requirements as responsive and responsible bidders: Atlantic Pacific Communities, LLC and Centennial Management, Corp. (collectively, "Developers"); and WHEREAS, on November 16, 2017, pursuant to Resolution No. 17-0512, the City Commission transferred with affordable/workforce rental housing restrictions and reverter provisions certain City -owned properties located between Northwest 13 and 15 Avenues and Northwest 61 and 62 Streets, Miami, Florida (collectively, "Original Sites") to the Developers for the construction of affordable/workforce housing for eligible low to moderate income persons; and WHEREAS, on August 10, 2018, Centennial Management Corp. ("Developer') submitted a Letter of Request to the City for additional sites located at 1320 Northwest 61 Street, Miami, Florida and 1370 Northwest 61 Street, Miami, Florida, as more particularly described in Attachment "A," attached an incorporated (collectively, "Parcels"), which are in close proximity to the Developer's portion of the Original Sites; and WHEREAS, the Original Sites do not comply with the minimum requirements for Federal Housing Finance Agency ("FHFC") loan funding because the Original Sites do not provide the sufficient numbers of units; and WHEREAS, the proposed project, "Liberty Renaissance," will be built on the Parcels, will provide ninety-eight (98) units for elderly low to moderate income persons, and is in compliance with the RFP; and WHEREAS, the City Administration recommends transferring with affordable/workforce rental housing restrictions and automatic reverter provisions the City -owned Parcels to the Developer; and WHEREAS, the Parcels were acquired with, refinanced by, or improved by the City's tax-exempt bond funds and such restricted funds must be repaid by the Developer to the City in order to comply with continuing requirements of the United States Internal Revenue Code of 1986, as amended; and WHEREAS, the affordable/workforce rental housing restrictions and automatic reverter provisions contained in the conveying instruments shall require the Parcels to automatically revert to the City if (i) the Parcels are not fully developed within twenty-four (24) months of the date of closing as evidenced by a Certificate of Occupancy, where the twenty-four (24) month requirement may be amended by the Director of the Department of Housing and Community Development ("Director") by a written communication, and (ii) the Parcels are not solely used for low to moderate income housing; and WHEREAS, the Parcels shall be for the development of affordable/workforce rental housing in accordance with Section 29-B(a) of the Charter of the City of Miami, Florida, as amended ("City Charter'); and WHEREAS, the City shall require the following in order to convey the Parcel(s) to the Developer: (i) evidence satisfactory to the Director that financial commitments from the lender or lenders have been received; (ii) any mortgages obtained by the Developer on the Parcel(s) will be subject to the approval of the Director; (iii) payment by the Developer to the City of the total amount of restricted funds used to acquire, refinance, or improve the Parcel(s) with an affidavit of such payment and receipt by the City of such payment(s) in form(s) acceptable to the City's Finance Director, the City Attorney, and Bond Counsel; and (iv) the closing of the Parcels occurs simultaneously with the closing of the construction financing by the lender(s), if any; and WHEREAS, the Parcels shall be conveyed through purchase and sale agreement(s) ("Agreements") and any and all other necessary documents, all in form(s) acceptable to the City Attorney and Bond Counsel; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as if fully set forth in this Section. Section 2. By a four-fifths (4/5ths) affirmative vote, after an advertised public hearing, the City Manager's determinations, findings, and recommendations, attached and incorporated as Attachment "B," pursuant to Sections 29-B(a) of the City Charter and Section 18-182(c) of the Code of the City of Miami, Florida, as amended, are ratified, approved, and confirmed and the City Commission hereby waives the requirements for said procedures. Section 3. The City Manager is authorized to transfer with affordable/workforce rental housing restrictions and automatic reverter provisions the City -owned Parcels to the Developer for the development of affordable/workforce rental housing. Section 4. The City Manager is further authorized' to negotiate and execute the Agreement(s) for each Parcel and any and all other necessary documents, in form(s) acceptable to the City Attorney and Bond Counsel, to transfer the respective Parcels to the Developer in order to recoup restricted funds, as and if applicable, and in compliance with the requirements under the United States Internal Revenue Code of 1986, as amended. Section 5. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: 1 i ria i "ndez, City Attor iey 11/2/2018 ' The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, 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.