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HomeMy WebLinkAboutComposite Exhibit A - SUBComposite Exhibit A - Page I THIS DOCUMENT IS A SUBSTITUTION. CITY OF MIAMI ORIGINAL CAN BE SEEN AT THE INTER -OFFICE MEMO AN &ND OF THE DOCUMENT. The City Commission adopted a resolution on July 27, 2017 calling for a bond referendum special election for the purpose of submitting to the electorate the Miami Forever Bond Program. On November 7, 2017, the voters of the City of Miami approved this bond referendum in the amount of $400 million, The Administration is proposing a list of projects for the First Tranche Series A and B as described below (or bond issuance) as developed with City Commissioners and other forms of input as indicated in the Project List and Affordable Housing Bond Strategies attached to this memorandum. The Administration is requesting approval to begin the process of issuing taxable and tax-exempt general obligation 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 above -referenced bond referendum. These bonds will be used to reimburse the City for funds advanced by the City for certain expenses incurred with respect to capital projects to be undertaken: • to reduce flooding risks, • to improve stormwater infrastructure, • to improve affordable housing, economic development, parks, cultural facilities, streets, and infrastructure, and « to enhance public safety within the City's limits All as indicated in Exhibit A attached to this memorandum. The Guiding Themes of this Bond Program are: Safety, Wellness and Quality of Life, Equity, Economic Return, and Modernization. The established vision of this Bond Program is to orchestrate a deliberate and objective project selection process, by expertly assessing Citywide requirements and citizen input, and optimize all available resources to create a stronger, more innovated and resilient future for Miami. The first tranche is intended to have an immediate impact. Then, the City expects to gain momentum by completing the already -underway Stormwater Master Plan and the already - underway Affordable Housing Plan to be used for future tranches moving toward long-term 1911111:801917OZZ Composite 2 � P��eZ�fZ ' - � Declaration OfIntent -Miami Forever Bond Program First Tranche ofProjects � December z,2U28 | solutions and matching funding from all available sources. The first tranche |sexpected tohave a Series A focusing on Infrastructure and a Series B focusing on Affordable Housing. The entire Miami Forever Bond Program is authorized in the following categories: 0 Roadways -total $23million ofthe $4OOmillion w ParksondCultura|FadlUjes-tntal $78million ofthe $4OOmillion * Public Safety -total $7million ofthe $400 million 0 Sea Level Rise and Flood Prevention -total $19Zmillion ofthe $400 million 0 Affordable Housing and Economic Development - total $100 million of the $400 million The first tranche of the Miami Forever Bond Program is proposed in the following amounts in each category and series: • Series w Roadways -$739C\182 0 Parks and Cultural Facilities -$25,348,229 w Public Safety -$42[i88O * Sea Level Rise and Flood Prevention -$1O,294,928 • Series w Affordable Housing and Economic Development -$15,0OO,ODU Should you have any questions, please contact Christopher Rosa Budget Director, at Attachments Composite Exhibit A as Amended December 13, 2018 Composite Exhibit A (continued): Project List Category Projects Series A Project B# Bond Funding Roads Very Poor Condition Roads, Phase 1- Outside Priority Drainage Basins TBD $7,590,182 Parks Alice Wainwright Park Seawall and Resiliency 40-640454C $2,650,000 Parks Antonio Maceo Boat Ramp and Dock Renovations 40-B17357 $79,929 Parks Armbrister Park Community Center Design TBD $400,000 Parks Bay of Pigs Park 40-B183526 $310,000 Parks Bryan Park Playground Renovations and Park Enhancements TBD $650,000 Parks City-wide Parks Access and Mobility Renovations TBD $2,212,000 Parks City-wide Parks Playground Renovations TBD $2,788,200 Parks City-wide Parks Roofing Reconstruction TBD $655,400 Parks Coral Way Park Expansion and Enhancements TBD $925,000 Parks Curtis Park Community Center Design TBD $400,000 Parks Douglas Park Community Center 40-1340581 $1,000,000 Parks Legion Park Boat Ramp 40-1340510 $263,000 Parks Legion Park Building 40-1340510A $825,000 Parks Moore Park Gym Design and Construction TBD $6,800,000 Parks Morningside Park Pool Design and Permitting TBD $0 Parks Shenandoah Park Pool Design and Permitting TBD $600,000 Parks New Park at 2200 SW 9th Ave & 910 SW 22nd Rd TBD $1,000,000 Parks New Park at 3699/3701 SW 1st Ave TBD $1,200,000 Parks PBA/Fern Isle Park Enhancements 40-1340543 $244,700 Parks Riverside Park Renovations and Enhancements TBD $995,000 Parks Spring Garden Point Park 40-640566 $850,000 Parks West End Park Master Plan, Pool Design and Enhancements 40-6183505 $500,000 Public Safety Fire Facilities Resiliency Project (FS10) - Design TBD $420,000 SLR&FP Brickell Bay Drive Design Criteria Package TBD $1,000,000 SLR&FP Fairview Flood Mitigation 40-1330737 $1,800,000 SLR&FP Immediate Flood Control: Install Backflow Valves (Phase 1) TBD $2,457,000 SLR&FP Improve Drainage Outside of Priority Drainage Basins (Phase 1) TBD $2,300,000 SLR&FP Jose Marti Park Flood Mitigation Study and Design TBD $940,000 SLR&FP NW 17th Street from NW 27th Ave to NW 32nd Ave - Road & Drainage Construction 40-B183611 $1,797,928 Projects Series B Housing Affordable Housing and Economic Development TBD $8,000,000 Housing Construction and Permanent Financing: MLK Residences TBD $2,000,000 Housing Construction and Permanent Financing: Liberty Renaissance TBD $1,000,000 Housing Home Ownership Preservation / Single Family Home Rehabilitation TBD $4,000,000 Total $58,653,339 * Amended on the floor on December 13, 2018 Affordable Workforce New Rental Strategy Program Summary Program Description: Provides construction and permanent financing to assist in part with the development of affordable multifamily rental projects containing units affordable to Workforce development (WF) income levels individuals and families (up to14Oy6AK4|). Maximum Award: The maximum total amountofCityofMiamifinondnQohaUnutexceadthelexsercf $1Wor2U%Loan to Cos (LT[) on projects containing 20 o, more total units and the lesser of $1M or 40% LTC on projects containing less than 20total units. City Funding Sources: City of Miami General Obligation Bond, Affordable Housing Trust Funds (AHTF) and other eligible sources of funding that may become available to the City, City, funding Uses: Funds may be used for land acquisition, development soft cost, financing costs, hard construction costs, and permanent financing upon construction completion. City Funding Loans/Terms: The following loan types and terms may heused: 1. Interest Only Loon: Interest only payments atanagreed upon interest rate, payable monthly until maturity o/a pre -determined period, All phndpa[ondinterest due at maturity.Loan maturity can beset for eperiod upto30 years. Z. Principal and Interest Amortizable Loans: Principal and Interest payments based onanamortization of15tu3O years, payable monthly until maturity, Loan maturity can be set for a period of up to 30 years. City Funding Availability Process: Cityfundsshall bmmade available through aRequest for Proposals (RFP) to include pre- determined requirements pertaining to the capacity of the development team, ability of the development to proceed in a timely manner, availability of all project funding, location of project, leveraging requirements, number of units, total city assistance per unit, types of units, energy efficiency, etc, Projects will be selected on the basis of a point scoring system, City funding obaU be secured and enforced by a Mortgage, Restrictive Covenant, Note' Disbursement Agreement, Regulatory Agreement, Rental Agreement, etc. Development Funding Leveraging: Project funding leveraging shall be the responsibility of the Owner and may Include funding from private banking institutions, State ufFlorida, K4iam|'DodeCountK Private investment, etc. Development Ty2gL Multifamily rental apartment building(s) of 5 or more units, containing, units of various sizes, with or without common amenities. Project designs and specifications in compliance with City of Miami planning and zoning requirements. Building construction in compliance with City of Miami and Florida Building Codes. Development Ownership: Private fee simple or leasehold ownership through For -Profit or Not -For -Profit corporations solely orthrough Partnerships. The City ofMiami's Department nfHousing and Community Development shall be responsible for the contractual/regulatory compliance of all developments assisted, Annual compliance monitoring shall be conducted by City staff that will review project rent rolls, leases, tenant income files, financial statements, current operational licenses and certificates, annual inspection of units, etc. he City of Miami's Department of Housing and Community Development shall provide all loan servicing, I.e. monthly billing and collection, maintaining current property insurances, tracking delinquencies,providing all required reporting, etc. Homeownership Preservation Strategy Program Summary Program Description: Provides rehabilitation assistance to City of Miami homeowners, with repairs necessary in bringing the home to decent, safe and sanitary conditions, as well as to include materials and methods that harden the property to better withstand natural weather occurrences as well as to maximize the energy efficiencies of the home. The program will assist Extremely Low Income (EL|),Very Low Income (VL|), Low Income (L|)level individuals and families and Workforce (WF) income levels. Maximum Award: The maximum total amount of City of Miami financing shall not exceed $50,000 per home City Funding Sources: City ofMiami General Obligation Bond, State Housing Partnership Program (5H|P),Community Development Block Grant (0BG),Affordable Housing Trust Funds (AHTF)and other sources of funding that may become available tuthe City. City funding Uses: Funds maybe used for soft and hard construction ooxts. Upon completion the assistance shall be converted into a permanent loan for o period of1Oyears (affordability period). City Funding Loans/Terms: The following loan types and terms may be used: 1. Deferred Payment Loon: No debt service payments required. Property must maintain the required affordability structure for a period of 10 years. Failure to comply will result in the full repayment of principal and an agreed upon default interest rate. Full repayment of principal at the 10 year maturity, The homeowner must maintain occupancy in the home as their primary residence forthe period of affordability, or otherwise full payment of the principal will bedue. 2. Principal and Interest Amortizable Loons: Principal and Interest payments based on an amortization of 10 years, payable monthly until maturity, atorate ofinterest uptu3Y6, based oothe income and payment capacity ofthe homeuwnar. City Funding Availability Process: City funds ohmU be made available on a first come first served basis, for eligible homeowners inthe City ufMiami, City funding shall be secured and enforced by Mortgage, Restrictive Covenant and Note. Project funding leveraging may be accepted from other City ofMiami, Miami Dads, State of Florida rehabilitation programs, asweUsuanyotherxourmesavaUob|eforthbpurpooe. Single family homes, tovvnhomes,twin homes and condominiums. Ownership: Private fee simple of primary residence of eligible property owners, Compliance: rhe City ofMiami's Department of Housing and Community Development shall be responsible for the contractual/regulatory compliance of all homeowners assisted. Homeowners shall be monitored from on a semi-annual basis toassure continued compliance with the terms ofthe Loan Documents, Loan Servicing, The City of Miami's Department of Housing and Community Development shall provide all loan servicing, i.e. monthly billing and collection, maintaining current property insurances, tracking delinquencies, providing all required reporting, etc. Program Description: Funding under this strategy will be used by the City of Miami to acquire buildable vacant parcels of land suitable for the development of mixed use/mixed income affordable rental o/ homeownership developments/ units to be built by the City ofMiami orbyorganizations that have been procured through a competitive request for proposals (RFP) process. Development financing for projects that have been selected through an RFP process, nhoU be the responsibility of the Deve|opmont/OwnerOrganization. If partial funding is provided by the City of Miami, it shall be in accordance with the specifications detailed inthe RFP. Maximum Award: Funding for projects developed by the City of Miami shall come from any Federal, State, and/or local sources available to the City, and shall be determined based upon the needs and structure of the proposed development. City Funding Sources: City o[Miami General Obdigation Bond, Home Investment Partnership Program (HOME), State Housing Partnership Program (SHIP), Community Development Block Grant (CDBG), Affordable Housing Trust Funds (AHTT) and other sources of funding that may become available to the City. Any additional funding provided to the development will be in accordance with the terms of the particular stro1eOy, that is, New Rental Construction or Homeownership Development Strategies. Development Tviae: Mixed income and mixed-use mubifamUyreNa)apartmentbuikj|n0(s)of5o/moeo�^ containing, units ofvarious sizes, with or without common amenities and, single family development of 5 or more homeownership units. Project designs and specifications in compliance with City ofMiami planning and zoning requirements. Building construction incompliance with City ofMiami and Florida Building Codes. Income levels served: Proposed developments shall serve Extremely Low, Very Low, Low and Workforce level incomes. {nproportions aswill beenumerated inthe Request for Proposals, Development Ownership: Private fee simple or leasehold ownership through For -Profit or Not -For -Profit corporations solely or through Partnerships, OR City of Miami owned. Preference will be given to non-profit Land -trust so as to make the units permanently affordable. The City of Miami's Department of Housing and Community Development shall be responsible for the contractual/regulatory compliance of all developments assisted. Annual compliance monitoring shall be conducted by City staff that will review project rent rolls, leases, tenant income files, financial statements, current operational licenses and certificates, annual Inspection ufunits, etc. Loan Servicing: The City of Miami's Department of Housing and Community Development shall provide all loan servicing, iw.monthly billing and collection, maintaining current property insurances, tracking delinquencies, providing all required reporting, etc. M, =117111TWAMM74 Program Summary Program Description: Provides construction and permanent financing toassist in part with the development of affordable single family units, tmwohome4 twin homes, and condominium units to be sold to, eligible individuals or families with incomes not toexceed 140Y6ufAreal Median Income (AM|) Maximum Award: The maximum total amount of City of Miami financing shall not exceed $50,000 per unit City Funding Sources; City ufMiami General Obligation Bond, Home Investment Partnership Program (HOME), State Housing Partnership Program (SHIP), Community Development Block Grant (CD8G), Affordable Housing Trust Funds (AHTF) and other sources of funding that may become available to the City, City funding Uses: Funds may be used for land acquisition, development soft cost, financing costs, hard construction costs and may upon the completion of the construction of the unit, partially or entirely serve as a pass-through permanent loan tothe eligible buyer ofthe completed unit. City Funding Loans/Terms: The following loan types and terms may be used: 1. Deferred Payment Loan: No debt service payments required. Homeowner must maintain occupancy as primary residence for a period of3Oyears (affordability period). Failure to comply will result in the full repayment of principal and default interest rate. Sale or transfer of the units within the affordability period shall result in the full payment of the loan. Other restrictions or provision may be imposed. Loan will be forgiven upon the completion ofthe affordability period. 2. Principal and InterestAmortizoble Loons: Principal and Interest payments based on an amortization of 30 years, payable monthly until maturity at on interest rate not to exceed 394 determined on the ability of the buyers payment cmpacMy. Sale or transfer prior to the affordability period will result in the full repayment of principal plus interest. 0therreotMctiunsmaybeimpoued. City funds shall bemade available through aRequest for Proposals (RFP)toinclude pre- determined requirementspertainingtothenapadtyofthadove|opmeutteam,abUKyofthedeve|npmenttoproxeed|n utimely manner, availability ofall project funding, location ufproject, leveraging requirements, number ofunits, total city assistance per unit, types of units, energy efficiency, target income market addressed, etc. Projects will be selected on the basis ofapoint scoring system. City construction funding shall be secured and enforced by a Mortgage, Restrictive Covenant, Note, Disbursement Agreement, Regulatory Agreement, City Permanent/Pass through loan to the buyer shall be secured by a Mortgage, Note, and Restrictive Covenant. Development Funding Leveraging: Project funding leveraging shall be the responsibility of the Owner and may include funding from private banking institutions, State ofFlorida, Miami -Dade county Surtax, etc, Development Type: Single family homes attached townhomes, twin homes and condominium buildings, Development Ownership: Private fee simple or leasehold ownership through For -Profit orNot-For-PnoOtcorporations solely orthrough Partnerships. The City of Miami's Department of Housing and Community Development shall be responsible for the contractual/regulatory compliance of all developments assisted, Homeowners shall be monitored on a semi-annual basis toassure continued compliance with the terms nfthe Loan Documents. Loan ServicingL.The City of Miami's Department of Housing and Community Development shall provide all loan servicing, I.e. monthly billing and collection, maintaining current property insurances, tracking delinquencies, providing all required reporting, etc. Affordable Rental Housing Preservation Strategy Program Summary Program Description: Provides construction and permanent financing to assist in part with the rehabilitation/preservation ofexisting affordable multifamily enta|pnojectz.[ityaobtadunhswiUbeequiredtoprovida 2O%ofthe assisted units for Extremely Low Income (30%AK4|), and D0%ofthe assisted units for Low Income (8OY6AMI) All unassisted units shall not berestricted, Maximum Award: The maximum total amount ofCity ofMiami financing shall not exceed the lesser of$1k4or25%Loan to Cost (LTC) of rehabilitation, onprojects containing 2Uormore total units and the lesser of$lor5O%LTC onprojects containing less than 2Ototal units. City. Funding Sources: City ofMiami General DbU8odon Bond, Home Investment Partnership Program (HOME), State Housing Partnership Program (SHIP), Community Development Block Grant (CDBG), Affordable Housing Trust Fonda (AHTF)and other sources uffunding that may become available tothe City. City funding Uses: Funds may be used for soft cost and hand rehabilitation costs, and permanent financing upon construction completion. City Funding Loans/Terms: The following loan type and terms may be used: 1. Deferred Payment Loan: No debt service payments required. Property must maintain the required affordability structure for a period of 30 years. Failure to comply will result in the full repayment of principal and an agreed upon default interest rate. Full repayment of principal at the 30 year maturity, 2. Interest Only Loon: Interest only payments at up to 3% interest rate, payable monthly until maturity ore pre- determined period. All principal and interest due at maturity. Loan maturity for a period up to 30 years. re'detonn|nedpehod.A8phndpa|ond|nterestdueatmotuhty.Loanmaturityforaperioduptn30yemrs. City Funding Availability Process: City funds shall bemade available onafirst come first served basis, for eligible multifamily building in the City of Miami. City funding shall be secured and enforced by a Mortgage,Restrictive Covenant, Note, Disbursement Agreement, Regulatory Agreement, Rental Agreement, etc. Development Funding Leveraling. Project funding leveraging h lLd|ofth shall be the �y eOwner and may include funding from private banking institutions, State cfFlorida, Miami -Dade County, Private investment, other City ofMiami funding, etc. Development TVpe: Multifamily rental apartment building(s) of 5 or more units, containing, units of various sizes, with or without common amenities. Project designs and specifications in compliance with City of Miami planning and zoning requirements. Building construction in compliance with City of Miami and Florida Building Codes. Development Ownership: Private fee simple or leasehold ownership through For -Profit or0ot-For-Profitcorporations solely or through Partnerships. The City ofMiami's Department ofHousing and Community Development shall be responsible for the contractual/regUlatory compliance of all developments assisted, Annual compliance monitoring shall be conducted by City staff that will review project rent rolls, leases, tenant income files, financial statements, current operational licenses and certificates, annual inspection ofunits, etc, Logn Servicing: The City of Miami's Department of Housing and Community Development shall provide all loan servicing, Le. monthly billing and collection, maintaining current property insurances,tracking delinquencies, providing all required reporting, etc. Affordable New Construction Rental Strategy Composite Exhibit A'Page 9 Program Summary Program Description: Provides construction and permanent financing to assist in part with the development of affordable multifamily rental projects containing units affordable toExtremely Low Income (EU),Very Low |ncnme(V1|), Low Income (U) and VVorNbn:e development (WF) income levels individuals and families. Maximum Award: The maximum total amount of City of Miami financing shall not exceed the lesser of $2M or 20% Loan to Cost (LTC) on projects containing 20 or more total units and the lesser of $1M or 40% LTC on projectscontaining less than 20 total units. City Funding Sources: City ofMiami General Obligation Bond, Home Investment Partnership Program (HOME), Stat* Housing Partnership Program (SHIP), Community Development Block Grant (CDBG), Affordable Housing Trust Funds (AHTF)and other sources uffunding that may become available 10the City. City funding Uses: Funds mavbe usedforland acquisition, development soft cost, financing costs, hard construction costs, and permanent financing upon construction completion. City Funding Loans/jerms: The following loan type and terms may be used: I. Deferred Payment Loan: No debt service payments required. Property most maintain the required affordability structure for a period of 30 years. Failure to comply will result in the full repayment of principal and an agreed upon default interest rate, Full repayment of principal at the 30 year maturity. 2. Interest Only Loan: Interest only payments at up to 3% interest rate, payable monthly until maturity. All principal and interest due at maturity. Loan maturity can be set for a period up to 30 years. 3. Principal and Interest Amortizable Loans: Principal and Interest payments based onanamortization uf1Sto3D years, payable monthly at a rate ofupto39, until maturity. Loan maturity can be set for a period ofupto 30 years. City Funding Availability Process: City funds shall bemade available through aRequest for Proposals (RFP)toinclude pre- determined requiremen|zpertainin8totheoapucityofthedeve|opmentteam,mbUhYuffhedeve|opmmnttopruueedin a timely manner, availability of all project funding, location of project, leveraging requirements, number of units, total city assistance per unit, types of units, energy efficiency, etc. Projects will be selected on the basis of a point scoring system. City funding shall be secured and enforced by a Mortgage, Restrictive Covenant, Nota, Disbursement Agreement, Regulatory Agreement, Rental Agreement, etc, Development Funding Leveraging: Project funding leveraging shall bethe responsibility of the Owner and may include funding from private banking institutions, State of Florida, Miami -Dade County, Private investment, etc. Multifamily rental apartment building(s) of 5 or more units, containing, units of various sizes, with or without common omendi«m. Project designs and specifications in compliance with City of Miami planning and zoning requirements. Building construction in compliance with City of Miami and Florida Building Codes. Development QmmqLship: Private fee simple or leasehold ownership through For -Profit or Not -For -Profit corporations solely orthrough Partnerships. e City of Miami's Department of Housing and Community Development shall be nuporoibhs for the contractual/regulatory compliance of all developments assisted, Annual compliance monitoring shall be conducted by City staff that will review project rent rolls, leases, tenant income files, financial statements, current operational licenses and certificates, annual inspection nfunits, etc. Loan Servicing: The City of Miami's Department of Housing and Community Development shall provide all loan servicing, Le. monthly billing and collection, maintaining current property insurances, tracking delinquencies, providing all required reporting, etc, SUBSTITUTED CITY OF MIAMI Composite Exhibit A - Pagd I DATE: December 4, 2018 SUBJECT: Declaration X Intent -Miami Forever B C"d Program - X Fir i Ithe of Projects The City Commission adopted a resolution on July 27, 2017 calling r a bond referendum special 2 /7a calling 0' c I I g election for the purpose of submitting to the electorate the Mi i Forever Bond Program. On b November 7, 2017, the voters of the City of Miami approved thi bond referendum in the amount j of $400 million. The Administration is proposing a list of p jests for the First Tranche Series A and B as described below (or bond issuance) as develop d with City Commissioners and other It forms of input as indicated in the Project List and Affo able Housing Bond Strategies attached to this memorandum. The Administration is requesting approval to beg' the process of issuing taxable and tax-exempt general obligation bonds payable from a J vaso ern taxes provided that the capital projects debt rr millage not exceed the rate of 0,5935 mil in accordance with the above -referenced bond referendum. These bonds will be used to eimburse the City for funds advanced by the City for certain expenses incurred with respect capital projects to be undertaken: • to reduce flooding risks, i • to improve stormwater in astructure, • to improve affordable using, economic development, parks, cultural facilities, streets, and infrastructure,,/� a • to enhance public fety within the City's limits All as indicated in ExhOit A attached to this memorandum. The Guiding The es of this Bond Program are: Safety, Wellness and Quality of Life, Equity, Ret - Economic ' '_ " " and Modernization. The established vision of this Bond Program is to te deliberate berate and objective project selection process, by expertly assessing Citywide require ' eand citizen input, and optimize all available resources to create a stronger, more orchestra a innovate and resilient future for Miami. he first tranche is intended -to have an immediate impact. Then, the City expects to gain m mentum um by completing the already -underway Stormwater Master Plan and the already - ride rway Affordable Housing Plan to be used for future tranches moving toward long-term SUBSTITUTED. ��mooa�a��ib�A 2 Pa�e�of2 . . ' -- '~u Declaration OfIntent — Miami Forever Bond Program First Tranche ofProjects December 4,2018 solutions and matching funding from all available sources. The first tranche bexpected tn a Series A focusing on Infrastructure and a Series B focusing on Affordable Housing. The entire Miami Forever Bond Program is authorized in the following categories: m Roadways — total $23 million of the $400 million 0 Parks and Cultural Fad||b | $78 million$400 0 Public Safety —total $7 million of the $400 million w Sea Level Rise and Hood Prevention —total $I92 million of t� |Uon0 Affordable Housing and Economic Development —total $100 mill'! n ofthe$400 million The first tranche of the K4i8nli Forever Bond Program is proposehefOUVwjng amounts in each category and series: �X` * Series a Roadways —$7,59K]1O2 * Parks and Cultural Facilities 0 Public Safety —$42O,O0O ° Sea Level Rb9and Flood Prevention * Series 0 Affordable Housing and Economic evelopment—$15,000,000 Should you have any questions, please Attachments ct Christopher Rose, Budget Director, at SUBSTITUTED. Composite Exhibit A - Page 3 Composite Exhibit A (continued): Project List Category Projects Series A Project B# Bond Fund g Roads Very Poor Condition Roads, Phase 1- Outside Priority Drainage Basins TBD $ ,590,182 Parks Alice Wainwright Park Seawall and Resiliency 40-840454C $2,650,000 Parks Antonio Maceo Boat Ramp and Dock Renovations 40-B17357 $79,929 Parks Armbrister Park Community Center Design TBD $400,000 Parks Bay of Pigs Park 40-8183526 $310,000 Parks Bryan Park Playground Renovations and Park Enhancements TED $650,000 Parks City-wide Parks Access and Mobility Renovations T $2,212,000 Parks City-wide Parks Playground Renovations A BD $2,788,200 Parks City-wide Parks Roofing Reconstruction TBD $655,400 Parks Coral Way Park Expansion and Enhancements TED $925,000 Parks Curtis Park Community Center Design TED $400,000 Parks Douglas Park Community Center 40-840581 $1,000,000 Parks Legion Park Boat Ramp 40-B40510 $263,000 Parks Legion Park Building 40-B40510A $825,000 Parks Moore Park Gym Design and Construction TED $6,800,000 Parks Morningside Park Pool Design and Permitting TBD $600,000 Parks New Park at 2200 SW 9th Ave & 910 SW 22nd Rd TED $1,000,000 Parks New Park at 3699/3701 SW 1st Ave TBD $1,200,000 Parks PBA/Fern Isle Park Enhancements 40-840543 $244,700 Parks Riverside Park Renovations and Enhancements TED $995,000 Parks Spring Garden Point Park 40-840566 $850,000 Parks West End Park Master Plan, Pool Design and Enhancem is 40-8183505 $500,000 Public Safety Fire Facilities Resiliency Project (FS10) - Design TED $420,000 SLR&FP Brickell Bay Drive Design Criteria Package TED $1,000,000 SLR&FP Fairview Flood Mitigation 40-B30737 $1,800,000 SLR&FP Immediate Flood Control: Install Backflow Ives (Phase 1) TBD $2,457,000 SLR&FP Improve Drainage Outside of Priority Dr mage Basins (Phase 1) TED $2,300,000 SLR&FP Jose Marti Park Flood Mitigation Stu and Design TED $940,000 SLR&FP NW 17th Street from NW 27th AV/to NW 32nd Ave - Road & Drainage Construction 40-13183611 $1,797,928 Projects Series B Housing Affordable Housing and EC omic Development TED $8,000,000 Housing Construction and Perm ent. Financing, MILK Residences TED $2,000,000 Housing Construction and Per anent Financing: Liberty Renaissance TED $1,000,000 Housing Home Ownership reservation / Single Family Home Rehabilitation TBD $4,000,000 Total $58,653,339 Program Summary Program Description; Provides construction and permanent financing to assist in part with the deve'oent of affordable multifamily rental projects containing units affordableto VVork� �e development (WF) it/icme levels ind�idua|uand famiUea(up to14O%A��|). / Maximum Award., The maximum total amount of City of Miami financing shall not exceed the lesser of 'IMor2O%Loan to Cost (LTC) on projects containing 20 or more total units and the lesser of $1M or 40% LTC 0 ntaining less than 20 total units, City Funding Sources: City of Miami General Obligation Bond, Affordable Housing Trust Fund /(AHTF) and other eligible sources of funding that may become available to the City, City funding Uses: Fundxmoybeuxedfo,bndacqubition,devekrpmentsoftcost, fin8 costs, hard construction costs, and permanent financing upon construction completion. City Funding Loans/Terms: The following loan types and terms may beused: 1 monthly until maturity o/a pre^oprenn/neopenoo All principal andxnzeres due at maturity.be set for a period up to 30 /. Principal and Interest *murozoomLoons: Principal and | t payments based ouanamortization of15to3D years, payable monthly until maturity. Loan maturity can bmeYfora period ofupto3Oyears. City Funding Availability Process: City funds shall be made avail lethrough a Request for Proposals (RFP) to include pre- determined requirements pertaining to the capacity of the d elopment team, ability of the development to proceed in a timely manner, availability of all projectfunding, location project, leveraging requirements, number of units, total city assistance per unit, types of units, energy efficiency, etc, rojects will be selected on the basis of a point scoring system, City funding shall be secured and enforced by a M rtgage, Restrictive Covenant, Note, Disbursement Agreement, Regulatory Agreement, Rental Agreement, etc. Development Funding Leveraging: Project fundAg leveraging shall bethe responsibility of the Owner and may include funding from private banking institutions, StatP/Of Florida, Miami -Dade County, Private 'investment, etc. Developmgn11yp_qL Multifamily rental apXrtment building(s) of 5 or more units, containing, units of various sizes, with or wvxvuc uv'nxmn amenities. ruUcczo and specifications in compliance with City of Miami planning and zoning requirements. Building constru Development Ownership: Privat,4 fee simple orleasehold ownership through For -Profit orNot-For-Profitcorporations shallsolely or through Partnerships./ Compliance: he City of iami's Department of Housing and Community Development be responsible for the corunaczuayregu/auory xdevelopments assisted. Annual compliance monitoring shall baconducted byCity staff that wU|| rent rolls, leases, tenant income files, financial statements, current operational licenses and certificates, annual 1 spection of units, etc, Loaln Servicin e City of Miami's Department of Housing and Community Development shall provide all loan servicing, |.e. monthly biIng and mnmrzmn, maintaining current property insurances, tracking delinquencies, providing all required reporting, t, Composite Exhibit Rage5 Homeownership Preservation Strategy Program Summary Program Description: Provides rehabilitation assistance to City of Miami homeowners, with repairs necessary I ringing the home to decent, safe and sanitary conditions, as well as to include materials and methods that harden tl property to better withstand natural weather occurrences as well as to maximize the energy efficiencies of the home. heprogram will assist Extremely Low Income (ELI), Very Low Income (VLI), Low Income (LI) level individuals and famille ndWorkforce (WF) income levels. Maximum Award: The maximum total amount of City of Miami financing shall not exceed $50,0004er home. City Funding Sources: City ofMiami General Obligation Bond, State Housing Partnership PXrgram (SHIP), Community Development Block Grant (CDBG),Affordable Housing Trust Funds (AHTRand other source, fundinQthatmay become available tothe City, / City funding Uses. Funds may be used for soft and hard construction costs. U p�tkrn the assistance shall be �n��d|n�a�nn�e�kun�rapehod�1Oy�o(d���i|��dod). / City Funding Loans/Terms; The following loan types and terms may be used - 1 Deferred Payment Loan: No debt service payments ro ired. Prop4rity must maintain the required affordability structure for a period of 10 years, Failure to comply W�111ul result the full repayment of principal and an agreed upon default interest rate. Full repayment of principal at the 0 year maturity. The homeowner must maintain occupancy in the home as their primary residence for the pe od of affordability, or otherwise full payment of the principal will be due. l Principal and Interest Amortizable Loans: Principal/terestpaymentobasedononamo�izationof1Oyea»�payab|emonth�unti|matudt�otarateofintensaedonthoincomeondpoymentcapaubyofthe homemxner. City Funding Availability Process: City fundsavailable onafirst come first served basis, for eligible homeowners in the City of Miami, City funding sh e secured and enforced by a Mortgage, Restrictive Covenant and Note. � Unit Funding Leveraging:, Project funding from other City of Miami, Miami Dads, State of Florida rehabilitation programs, as well as agg other sources available for this purpose. Unitsassisted: Single family homes, Ownership: Private fee simple of homes twin homes and condominiums. ry residence of eligible property owners, Compliance: Me City of Mia 's ia Department of Housing and Community Development shallbe responsible for the ountreotuayragu|etoryco oUh^menvvnenassbted.HomeownemU sh�bemonhored6omonaspmi-annua| basis t000unecontinued ��mpUencawith the terms ofthe Loan Documents, Loan Servicing: �T'I of Miami's Department of Housing and Community Development shall provide all loan servicing, � |.e.monznom/ uco||ectmn,ma|�a|mnBcunentprupehYinsuranceo tmdWngdeUoquende�providing all required reporting, etc. / City Acquisition of Land SUBSTITUTED. Composite Exhibit A - Page 6 Program Summary Program Description: Funding under this strategy will be used by the City of Miami to acquire buildable vacant parcels of land suitable for the development of mixed use/mixed income affordable rental or homeownership development units to be built by the City of Miami or by organizations that have been procured through a competitive request or proposals (RFP) process. Development financing for projects that have been selected through an RFP process, shall be the responsib' ty of the Development/Owner Organization. If partial funding is provided by the City of Miami, it shall be in accorda ce with the specifications detailed in the RFP. Maximum Award: Funding for projects developed by the City of Miami shall come from any Federal, tate, and/or local sources available to the City, and shall be determined based upon the needs and structure of the pr osed development. City Funding Sources: City of Miami General Obligation Bond, Home Investment Partnershi Program (HOME), State Housing Partnership Program (SHIP), Community Development Block Grant (CDBG), Affor able Housing Trust Funds (AHTF) and other sources of funding that may become available to the City. Any additi nal funding provided to the development will be in accordance with the terms of the particular strategy, that i , New Rental Construction or Homeownership Development Strategies. Development Type: Mixed income and mixed-use multifamily rental apartment bL iiding(s) of 5 or more units, containing, units of various sizes, with or without common amenities and, single family de lopment of 5 or more homeownership units. Project designs and specifications in compliance with City of Miami p nning and zoning requirements. Building construction in compliance with City of Miami and Florida Building Codes. Income levels served: Proposed developments shall serve Extremely L w, Very Low, Low and Workforce level incomes. In proportions as will be enumerated in the Request for Proposals. Development Ownership: Private fee simple or leasehold own ship through For-Profit or Not-For-Profit corporations solely or through Partnerships, OR City of Miami owned. Prefe ence will be given to non-profit Land-trust so as to make the units permanently affordable. Com j2fltance: The City of Miami's Department of Hous' g and Community Development shall be responsible for the contractual/regulatory compliance of all development assisted. Annual compliance monitoring shall be conducted by City staff that will review project rent rolls, leases, Lena income files, financial statements, current operational licenses and certificates, annual inspection of units, etc. Loan Servicing: he City of Miami's Departm t of Housing and Community Development shall provide all loan servicing, Le. monthly billing and collection, maintain' g current property insurances, tracking delinquencies, providing all required reporting, etc. SUBSTITUTED. Composite Exhibit A - Page 7 Affordable Homeownership Strategy Program Summary Program Description: Provides construction and permanent financing to assist in part with the develo gent of affordable single family units, townhomes, twin homes, and condominium units to be sold to, eligible in viduals or families with incomes not to exceed 140% of Areal Median Income (AMI) Maximum Award: The maximum total amount of City of Miami financing shall not exceed $50,000 per nit City Funding Sources; City of Miami General Obligation Bond, Home Investment Partnership P gram (HOME), State Housing Partnership Program (SHIP), Community Development Block Grant (CDBG), Afforda e Housing Trust Funds (AHTF) and other sources of funding that may become available to the City. City funding Uses: Funds maybe used for land acquisition, development soft cost, financin costs, hard construction costs and may upon the completion of the construction of the unit, partially or entirely serve a pass-through permanent loan to the eligible buyer of the completed unit. City Funding LoansZTerms: The following loan types and terms may be used: 1. Deferred Payment Loan: No debt service payments required. Home ner must maintain occupancy as primary residence for a period of 30 years (affordability re i period)." Failure comply will result in the full repayment of a'e principal and default interest rate. Sale or transfer of the units ithin the affordability period shall result in the o full payment of the loan. Other restrictions or provision y be imposed. Loan will be forgiven upon the completion of the affordability period, 2, Principal and Interest Amortisable Loans: Principal and In rest payments based on an amortization of 30 years, payable monthly until maturity at an interest rate no o exceed 3%, determined on the ability of the buyers payment capacity. Sale or transfer prior to the affor ability period will result in the full repayment of principal plus interest. Other restrictions may be imposed, City Funding Availability Process: City funds shall be rn de available through a Request for Proposals (RFP) to include pre- determined requirements pertaining to the capacity f the development team, ability of the development to proceed in a timely manner, availability of all projectfunding, cation of project, leveraging requirements, number of units, total city assistance per unit, types of units, energy efficie y, target income market addressed, etc. Projects will be selected on the basis of a point scoring system. City construction funding shall be secure and enforced by a Mortgage, Restrictive Covenant, Note, Disbursement Agreement, Regulatory Agreement, City P manent/Pass through loan to the buyer shall be secured by a Mortgage, Note, and Restrictive Covenant, Development Funding Leveraging: roject funding leveraging shall be the responsibility of the Owner and may include funding from private banking ins * utions, State of Florida, Miami -Dade County Surtax, etc. Development Type: Single f ily homes attached townhomes, twin homes and condominium buildings, f rs i . . Private Development QLwn h* P lvate fee simple or leasehold ownership through For -Profit or Not -For -Profit corporations Lers I r P solely or throughart lips. Compliance: The ity of Miami's Department of Housing and Community Development shall be responsible for the Com '!a ce * T he ity contractual/reg atory compliance of all developments assisted. Homeowners shall be monitored on a semi-annual basis 8 toassurecon nued compliance with the terms of the Loan Documents. Loan Ser cin :The City of Miami's Department of Housing and Community Development shall provide all loan servicing, City r Le, mo hly billing and collection, maintaining current property insurances, tracking delinquencies, providing all required I repo Ing, etc. 1.1 Affordable Renta! Housing Preservation Strategy Program Summary Program Description: Provides construction and permanent financing to assist in part ith the11 rehabilitation/preservation of existing affordable m u Itifa mily renta I projects. City assisted u nits will beto d 20 %of the assisted units for Extremely Low Income (30% AMI), and 80% of the assisted units for Low Inco(8 %AK4|) All unassisted units shall not berestricted. Maximum Award: The maximum total amount ufCity ofMiami financing shall not exceed the 25% Loan to Cost (LT[) of rehabilitation, on projects containing 20 or more total units and the lesser of$LTC on projectscontainiog|esstban2Ototo}un|ts. 1/^50 City Funding Sources: City of Miami General obligation Bond, Home Investment Partnerq�ip Program (HOME), State Housing Partnership Program (SHIP), Community Development Block Grant (CDBG), rdable Housing Trust Funds (AHTF) and other sources of funding that may become available to the City. City funding Uses: Funds may be used for soft cost and hard rehabilitations, and permanent financing upon construction completion. 76 Citv Funding Loans/Terms: The following loan type and terms may be used: 1. Deferred Payment Loon: No debt service payments re�uir:d,., P� wl 111 I r �erty must maintain the required affordability structure for a period of 30 years. Failure to compl� the full repayment of principal and an agreed upon default interest rate. Full repayment of principa at th 0 year maturity. 2. Interest Dn�Lnon |n��eu onlyrate payable monthly until maturity ora prea/oan maturity for a period up to 30 years, - determined City Funding Availability Process: City funds shall be m/de available on a first come first served basis, for eligible multifamily building in the City of Miami. City funding sha be secured and enforced by a Mortgage, Restrictive Covenant, Note, Disbursement Agreement, Regulatory Agreemen , Rental Agreement, etc, Development Funding Leveraging: Project fu /ndinleve raging shall be the responsibility of the Owner and may include funding from private banking institutions, State f Florida, Miami -Dade County, Private investment, other City of Miami funding, etc, Development Type: Multifamily rental a P/rtment huilding(s) ofSurmore units, containing, units of various sizes, with o/ without common amenities. ProjectU and specifications in compliance with City of Miami planning and zoning requirements. Building constru ompliance with City of Miami and Florida Building Codes. Development Ownership: Priva fee simple or leasehold ownership through For -Profit or Not -For -Profit corporations solely or through Partnerships. Compliance: The City of iami's Department of Housing and Community Development shall be responsible for the e City of contractual/regulatory c pliance of all developments assisted, Annual compliance monitoring shall be conducted by City staff that will review oject rent rolls, leases, tenant income files, financial statements, current operational licenses and certificates, annual i spection of units, etc, Loan Servicing: Yhe City of Miami's Department of Housing and Community Development shall provide all loan servicing, Le. month |y mganUcoUact|on,mokdu|nin8cunentprope�yinyumncex,tmok|nAde|inquenda�pruvdinQaU�qu�ed repo�|n{���. Affordable New Construction Rental Strategy SUBSTITUTED. Composite Exhibit A'Page S Program Summary Program Description. Provides construction and permanent financing to oobt in part with the development of affordable multifamily rental projects containing units affordable to Extremely Low Income (ELI), Very Low Income /nd'nng LovvIncome (U)and VVorNbrcedevelopment (VVF)income |evebindividuals and famUies. Maximum Award: The maximum total amount ofCity ofK8)ami�nundn0shaUnot exceed the lesser of$2N1Lo toCost (LTC)oopn�e�scontaining 2Oormore total units and the |eaarof$1[Wor40Y6LTC unpn�ectucothun2Otota|un1ts. City Funding Sources: City of 'HOME), State Housing Partnership Program (SHIP), Community Development Block Grant (CD8G� Affordable �B Trust Funds (AHTF) and other sources of funding that may become available to the City, City funding Uses: Funds may be used for land acquisition, development soft cost, financing cost , hard construction costs, and permanent financing upon construction completion. City Funding Loans/Terms: The following loan type and terms may be used: 1. Deferred Payment Loon: No debt service payments required. Property mus maintain the required affordability structure for a period of 30 years, Failure to comply will result in the full epayment of principal and an agreed " nt so Pr ng upon default interest rate. Full repayment of principal at the'30 year ma /rIty, 2. Interest Only Loan: Interest only payments at up to 3% interest rate, p yable monthly until maturity. All principal and interest due at maturity. Loan maturity can be set fo a e r 0 d L to 30 years. 3. Principal and Interest Amortizable Loans: Principal and In eres p yments based on an amortization of 15 to 30 years, payable monthly at a rate of up to 3%, until maturity. an maturity can be set for a period of up to 30 city Funding Ava.1lability Process: City funds shall bemade ava determined requirements pertaining tothe capacity ofthe de otimely manner, availability ofall project funding, location assistance per unit, types ofunits, energy efficiency, etc. Vbje City funding shall be secured and enforced by aBage Regulatory Agreement, Rental Agreement, etc. ,/ laffle through a Request for Proposals (RFP)toinclude pne /KIopmentteam,abi|itynfthedeve|opmenttopruceedin nojeot,leveraging requirements, number ofunits, total city Aswill beselected nnthe basis ofopoint scoring system. . Restrictive Covenant, Note, Disbursement Agreement, Development Funcling_��� Project fundi the nspona|bi|dyofthe Owner and may |nduda funding from private banking institutions, Develop iqqt1ypgL Multifamily rental ap�Ament huik1ing(s)of5ormore units, containing, units ofvarious sizes, with or without common amenhies. Project deXgns and specifications in compliance with City of Miami planning and zoning requirements. Building construction in/ompliance with City of Miami and Florida Building Codes. Development Ownership: PrIva ee simple or |u000hoW ownership through For -Profit orNotfor4,rofitcorporations solely orthrough Partnerships. / shallCompliance: The City of �Iami's Department of Housing and Community Development be responsible for the contractual/regulatoryco all developments assisted, Annual compliance monitoring shall be conducted by City staff that vvU|i rent rolls, leases, tenant income files, Mnancie|ntateme�s,current operational licenses and certificates, an= Loan Servicing: e City of Miami's Department of Housing and Community Development shall provide all loan servicing, i.e. monthly b ngand coUecLiou,mai�eininQourmrtprope�y|noumnceo tracking deUnquendeipmvid|ngmUequired