HomeMy WebLinkAboutR-19-0325City of Miami
q Legislation
Resolution: R-19-0325
File Number: 6265
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 7/25/2019
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
SUPPLEMENTING RESOLUTION NO. R-19-0111 ADOPTED BY THE CITY
COMMISSION ON MARCH 14, 2019, WHICH AUTHORIZED THE CITY
MANAGER, THE CITY ATTORNEY, AND BOND COUNSEL TO TAKE ANY
AND ALL STEPS NECESSARY TO VALIDATE THE APPROVED AND
EXPECTED FUTURE EXPENDITURES OF NOT TO EXCEED ONE HUNDRED
MILLION DOLLARS OF AGGREGATE PRINCIPAL TOTAL AMOUNT OF THE
AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT PORTION OF
THE MIAMI FOREVER BONDS ("MIAMI FOREVER AFFORDABLE HOUSING
AND ECONOMIC DEVELOPMENT BONDS") IN ORDER TO ADD A SEVENTH
(7TH) AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT PROGRAM
PROJECT TYPE ("AFFORDABLE HOUSING LONG-TERM
LEASE/BUILD/MANAGE STRATEGY') AS DESCRIBED BELOW; PROVIDING
AN EFFECTIVE DATE.
WHEREAS, on March 14, 2019, pursuant to Resolution Nos. 19-0062 and 19-0111, the
City Commission authorized the initiation of validation proceedings for the November 7, 2017
Bond Referendum ("Bond Referendum") and the issuance of the City of Miami ("City") taxable
and tax-exempt bonds in the aggregate principal amount not exceeding Four Hundred Million
Dollars ($400,000,000.00) in one or more separate series of City Tax -Exempt and Taxable
Limited Ad Valorem Tax Bonds (Miami Forever Capital Program) (collectively, "Miami Forever
Bonds"), including tax-exempt and taxable bonds in one or more separate series of not
exceeding One Hundred Million Dollars ($100,000,000.00) for affordable housing and economic
development capital projects ("Affordable Housing and Economic Development Bonds") of
which an amount not to exceed Fifteen Million Dollars ($15,000,000.00) are proposed for the
first tranche ("First Tranche Series Bonds"); and
WHEREAS, for all series of the Affordable Housing and Economic Development Bonds,
Resolution No. 19-0111 sets forth six (6) affordable housing and economic development
program types of projects ("Program Types") as follows: i) Affordable Workforce New Rental
Strategy, i.) Homeownership Preservation Strategy, iii) City Acquisition of Land, iv. Affordable
Homeownership Strategy, v) Affordable Rental Housing Preservation Strategy, and vi)
Affordable New Construction Rental Strategy; and
WHEREAS, it is the desire of the City Commission to supplement Resolution No. 19-
0111 by adding a seventh (7th) Program Type ("Affordable Housing Long Term
Lease/Build/Manage Strategy"); and
WHEREAS, the Affordable Housing Long Term Lease/Build/Manage Strategy will allow
the City to lease City -owned real estate, which the City may purchase with Miami Forever Bond
funds or other funds legally available to the City, to private developers that have been procured
though a competitive procurement process or pursuant to Section 29-B of the Charter of the City
of Miami, Florida, who will then construct, with taxable and/or tax-exempt bonds in one or more
City of Miami Page 1 of 2 File ID: 6265 (Revision:) Printed On: 8/16/2019
File ID: 6265 Enactment Number: R-19-0325
separate future Miami Forever Bonds tranches, affordable multifamily rental or homeownership
projects containing units for individuals and families who earn up to eighty percent (80%) of area
median income ("AMI"), with the developers managing such properties for the City; and
WHEREAS, pursuant to Section 2-33(e) of the Code of the City of Miami, Florida, as
amended, the City Commission unanimously deems this Resolution to be of an emergency
nature;
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
hereby adopted by reference and incorporated herein as if fully set forth in this Section.
Section 2. The City Manager is authorized' to supplement Resolution No. 19-0111
adopted by the City Commission on March 14, 2019, which authorized the City Manager, the
City Attorney, and Bond Counsel to take any and all steps necessary to validate the approved
and expected future expenditures of the Affordable Housing and Economic Development Bonds
portion of the Miami Forever Bonds in order to add the Affordable Housing Long Term
Lease/Build/Manage Strategy.
Section 3. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.z
APPROVED AS TO FORM AND CORRECTNESS
1
i ria i . ndez, City Attor iey 8/15/2019
1 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.
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 2 of 2 File ID: 6265 (Revision:) Printed on: 8/16/2019