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HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM File ID: #6265 Date: 07/26/2019 Commission Meeting Date: 07/25/2019 Requesting Department: City Commission Sponsored By: District Impacted: Type: Resolution Subject: Miami Forever Bond - Affordable Housing Budget Impact Analysis Item has NO budget impact Total Fiscal Impact: City Commission Nicole Ewan Legislative Division Valentin J Alvarez Office of the City Attorney Richard Appleton Office of the City Attorney Barnaby L. Min Office of the Mayor Mayor's Office Office of the City Clerk City Clerk's Office Office of the City Attorney Victoria Mendez Office of the City Clerk City Clerk's Office Reviewed By Meeting Completed Legislative Division Review Completed ACA Review Completed Deputy Attorney Review Completed Unsigned by the Mayor Completed Signed and Attested by the City Clerk Completed Approved Form and Correctness Completed Rendered Completed 07/25/2019 9:00 AM 07/26/2019 12:08 PM 07/29/2019 4:10 PM 07/29/2019 4:17 PM 08/02/2019 9:10 PM 08/02/2019 9:35 PM 08/15/2019 1:38 PM 08/16/2019 10:00 AM File Number: 6265 City of Miami Legislation Resolution Enactment Number: R-19-0325 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 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.