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HomeMy WebLinkAboutMaster ReportFile Number: 6501 Revision: City of Miami Master Report Enactment Number: R-19-0502 File Type: Resolution File Name: Authorize Sale or Lease of Real Estate - Affordable/Workforce Rental or Homeownership Requesting Dept: Department of Housing and Community Development City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Status: ADOPTED Controlling Body: City Commission Introduced: 9/11/2019 Final Action Date: 12/12/2019 Title: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE AGREEMENTS, INCLUDING BUT NOT LIMITED TO LEASES, PURCHASE AND SALE AGREEMENTS, AND/OR MANAGEMENT AGREEMENTS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, WITH BHP COMMUNITY LAND TRUST, INC. D/B/A SOUTH FLORIDA COMMUNITY LAND TRUST, A STATE OF FLORIDA NOT FOR PROFIT CORPORATION ( "SFCLT" ), FOR THE DEVELOPMENT OF CERTAIN CITY OF MIAMI ("CITY") OWNED PARCELS OF LAND LOCATED APPROXIMATELY AT 6200 NORTHWEST 17TH AVENUE AND 6201 NORTHWEST 17TH AVENUE, MIAMI, FLORIDA, AS LEGALLY DESCRIBED IN EXHIBIT "A," ATTACHED AND INCORPORATED ( "PROPERTIES" ), AS AFFORDABLE/WORKFORCE RENTAL AND HOMEOWNERSHIP HOUSING, INCLUDING THE SALE OR LEASE OF SUCH PARCELS WITH AFFORDABLE/WORKFORCE HOUSING RESTRICTIONS AND REVERTER PROVISIONS, IF APPLICABLE, ALL IN ACCORDANCE WITH SECTION 29-B(A) OF THE CHARTER OF THE CITY OF MIAMI, FLORIDA, AS AMENDED ( "CITY CHARTER" ), WHICH MAY BE IN THE FORM OF A GROUND LEASE FOR UP TO A FIFTY-FIVE (55) YEAR INITIAL TERM WITH TWO (2) OPTIONS TO RENEW FOR TERMS OF UP TO TEN (10) YEARS EACH, A TRANSFER OF THE FEE TITLE TO THE PROPERTIES, OR A COMBINATION OF THE FOREGOING, EACH IN ACCORDANCE WITH SECTION 29-B(A) OF THE CITY CHARTER AND ALL SUBJECT TO THE RECEIPT OF THE OPINION OF BOND COUNSEL THAT THE EXECUTION OF SUCH AGREEMENTS AND THE TRANSFER OF THE PROPERTIES AS DESCRIBED SUCH AGREEMENTS WILL NOT, BY ITSELF, AFFECT THE EXCLUSION FROM GROSS INCOME FOR FEDERAL INCOME TAX PURPOSES OF INTEREST ON THE BONDS SUCH AGREEMENTS MAY PROVIDE FOR THE TRANSFER BY SFCLT OF ITS INTEREST IN THE PROPERTIES TO ANOTHER ENTITY, SUCH AS A LIMITED OR GENERAL PARTNERSHIP OR LIMITED LIABILITY COMPANY, PROVIDED SFCLT RETAINS A MAJORITY INTEREST IN THE PARTNERSHIP, GENERAL PARTNER, OR MEMBER MANAGER, AS APPLICABLE; FURTHER PROVIDING THAT WITH RESPECT TO THE HOMEOWNERSHIP PORTION OF THE PLANNED DEVELOPMENT, SFCLT MAY ENTER INTO A GROUND LEASE OR SUB -GROUND LEASE WITH A CONDOMINIUM ASSOCIATION OR ANOTHER ENTITY AS MAY BE OTHERWISE PROVIDED IN THE AGREEMENT(S) TO FACILITATE HOMEOWNERSHIP; FURTHER PROVIDING THAT REGARDLESS OF THE FORM OF THE TRANSFER MECHANISM OF THE PROPERTIES TO SFCLT, ALL SUCH AGREEMENTS SHALL PROVIDE FOR THE CONTINUED RESTRICTION ON THE USE OF THE PROPERTIES FOR AFFORDABLE/WORKFORCE RENTAL AND HOMEOWNERSHIP HOUSING CONSISTENT WITH SECTION 29-B(A) OF THE CITY CHARTER AND THIS RESOLUTION; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL OTHER NECESSARY DOCUMENTS, ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, FOR City of Miami Page 1 of 2 Printed on: 12/30/2019 Notes: Links: City of Miami Master Report City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Enactment Number: R-19-0502 SAID PURPOSE AND IN COMPLIANCE WITH THE REQUIREMENTS UNDER THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, AS NECESSARY TO PRESERVE THE FEDERAL INCOME TAX STATUS OF THE INTEREST ON THE CITY' S BONDS REFERENCED HEREIN. Attachments: 6501 Exhibit A (PDF) 6501 Notice to the Public (PDF) 6501 Pre -Legislation (PDF) 6501 Corporate Detail (PDF) History of Legislative File: Revision: Acting Body: Victoria Mendez City Commission City Commission City Commission City Commission Mayor's Office City Clerk's Office City Clerk's Office Date: Action: Result: 11/12/2019 Approved Form and Completed Correctness 11/21/2019 Meeting Completed 11/21/2019 CONTINUED Passed 12/12/2019 Meeting Completed 12/12/2019 ADOPTED Passed 12/23/2019 Unsigned by the Mayor Completed 12/23/2019 Signed and Attested by the City Completed Clerk 12/23/2019 Rendered Completed City of Miami Page 2 of 2 Printed on: 12/30/2019