TITLE
RESOLUTION APPROVING AGREEMENTS RELATED TO GRANT IN AMOUNT OF $10,592,307 FOR DISTRICT 12 TO CONSOLIDATED REAL ESTATE INVESTMENT LLC FOR DEVELOPMENT OF EIGHTY-SEVEN AFFORDABLE ELDERLY RENTAL UNITS FROM BUILDING BETTER COMMUNITIES GENERAL OBLIGATION BOND PROGRAM PROJECT NUMBER 249 � �PRESERVATION OF AFFORDABLE HOUSING UNITS AND EXPANSION OF HOME OWNERSHIP�; AND PROVIDING THAT FUNDING OF SUCH GRANT SHALL BE INCLUDED IN NEXT TWO BUILDING BETTER COMMUNITIES GENERAL OBLIGATION BONDS

BODY
WHEREAS, pursuant to Resolution No. 136-10 adopted on February 2, 2010 (the �Allocation Resolution), this Board approved a District 12 allocation of $10,592,307 from Project No. 249��Preservation of Affordable Housing Units and Expansion of Home Ownership� of the Building Better Communities General Obligation Bond Program (the �BBC Program�) to Consolidated Real Estate Investment LLC (the �Developer�) to fund all or a portion of the construction of eighty-seven (87) affordable rental units, which will be LEED certified, for the elderly located in the vicinity of N.W.114 Avenue and N.W. 4th Terrace (the �Lil Abner Project�) subject to Board approval of the necessary documents; and
WHEREAS, this Board wishes to approve, as required by the Allocation Resolution, the necessary documents; and
WHEREAS, there is need to provide affordable elderly housing in District 12 as soon as it is practicable; and
WHEREAS, the Lil Abner Project will fill that need since it will be ready to commence construction once the underwriting report is received by mid-July and the construction period is estimated to take no longer than twenty-four months from then provided it obtains the grant as soon as possible; and
WHEREAS, there are no operating costs to the County associated with the Lil Abner Project since it will be owned and operated by the Developer; and
WHEREAS, it is anticipated that the County shall issue the next series of Building Better Communities General Obligation Bonds (the �Bonds�) in the fall of 2010 and another series of Bonds in the fall of 201l; and
WHEREAS, it is the desire of this Board that the grant in the amount of $10,592,307 to the Developer be included in the next two series of Bonds since it is ready to commence construction and there is no cost to the County,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that:
Section 1. The foregoing recitals are incorporated in this Resolution and are approved.
Section 2. The Board approves the Development and Grant Agreement between the County and Consolidated Real Estate Investment LLC in substantially the form attached as Exhibit �A� to this Resolution (the �Grant Agreement�) and the County Mayor or County Mayor�s designee is authorized to execute the Grant Agreement on behalf of the County, subject to the County receiving a favorable underwriting report and any adjustments that need to be made in Grant Agreement and the Regulatory Agreement described below to reflect the findings of the report, after consultation with the office of the County Attorney.
Section 3. The Board approves the Rental Regulatory Agreement to be delivered by the Developer and recorded in the public records in substantially the form attached as Exhibit �B� to this Resolution (the �Regulatory Agreement�) and the County Mayor or County Mayor�s designee is authorized to execute the Grant Agreement on behalf of the County after consultation with the office of the County Attorney. Pursuant to the Regulatory Agreement, the Developer shall, among other provisions, develop eighty-seven (87) affordable rental units to be leased to elderly individuals with rents which are equal to or less than 30% of annual incomes for households at 60% of the area median income adjusted for size established by HUD (the �AMI�). The initial rental rate is anticipated to be $660 per month for one bedroom units and $792 per month for two bedroom units.
Section 4. Any grant proceeds that are reimbursed to the County pursuant to the Grant Agreement or the Regulatory Agreement shall be used solely for affordable housing in District 12.
Section 5. The funding of the grant in the amount of $10,592,307 to Consolidated Real Estate Investment LLC shall be included in the next two series of Bonds scheduled to be issued in the fall of 2010 and the fall of 2011, respectively.