Miami-Dade Legislative Item
File Number: 120534
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File Number: 120534 File Type: Resolution Status: Adopted
Version: 0 Reference: R-326-12 Control: Board of County Commissioners
File Name: GOB PROJECT NO 249 7TH AVE TRANSIT VILLAGE Introduced: 3/19/2012
Requester: NONE Cost: Final Action: 4/3/2012
Agenda Date: 4/3/2012 Agenda Item Number: 14A2
Notes: Title: RESOLUTION APPROVING AGREEMENTS RELATED TO GRANT FROM BUILDING BETTER COMMUNITIES GENERAL OBLIGATION BOND PROGRAM PROJECT NO. 249 – “PRESERVATION OF AFFORDABLE HOUSING UNITS AND EXPANSION OF HOME OWNERSHIP” IN AMOUNT OF $10,592,307 FOR DEVELOPMENT OF AFFORDABLE HOUSING AT 7TH AVENUE TRANSIT VILLAGE; AND AUTHORIZING COUNTY MAYOR OR COUNTY MAYOR’S DESIGNEE TO EXECUTE AND DELIVER SUCH AGREEMENTS ON BEHALF OF THE COUNTY
Indexes: GOB
Sponsors: Audrey M. Edmonson, Prime Sponsor
Sunset Provision: No Effective Date: Expiration Date:
Registered Lobbyist: None Listed


Legislative History

Acting Body Date Agenda Item Action Sent To Due Date Returned Pass/Fail

Board of County Commissioners 4/3/2012 14A2 Adopted P
REPORT: Vice-Chairwoman Edmonson relinquished the Chair to Commissioner Sosa. Commissioner Edmonson noted the County Commission by approving the foregoing proposed resolution would be setting a precedent related to the Building Better Communities General Obligation Bond (GOB) funding, particularly when funding comes several years in the future. She said the proposal was an attempt to move GOB funding forward without an impact to the County. Deputy Mayor Ed Marquez explained that the proposed resolution was a modification of the grant agreement that would include multiple years’ allocations. He noted both Carlisle Development Group, LLC (developer) and Citibank (lender) requested the inclusion of this language into the grant agreement and it was the County’s intent to honor any future commitments. Deputy Mayor Marquez said that Citibank was proceeding to underwrite the loan to Carlisle based upon the approval of this language; that the language did not increase any risk to the County; and that it reassured the lender that the County would appropriate funds annually. Commissioner Edmonson acknowledged Deputy Mayor Marquez, County Attorney Robert Cuevas and First Assistant County Attorney Abigail Price-Williams for negotiating this change, noting this would assist Commissioners to expedite GOB projects in their Districts. Commissioner Moss inquired about the impact of the new language on previously approved projects. Deputy Mayor Marquez explained that the change authorized allocations for the first, second and third years into the future; whereas previous grant agreements only included allocations for the first year. He also explained that the grantee would receive multi-year funding once future GOB bonds were issued. Deputy Mayor Marquez said he believed this proposed change would assure banks that the County was committed to multi-year projects. Ms. Jennifer Moon, Director, Office of Management and Budget commented that the grantees could not always get their money ahead of time unless they had assurance that the County would provide future funding. She said that the County Attorney’s office was preparing revisions to the Implementing Order for Standard Grant Agreements providing assurance to grantees that the County would reimburse them for work performed in multi-year projects. Ms. Moon noted this change would be forwarded to the County Commission for authorization and that it would apply to all projects. Hearing no further questions or comments, the Commission proceeded to vote on the foregoing proposed resolution as presented. Vice-Chairwoman Edmonson resumed the Chair. .

County Mayor 4/2/2012 Additions

County Attorney 3/19/2012 Referred Infrastructure and Land Use Committee 4/11/2012

County Attorney 3/19/2012 Assigned Gerald T. Heffernan 3/19/2012

Legislative Text


TITLE
RESOLUTION APPROVING AGREEMENTS RELATED TO GRANT FROM BUILDING BETTER COMMUNITIES GENERAL OBLIGATION BOND PROGRAM PROJECT NO. 249 – “PRESERVATION OF AFFORDABLE HOUSING UNITS AND EXPANSION OF HOME OWNERSHIP” IN AMOUNT OF $10,592,307 FOR DEVELOPMENT OF AFFORDABLE HOUSING AT 7TH AVENUE TRANSIT VILLAGE; AND AUTHORIZING COUNTY MAYOR OR COUNTY MAYOR’S DESIGNEE TO EXECUTE AND DELIVER SUCH AGREEMENTS ON BEHALF OF THE COUNTY

BODY

WHEREAS, pursuant to Resolution No. R-780-08 adopted on July 1, 2008 (“Allocation Resolution”), this Board approved a District 3 grant/allocation of $10,592,307 from Project No. 249 – “Preservation of Affordable Housing Units and Expansion of Home Ownership” (“Total Funding Cycle Allocation” or “Grant”) of the Building Better Communities General Obligation Bond Program (“Bond Program”) for the construction and development of the affordable housing portion (“Affordable Housing Portion”) of a comprehensive, mixed use, transit oriented development project that includes in addition to affordable housing, retail, office space, parking facilities, bus bays and a transit support facility that features convenient access to public transportation, known as The 7th Avenue Transit Village (“Project”) on real property owned by the County located at the south-east quadrant of the intersection of NW 62 Street and NW 7 Avenue in District 3 (“Property”); and
WHEREAS, pursuant to Resolution R-138-11 adopted on March 3, 2011, the Board approved the selection of Carlisle Development Group, LLC as the Project developer (“Carlisle”) and approved the ground lease for the Property between the County and Carlisle (“Lease”) and the assignment of the Lease from Carlisle to CDG Seventh Avenues Holdings, LLC; and
WHEREAS, there is a need to provide affordable multi-family housing in District 3 as soon as it is practicable; and
WHEREAS, pursuant to the County’s five-year capital plan, it is anticipated that the County shall have sufficient Building Better Communities General Obligations note/bond proceeds (“Bond Proceeds”) available to fund the total Grant by allocating $1,254,000 in Fiscal Year 2011-12, $3,800,000 in Fiscal Year 2012-13, $3,208,000 in Fiscal Year 2013-14 and $2,330,000 in Fiscal Year 2014-15 (collectively, the “Funding Plan”); and
WHEREAS, due to the funding of the Grant over several Fiscal Years, the Grantee needs to secure construction financing to be paid from proceeds of the Grant until the Grant is fully funded; and
WHEREAS, the construction lender has requested that the County contract for the full amount of the Grant and provide a covenant to annually appropriate the amount necessary to fund each Fiscal Year’s Grant allocation solely from available Bond Proceeds until the Grant is fully funded (“Covenant”); and
WHEREAS, this Board wishes to approve the Development and Grant Agreement and Regulatory Agreement between the County and the Grantee (as defined herein),
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 for the full amount of the Grant to be funded pursuant to the County’s current five year capital plan, which capital plan may be amended by the Board, between the County and Carlisle or related entity, including CDG Seventh Avenue Holdings, LLC or a not-for profit entity if necessary to secure low income tax credits (“Grantee”), provided, Carlisle or a wholly owned subsidiary of Carlisle is the developer of the Project, in substantially the form attached as Exhibit “A” to this Resolution ( “Grant Agreement”) and the County Mayor or County Mayor’s designee is authorized to execute and deliver the Grant Agreement on behalf of the County subject to the County receiving a favorable underwriting report with such changes or amendments consistent with this Resolution, the underwriting report and the Lease after consultation with the Miami-Dade County Attorney’s office. The Grant Agreement also includes the Covenant requested by the construction lender. The Covenant provides that the County shall appropriate annually funds derived solely from the sale of Building Better Communities General Obligation Bond notes and/or bonds (“Bond Funds”) in an amount necessary to fund the Funding Plan each Fiscal Year until the Grant is fully funded.
Section 3. The Board approves the Rental Regulatory Agreement to be delivered by the Grantee and recorded in the public records in substantially the form attached as Exhibit “B” to this Resolution (“Regulatory Agreement”) and the County Mayor or County Mayor’s designee is authorized to execute the Regulatory Agreement on behalf of the County subject to the County receiving a favorable underwriting report and with any revisions that may be necessary to assure the Project is affordable and any changes or amendments consistent with this Resolution, the underwriting report and the Lease after consultation with the Miami-Dade County Attorney’s Office. The Grantee will set aside all of the 161 units as affordable rental units. The unit sizes, initial monthly rental rates, eligible tenants and the income requirements for eligible tenants are set forth in the Lease and the Regulatory Agreement.
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 3.


Exhibit A
Development and Grant Agreement



Exhibit B
Regulatory Agreement



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