Miami-Dade Legislative Item
File Number: 130867
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File Number: 130867 File Type: Resolution Status: Amended
Version: 0 Reference: Control: County Commission
File Name: GOB NORTHSIDE HOUSING Introduced: 5/2/2013
Requester: NONE Cost: Final Action:
Agenda Date: 12/3/2013 Agenda Item Number: 14A4
Notes: SEE 132500 FOR FINAL VERSION AS ADOPTED. 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 $4,000,000.00 TO NORTHSIDE PROPERTY 1 LTD, AFFILIATE OF CARLISLE DEVELOPMENT GROUP, LLC, FOR DEVELOPMENT OF AFFORDABLE HOUSING AT NORTHSIDE METRORAIL STATION; AND AUTHORIZING COUNTY MAYOR OR COUNTY MAYOR’S DESIGNEE TO EXECUTE AND DELIVER SUCH AGREEMENTS ON BEHALF OF THE COUNTY
Indexes: GENERAL OBLIGATION BOND PROGRAM
Sponsors: Jean Monestime, 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 12/3/2013 14A4 Amended
REPORT: (SEE AGENDA ITEM 14A4 AMENDED, LEGISLATIVE FILE NUMBER 132500)

Office of the Chairperson 12/2/2013 Additions 12/3/2013

Board of County Commissioners 6/4/2013 11A10 Deferred P
REPORT: This resolution was deferred to no date certain.

Office of the Chairperson 6/3/2013 Scrivener's Errors
REPORT: On handwritten page 4, in the third WHEREAS clause, District 8 should be changed to District 2.

Health & Social Services Committee 5/13/2013 2C Forwarded to BCC with a favorable recommendation P
REPORT: Assistant County Attorney Terrence Smith read the foregoing proposed resolution into the record. It was moved by Commissioner Monestime that the foregoing proposed resolution be forwarded to the Board of County Commissioners. This motion was seconded by Chairwoman Edmonson, followed by discussion. Commissioner Monestime noted he had read some news stories over the last weeks about Northside Property 1 LTD. He said that in light of these stories, he wanted some clarification, and would like to know if the County’s interests would be protected by entering into an agreement with this company. Assistant County Attorney Gerald Heffernan explained that the County had grant agreements for all of its housing projects; in these agreements, all of the County’s disbursements were on a reimbursement basis. He said that it was necessary for the County to have invoices and to be comfortable with the expenditures before disbursing the monies. He pointed out that the agreements included provisions that allowed it to recapture monies that were paid out in the event the project was not completed or did not proceed the way it was supposed to. Thus, he noted, some protections existed. Commissioner Monestime asked whether the Committee members needed to make a decision at the present time to enable the company to receive advance funds from the bank. Assistant County Attorney Heffernan noted he was not privy to that information. He said that he was unsure at which stage of the process the company was with the bank and with the project’s other funding. He indicated that other federal funds had already been spent on the project. Commissioner Monestime asked how much of the Neighborhood Stabilization Program (NSP) funds had been spent. Mr. Greg Fortner, Director, Public Housing and Community Development Department (PHCD), indicated that $7 million were allocated to the project, and approximately $3 million had been spent. He stated that the NSP funds must be spent by March 2014, as any unspent NSP funds would be recaptured by March 7 of next year. Commissioner Monestime said he had been informed that the project was supposed to begin within the next week, and asked whether they were still on schedule. Mr. Fortner stated that he was unsure, because he did not know the project’s schedule. Commissioner Monestime asked what would happen if the project did not move forward. Assistant County Attorney Heffernan advised that if the project did not move forward, the Building Better Communities General Obligation Bonds (GOB) money would not be spent, because it was to be spent on a reimbursement basis. He said that he did not know about the NSP funds. Assistant County Attorney Brenda Neuman clarified that $3 or 4 million of NSP funds had already been spent; the remaining portion of the $7 million allocation had not been spent yet. Commissioner Monestime said that he had received a number of questions from the community about whether this project was ready to begin. He asked whether the County would have to return the NSP funds to the federal government if the commissioners did not approve the agreement. Mr. Fortner explained that the NSP funds had to be spent by March of next year. He noted $7 million were allocated to this project, of which $3 million had already been spent by the developer. He stressed that if the commissioners did not approve the agreement, the County would lose the remaining funds. Hearing no further questions or comments, the Committee members proceeded to vote on the foregoing proposed resolution, as presented.

County Attorney 5/2/2013 Referred Health & Social Services Committee 5/13/2013

County Attorney 5/2/2013 Assigned Gerald T. Heffernan 5/2/2013

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 $4,000,000.00 TO NORTHSIDE PROPERTY 1 LTD, AFFILIATE OF CARLISLE DEVELOPMENT GROUP, LLC, FOR DEVELOPMENT OF AFFORDABLE HOUSING AT NORTHSIDE METRORAIL STATION; 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-872-08, adopted on July 17, 2008 (the ''Allocation Resolution''), and further amended by Resolution No. R-745-09, adopted on June 2, 2009, and Resolution R-597-12, adopted on July 3, 2012, this Board approved a District 2 grant/allocation of $2,500,000.00 and $1,500,000.00, respectively, for a total of $4,000,000.00 from Project No. 249 - ''Preservation of Affordable Housing Units and Expansion of Home Ownership'' (the ''Total Funding Allocation'') of the Building Better Communities General Obligation Bond Program (the ''BBC GOB Program'') to Northside Property 1, Ltd. (the ''Grantee''), an affiliate of Carlisle Development Group, LLC (''Carlisle'') for the development of the affordable housing portion of Phase 1 of the Northside Metrorail Station Transit Oriented Development (TOD), a mixed-income mixed-use transit-oriented development (TOD), to be developed in four (4) phases on 6.2 acres of County-owned property located on most of Tract A, between NW 31st Avenue and NW 32nd Avenue, and between NW 79th Street and NW 77th Street Miami, Florida in District 2, (the ''Property'') which will include at least four hundred thirty-eight (438) affordable residential rental units; 20,000 square feet of retail/commercial space; and a multi-level parking garage with the number of parking spaces that are legally sufficient to meet all zoning and building requirements pertaining to on-site parking for the four phases, including two hundred and fifty (250) parking spaces dedicated exclusively for Miami-Dade transit riders (collectively, the ''Project''); and
WHEREAS, pursuant to Resolution R-439-11, adopted on June 7, 2011, the Board approved the ground lease for the Property between the County and the subsequent assignment of such ground lease from Carlisle to its affiliate, CDG Northside Holdings, LLC (''Holdings'') as such ground lease may be further amended or assigned in accordance with the provisions of such ground lease (''Lease''); and
WHEREAS, Holdings has or will sublease a portion of the Property Grantee, an affiliate of Carlisle, with respect to the development of Phase 1, which is described in the Affordable Housing Development and Grant Agreement between the County and the Grantee attached as Exhibit A to this Resolution (the ''Grant Agreement''); and
WHEREAS, there is a need to provide affordable multi-family housing in District 8 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 since it has funded $23,275.00 to date and will fund the balance by allocating $3,180,000.00 in Fiscal Year 2013-14 and $796,725.00 in Fiscal Year 2014-15 (''Funding Plan''); and
WHEREAS, due to the funding of the Grant over two 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 (i) the award of the Grant to the Grantee; and (ii) the forms of the Grant Agreement and Rental Regulatory Agreement between the County and the Grantee (''Rental Regulatory Agreement''),
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 Grantee as the recipient of the Grant provided Carlisle or a wholly owned subsidiary of Carlisle is the developer of Phase 1.
Section 3. The Board approves the Grant Agreement in substantially the form attached as Exhibit ''A'' to this Resolution for the full amount of the Grant to be funded pursuant to the Funding Plan which may be amended by the Board and the 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 in an amount necessary to fund the Funding Plan each Fiscal Year until the Grant is fully funded.
Section 4. 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 and the County Mayor or County Mayor’s designee is authorized to execute the Rental 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 one hundred (100) rental units as affordable family units. The unit sizes, initial monthly rental rates and the income requirements for eligible tenants are set forth in the Lease and the Rental Regulatory Agreement.
Section 5. Any Grant proceeds that are reimbursed to the County pursuant to the Grant Agreement and/or the Regulatory Agreement shall be used solely for affordable housing in District 2.



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