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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 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

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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 �Owner�), which is affiliated with Atlantic Pacific Community Housing Development, LCC, through a not-for-profit grantee (the �Grantee�), 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 Development Group, LLC 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 assign the Lease to the Owner 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 2 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.
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.