TITLE
RESOLUTION APPROVING AMENDMENT 1 TO MIAMI-DADE COUNTY RENTAL REGULATORY AGREEMENT BETWEEN COUNTY AND CONSOLIDATED REAL ESTATE INVESTMENT, LLC TO CHANGE THE COUNTY DEPARTMENT RESPONSIBLE FOR MONITORING THE AFFORDABLE HOUSING PROJECT AND TO INCLUDE AN ANNUAL MONITORING FEE TO BE PAID TO THE COUNTY; AND AUTHORIZING COUNTY MAYOR OR COUNTY MAYOR�S DESIGNEE TO EXECUTE AND DELIVER AMENDMENT 1

BODY
WHEREAS, pursuant to Resolution No. R-136-10, adopted on February 2, 2010 (�Allocation Resolution�), the Board of County Commissioners for Miami-Dade County, Florida (�Board�) approved a District 12 grant/allocation of $10,592,307 (�County Grant�) 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 (�BBC GOB Program�) to Consolidated Real Estate Investment, LLC (the �Developer/Grantee� or �Grantee�), a Florida limited liability company, for the development of eighty-seven (87) affordable elderly rental units and related amenities known as the Lil Abner Apartments (the �Project�), on real property located in District 12, at 455 N.W. 114 Avenue, Miami, Florida (the �Property�), which will be leased to certain eligible tenants; and
WHEREAS, a Miami-Dade County Rental Regulatory Agreement was entered into by the Grantee and Miami-Dade County (the �County�) regarding the County Grant and the Project, which was filed and recorded in the public records of Miami-Dade County on March 22, 2012, which addressed, among other things, how the rents in the eighty-seven (87) affordable rental units were required to be set and maintained, and how, and by whom, the Project will be monitored for compliance (�Rental Regulatory Agreement�); and
WHEREAS, this Board wishes to amend the Rental Regulatory Agreement, which the Grantee has approved, to (i) provide for an annual monitoring fee to be paid to the County by the Grantee, (ii) provide that Miami-Dade County�s Public Housing and Community Development (�PHCD�) department rather than its Internal Services Department (�ISD�) would perform the inspections and monitoring of the Project pursuant to the Rental Regulatory Agreement, and (iii) reduce the termination date of the Rental Regulatory Agreement by one day, for the purposes outlined in the accompanying memorandum, a copy of which is incorporated in this Resolution by reference,
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that Amendment 1 to the Rental Regulatory Agreement attached to this Resolution as Exhibit A is hereby approved and the County Mayor or the County Mayor�s designee, is authorized to execute and deliver Amendment 1, for and on behalf of Miami-Dade County, and to exercise any and all other rights conferred to the County in such document.

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Date:

To: Honorable Chairwoman Rebeca Sosa
and Members, Board of County Commissioners

From: Carlos A. Gimenez
Mayor

Subject: Amendment 1 to the Rental Regulatory Agreement between Miami-Dade County and Consolidated Real Estate Investment, LLC, for the Lil Abner Apartments Affordable Housing Senior Development Project Located at 455 N.W. 114 Avenue, Miami, Florida Recommendation

STAFF RECOMMENDATION
Recommendation
It is recommended that the Board of County Commissioners (Board) approve the attached resolution authorizing the execution of the Amendment 1 to the Rental Regulatory Agreement between the County and Consolidated Real Estate Investment, LLC (Consolidated), for the senior citizens affordable housing development project known as Lil Abner Apartments, located at 455 NW 114 Avenue, Miami, Florida. More specifically, this resolution does the following:

* Assigns Public Housing and Community Development (PHCD) to perform monitoring and inspections required to ensure continued compliance with federal and/or County standards for this project;
* Authorizes PHCD to collect a fee for monitoring and inspection activities, to be paid by Consolidated;
* Establishes a fee structure for ongoing annual monitoring and inspections throughout the established term of the Rental Regulatory Agreement; and
* Reduces the monitoring and inspection period to 30 years, minus one day.

Scope
The property is located in County Commission District 12, which is represented by Commissioner Jose �Pepe� Diaz.

Fiscal Impact/Funding Source
For the first year of the Rental Regulatory Agreement, Consolidated will pay a monitoring and inspection fee of $1,028. This fee will increase three percent each year for the remainder of the agreement, for a total of $48,907.35 to the County, as shown in Exhibit A, which outlines the fee schedule for this agreement.

Track Record/Monitoring
The County has no record of negative performance with the developer, Consolidated Real Estate Investment, LLC. Clarence Brown, Division Director in PHCD, is the program monitor.

Delegation of Authority
Authorizes the County Mayor or the County Mayor�s designee to execute the attached Amendment 1 to Rental Regulatory Agreement, and exercise any provisions therein.

MANAGER'S BACKGROUND
Background
At its meeting of February 2, 2010, the Board approved Resolution R-136-10, which authorized Building Better Communities General Obligation Bond Program funding for the development of this project and further authorized the County to enter into the original Rental Regulatory Agreement. The executed Rental Regulatory Agreement does not include a monitoring and inspection, which is customary for these types of agreements. Additionally, the original Rental Regulatory Agreement provided that the Internal Services Department would be the County department conducting the monitoring and inspection activities. This amendment serves to assign the monitoring and inspection responsibilities for this project to PHCD, authorizes PHCD to collect the monitoring and inspection fee from Consolidated, establishes the ongoing monitoring and inspection fee scheduled for the duration of this agreement, and reduces the term from 30 years, to 30 years, minus one day.

Per PHCD standards, ten percent of the total number of units that are occupied will be inspected for purposes of determining compliance with federal and/or County housing standards, and the project will be monitored for compliance with the rents and tenant mix required under the Rental Regulatory Agreement.

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Russell Benford
Deputy Mayor