Legislative Matter

Miami-Dade Legislative Item
File Number: 241716

Printable PDF Format

Clerk's Official Copy

File Number: 241716

File Type: Resolution

Status: Adopted

Version: 0

Reference: R-811-24

Control: Pending BCC Assignment

File Name: CUTLER BAY LODGING, LLC

Introduced: 9/16/2024

Requester: Internal Services

Cost:

Final Action: 9/17/2024

Agenda Date: 9/17/2024

Agenda Item Number: 8F2SUBSTITUTE

Notes:

SUBSTITUTE TO 241679; MAJORITY PLUS ONE VOTE

Title:

RESOLUTION APPROVING BY AN EXTRAORDINARY VOTE PURSUANT TO SECTION 125.355, FLORIDA STATUTES, A CONTRACT FOR SALE AND PURCHASE BETWEEN CUTLER BAY LODGING, LLC, A FLORIDA LIMITED LIABILITY COMPANY, AS SELLER, AND MIAMI-DADE COUNTY, AS BUYER, FOR AN APPROXIMATELY 87,626 SQUARE FOOT PROPERTY IMPROVED WITH AN APPROXIMATELY 46,415 SQUARE FOOT BUILDING LOCATED AT 10821 CARIBBEAN BLVD, CUTLER BAY, FLORIDA, IN THE AMOUNT OF $14,000,000.00; AUTHORIZING THE EXPENDITURE OF $14,000,000.00 FOR PURCHASE OF THE PROPERTY, UP TO $40,000.00 FOR CLOSING COSTS, AND UP TO $950,000.00 FOR PROPERTY RETROFITTING FOR A TOTAL AMOUNT OF $14,990,000.00 FUNDED FROM MIAMI-DADE COUNTY’S HOMES PLAN, AND ONE PERCENT FOOD AND BEVERAGE TAX FUNDS; SETTING REQUIREMENTS FOR OPERATION OF THE PROPERTY AND REQUIRING A RESTRICTIVE COVENANT; AUTHORIZING THE COUNTY MAYOR OR COUNTY MAYOR’S DESIGNEE TO EXECUTE THE CONTRACT FOR SALE AND PURCHASE, EXERCISE ALL RIGHTS CONFERRED THEREIN, TO ACCEPT CONVEYANCE OF PROPERTY BY GENERAL WARRANTY DEED, AND TAKE ALL ACTIONS NECESSARY TO EFFECTUATE SAID PURCHASE AND CONVEYANCE OF THE PROPERTY [SEE ORIGINAL ITEM UNDER FILE NO. 241679]

Indexes:

NONE

Sponsors:

Eileen Higgins, 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	9/17/2024	8F2 SUBSTITUTE	Adopted				P
REPORT:	Commissioner Higgins informed the Board that she had met with representatives from the Town of Cutler Bay and that the substitute item incorporated all requests from the Town. Senator Garcia questioned how the County would ensure that restrictive covenants would be enforceable in connection with the item. ACA Shannon Summerset-Williams explained that Section 5 of the proposed resolution provided for a restrictive covenant to be recorded in the public records, which would be enforceable by Miami-Dade County. She stated that the covenant would include all items listed in Section 4 and would be recorded against the property to ensure compliance. Senator Garcia shifted the discussion to the Homeless Trust, questioning whether beds would be taken offline due to the proposed $4 million expenditure for the subject property. He noted that an issue with Camillus House regarding bed pricing would be coming before the Board and acknowledged that costs had increased across the board. He asked about the current status of negotiations with Camillus House. Mr. Ronald Book responded that the Homeless Trust had continued ongoing dialogue with Camillus House leadership to find middle ground. However, he stated that the Trust could not meet Camillus House's request of $67 per bed per night without creating significant issues among other providers. Mr. Book explained that the Trust had made numerous offers to Camillus House on pricing and cash flow arrangements, including a 90-day advance at an increased rate. He noted that discussions had also occurred about altering some facilities to facilitate additional housing units rather than shelter beds. Mr. Book assured the Board that the Trust shared their concerns and was working diligently to find a solution, though he acknowledged the difficulty when multiple providers were involved. Senator Garcia emphasized that the Board had been given assurances that no beds would go offline, yet now approximately 100 beds for homeless individuals were potentially at risk. He asked what the Trust planned to do if the beds were taken offline. Mr. Book reiterated that the Trust was working diligently to prevent that outcome. He stated that the Trust had engaged with Camillus House leadership and all providers in the continuum of care, including those contracted with Camillus House. Mr. Book added that he had also reached out to the City of Miami Mayor regarding the issue. Senator Garcia expressed growing reservations about the item, stating his concern that losing beds might result in facilities being used for purposes other than addressing homelessness. He asked whether there had been conversations with the County Mayor's office about using other facilities for beds. Mayor Levine Cava responded that extensive conversations had occurred regarding plans to meet the October 1 and January 1 deadlines. She indicated that an updated report was forthcoming, which would outline numerous opportunities the Administration was actively exploring. Senator Garcia expressed frustration at being asked to approve a plan that could potentially take beds offline without clear information about alternatives. Mr. Book sought to clarify the distinction between housing units and shelter beds, noting that these were different issues. He stated that daily communication was occurring with the County Mayor's office and that staff was working to identify additional opportunities. Mr. Book mentioned that the Trust had located a property in Chairman Gilbert's district and was in negotiations to rent the entire building. He emphasized that the Trust was actively seeking to fill both beds and housing units and pledged continued work on the matter. Senator Garcia expressed further concern and frustration about beds going offline in connection with the proposed resolution. He clarified that the item concerned the La Quinta Inn property and the potential loss of 100 beds. Senator Garcia reminded Board members that they had received a memorandum from Camillus House on the matter and stated he would not vote for the resolution. Chairman Gilbert III responded to Senator Garcia's concerns by explaining that the Trust was developing a plan to ensure beds would not go offline. He noted that the state legislature had recently passed mandates, after which Camillus House subsequently increased their bed costs significantly. Chairman Gilbert III characterized this as challenging for the community because while the Homeless Trust collected its own revenue, ultimately the County's General Fund would bear the financial burden. He stated that the County could not afford to pay the requested bed costs and encouraged all parties to work with Senator Garcia on developing a comprehensive plan. A discussion ensued between Senator Garcia and Chairman Gilbert III regarding the use of proprietary funds, bed purchases, and planning approaches. Mr. Book noted that if additional funding were provided, it would be directed toward Camillus House. He referenced the plan attached to Mayor Levine Cava's memorandum dated September 3, 2024, which had been sent prior to the previous Board meeting. Commissioner Cohen Higgins stated that her primary concern had consistently been the financial aspects of the proposed transaction. She noted that the Board had received correspondence from Camillus House indicating ongoing negotiations with the Homeless Trust that had not yet reached agreement on necessary funding. As a result, approximately 90 beds were at risk of being taken offline. Commissioner Cohen Higgins explained that Camillus House had sent similar letters to other municipalities, with the aggregate total of at-risk beds exceeding 238. She stated that when she contacted Camillus House about the October 1 deadline that created urgency for the item, they responded that if the funding gap was not closed by September 30, the County would lose access to 238 beds. Commissioner Cohen Higgins addressed the financial considerations underlying her concerns. She questioned how the Homeless Trust could afford to spend $4 to $5 million over the appraised value of the property outlined in the resolution, particularly during a tight budget season. She explained that according to Camillus House, the issue stemmed from their current rate of $31 per bed, which had remained unchanged for 12 years. Camillus House, using external auditors, had determined the actual cost was $67 per bed and needed that gap closed to continue providing emergency shelter beds to the County's unsheltered population. Commissioner Cohen Higgins stated that for reasons unclear to her, the Homeless Trust would not close the $1.2 million gap. She questioned the logic of authorizing an expenditure of $4.5 million over appraised value to acquire 107 beds while simultaneously losing 238 beds when only $1.2 million was needed to preserve the existing capacity. Commissioner Cohen Higgins acknowledged that she understood the distinction between housing and shelter beds and recognized the Homeless Trust's goal of pursuing housing as part of the continuum of care. However, she emphasized that within two weeks, homeless and unsheltered individuals would be at risk of incarceration due to their poverty status. She stated that if the County's goal was to prevent as many arrests as possible, the Board's vote should reflect that objective. Commissioner Hardemon addressed what he characterized as confusion regarding the Camillus House situation. He asked whether the County would continue to have beds available at Camillus House. Mayor Levine Cava responded that when the pricing challenge came to her attention, she had spoken with the involved parties and elected officials from other jurisdictions. She stated that all parties agreed there were valid reasons why it was not sustainable for the County to pay higher rates at Camillus House when other facilities also contributed to bed costs. Mayor Levine Cava indicated that conversations were ongoing to reach a resolution. Commissioner Hardemon asked whether there would be a decrease in the physical number of beds at Camillus House. Mayor Levine Cava responded that Camillus House had indicated they had a deadline at the end of the month, after which they would no longer provide beds unless the higher rate was paid. Commissioner Hardemon sought clarification, noting that the beds physically existed at Camillus House and the issue was payment. He explained that typically the County and municipalities reserved and paid for a certain number of beds. He asked whether Camillus House would turn away homeless individuals when beds were physically available. Commissioner Hardemon questioned whether Camillus House was stating they would no longer house people from certain counties or municipalities that had not paid, effectively refusing to accept homeless individuals despite bed availability. Commissioner Hardemon noted his understanding of the reservation system, where municipalities and governmental entities reserved and paid for specific numbers of beds while Camillus House provided services. He acknowledged that other organizations and companies operating facilities were in contract negotiations with the Homeless Trust to add capacity, including a facility in his district. He reiterated his question about whether Camillus House would refuse to make beds available to homeless individuals in the community if a municipality had not paid for those specific beds. Mayor Levine Cava responded that based on her understanding from conversations with the parties involved, Camillus House had stated they would not provide beds for individuals referred to them unless the higher rate was paid. Commissioner Hardemon noted the irony of the situation, explaining that the County incurred costs when homeless individuals lacked access to beds, including expenses for cleaning, addressing crime in certain areas, and managing gatherings of law-abiding homeless individuals. He expressed surprise that a facility funded by taxpayers to help people would leverage payment or refuse to make beds available. Senator Garcia responded to Commissioner Hardemon's comments by clarifying that the Homeless Trust was not the only organization dealing with homelessness in the community. He noted that numerous nonprofit organizations and other entities worked with and addressed homelessness in different communities, including churches, synagogues, and various institutions that sought beds for homeless individuals and provided shelter. Senator Garcia stated that suggesting Camillus House would exit the business of sheltering homeless individuals was inaccurate. Rather, the issue concerned which homeless populations were being served and which entities held contracts, similar to how the Homeless Trust managed its contracts. He concluded that the beds would go offline for the Homeless Trust specifically, not for the broader community. Chairman Gilbert III sought clarification, asking whether all the organizations Senator Garcia referenced were located in Miami-Dade County and whether any came from other counties. Senator Garcia confirmed that all referenced organizations and the homeless individuals they served were located within Miami-Dade County. Mayor Levine Cava stated that she wanted to reassure everyone that she shared Senator Garcia's concerns about the need for beds. She noted that many of the organizations Senator Garcia mentioned operated under contracts with the Homeless Trust and received funding for beds. Mayor Levine Cava explained that her conversations with the Homeless Trust had focused on expanding bed capacity. She stated that the Trust was developing an updated plan that would include existing subcontracted providers as well as new facilities. Mayor Levine Cava emphasized that the goal was not only to avoid losing beds but to gain additional capacity. She noted that approximately 1,000 individuals were currently unhoused and that the County faced deadlines of October 1 and January 1 for potential liability under Florida House Bill 1365. Mayor Levine Cava stated that the Administration had been working collaboratively, and she had participated in discussions about how the Homeless Trust could add beds on both an emergency basis and for long-term housing. She emphasized that both approaches were necessary rather than choosing one over the other, because creating more permanent housing would free up shelter space for individuals on the streets. Commissioner Regalado stated that the Board should have a broader discussion about the homeless service paradigm. She noted that she had served on the Chapman Partnership board for seven years during the Camillus House restructuring period. Commissioner Regalado explained that during her tenure, a proposal had been presented to the City of Miami and the County regarding Camillus House operating a vocational program, with facilities created for that purpose. She noted that subsequent decisions had converted some temporary units into semi-permanent units. Commissioner Regalado stated that when discussing beds, as Commissioner Hardemon had done, the Board should not view that number in isolation. She explained that bed numbers encompassed the services provided at facilities. Commissioner Regalado suggested that if the Board wanted to examine Camillus House's mission, fundraising efforts, services provided, and contracting arrangements for beds, that would require a comprehensive discussion. She noted that Camillus House had raised bed costs and provided information to the County, but the situation involved numerous complex factors. Commissioner Regalado stated that examining different organizations revealed variations in pricing and services, suggesting this warranted thorough consideration rather than simplified comparisons. Hearing no further questions or comments, the Board proceeded to vote on the foregoing proposed resolution as presented.

Office of the Chairperson	9/16/2024		Additions

Carladenise Edwards	9/16/2024		Assigned	Office of Agenda Coordination

Office of Agenda Coordination	9/16/2024		Assigned	County Attorney	9/17/2024
REPORT:	ISD - Shannon D. Summerset - Commissioner Higgins Sponsor - Attachment: Contract - item has pages - Substitute to file no. 241679

County Attorney	9/16/2024		Assigned	Shannon D. Summerset		9/16/2024

Legislative Text

TITLE
RESOLUTION APPROVING BY AN EXTRAORDINARY VOTE PURSUANT TO SECTION 125.355, FLORIDA STATUTES, A CONTRACT FOR SALE AND PURCHASE BETWEEN CUTLER BAY LODGING, LLC, A FLORIDA LIMITED LIABILITY COMPANY, AS SELLER, AND MIAMI-DADE COUNTY, AS BUYER, FOR AN APPROXIMATELY 87,626 SQUARE FOOT PROPERTY IMPROVED WITH AN APPROXIMATELY 46,415 SQUARE FOOT BUILDING LOCATED AT 10821 CARIBBEAN BLVD, CUTLER BAY, FLORIDA, IN THE AMOUNT OF $14,000,000.00; AUTHORIZING THE EXPENDITURE OF $14,000,000.00 FOR PURCHASE OF THE PROPERTY, UP TO $40,000.00 FOR CLOSING COSTS, AND UP TO $950,000.00 FOR PROPERTY RETROFITTING FOR A TOTAL AMOUNT OF $14,990,000.00 FUNDED FROM MIAMI-DADE COUNTY�S HOMES PLAN, AND ONE PERCENT FOOD AND BEVERAGE TAX FUNDS; SETTING REQUIREMENTS FOR OPERATION OF THE PROPERTY AND REQUIRING A RESTRICTIVE COVENANT; AUTHORIZING THE COUNTY MAYOR OR COUNTY MAYOR�S DESIGNEE TO EXECUTE THE CONTRACT FOR SALE AND PURCHASE, EXERCISE ALL RIGHTS CONFERRED THEREIN, TO ACCEPT CONVEYANCE OF PROPERTY BY GENERAL WARRANTY DEED, AND TAKE ALL ACTIONS NECESSARY TO EFFECTUATE SAID PURCHASE AND CONVEYANCE OF THE PROPERTY

BODY
WHEREAS, according to the National Alliance to End Homelessness, senior citizen homelessness is expected to nearly triple by 2030; and

WHEREAS, between 2022 and 2023, the number of seniors 55 and over encountered by the Homeless Trust more than doubled; and

WHEREAS, a new state law that prohibits public camping and sleeping has brought new urgency to the issue of homelessness, and could result in the criminalization of homelessness; and

WHEREAS, on October 1, 2024, cities and counties will be required to enforce State bans on camping or sleeping on public property within their jurisdictions, including the beach, sidewalks, bus stops, and parks where the homeless may
sleep; and

WHEREAS, on January 1, 2025, cities and counties could face legal action from any resident or business owner within their jurisdictions, or the Florida Attorney General, for failing to comply with the new State ban; and

WHEREAS, units of housing, particularly supportive housing, are needed as there is an extreme lack of affordable rental housing in our community, particularly for the most vulnerable, which includes older adults; and

WHEREAS, the Miami-Dade Homeless Trust (�Homeless Trust�) identified an affordable housing solution for low-income seniors in need of housing, an existing 87,626� square foot real property improved with an approximately 46,415 square foot, four-story hotel with 107 guest rooms located at 10821 Caribbean Blvd, Cutler Bay, Florida, identified by Folio Number 36-6007-027-0010 (the �Property�), which fits into a larger acquisition and conversion strategy of creating housing through adaptive reuse; and

WHEREAS, the Internal Services Department (�ISD�) performed the due diligence pertaining to the acquisition of the Property and while offsite contaminants, which do not pose a health risk to the current users or any future residents were identified, ISD has concluded that the Property is structurally safe and suitable for its intended purpose of housing senior citizens and meets the County�s standards; and

WHEREAS, two appraisals were conducted on the Property and the market value at highest and best use was determined to be the existing hotel use, between $10,200,000.00 and $10,300,000.00, with an average of $10,250,000.00; and

WHEREAS, the purchase price for the subject Property is $14,000,000.00, which contemplates $8,000,000.00 in HOME American Rescue Plan (�ARP�) funds from the City of Miami; and

WHEREAS, as the City�s contribution is pending approval, the Homeless Trust will allocate Food and Beverage Tax reserves in an amount of $8,000,000.00 to effectuate the purchase of the Property, pending reimbursement by the City of Miami; and

WHEREAS, $7,000,000.00 toward the purchase of the Property is allocated as part of Miami-Dade County�s HOMES plan approved in the 2023-2024 Fiscal Year budget; and

WHEREAS, the purchase price for the subject Property of $14,000,000.00 exceeds the average of the two appraisals; and

WHEREAS, section 125.355, Florida Statutes, requires an extraordinary vote when the agreed purchase price exceeds the average appraised price of the two appraisals; and

WHEREAS, this Board believes that it is important that senior citizens within Miami-Dade County have a safe and secure place to live, regardless of their income; and

WHEREAS, purchase of the Property is a significant step in the County�s ongoing commitment to ensure that all senior citizens within Miami-Dade County have access to such a place; and

WHEREAS, the Board desires to accomplish the purposes outlined in the accompanying memorandum, a copy of which is incorporated herein by reference,

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that:

Section 1. The foregoing recitals are incorporated into this resolution and are approved.

Section 2. This Board hereby approves, by an extraordinary vote of a majority plus one of the board members present, pursuant to section 125.355, Florida Statutes, the Contract for Sale and Purchase (the �Contract�) between Cutler Bay Lodging, LLC, a Florida Limited Liability Company, as Seller, and the County, as Buyer, of an existing 87,626� square foot property improved with an approximately 46,415 square foot, four-story hotel with 107 guest rooms located at 10821 Caribbean Blvd, Cutler Bay, Florida, identified by Folio Number 36-6007-027-0010 (the �Property�), in substantially the form attached to the accompanying memorandum as Attachment 1, an is for an acquisition cost in the amount of $14,000,000.00 and this Board authorizes an additional expenditure of up to $40,000.00 for closing costs, and up to $950,000.00 for building retrofit, for a total expenditure of up to $14,990,000.00 funded from the Miami-Dade County�s HOMES Plan and one percent Food and Beverage Tax funds, for the purpose of purchasing and repurposing the existing hotel into permanent, affordable housing for seniors served by Miami-Dade County�s Continuum of Care.

Section 3. This Board further authorizes the County Mayor or County Mayor�s designee to execute said Contract on behalf of Miami-Dade County, to exercise any and all rights conferred therein, to take all other actions necessary to effectuate said purchase, and to accept conveyance of said Property by General Warranty Deed substantially in the form attached to the Contract as Exhibit C.

Section 4. This Board directs the County Mayor or Mayor�s designee to ensure that the >>Homeless Trust<< [[Property is operated]] >>operates<< and >>maintains<< [[maintained]] >>the Property<< with the following >>requirements<< [[guidelines]]: (a) the Property will serve as permanent supportive housing exclusively for senior citizens aged 55 and older; (b) tenants shall be required to enter into >>annual<< leases and provide proof of >>income and<< ability to pay >>thirty percent of that documented income for<< the required rents; (c) no needle exchange or similar program shall be operated on the Property; (d) background checks shall be conducted on all potential tenants prior to entering into any lease in order to exclude any individual identified as a sexual predator or sexual offender, as defined in section 21-280 of the Code of Miami-Dade County (Code�), as may be amended from time to time >>or any individual convicted of a violent felony, as defined in section 26-37 of the Code, within the last 10 years<<; (e) the Property will maintain a continuously operational closed circuit television system; (f) the Property, including the exterior fa�ade, shall be renovated and continuously maintained to comply with all applicable county building and zoning code standards, >>and the Property will be maintained with window shades/coverings that are consistent in every unit<<; [[and]] (g) >>no more than 2 people shall occupy each unit; (h) there shall be an onsite property manager Monday through Friday from 9:00 am through 5:00 pm on business days and on-call staff during weekends; and (i)<< such other >>requirements<< [[guidelines]] as this Board may from time to time implement. >>This Board further directs the County Mayor or Mayor�s designee to ensure that the Homeless Trust meets with the developers of the South Place City Center mixed use development in good faith about other requests for site improvements, and shall consider those requests so long as such requests do not present a capital or operational expense to the Homeless Trust or the County.

Section 5. This Board authorizes the County Mayor or County Mayor�s designee to execute a restrictive covenant, following approval by the County Attorney�s Office, to set forth the requirements in Section 4 of this resolution on behalf of the County and allowing for the enforcement thereof exclusively by the County. This Board authorizes the County Mayor or County Mayor�s designee to record the restrictive covenant in the Public Records of Miami-Dade County.<<

Section >>6<< [[5]]. Pursuant to Resolution No. R-974-09, the County Mayor or County Mayor�s designee shall provide a recorded copy of the instrument of conveyance accepted herein to the Clerk of the Board within 30 days of the execution and final acceptance of such instrument, and the Clerk of the Board shall attach and permanently store a recorded copy of such instrument together with this resolution.

HEADER
Date:

To: Honorable Chairman Oliver G. Gilbert, III
and Members, Board of County Commissioners

From: Daniella Levine Cava
Mayor

Subject: Resolution Approving a Contract for Sale and Purchase
Between Cutler Bay Lodging, LLC, a Florida Limited
Liability Company, as Seller, and Miami-Dade County,
as Buyer, for Property Located at 10821 Caribbean
Blvd, Cutler Bay, Florida
Folio No.: 36-6007-027-0010

STAFF RECOMMENDATION
This substitute differs from the original in that, in Section 4 of the Resolution, it makes guidelines into requirements relating to operating and maintaining the property and adds additional requirements, adds a new section 5 requiring a restrictive covenant, and revises the title to reflect these changes. In addition, attachment 1 is being replaced to include the updated offer expiration date of October 31, 2024.

Executive Summary
This item seeks the approval of a contract for the sale and purchase between Cutler Bay Lodging, LLC, a Florida Limited Liability Company (Seller), and Miami-Dade County (County), acting as the Buyer, for the property situated at 10821 Caribbean Blvd, within Cutler Bay, Florida, further identified by Folio 36-6007-027-0010, (Property) and the delegation of authority to the County Mayor or County Mayor�s designee to execute the contract, to exercise all other rights conferred therein, to accept the General Warranty Deed for the Property, and to take all actions necessary to effectuate the purchase, conveyance and renovations of the Property. The Property consists of a four-story hotel, operating as La Quinta with 107 guest rooms containing 46,415� square feet of adjusted building area situated on an 87,626� square foot (2.013� acres) TC zoned site (providing for commercial, multi-family and mixed uses).

This purchase is intended to be managed by the Homeless Trust (HT) for the repurposing of the existing hotel into permanent, affordable housing for seniors served by the County�s Continuum of Care. The Internal Services Department (ISD) performed the due diligence pertaining to the acquisition of the Property, including but not limited to appraisals, engagement with County departments, property inspections, zoning reviews, environmental studies, and title searches.

The findings of all due diligence conclude that the Property is structurally safe and suitable for its intended purpose of housing senior citizens and meets the County�s standards. The whereas clauses in the attached resolution are incorporated herein by reference.

Recommendation
According to Section125.355 of the Florida Statutes, it is recommended that the Board approve the attached resolution by an extraordinary vote.

Fiscal Impact/Funding Source
The fiscal impact of the acquisition of the Property is comprised of the $14,000,000.00 purchase price, up to $40,000.00 in closing and due diligence costs, and, following the closing of the Property, additional costs of up to $950,000.00, including the cost of permiting, for capital expenses to the Property are needed to retrofit the 107 units and for the restrictive covenant, for a total project cost of $14,990,000.00 (Total Project Costs). The Total Project Costs will be funded as follows: (a) $7,000,000.00 from general revenue funds included in the County�s HOMES Plan, and (b) $8,000,000.00 from the Food and Beverage Tax reserves. It is anticipated that the City of Miami will provide $8,000,000.00 in HOME American Rescue Plan funds to the County for the acquisition of the Property, and the County will use those funds in lieu of the Food and Beverage Tax reserves to acquire the Property if the funds are deposited with the County prior to the closing on the Property or will otherwise reimburse itself into the Food and Beverage tax reserves if the funds are received from the City of Miami following the closing of the Property.

The annual costs to operate the Property are estimated to be $1,640,000.00 and will be funded from Food and Beverage tax funds.

Attachment

______________________________
Carladenise Edwards
Chief Administrative Officer