PH.1 - A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING AN AMENDMENT TO THE LOAN DOCUMENTS AND DISBURSEMENT AGREEMENT, ATTACHED AND INCORPORATED AS EXHIBIT “A, AS DESCRIBED HEREIN, FOR THE AFFORDABLE HOUSING PROJECT KNOWN AS “ESSENCE MIAMI,” LOCATED AT 829 SOUTHWEST 8TH STREET, 845 SOUTHWEST 8TH STREET, AND 847 SOUTHWEST 8TH STREET, MIAMI, FLORIDA (“PROJECT”); AUTHORIZING MODIFICATIONS TO THE DISBURSEMENT REQUIREMENTS FOR FUNDING THE PROJECT, INCLUDING THE REMOVAL OF THE DEVELOPER CONTRIBUTION PERCENTAGE REQUIREMENT, AND AUTHORIZING REIMBURSEMENT OF ELIGIBLE INCURRED PROJECT COSTS FROM PREVIOUSLY APPROVED FUNDS TO ACCELERATE THE COMPLETION OF PROJECT CONSTRUCTION; SUBJECT TO COMPLIANCE WITH THE CITY’S DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT GUIDELINES, THE RECEIPT BY THE CITY MANAGER OF THE WRITTEN APPROVAL OF THE MODIFICATION BY THE CITY’S HOUSING AND COMMERCIAL LOAN COMMITTEE (“HCLC”) AND SUBJECT TO THE TERMS, CONDITIONS, AND RESTRICTIONS CONTAINED IN THE H...

WHEREAS, 8th Street Properties, LLC, a Florida Limited Liability Company (“Developer), is developing the proposed mixed-use development known as Essence Miami which will be located at 829 Southwest 8th Street, 845 Southwest 8th Street, and 847 Southwest 8th Street and will provide no fewer than eighty-eight (88) affordable and/or workforce rental units in District 3 (“Project”); and WHEREAS, on June 10, 2021, pursuant to Resolution No. R-21-0222, the City Commission allocated an amount not to exceed Five Million and 00/100 Dollars ($5,000,000.00) in Miami Forever Affordable Housing Limited Ad Valorem Bonds to the development of the affordable housing components of the Project; and WHEREAS, on July 30, 2021, the Housing and Commercial Loan Committee (“HCLC”)  approved the Project and established the Project’s terms, requirements, conditions, and affordability requirements; and WHEREAS, on September 23, 2021, pursuant to Resolution No. R-21-0391, the City Commission approved the terms, conditions, and affordability requirements for the Project as set forth by HCLC; and WHEREAS, pursuant to the approved Project terms, conditions, and affordability requirements, eighteen (18) of the Project’s total eighty-eight (88) rental units will be restricted for households with incomes at or below sixty percent (60%) of median income as determined by Florida Housing Finance Corporation (“FHFC”), with adjustments and certain exceptions as provided by FHFC (“AMI”), and seventy (70) of the Project’s total eighty-eight (88) rental units will be restricted for households with incomes at or below one hundred percent (100%) AMI; and WHEREAS, on April 29, 2025, pursuant to the Resolution No. 25-0174, the City Commission approved an additional funding allocation for the affordable housing components of the Essence Miami Project, increasing the total City funding allocation for the Project to an amount not to exceed Twelve Million and 00/100 Dollars ($12,000,000.00); and WHEREAS, on May 22, 2026, the Developer requested a modification to the terms of the funding documents (the “Loan Documents”) concerning the construction draws reimbursement; and WHEREAS, pursuant to the Loan Documents, the Developer is currently required to contribute a specified percentage of Project costs prior to accessing certain City funds; and WHEREAS, the proposed amendment does not increase the total amount of City funding previously approved for the Project, but solely modifies the conditions governing the disbursement of such funds; and WHEREAS, the City has determined that modifying the disbursement requirements of the Loan Documents will facilitate the timely completion of construction and deployment of the Project; and WHEREAS, the City Commission’s approval is subject to the approval of the modification request by HCLC and the Developer fulfilling, in a timely manner, any and all terms, requirements, and conditions to be set forth by HCLC in its memoranda (”HCLC Approvals”); and WHEREAS, such modification shall be in compliance with all applicable Federal, State of Florida, local, and City laws, rules, regulations, and procedures, including, but not limited to, the Bonds Strategies, the Miami Forever Bond Validation Order, the Charter of the City of Miami, Florida, as amended (“City Charter”), and the Code of the City of Miami, Florida, as amended (“City Code”) (collectively, “Laws”); and WHEREAS, the City Administration recommends approving an amendment to the Loan Documents, for the Project, subject to any and all terms, requirements, and conditions to be set forth by the HCLC Approvals; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1.  The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as if fully set forth in this Section. Section 2. Subject to the receipt by the City Manager of the HCLC Approvals, which shall be consistent with the City Commission approval, the City Commission hereby authorizes the amendment to the Loan Documents and Disbursement Agreement, as specified in Exhibit “A,” attached and incorporated, for this Project, to remove the Developer contribution percentage requirement and the modification for the reimbursement of eligible incurred Project costs, to accelerate the completion of Project construction. Section 3.  Subject to the receipt by the City Manager of the HCLC Approvals, which shall be consistent with the City Commission approval, the City Commission hereby authorizes1 and directs the City Manager to negotiate and execute any and all necessary documents, including amendments, extensions, and modifications, all in form acceptable to the City Attorney, for said purpose. Section 4.  This Resolution shall become effective immediately upon its adoption.