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Home My WebLink AboutR-2021-092 City Place Apartments Continued Support for a Conditional Loan CommitmentRESOLUTION NO.2021-092 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA BEACH, FLORIDA, EXPRESSING CONTINUED SUPPORT FOR A CONDITIONAL LOAN COMMITMENT OF SIX HUNDRED FORTY THOUSAND DOLLARS ($640,000.00) TO PARTIALLY FINANCE DEVELOPMENT OF THE CITY PLACE HOUSING DEVELOPMENT BY CITY PLACE APARTMENTS, LTD.; AUTHORIZING THE CITY MANAGER TO EXECUTE A FLORIDA HOUSING FINANCE CORPORATION (FHFC) LOCAL GOVERNMENT VERIFICATION OF CONTRIBUTION LOAN FORM; PROVIDING FOR CONFLICTS; FURTHER PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, City Place Apartments, LTD., a Florida limited partnership, and its affiliates (the "Applicant") propose to build a new multi -family development for affordable rental housing to be known as City Place (the "Housing") to be located at 114 SW 1st Street , Dania Beach, Broward County, Florida, with restrictions on the incomes of the residents and rents that can be charged; and WHEREAS, on October 13, 2020, pursuant to Resolution No. 2020-123, the City of Dania Beach ("City") agreed to provide a conditional loan commitment from the City in the amount of Six Hundred Forty Thousand Dollars ($640,000.00) ("Requested Amount"), considered to be a "Local Government Area of Opportunity Funding" by Florida Housing Finance Corporation (FHFC) for Competitive Housing Credits ("Housing Credits") for the Housing; and WHEREAS, the Applicant's housing credit application submitted on October 20, 2020, to the Florida Housing Finance Corporation (FHFC) under RFA 2020-202 was not awarded funds by FHFC; and WHEREAS, the City's commitment for the conditional loan commitment expired December 31, 2020; and WHEREAS, FHFC recently issued a timeline with an August 31, 2021 due date for developments in Broward County seeking housing credits: and WHEREAS, Applicant would like to submit a housing credit application to FHFC by the August 31, 2021, deadline; and WHEREAS, the scope of the Applicant's development remains the same (i.e., number of units, unit mix, resident income groups served, design, etc.) as presented to the City in 2020; and WHEREAS, this is the only Local Government Area of Opportunity Funding being provided by the City in response to FHFC RFA 2021-2022 for Competitive Housing Credits; and WHEREAS, the conditional commitment to lend the Request Amount shall be contingent upon an award of Housing Credits and the City entering into agreements which, to its sole satisfaction, secure the repayment of the Request Amount; NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COMMISSION OF THE CITY OF DANIA BEACH, FLORIDA: Section 1. That the above "WHEREAS" clauses are ratified and confirmed, and they are made a part of and incorporated into this Resolution by this reference. Section 2. That the City of Dania Beach conditionally approves the Applicant's continuing request for funding in the amount of $640,000.00 to support the Housing. The funding shall consist of a loan evidenced by a promissory note and secured by a mortgage with a minimum term of five (5) years, subject to acceleration in the event of default, with collateral satisfactory to the City and subject to the City, Applicant, and other parties providing financing for the Housing and entering into agreements which, to the sole satisfaction of the City, and subject to no material alteration of the Applicant's financial status, to secure the repayment of the Request Amount; provided however, the City is not obligated to approve any loan documents with which it does not agree. Section 3. That the City Commission authorizes the City Manager to execute FHFC's Local Government Verification of Contribution -Loan Form, attached as Exhibit "A", which shall be effective through December 31, 2022. Section 4. That the City Manager is authorized, empowered, and directed to negotiate with the Applicant on the funding transaction if the Applicant receives an award of Housing Credits. Section 5. That all resolutions or parts of resolutions in conflict with this Resolution are repealed to the extent of such conflict. Section 6. That this Resolution shall become effective upon its passage and adoption. 2 RESOLUTION #2021-092 PASSED AND ADOPTED on June 22, 2021. ATTEST: y VIP HOMAS' CHNEIDE C TAMARA J CITY CLERK F a MAYOR ►sH��1 APPROVED AS TO F RM AND CORREMNESS: THOMA$ J. 44SB O CITY ATTO EY 4.-- 3 RESOLUTION #2021-092 FLORIDA HOUSING FINANCE CORPORATION LOCAL GOVERN'VIENT VERIFICATION OF CONTRIBUTION — LOAN FORM Name of Development: City Place Development Location: NE comer of the Intersection of S.W. 3rd Ave. & S.W. 1st St., Dania Beach, FL (At a m,n immi provide the address number, street name and city, and/or provide the street name, closest designated intersection and either the city (if located within a city) or county (if located in the unincotporate d area of the county). If the Development consists of Scattered Sites, the Development Location stated above must reflect the Scattered Site where the Development Location Point is located) The City/County of Dania Beach commits $ 640,ODO.00 (which may be used as an FHFC Non -Corporation Funding Proposal in an Application for FHFC funding if it meets the required criteria) in the form of a reduced interest rate loan to the Applicant for its use solely for assisting the proposed Development referenced above. The net present value of the above -referenced loan, based on its payment stream, inclusive of a reduced interest rate and the designated discount rate (as stated in the applicable RFA) is: $ No consideration or promise of consideration has been given with respect to the loan. For purposes of the foregoing, the promise of pro-6ding affordable housing does not constitute consideration. The commitment for this loan must be effective as of the Application Deadline for the applicable RFA, and is provided specifically with respect to the proposed Development. CERTIFICATION I certify that the foregoing information is true and correct and that this commitment is effective at least through the date required in the applicable RFA. Signature Ana M. Garcia City Manager Print or Type Name Print or Type Title NOTE TO LOCAL GOVERNMENT OFFICIAL: Additional information is set forth in the applicable Request for Application under which the Applicant is applying for funding for the above referenced Development. This certification must be signed by the chief appointed official (staff) responsible for such approvals. Mayor, City Manager, County Manager /Administrator/Coordinator, Chairperson of the City Couneit,Commission or Chairperson of the Board of County Commissioners. If the contribution is from a Land Authority organized pursuant to Chapter 380.0663, Florida Statutes. this certification must be signed by the Chair of the Land Authority. One of the authorized persons named above may sign this form for certification of state, federal or Local Government funds initially obtained by or derived from a Local Government that is directly administered by an intermediary such as a housing finance authority, a community reinvestment corporation, or a state - certified Community Housing Development Organization (CHDO). Other signatories are not acceptable. The Applicant will not receive credit for this contribution if the certification is improperly signed. To be considered for points, the amount of the contribution stated on this form must be a precise dollar amount and cannot include words such as estimated, up to. maximum of, not to exceed, etc. If the Application is not eligible for automatic points, this contribution will not be considered if the certification contains corrections or `white -out' or if the certification is altered or retyped. The certification may be photocopied. Please note: This form may be modified by Florida Housing Finance Corporation per Section 67-60.005. F.A.C. (Form Rev. 07-2019)