Housing and Commercial Loan Committee - Regular Meeting

Good morning, everyone. Welcome to the City of Miami's Housing and Commercial Loan Committee. We have a clear agenda, but we also have some new board members. And I want to welcome you and thank you for your participation. And I'll look to my left. If you could introduce yourself just a minute to the board. Thanks. Yeah, you gotta turn it.

Hey, good morning, everyone. I'm Brandon Cook. I work with 22 Beacon and lends money to charter schools, both in Florida and nationwide.

Thank you. Thank you for being here. Thank you for your time. And to my right, it's Armando is new.

Yes. My name is Armando Castro. I'm a general contractor and also an architect.

And good morning, Munira Daniel, Finance Director for the City of Miami.

All right, great. Thanks so much. We really appreciate your time. All right, first item is roll call.

Just one minute. Let me get an approval of minutes. Yes. All right. I need a motion on the minutes.

All right, great. Annie, first, second. All right. Any discussion or any changes? None. All in favor of approval of minutes July 15th? Aye. Aye. All right, motion approved. All four. All right, go ahead.

Okay. We want to allocate $250,000 for repair work, right? Correct. In order for them... to get a 40-year recertification? Correct, correct.

Delilah, you want to step forward, do you?

Okay. Okay. We don't have a list of what you're doing.

Do we know if the previous funds have been exhausted, the $350,000? Go ahead, good question.

I need some comments or, any comments or any discussion on this?

I've got a comment or a question. So you're asking for the 250, but we don't know what all the, with all the damages yet, right? We're still assessing?

What are you basing the 250 request off of?

Okay. But is that, are you proposing a new roof? Or is this, there's leaks and you're going to be patching them?

Chair Gregory gay quick question is the building occupied right now. Yes, okay Because I was having some thoughts as it relates to what's going on in general with that community with a lot of new development coming online. And just wondering, a building built in the 50s and 60s, whether that warrants going through a restoration, or do we need to look more toward redevelopment in this particular area? So I raise that as a question. With the building being occupied, I would actually lean more toward the renovation and rehab of the project versus new development? I think it's a historic property.

Is this one of the night manor projects?

Mr. Chair, is the plan, will it be necessary to relocate anybody from property while renovations are taking place?

And if I could ask another question, you just need the funds now before knowing what's on the punch list in order to be able to act quickly. Is there a deadline? Is there some timeline that we're trying to meet?

Okay. And then that might lead to, for example, like having to vacate.

If the deficiency is major, but because sometimes we don't meet for two more months, that could be a problem.

Chair. Yes. So based on your assessment, the roof is really the biggest question mark. There's nothing else structurally. or anything like that that's gonna add another 500,000?

Okay, earlier, I think there was a question from Brandon regarding, it says here on the notes, in December of 23, $200,000 was allocated for hard and soft costs for repairs and upgrades. Then in September 24th, there was an allocation of another $150,000. Is that what you were referring to, Brandon?

Yeah, that's correct. Okay. Was it two to three years ago, but that's still significant.

Right, it's not too long ago. Okay. And the answer to that was it's been spent? Right. So none of that was for roof, I assume, obviously, and so on and so forth.

Okay, any other comments on this? If someone would like to make a motion, I feel like there just isn't enough information here. That's my gut. We would be approving $250,000 on top of $350,000 of repairs that were done recently, and I'll say recently in the last couple of years. and we don't know what the $250,000 is for. It seems premature to approve $250,000 and she hasn't gotten all the reports back. That's my opinion and my input. And now as chair, I'll leave it for a vote. Or if anybody would like to make a motion or modify a motion, fine.

Mr. Chairman, I'd like to make a motion for the approval to let the city move forward with what they need and for them to come back to us later on and tell us exactly where that $250,000 is going to be spent.

Thank you very much. The comment was that I move for approval to let the city move forward with what the requirements are and for them to come back later and let us know what the details of the repairs have to be for.

All right. Gregory Gay, second. All right, so we have a first and we have a second. All in favor? Aye. Any against? All right, motion passed.

Okay. These are shotgun style homes that are what, divided?

Okay, I've got a question regarding 75% of the structure needs to be rebuilt. Can you give us a little bit more on that?

If I'm not mistaken, I think this project has come before us once before. Right. And I believe this is a historic property.

So had the restoration of those cottages been completed?

So these are just about, one section is done, the other section is just about done?

Okay, any further discussion or questions or a motion?

I'd like to make a motion to- Go ahead, Annie. A request, please, of $250,000 as requested by the department.

Gregory Gay, second. Second, any further discussion? All in favor? Aye. Aye. Any against?

Thank you very much. All right, Victor, next up on the agenda.

Okay. All right, so this continues to be funded and just a different fund? Different pot of money, same exact amount. Okay.

May I ask a follow-up question? Please, Annie, please do. Is it the same amount? It looks like it might be slightly shortfall from the... No, this is the exact same amount, HCLC approved.

What does that do to the timing of the project? Because I understand that they were ready to move forward when they were here before us last.

Is the developer here? Do you have questions for the developer? Oh, they're here. Ben, do you have a question for them or anything?

No? And while they're coming up, a question for staff. Does the changing of the funding source have any type of different timelines or anything related to the project itself?

All the requirements are still the same. Okay.

So we wouldn't need to re-award the funds?

Yes, sir. Okay, Ben, any questions you have for the developer, please?

If it's going to be funded again today, I'm fine with it.

And the permit? Is you going to renew it in November? Is that what you're going to do?

All right. Thank you very much. All right. We'll get a motion from someone. Go ahead. I move to approve. Ben moves to first motion and second. Annie, any further discussion? All right, all in favor as department's recommendation? Aye. Any against? None. Okay, motion passed as per department's recommendation. Good luck, guys.

Did I misunderstand? I thought Mr. Turner was saying that he wanted us to approve the 600. Yes, we do. We don't have any memo.

In the drive, there's no memo, so there's no information about Station 27.

One second. So now that we got, right, we've got number four out of the way, we can do number five.

Sorry, Mr. Chair. I thought Mr. Turner was going to provide a little bit of background verbally right now. Oh, okay. Just so that we know what Station 27 is.

Item 4 is related. Got it. But it doesn't cover the territory.

Got it. I misunderstood. Yeah, I'm just pulling it up.

MR. CHAIR. QUESTION. GO AHEAD. WHAT IS THE REASONING FOR THE REPLACEMENT OF THE FUNDING?

And the mere fact that you're just replacing part of the funding now, do we know what the timeline is for the rest of the funding to come in?

OK. Do we know what the timeline is for the development itself?

And I ask because, you know, with the previous project, you know, they're saying they're shovel ready, they have the permits, they're ready to go. And I just wanted to find out whether this project is in that similar space. They are.

Mr. Chair, yeah, I'm really glad, Gregory, that you brought up why this is happening, you know, and I think it's, I think we made decisions to fund projects, and so I'm not trying to, I don't think we need to re, you know, second guess those decisions, but, um, But I think it really would be helpful to have more information, especially just a reminder of, I think it was said that Station 27 is a nonprofit. Is that right? Do we know that? Can you share the names of the principals of Station 27? This neighborhood-based organization?

Oh, okay. Okay. So not not-for-profit. So there's no nonprofit involved in that. Okay, great.

Maybe we can defer this and have the developer come in next time? I feel like it.

What would you like to do? Yeah, I mean, that would be my recommendation. I hate slowing things down. I'm sorry, I'm sorry. I'm very respectful of what the department is doing. I just, I'm concerned if there's not documentation that says, like, this is ready to go and...

I mean, I defer to the wisdom of the crowd of the committee on moving this forward. Okay.

I'm in favor of moving it forward because as Director Turner said, there's still another step of this having to go to the city commission and that's additional time as well.

Mr. Chair, I'm unclear. there's another step where it has to go to the commission? I don't think that was the case with the prior project that we heard, the River Place project.

So it's more like a budget amendment? Correct. Okay. Budget amendment?

Yeah, okay. All right, so maybe we should take a vote on this and everyone can decide how they want to vote. Unless there's any other comments? All right, do we have a motion then?

Gregory Gay, I move staff recommendation.

David Snow seconds, okay. Ms. Daniel, you're almost, you could have done it too.

This is my first time. I know it's your first time.

Thank you, any further discussion? Okay, all in favor? Aye. Any against? All right, motion passed as per Dark Department recommendation.

And again, I think we'd be more comfortable with a little more information.

Okay, all right, next up. is item six. This is the Miami Dade Homeless Trust, is that what?

Mr. Chair, Gregory Gay. Same question as before, as we're moving from one allocation of funding to another allocation of funding, are there any changes that speaks to requirements and things of that nature? No changes. Just swapping money like... So as far as the requirements for it being an affordable unit for X number of years and things of that nature?

So they're both federal dollars either way?

Chair, a follow-up question. Could you remind us, I see the affordability, I think I sort of see the affordability levels. I mean, again, I know we've already, just to confirm, we already approved $8 million for these two projects, right? So we're not, I'm not interested in questioning a decision that we made in an informed way before, but could you just remind us the affordability levels for each of the projects? I think it was, I saw between 30% and 80% AMI for Little Havana 1. I wasn't sure what it was for Little Havana 2. And then the breakdown is helpful because, I mean, these are good st

Excuse me, Mr. Liu. Can you remind us, Gregory Gay right here, can you remind us where these particular projects are located? Because I didn't see any addresses.

Thank you. I don't know if anybody else has any other questions for the developer?

Yes, I have a question. Oh, Brandon, go ahead, please. Here in the recommendation memo, it specifically mentions BABA. Was that a requirement before with the previous funds or no?

Okay. I ask because that has a significant impact on the budget, obviously.

Okay. I'm looking at SG Little Havana, your memo, right? Now, we've already approved the 1.6 million, right?

Okay, Armando moves as per staff recommendation. Okay. Second. We have a second from Annie. Okay, any other discussion? None, all in favor? Aye. Okay, motion passed. That's our department recommendation.

Can you remind me, this is in Cutler Bay. This is not in Miami. Right. Remind me how that...

All right, good morning. Welcome, and please state your name.

Thank you. All right, you're here to represent them and tell us a little bit about the project and why we should approve this.

All right. Thank you. Thank you very much. Any questions from our board?

Yeah, if you don't mind, Mr. Chair. Please, Annie. It's a wonderful project. I think the Homeless Trust has taken on tremendous responsibility, which our community needed the Homeless Trust to do. Just a quick question about moving the use of the money to entirely the acquisition. Correct. That doesn't change anything about the length of time of the affordability, for example, it doesn't affect the affordability of the units or who they're serving. Is that right?

Right. And, and Vicki, that doesn't how other funds will be used to support other aspects of the redevelopment or was it to, to subsidize the units themselves?

All right. Thank you. I have a question. How much was this project? What's the total investment? Not just our stuff. The total project.

I'd like to know what's the acquisition cost and kind of like the deliverable here. Was this a... 18 million dollar project, a 20 million dollar project?

Okay, got it. So a total, okay, about 16 million. About 16 million or approximately? Okay, all in. All right, so for 16 million dollars, we got 57 units, correct?

Oh, I'm sorry, and Miami County got 107, okay.

I was just trying to get an understanding.

I'm sorry. I'm still a little bit unclear about what the modification is. Yes. It relates to the city.

OK. OK. Well, go ahead, if you want, you can give us your first motion.

I have a motion to approve that recommendation.

Second, all right, any further discussion? None, all right, all in favor? Aye.

Thank you very much, and great work. All right, motion passed as departmental recommendation. And there's an ethics presentation? Yes, so next is. Is that by Raymond?

All right, well done. Thank you very much, Raymond.

Absolutely. All right. And is that the order of close of business then today? All right. Thank you very much. Thank you to the new board members. And we'll see you soon.