regular meeting um it is Tuesday um May 14 and I welcome you for being here can we have roll call please 5:41 p.m. chairman Des board member Timothy board member Charles pres Vice chair estimate Irvin present board member Galvin Vice chair you have a quum to proceed okay can we stand up for the Pledge of Allegiance IED Al to the flag of the United States of America and to the rep for stands nation under God indivisible withy and justice for all consent agenda consent agenda as as of 5:42 p.m. chairman desay and board member Galvin are both present we're consent consent agenda unless a member of the CRA board wishes to remove a specific item from this portion of the agenda tab a constitutes the consent agenda this resolution and item is self-explanatory and is not expected to require additional review or discussion this item will be recorded as individually numbered resolution adopted unanimously by the following motion that the consent agenda comprised of tab a adopted move for approval second I have a motion made by Vice chair estimate Irvin to approve the consent agenda tab a the motion was seconded the motion was seconded by board member Galvin all in favor I any opposed the motion carries with a 5- z vote I'm so vice mayor one to I what is it item agenda item one resolution approving debt issuance of Morgan Stanley NT a resolution of chair and board members of the north Miami community redevelopment agency authorizing the issuance of not to exceed aggregate principal amount of $50 million Redevelopment re revenue bonds series 2024 for the purpose of financing certain Redevelopment projects providing that the series 2024 bonds shall be limited obligations of the issuer payable from tax increment revenues as provided herein pledging such tax increment revenues and proceeds of certain funds and accounts created herein to secure payment of the principal and interest on the series 2024 bonds delegating the award of the sale of the series 2024 bonds to the executive director appointing a registar and paying agent approving the execution and delivery of a bond purchase agreement approving the execution and delivery of continuing disclosure agreement providing for the rights Securities and remedies for the owners of the series 2024 bonds making certain covenants and agreements in connection therewi and providing an effective date agenda item one thank you so much Madame clerk um Madam Secretary I'm sorry Madame executive direct good afternoon on April 9th 2024 the nmc board authorized the executive director to negotiate terms of a debt issuance with Morgan Stanley and Company LLC proposer as a sole proposer to RFP number 25232 24 since then proposer has presented among other things the following terms for acceptance the issuance of not exceeding 50 million aggregate principal amount of series 2024 bonds a commitment fee not in excess of 0.30% of the principal amount of the series 2024 bonds a true interest cost of not more than 5.75% perom with respect to the series 2024 bonds and the maturities of the series 2024 bonds with the final maturity no later than March 1st 2043 nmc a staff is recommending approval of this resolution and we do have present tonight our bond Council from Bryant Miller Olive Jolinda Herring and we also have Pete Verona who is representing pfm who is our financial adviser and they are available for any questions that you may have okay thank you so much um member of the public well do we do public hearing or is this just um before um public hearing is open on the item public hearing is open on item one seeing none coming public hearing is closed um members of the council Mr chair yes yes Madam uh director yes should the state take some actions to absolve C who assumes the liability of this loan the city okay that's the only question I had I have a couple questions go ahead go ahead Council thank you um the amount of the bond I know this was discussed several times if you can just kind of stated one more time for us on record how much is this loan amount and um okay because I know at one point I've heard 100 million and it was 60 million no that was way before you know back in 21 they thought we had 100 million Bond capacity that the C could take out and then the county approved this to go for a certain amount and now we're here at this juncture if you can just kind of explain that for me so this this is for $50 million that's the principal amount 5 million of which must be held in a debt Reserve so there will be 45 million available to conduct the work that we choose to do for the C for the C yes the C and you and you said the interest rate was how much right now 5 5.75% that's not bad yeah that's not bad is that good yeah this is because of market conditions I did um share a report that was issued by standard and poor of the credit rating for the agency I'm happy to announce that the CRA went from unrated to an a rating so we are very very proud of that and so so really market conditions are what is driving that interest cost at this point and at any point is that correct okay and at any point if the market rates go down we could refinance for a better offer correct I believe that's the possibility yes okay and this was the only this was a so proposer we did not have any other um biders on the RFP when we and just as a refresher when we initially released the RFP we did have several um institutions that had asked questions but at the closing of the RFP nobody answered we went ahead and extended the RFP for I think 2 weeks then Morgan stany was our sole proposer at that point and so we have engaged with our negotiations with that proposer okay I think that's it for me yes we have councilman and then vice mayor are there any commitment fees and what are they the commitment fee is 0.30% of the principal amount is that negotiable just please state your name for the record my name is Pete Verona and I'm with P pfm financial advisers LLC as financial advisor to the C uh to answer that question I at this point in the process we've already negotiated the terms and conditions and therefore we've essentially accepted the $3 per Bond fee so we would not further negotiate that be after especially after this approval tonight thank you no quickly that uh 5.75% um interest rate is to the life of the of the b or is that a fix yes that's a fixed rate a fixed rate okay all right let's so it's 575 but if it by the time closing happens if it's slower did you want to comment on that as far as the interest rate right so it's 575 right now but if by the time we close as a lower rate would that so the interest rate is preliminary right now and it will be set when we price the bonds with Morgan Stanley which is expected to occur on Thursday but we need this approval first to be able to move forward with that pricing with Morgan Stanley so we will know the final rate on Thursday if it happens that day or potentially afterwards if Morgan Stanley is not quite ready but we will we we'll be setting the rate at that time and then it is locked for the duration of the bonds question um help me understand this so the on page four the direct purchase the the the the terms in condition for the purchase I don't understand so the the bottom line of this is four $4 million we borrowing 50 50 million and then we paying back 4 million oh no help me understand that you see how it has the schedule and then I gu page no oh I'm sorry page 46 okay 46 of 81 I'm sorry okay I see the for is it the reserve fund I think so would that be the reserve yeah premi returns that amount sounds right for the reserve fund so if it is the reserve fund that is an amount that is set aside MH out of that 50 million and that's set aside as a reserve that the bank can then reach into if the CRA were to default on the oh okay this is if we were to to default On the Origin so where so how much are we um like how much does it cost 5 million is what goes into the reserve the debt Reserve okay from the 50 from the 50 correct oh okay I see and then we have 45 to play with guys don't take me literally with that 45 45 million to spend on projects to allocate love the word and those numbers will be finalized with this pricing that I mentioned on Thursday we we'll have the exact amounts that we'll be able to provide but so far so by 204 43 which is the year before we go into Sunset so we should ex pay roughly around 4 Million with taxes and everything on a per year basis yeah yes the annual Debt Service is roughly it's a little over $4 million we we estimate it right now 4.16 million per year um and that's until you said as you said 2043 for year or for the for the duration of the of the yeah like What's the total are we paying so the the total interest on these bonds is about 28 million and that's plus the 50 million of principal so the total debt service on the entire loan over the 20 years or so is 78 million in change sounds like more you go in the house right I was just going to say the same thing when you buy a house it's very similar you should see how much money I still owe on my house it is very similar to a morgage borrow money without paying something back and just like a mortgage you are paying more principal on the back end of the loan and you're paying more interest up front yep at a five I wish houses were right now 5. I'll be honest I just looked at mine today I'm n no 20 2008 my rate was 4.2% and I didn't realize it was that cheap and I was like wow I got a good rate back then during Co you should have refinanced when they were 1.9 yeah but yeah and this this is not a bad number that's the thing I've seen numbers for other if you were taking out loans right now a mortgage on a home right now you're talking about like seven something seven eight yeah a car 23% car 23 yeah for some people you have your credits bad Jesus that's me all right motion to approve second I thought this is going to be longer I have a motion made by Vice chair ese irvan to approve agenda item one the motion was seconded by board member Charles all in favor I any oppose the motion carries with a 5- z vote thank you next item agenda item two resolution approving contract renewal with green erra a resolution of the chair and board members of the north Miami community redevelopment agency authorizing the executive director and North Miami CRA attorney to negotiate and finalize an amendment to the agreement with green era sustainable Consulting Inc to continue to provide quality control and inspection services for the housing Rehabilitation grants program on an ad needed basis for an amount not to exceed $2,250 for each project and an estimated total amount not to exceed $36,000 based on an anticipated total number of 16 housing Rehabilitation projects authorizing the executive director to execute the amendment to the agreement with green era sustainable Consulting Inc authorizing the executive director to take all action necessary to implement the terms of the amendment to the agreement and providing an effective date agenda item two thank you so much um any presentation um well nmc staff is requesting the nmc board approve the renewal of the green a sustainable Consulting uh to continue providing quality control and inspection services for the north Miami CRA housing Rehabilitation grant program the proposed contract price is a maximum of 2250 per project uh 2,250 per project when an estimated total of 36,000 for up to 16 housing Rehabilitation project this fiscal year at the March 14th 20123 C board meeting green era sustainable Consulting was awarded a contract for quality control and inspection inspection services for the north Miami CRA housing Rehabilitation grant program the contract was C at 2,000 per project and the total amount awarded was is 76,000 for 38 housing Rehabilitation projects the the nmc has significantly benefited from the services provided by gr eror their expertise and commitment to Excellence have played a crucial role in ensuring that all work performed under the program complies with the nmc guidelines meets quality standards and satisfy homeowners the scope of services to be performed by Green era will remain consistent with the initial contract and will include but not be limited to preliminary inspections project scoping forbiding meeting conducting pre-bid meetings and project close out we do have uh Miss John farun um here uh representing green era if the board have any questions move for approval second um public hearing first and then we're GNA we've seen none coming Miss finds you have nothing to say um public hearing close we have a um the item been moving second I have a motion made by Vice chair ese irin to approve agenda item two the motion was seconded by board member Timothy all in favor I any opposed the motion carries with a 5- z vote thank you next item agenda item three resolution approving of extension for dead of deadlines for mellin housing LLC a resolution of the chair and board members of the north Miami community redevelopment agency approving the First Amendment to infrastructure Grant agreement between the North Miami CRA and mellan housing LLC authorizing the executive director to execute the First Amendment to infrastructure Grant agreement authorizing the executive director to take all action necessary to implement the terms of the First Amendment to infrastructure Grant agreement and providing an effective date agenda item three thank you so much um public hearing is open on the item since we all know public hearing is closed yes move for approval second try to get out so this is just an extension correct of the date an it's an extension of the deadlines yes right okay and I want to put on the record based on my communication that it's an extension of the deadline um not due to the applicant or um fault it's because of Derm UMES and yes so will elaborate the um grante has been working diligently the beginning part of the process is for them to do environmental remediation on the site and they have been working diligently with durm and the county process it's taken a lot longer than anyone anticipated and as such we are amendable to giving them the deadline extensions thank you I have a motion made by Vice chair estimate irvan to approve agenda item three the motion was seconded by board member Galvin all in favor I any opposed motion carries with a 5- Zer vote thank you next item that's it agenda item four resolution to approve SRS proposal for Northwest 7th Avenue a resolution of the chair and board members of the north Miami community redevelopment agency authorizing the executive director and North Miami CRA attorney to negotiate and finalize an agreement with calovi romanic say LLC to provide Professional Services to develop Northwest 7th Avenue facade Grant guidelines and create two block case study concept imagery for an amount not to exceed $57,000 and construction documents fee for an amount not to exceed $229,200 per location authorizing the executive director to execute the agreement with senovsky romanic s LLC authorizing the executive director to take all action necessary to implement the terms of the agreement and providing an effective date agenda item four thank you so much any presentation Adam are we good MMC staff is requesting that the nmc board approved the resolution authorizing The Proposal from calovi romanik to develop Northwest 7th Avenue facad Grant guidelines and a two block case study concept imagery for the nmc uh the Northwest 7th Avenue is a strategic priority Corridor for the north Miami community redevelopment agency recognizing its potential for revalorization Northwest Avenue has been designated Northwest 7th Avenue Cultural Arts and innov and Innovation District for the new interlocal agreement with Miami day County the nmc will allocate 35% of the county Tiff retained by the agency annually for Northwest 7th Avenue Revit revitalization efforts The Proposal provides um Professional Services to develop Northwest 7th facade Grant guidelines and create two block case study it also includes a construction document fee that covers documents and services uh up to a specified value for permit plan submission to the building department if necessary we do have present tonight miss romic from uh SRS uh if the board have any questions okay I have um public he let's open it first and then we'll close it um see none coming public hearing is now closed yes I I don't have any question none I I do I'm I'm first of all I'm very excited about this because I always say sth Avenue is the gate way to our city um just wanted to have an idea of a timeline like when when this would be in I'm sorry if I'm talking in your District sir I just but I'm very so excited about the go ahead sure maror romantic from soski romantic say delighted to be here tonight um and delighted to help um with this effort um creating guidelines so that folks have a understand the rules of the roads we can create great standards that help improve the conditions of the buildings the lighting the Landscaping The Pedestrian experience the vehicular experience and just really help the city um showcase itself properly is is very very important and we're glad to be a part of it the timeline is um basically we're going to meet with um the the commission um board members and um get their feedback because obviously we want to listen to each of you to see if there's any particular Vision that you have and kind of learn from the exercise we're going to do some due diligence and do some research on um Transformations and how to kind of create a uh cohesive complementary uh solution that helps reinvent uh the corridor um and that will take a couple weeks to do that and then after that we'll prepare a package to share with the team get some feedback and turn it back so the step one piece of the puzzle we think from start to finish can be about 8 weeks which is creating the guideline then step two is a two block case study concept imagery it's implementing those guidelines at a very spe to specific locations so that we can share how that can unfold right and so that you'll have a vision that you can see that should take another four weeks past there so we're really at about 3 months from start to finish beyond that it's dependent upon each location as they come around come along and if they um want us to develop their plans for them that's a separate issue so its timeline is tied to folks that are actually going to jump on board and take advantage of the opportunity to reinvent thank you um fine I just have a follow-up question um sure so um what should the expectation be after the study as far as what you'll the end product so you're going to end up with a booklet basically that the staff can use um to share with folks as they come in and say he I'd like to take advantage of this that they'll understand kind of the rules of the road and make sure that they're clear on the direction the vision um to make sure that the Transformations are cohesive down the street not you know each one doesn't necessarily have to be exactly like the other so there's going to be some variations on themes um and some flexibility within it because monotony is not interesting either right so we're going to be able to create some flexibility within there so they have kind of the guide book that leads them to improving their individual lots and and properties and um as far as the timeline said will take about six to 8 weeks no it the total process it's eight weeks for the guideline part and then we're going to do an implementation on two case studies basically for another four weeks so the total timeline is about 12 weeks 12 weeks thank you thank you thank you so much um may I get a motion move for approval second I have a motion made by board member Charles to approve agenda item four the motion was seconded by board member Galvin all in favor any opposed the motion carries with a 5- z vote thank you everyone thank you so much Council all three of them you have to sign okay I I I think I passed it to him thank you and now we are on item four no that was item four right C report attorney Mr Zucker Woods um no report but congratulations on approving the loan tonight and look forward to uh seeing a lot more Redevelopment occurring in North Miami thank you Madame s good evening I do have a report tonight we have a few things on the table so on May 12th that was on Mother's Day the 163 notice of disposal for the two properties that was approved at the April 9th meeting went into publication in our newspapers so that is also on our social media will be posted on our website and we will have our press relase letting the public be aware that these opportunities are available so at in June so it's for 30 days June 12 is the end of that period we expect to get solicitations and packages to the CRA that we will forward to the board for approval also we did do our lottery last week Thursday on May 9th for the 38 Ami units we had 177 complete applications that were included in that Lottery 30 the list has been sent over to the developer for them to complete that process so we had a good showing with that and as you can see on your desk you have the copy of our annual this year's annual report I would encourage you to go through the annual report we have QR codes this year so if you use your phone to the QR codes you will actually have videos of the events that were captured so it's a very different feature that we're doing and we are hoping to St to stand apart at the F this year with this annual report we are very excited um with our consultant hip Rockstar that decided to do something a bit Innovative and different with the anual report this year the only thing I have to say about is that the business Summit is not on the front page that's all me and dou all the way in the back but it's still nice well we have you featured we have I mean the C codes really I have to say they're really cool I really think you should just go through all of them and it really brings everything to life you relive those events you get to really see what it was just it's reading about it on the paper so hip Rockstar does a great great job where and when is the F this year it is in Tampa and it is I believe the last week of October but I can get the dates over to you that's okay I'm not going I'll be on my way out the door but you just want to know yeah just curious I think it's always the last week of October okay they're in by the picture I just I just got to go through the pictures okay right here oh okay at the in the back I see oh I like that one I see oh okay experience the C oh I got it I got it really nice i g a little also as always you do have your um I know I lost but I staff report it's for me so you do have your updates on all of the projects that are going on within the Redevelopment area um Mr Opel deputy director Opel you got to go um for the commercial grants we haven't been moving as fast as we uh we would like but um we're hoping to close out uh majority of them by the end of this fiscal year um uh for example pregame Pizza Bar they are done they just have uh some final hiccups they need to go through uh for the commercial for the residential we're are moving really fast uh um we are very satisfied on how fast this um the initiative is moving forward the sprinkler is finally picking up God we have 10 projects starting uh and then we have another 14 no she's still in the back okay and then we have another 14 pending uh the the residents are very happy and um for paner Boulevard we do have the nine medians question um who's doing the the driver approach is it the city the city yes there's a guy yeah there's a guy in front of the library I got to get his I think it's I got to get it to make sure Senor that's there I don't think she's a I think it's a guy senior we added I don't know about the other it's a guy he stayed directly across from the library and this was last year he as could be Comm I think he might be in there you have the list right uh no Niki do Nikki okay I'll ask okay for Pioneer Boulevard the nine medians from 6 you good okay go ahead you right okay I'm I'm listening sorry I have separate question on this um for Pion Pioneer Boulevard we have the nine meetings from six app to West Dixie uh where we are converting it into a pacif park uh we did receive the survey from um what the The Firm received a survey we are scheduling a meeting with all the department um involved to really go through the findings um and then we will be receiving a schedule which I'll be sharing and hopefully will have a presentation um by the next board meeting to go over um the project for the Gateway signs we're almost there they've been done uh they have been approved we're waiting on one final permit to be approved so they can start the installation do we have a design of what it looks like the Gateway signs oh it's the same it's the same okay okay just want to make sure that's it can we add Liberty Gardens to this one too please Sor I will I was waiting for confirmation from yesd but it will be added and is barbecue still going there or they Chang it is okay good okay I got a question on that today is this which which Gateway signs is this for um the property there or the um I think years ago we had one did we ever use those on on I think we 7th and and 119th those are no not one no I think I don't have the exact location but I know it's in um 17th Avenue and 126 127 127th yes I thought it was 7 119 and 2nd I don't know but I is the money there or it's not there the money is there yes okay yeah okay all right I think that's it um motion to well I just oh go ahead sir report go ahead just quick questions um M of executive director you've taken on some extra duties recently is it okay if I copy Mr Opel on items related to the CRA to save you no absolutely and um always just whether or not please do keep him in the loop just so that there's always continu to information I'll still copy you but I just want to make sure I can copy him absolutely okay I had a phone call today from Frank wand who's an attorney on behalf of a project in District three I'm G to hand all of that off to y'all tomorrow he's calling about the uh the I think Brookview condos on Northeast third qu okay so I'll hand that off and then I had another question but I forgotten what it was so that's all I got getting all I got okay um a motion to adjourn until 7 second all right good I have a motion made by chairman desay to adjourn seconded by board member Charles all in favor I any opposed the motion carries with a 5- vote it is now 6:12 p.m. then you don't adjourn oh you right no you're not supposed to technically once the motion is made you're adjourned