Transfer NRD-1 public benefits trust funds to qualified public depository

415, Florida Statutes, providing for three (3) year terms for NRD-1 Public Benefits Trust Fund Committee members, and clarifying that thirty-five (35%) of total nrd-1 public benefits trust funds collected shall be allocated towards affordable/workforce housing. Budget Impact Analysis Item is Related to Revenue Item is NOT funded by Bonds Item is NOT an Expenditure Total Fiscal Impact: General Account No : Wynwood BID General Funds & Public Benefit Funds City of Miami File ID: 15956 (Revision: A) Printed On: 2/4/2025 Reviewed By Wynwood Business Improvement District Board Manny Gonzalez Department Head Review Completed 04/29/2024 1:42 PM Office of Management and Budget Calvin Fifer Budget Analyst Review Completed 04/29/2024 1:59 PM Office of Management and Budget Marie Gouin Budget Review Completed 04/29/2024 2:19 PM City Manager’s Office Arthur Noriega V City Manager Review Completed 04/29/2024 2:51 PM Legislative Division Valentin J Alvarez Legislative Division Review Completed 04/30/2024 10:08 AM Office of the City Attorney Carolina Aguila Approved Form and Correctness Skipped 04/26/2024 9:19 AM Office of the City Attorney Pablo Velez ACA Review Completed 04/30/2024 6:11 PM Office of the City Attorney George K. Wysong III Approved Form and Correctness Completed 04/30/2024 8:59 PM City Commission Teri Samuels Meeting Completed 05/09/2024 9:00 AM City Commission Maricarmen Lopez Meeting Completed 05/23/2024 9:00 AM City Commission Nicole Ewan Meeting Completed 06/13/2024 9:00 AM City Commission Joseph Castro Meeting Completed 06/18/2024 9:00 AM City Commission Teri Samuels Meeting Completed 12/12/2024 9:00 AM Legislative Division Valentin J Alvarez Legislative Division Review Completed 12/17/2024 11:20 AM Office of the City Attorney Xavier Alban ACA Review Completed 12/17/2024 2:45 PM Office of the City Attorney George K. Wysong III Approved Form and Correctness Completed 12/17/2024 4:24 PM City Commission Maricarmen Lopez Meeting Completed 01/23/2025 9:00 AM City Commission Todd B. Hannon Meeting Pending 02/13/2025 9:00 AM City of Miami File ID: 15956 (Revision: A) Printed On: 2/4/2025 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com City of Miami Legislation Ordinance Enactment Number File Number: 15956 Final Action Date: AN ORDINANCE OF THE MIAMI CITY COMMISSION AMENDING CHAPTER 62/ARTICLE XIV/SECTION 62-644 – 62-645 OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, TITLED “PLANNING AND ZONING/PUBLIC BENEFITS TRUST FUND/NRD-1 PUBLIC BENEFITS TRUST FUND; INTENT.” AND "PLANNING AND ZONING/PUBLIC BENEFITS TRUST FUND/ESTABLISHED,” TO PROVIDE FOR THE TRANSFER OF NRD-1 PUBLIC BENEFITS TRUST FUNDS COLLECTED BY THE CITY OF MIAMI (“CITY”) FINANCE DEPARTMENT (“FINANCE”) TO A QUALIFIED PUBLIC DEPOSITORY HELD BY THE WYNWOOD BUSINESS IMPROVEMENT DISTRICT (“BID”), ALLOWING FOR THE INVESTMENT OF NRD-1 PUBLIC BENEFITS TRUST FUNDS COLLECTED PURSUANT TO THE CITY’S INVESTMENT POLICY AND

415, FLORIDA STATUTES, PROVIDING FOR THREE (3) YEAR TERMS FOR NRD-1 PUBLIC BENEFITS TRUST FUND COMMITTEE MEMBERS, CLARIFYING THAT THIRTY-FIVE PERCENT (35%) OF TOTAL NRD-1 PUBLIC BENEFITS TRUST FUNDS COLLECTED SHALL BE ALLOCATED TOWARDS AFFORDABLE HOUSING, AND LIMITING FUNDING TO AFFORDABLE HOUSING PROJECTS WHERE AT LEAST FIFTY-ONE PERCENT (51%) OF THE UNITS PROVIDED ARE RESTRICTED TO A PERSON OR HOUSEHOLDS WITH INCOME AT OR BELOW EIGHTY PERCENT (80%) OF THE MEDIAN INCOME FOR MIAMI-DADE COUNTY, FLORIDA, AS DETERMINED BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT; CONTAINING A SEVERABILITY CLAUSE AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, on December 10, 2022, the City Commission adopted Ordinance No. 13582 establishing the NRD-1 Public Benefits Trust Fund for the purpose of encouraging reinvestment in infrastructure and seeking other creative solutions to create parks, open space, civic space, and civil support uses to allow for and facilitate new residential uses within the NRD-1 boundaries; and WHEREAS, in furtherance of the intent of Ordinance No. 13582, on December 22, 2022, the NRD-1 Public Benefits Trust Fund Committee allocated Three Million Five Hundred Thousand Dollars ($3,500,000.00) to the Wynwood Works Project which will provide one hundred twenty (120) affordable housing units to individuals earning thirty percent (30%) area median income (“AMI”), and households earning between fifty percent (50%) and eighty (80%) AMI; and WHEREAS, there are other NRD-1 Public Benefits Trust Fund projects proposed or being considered; and WHEREAS, there are certain process improvements and efficiencies that can be implemented to improve the evaluation, approval, and funding of eligible projects; and City of Miami File ID: 15956 (Revision: A) Printed On: 2/4/2025 WHEREAS, the Wynwood Business Improvement District (“BID”) reviewed and recommended approval of the following amendment to the NRD-1 Public Benefits Trust Fund at its April 2, 2024, regular BID Board meeting;

415, Florida Statutes. (c) The Wynwood Business Improvement District ("BID") shall, through a five-member committee of the BID to be formed on an annual basis each fiscal year, of which one member shall be directly appointed by the city commissioner from District 5, one member shall be directly appointed by the city commissioner from District 2, one member shall be appointed by the city commission, and two members shall be appointed by the BID Board and submitted to the city commission for confirmation, allocate within the NRD-1 boundaries funds collected for purposes consistent with section 62-644. The committee members shall serve three (3) year terms. Expenditure of funds and any actions in furtherance of the expenditure shall be 1 Words/and or figures stricken through shall be deleted. Underscored words and/or figures shall be added. The remaining provisions are now in effect and remain unchanged. Asterisks indicate omitted and unchanged material. City of Miami File ID: 15956 (Revision: A) Printed On: 2/4/2025 consistent with the powers and duties of the BID, comply with city procedures for the acquisition of goods and services, and approved within the annual budget of the BID by the city commission. (d) A minimum of thirty-five percent (35%) percent of funds collected in the NRD-1 Public benefits trust fund shall be allocated towards affordable/workforce housing on an annual basis, and shall be expended pursuant to guidelines and procedures established by the city commission. At least fifty-one percent (51%) of the units provided by any affordable housing project awarded funds from the NRD-1 Public benefits trust fund shall be restricted during the affordability period for a person or households with income at or below eighty percent (80%) of the median income for Miami-Dade County, Florida, as determined by the U.S. Department of Housing and Urban Development. (e) The NRD-1 Public benefits trust fund shall be established for a period of time commensurate with the Wynwood Business Improvement DistrictBID as set forth in section 2- 1316, and thereafter shall be reviewed by the city commission every three years to determine whether the purposes of the NRD-1 Public benefits trust fund have been satisfied, and upon such finding, the NRD-1 Public benefits trust fund shall sunset and any funds to be collected and allocated, pursuant to this article and according to the Miami 21 Code, shall revert to the Public benefits trust fund, as established in section 62-641 of the City Code. * * *” Section 3. If any section, part of section, paragraph, clause, phrase, or word of this Ordinance is declared invalid, the remaining provisions of this Ordinance shall not be affected. Section 4. This Ordinance shall become effective ten (10) days from the date of adoption by the City Commission.2 APPROVED AS TO FORM AND CORRECTNESS: 2 This Ordinance shall become effective as specified herein unless vetoed by the Mayor within ten (10) days from the date it was passed and adopted. If the Mayor vetoes this Ordinance, it shall become effective immediately upon override of the veto by the City Commission or upon the effective date stated herein, whichever is later.