HomeMy WebLinkAboutSEOPW-CRA-R-01-0149ITEM 19
SEOPW/CRA
RESOLUTION NO. SEO/PW CRAO 1 _ 149
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY
REDEVELOPMENT AGENCY AMENDING RESOLUTION 01-
79 TO AUTHORIZE AN INCREASE THE AMOUNT OF THE
LOAN FROM FANNIE MAE IN CONNECTION WITH THE
NEW ARENA SQUARE APARTMENTS PROJECT (THE
"PROJECT") FROM $1,200,000 TO $1,575,000, AUTHORIZING
PAYMENT OF THE COLLATERAL DEPOSIT AND FEES
REQUIRED IN CONNECTION THEREWITH, IMPOSING
CERTAIN CONDITIONS ON THE GRANT TO THE PROJECT,
AND AUTHORIZING THE ACTING EXECUTIVE DIRECTOR
TO EXECUTE A LOAN AND SECURITY AGREEMENT AND
ALL OTHER NECESSARY DOCUMENTS WITH FANNIE
MAE, AND A GRANT AGREEMENT AND RELATED
DOCUMENTS WITH THE PROJECT OWNER, ALL IN A
FORM ACCEPTABLE TO THE CITY ATTORNEY.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency (the
"CRA") is responsible for carrying out community redevelopment activities and projects in the
Southeast Overtown/Park West Community Redevelopment Area established pursuant to the CRA
Redevelopment Plan, and
WHEREAS, CRA Resolution 00-98 anticipated a loan in the amount of $900,000 to the
owner of the New Arena Square Apartments project (the "Project"); and
WHEREAS, by Resolution No. 00-136, adopted on December 18, 2000, the CRA Board
of Directors authorized a grant in the amount of $1,170,000 for the Project; and
WHEREAS, by Resolution No. 01-79, adopted on June 25, 2001, the CRA Board of
Directors authorized the Executive Director to borrow $1,200,000 from Fannie Mae in
connection with the Project; and
WHEREAS, as a result of the award of $1,170,000 to the Project, Fannie Mae has
approved an increase to $1,575,000 in the proposed loan to the CRA in connection with the
Project; and
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to the Resolution are
incorporated herein as if fully set forth in this Section.
SEOPW/CRA
01- 149
ITEM 19
SEOPW/CRA
Section 2. The CRA Board of Directors authorizes an increase in the amount of the
loan from Fannie Mae in connection with the Project from $1,200,000 to $1,575,000 (the
"Loan"), and authorizes the Acting Executive Director to execute a loan and security agreement
and all other necessary documents with Fannie Mae, and a grant agreement and related
documents with the Project owner, all in a form acceptable to the City Attorney.
Section 3. The CRA Board of Directors authorizes the Executive Director to pay: (1)
the required cash collateral deposit, in the amount of $393,750, to the Deposit Account
established in connection with the Loan, and (2) the required Fannie Mae Loan origination fee in
the amount of $7875.
Section 4. Loan proceeds in an amount not to exceed $1,170,000 are allocated for
the grant to the New Arena Square Apartments, requiring a grant agreement in a form acceptable
to the City Attorney and subject to conditions including, but not limited to, the following: (a)
CRA review and approval of all plans as they relate to the commercial aspects and facade
requirements of the Project; (b) requiring a professional management company to manage the
commercial real estate related to this investment; (c) designation of a CRA Owner's
Representative for the Project (for the commercial and fagade aspects of the Project).
Section 5. The Board of Directors authorizes the Acting Executive Director to
reserve and reallocate budget sums required to meet any additional fundings required by the Loan
terms.
Section 6. All other provisions of SEO/PW CRA Resolution 01-79 remain in full
force and effect.
Section 7. This resolution shall be effective upon its adoption.
PASSED AND ADOPTED th 11`h day of December, 2001.
ur . Teele, Jr., Chairman
i
Ater J. I
City Clerk
APPROVE S ORM
AND C SS:
A o rely ' nB®pW/ CRA
i Attorney