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HomeMy WebLinkAboutSEOPW-CRA-R-02-0054SEOPW/CRA ITEM 14 RESOLUTION NO. 0 2 a 054 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("CRA") AUTHORIZING THE EXECUTIVE DIRECTOR TO MEET WITH THE CITY MANAGER FOR THE CITY OF MIAMI TO NEGOTIATE THE GUARANTEE AND THE TRANSFER OF THE OBLIGATIONS OF THE FANNIE MAE LOAN, UPON CLOSING OF THE LOAN, TO THE CITY OF MIAMI, AND REQUEST THE CITY OF MIAMI, IF NECESSARY, TO PROVIDE RESERVES AND TO ASSUME AND COORDINATE RESPONSIBILITIES FOR THE LOAN AMONG ALL ENTITIES, SPECIFICALLY FANNIE MAE, THE CITY OF MIAMI AND THE CRA; DIRECTING THE EXECUTIVE DIRECTOR: (1) TO TRANSFER FUNDS TO REIMBURSE THE CITY OF MIAMI FOR ALL COSTS ASSOCIATED WITH THE LOAN TRANSACTION INCLUDING, BUT NOT LIMITED TO, COSTS FOR SPECIAL COUNSEL; (2) TO REQUEST THE MIAMI CITY COMMISSION TO SCHEDULE A NOTICE OF A PUBLIC HEARING FOR THURSDAY, APRIL 11, 2002, TO CONSIDER AND TAKE ACTION ON THE FANNIE MAE LOAN; (3) TO PROVIDE A FINANCIAL REPORT AND MATRIX OF THE FINANCIAL RESPONSIBILITIES, OBLIGATIONS AND POSSIBLE PAYMENTS OF THE LOAN BY BOTH THE CITY OF MIAMI AND THE CRA; (4) TO STIPULATE AND AGREE FOR THE CPA TO BE PENALIZED UP TO 1.5% OF THE LOAN AMOUNT FOR FUNDS DEDUCTED FROM ALLOCATIONS FOR FUNDING AUTHORIZED TO THE CPA PURSUANT TO CITY OF MIAMI ORDINANCE NO. 00-11736, IF ANY PAYMENTS OR DRAWS ARE MADE AGAINST THE CITY'S ACCOUNT; (5) TO STIPULATE AND AGREE FOR THE CRA TO REIMBURSE, INDEMNIFY AND HOLD HARMLESS THE CITY OF MIAMI FROM ANY AND ALL FINANCIAL OUTLAYS; AND (5) TO APPRISE ALL PARTIES TO TAKE NOTE THAT THE FANNIE MAE LOAN TRANSACTION SHOULD CLOSE PRIOR TO APRIL 30, 2002. SE®PW/CAA! 02-- 054 WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA") is responsible for carrying out community redevelopment activities and projects in the CRA Redevelopment Area; and WHEREAS, the CRA desires to meet with the Manager for the City of Miami to transfer the obligations of the pending Fannie Mae loan closure to the City of Miami, and .to request that the City provide reserves and assume and coordinate responsibilities among all entities involved in the loan transaction. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY , OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings. contained in the Preamble to this Resolution are incorporated herein as if fully set forth in this Section. Section 2. The Board of Directors hereby authorizes the Executive Director to meet with the City Manager for the City of Miami to negotiate the guarantee and the transfer of the obligations of the Fannie Mae Loan, upon closing of the loan, to the City of Miami, and request the City of Miami, if necessary, to provide reserves and to assume and coordinate responsibilities for the loan among all entities, specifically Fannie Mae, the City of Miami and the CRA. Page 2 of 4 Sgo-pwICRA 02- 054 Section 3. The Executive Director is directed: (1) to transfer funds to reimburse the City of Miami for all costs associated with the loan transaction including, but not limited to, costs for special counsel; (2) to request the Miami City Commission to schedule a notice of a public hearing for Thursday, April 11, 2002, to consider and take action on the Fannie Mae Loan; (3) to provide a financial report and matrix of the financial responsibilities, obligations and possible payments of the loan by both the City of Miami and the CPA; (4 ) to stipulate and agree for the CRA to be penalized up to 1.50 of the loan amount for funds deducted from allocations for funding authorized to the CRA pursuant to City of Miami Ordinance No. 00-11736, if any payments or draws are made against the City's account; (5) to stipulate and agree for the CRA to reimburse, indemnify and hold harmless the City of Miami from any and all financial outlays; and (5) to apprise all parties to take note that the Fannie Mae Loan transaction should close prior to April 30, 2002. Section 4. The Resolution shall be effective upon its adoption. SEOPW/CRA Page 3 of 4 0 2 r 054 PASSED AND ADOPTED on this 25th day of March, 2002. ARTHUR E. TEELE, JR., CHAIRMAN ATTEST: PRISCILLA A. THOMPSON CITY CLERK APPROVED AS TO FORM AND CORRECTNESS: NURO VILARELLO ATTORNEY SEOPW/R-02-054:kdw:ELF S]30pw/CRA Page 4 of 4 0 2+ 054 March 25, 2002 SEOPW/ITEM 14 RESOLUTION NO. SEOPW/CRA A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SOUTHEAST OVERTOWN PARKWEST (SEOPW) COMMUNITY REDEVELOPMENT AGENCY (CRA), AUTHORIZING THE EXECUTIVE DIRECTOR TO MEET WITH THE CITY MANAGER TO NEGOTIATE THE TRANSFER OF THE OBLIGATIONS OF THE PENDING FANNIE MAE LOAN CLOSURE TO THE CITY OF MIAMI, AND REQUESTING THE CITY TO PROVIDE RESERVES, AND TO ASSUME AND COORDINATE RESPONSIBILITIES AMONG ALL ENTITIES SPECIFICALLY FANNIE MAE, THE CITY OF MIAMI (THE "CITY") AND THE SEOPW CRA; AND FURTHER INSTRUCTING THE EXECUTIVE DIRECTOR TO TRANSFER FUNDS TO REIMBURSE THE CITY FOR ALL COSTS ASSOCIATED WITH THE TRANSACTION, INCLUDING BUT NOT LIMITED TO SPECIAL COUNSEL; AND FURTHER REQUESTING THAT THE CITY COMMISSION SCHEDULE A NOTICE OF A PUBLIC HEARING FOR THURSDAY, APRIL 11, 2002 TO CONSIDER AND TAKE ACTION; AND FURTHER INSTRUCTING THE EXECUTIVE DIRECTOR TO PROVIDE A FINANCIAL REPORT AND MATRIX OF THE FINANCIAL RESPONSIBILITIES AND OBLIGATIONS AND POSSIBLE PAYMENTS BY BOTH THE CITY AND SEOPW CRA; AND FURTHER REQUESTING THAT THE SEOPW CRA AGREE TO BE PENALIZED UP TO 1.5% OF THE LOAN AMOUNT WHERE FUNDS WILL BE DEDUCTED FROM ALLOCATIONS AUTHORIZED PURSUANT TO CITY OF MIAMI ORDINANCE 00-11736, IF ANY PAYMENTS OR DRAWS ARE MADE AGAINST THE CITY ACCOUNT; AND FURTHER, THAT THE CRA INDEMNIFY AND HOLD HARMLESS THE CITY FROM ANY AND ALL FINANCIAL OUTLAYS; AND FURTHER, REQUIRING THAT ALL PARTIES TAKE NOTE THAT SAID TRANSACTION SHOULD CLOSE PRIOR TO APRIL 30, 2002. WHEREAS, the Southeast Overtown Parkwest Community Redevelopment Agency (the "CRA") is responsible for carrying out community redevelopment activities and projects in the SEOPW Redevelopment Area; and WHEREAS , the CRA desires to meet with the Miami City Manager to transfer the obligations of the pending Fannie Mae loan closure to the City of Miami, and to request that the City provide reserves and assume and coordinate responsibilities among all entities specifically Fannie Mae, the City of Miami (the "City") and the SEOPW CRA; and further instructing the Executive Director to transfer funds to reimburse the City for all costs associated with the transaction, including but not limited to Special Counsel; and further requesting that the City Commission schedule a notice of a public hearing for Thursday, April 11, 2002 to consider and take action; and further instructing the Executive Director to provide a financial report and matrix of the financial responsibilities and obligations and possible payments by both the City and SEOPW CRA; and further requesting that the SEOPW CRA agree to be penalized up to 1.5% of the loan amount where funds will be deducted from allocations authorized pursuant to City of Miami ordinance 00-11736, if any payments or draws are made against the City account; and further, that the CRA indemnify and hold harmless the City from any and all financial outlays; and further, requiring that all parties take note that said transaction should close prior to April 30, 2002. SEOPW / CRA 02- 54 %tow March 25, 2002 SEOPW/ITEM 14 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. Section 2. The Board of Directors of the CRA hereby authorizes the Executive Director to meet with the City Manager to negotiate the guarantee and/or the transfer of obligations of .the pending Fannie Mae loan closure to the City of Miami, requesting that if necessary the City provide reserves and assume and coordinate responsibilities among all entities specifically Fannie Mae, the City of Miami (the "City") and the SEOPW CRA; and further instructing the Executive Director to transfer funds to reimburse the City for all costs associated with the transaction, including but not limited to Special Counsel; and further requesting that the City Commission schedule a notice of a public hearing for Thursday, April 11, 2002 to consider and take action; and further instructing the Executive Director to provide a financial report and matrix of the financial responsibilities and obligations and possible payments by both the City and SEOPW CRA; and further requesting that the SEOPW CRA agree to be penalized up to 1.5% of the loan amount where funds will be deducted from allocations authorized pursuant to City of Miami ordinance 00-11736, if any payments or draws are made against the City account; and further, that the CRA agrees to indemnify and hold harmless the City from any and all financial outlays; and further, requiring that all parties take note that said transaction should close prior to April 30, 2002. Section 3. The resolution shall be effective upon its adoption. PASSED AND ADOPTED this 25th day of March, 2002. Priscilla A. Thompson Clerk of the Board APPROVED AS TO FORM AND CORRECTNESS: Alejandro Vilarello General Counsel Arthur E. Teele, Jr., Chairman SEOPW / CRA 02- 54 March 25, 2002 Chairman Arthur E. Teele, Jr. and Members of the CRA Board Annette E. Lewis Executive Director, CRAf_1_j CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM DATE. March 25, 2002 SUBJECT: Fannie Mae Loan REFERENCES: Resolution, supporting documents ENCLOSURES: ITEM 14 FILE : RECOMMENDATION It is respectfully recommended that the CRA Board of Directors approve the attached resolution authorizing the Executive Director to meet with the Miami City Manager to negotiate the transfer of the obligations of the pending Fannie Mae- loan closure to the City of Miami, and requesting that the City provide reserves, and assume and coordinate responsibilities among all entities specifically Fannie Mae, the City of Miami (the "City") and the SEOPW CRA; and further instructing the Executive Director to transfer funds to reimburse the City for all costs associated with the transaction, including but not limited to Special Counsel; and further requesting that the City Commission schedule a notice of a public hearing for Thursday, April 11, 2002 to consider and take action; and further instructing the Executive Director to provide a financial report and matrix of the financial responsibilities and obligations and possible payments by both the City and SEOPW CRA; and further requesting that the SEOPW CRA agree to be penalized up to 1.5% of the loan amount where funds will be deducted from allocations authorized pursuant to City of Miami ordinance 00-11736, if any payments or draws are made against the City account; and further, that the CRA indemnify and hold harmless the City from any and all financial outlays; and further, requiring that all parties take note that said transaction should close prior to April 30, 2002. BACKGROUND The CRA Board authorized the CRA to obtain a loan from Fannie Mae in the amount of $1.575 million. Pursuant to resolution SEOPW/CRA 01-149, the CRA Board established an Escrow Accounts as required by the terms of the agreement and instructed the City of Miami Finance Department, CRA's fiduciary, to wire related closing costs. This resolution would greatly assist the CRA in closing the loan transaction with Fannie Mae. General Source: N/A Account Number: N/A SEOPW / CRA 02— bI4 CITY OF MIAMI, FLORIDA March 25, 2002 INTER -OFFICE MEMORANDUM ITEM 14 Chairman Arthur E. Teele, Jr. and DATE: March 25, 2002 FILE Members of the CRA Board SUBJECT: Fannie Mae Loan r l Annette E. Lewis REFERENCES: Executive Director, CRA Resolution, supporting documents ENCLOSURES: RECOMMENDATION It is respectfully recommended that the CRA Board of Directors approve the attached resolution authorizing the Executive Director to meet with the Miami City Manager to negotiate the transfer of the obligations of the pending Fannie Mae- loan closure to the City of Miami, and requesting that the City provide reserves, and assume and coordinate responsibilities among all entities specifically Fannie Mae, the City of Miami (the "City") and the SEOPW CRA; and further instructing the Executive Director to transfer funds to reimburse the City for all costs associated with the transaction, including but not limited to Special Counsel; and further requesting that the City Commission schedule a notice of a public hearing for Thursday, April 11, 2002 to consider and take action; and further instructing the Executive Director to provide a financial report and matrix of the financial responsibilities and obligations and possible payments by both the City and SEOPW CRA; and further requesting that the SEOPW CRA agree to be penalized up to 1.5% of the loan amount where funds will be deducted from allocations authorized pursuant to City of Miami ordinance 00-11736, if any payments or draws are made against the City account; and further, that the CRA indemnify and hold harmless the City from any and all financial outlays; and further, requiring that all parties take note that said transaction should close prior to April 30, 2002. BACKGROUND The CRA Board authorized the CRA to obtain a loan from Fannie Mae in the amount of $1.575 million. Pursuant to resolution SEOPW/CRA 01-149, the CRA Board established an Escrow Accounts as required by the terms of the agreement and instructed the City of Miami Finance Department, CRA's fiduciary, to wire related closing costs. This resolution would greatly assist the CRA in closing the loan transaction with Fannie Mae. General Source: N/A Account Number: N/A SEOPW/CRA 02 4 March 25, 2002 SEOPW/ITEM 14 RESOLUTION NO. SEOPW/CRA 0 2 - 54 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SOUTHEAST OVERTOWN PARKWEST (SEOPW) COMMUNITY REDEVELOPMENT AGENCY (CRA), AUTHORIZING THE EXECUTIVE DIRECTOR TO MEET WITH THE CITY MANAGER TO NEGOTIATE THE TRANSFER OF THE OBLIGATIONS OF THE PENDING FANNIE MAE LOAN CLOSURE TO THE CITY OF MIAMI, AND REQUESTING THE CITY TO PROVIDE RESERVES, AND TO ASSUME AND COORDINATE RESPONSIBILITIES AMONG ALL ENTITIES SPECIFICALLY FANNIE MAE, THE CITY OF MIAMI (THE "CITY") AND THE SEOPW CRA; AND FURTHER INSTRUCTING THE EXECUTIVE DIRECTOR TO TRANSFER FUNDS TO REIMBURSE THE CITY FOR ALL COSTS ASSOCIATED WITH THE TRANSACTION, INCLUDING BUT NOT LIMITED TO SPECIAL COUNSEL; AND FURTHER REQUESTING THAT THE CITY COMMISSION SCHEDULE A NOTICE OF A PUBLIC HEARING FOR THURSDAY, APRIL 11, 2002 TO CONSIDER AND TAKE ACTION; AND FURTHER INSTRUCTING THE EXECUTIVE DIRECTOR TO PROVIDE A FINANCIAL REPORT AND MATRIX OF THE FINANCIAL RESPONSIBILITIES AND OBLIGATIONS AND POSSIBLE PAYMENTS BY BOTH THE CITY AND SEOPW CRA; AND FURTHER REQUESTING THAT THE SEOPW CPA AGREE TO BE PENALIZED UP TO 1.5% OF THE LOAN AMOUNT WHERE FUNDS WILL BE DEDUCTED FROM ALLOCATIONS AUTHORIZED PURSUANT TO CITY OF MIAMI ORDINANCE 00-11736, IF ANY PAYMENTS OR DRAWS ARE MADE AGAINST THE CITY ACCOUNT; AND FURTHER, THAT THE CRA INDEMNIFY AND HOLD HARMLESS THE CITY FROM ANY AND ALL FINANCIAL OUTLAYS; AND FURTHER, REQUIRING THAT ALL PARTIES TAKE NOTE THAT SAID TRANSACTION SHOULD CLOSE PRIOR TO APRIL 30, 2002. WHEREAS, the Southeast Overtown Parkwest Community Redevelopment Agency (the "CRA") is responsible for carrying out community redevelopment activities and projects in the SEOPW Redevelopment Area; and WHEREAS , the CRA desires to meet with the Miami City Manager to transfer the obligations of the pending Fannie Mae loan closure to the City of Miami, and to request that the City provide reserves and assume and coordinate responsibilities among all entities specifically Fannie Mae, the City of Miami (the "City") and the SEOPW CRA; and further instructing the Executive Director to transfer funds to reimburse the City for all costs associated with the transaction, including but not limited to Special Counsel; and further requesting that the City Commission schedule a notice of a public hearing for Thursday, April 11, 2002 to consider and take action; and further instructing the Executive Director to provide a financial report and matrix of the financial responsibilities and obligations and possible payments by both the City and SEOPW CRA; and further requesting that the SEOPW CRA agree to be penalized up to 1.5% of the loan amount where funds will be deducted from allocations authorized pursuant to City of Miami ordinance 00-11736, if any payments or draws are made against the City account; and further, that the CRA indemnify and hold harmless the City from any and all financial outlays; and further, requiring that all parties take note that said transaction should close prior to April 30, 2002. SEEOPW / CRA 02- 54 March 25, 2002 SEOPW/ITEM 14 NOW THEREFORE, BE IT RESOLVED B THE BOARD OF DIRECTORS OF THE COMMUNITY REDEVELOPMENT AGENC OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and finding contained in the Preamble to the Resolution are incorporated herein as if fully set forth in this Se tion. Section 2. The Board of Directors f the CRA hereby authorizes the Executive Director to meet with the City Manager to negotiate the ransfer of obligations of the pending Fannie Mae loan closure to the City of Miami, requesting that e City provide reserves and assume and coordinate responsibilities among all entities specifically annie Mae, the City of Miami (the "City") and the SEOPW CRA; and further instructing the Exec ive Director to transfer funds to reimburse the City for all costs associated with the transaction, inclu ing but not limited to Special Counsel; and further requesting that the City Commission schedule a otice of a public hearing for Thursday, April 11, 2002 to consider and take action; and further instruct g the Executive Director to provide a financial report and matrix of the financial responsibilities and bligations and possible payments by both the City and SEOPW CRA; and further requesting that th SEOPW CRA agree to be penalized up to 1.5% of the loan amount where funds will be deducted om allocations authorized pursuant to City of Miami ordinance 00-11736, if any payments or dra s are made against the City account; and further, that the C 'ndemnify and hold harmless the City om any and all financial outlay; and further, requiring that all pa ies take note that said transaction sh Id close prior to April 30, 2002. ection 3. The resolution shall e effective upon its adoption. ASSED AND ADOPTED this 25 day of March, 2002. Arthur E. Teele, Jr., Chairman Priscilla A. ompson Clerk of the and APPROVED A TO FORM AND CORREC ESS: Alejandro Vilarello General Counsel SEOPW / CRA 02- 54