HomeMy WebLinkAboutR-01-0875Li- 01 742
9/12/01
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RESOLUTION NO. 01— 875
A R.ESOLU`.CION OF THE MIAY"CITY COMMISSION
ATJTBORi'XING THE CITY MANAGER TO EXECUTE AN
AGR1~EMF;NT, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, WIPPH PENINSULA HOUSING DEVELOPMENT
INC. XIV (THE "DEVELOPER") FOR THE
DISBURSEMENT OF $150,000 IN HOME INVES`T'MEN'J."
PARTNERSHIP PROGRAM FUNDS AWARDED TO THE
DEVIi.'.LOP} R. 13Y THE CITY FOR THE CONSTRUCTION
0£` THE 100 -UNIT VICTORIA RESIDEN'T'IAL
APARTMEN'T'S PROJECT, LOCATED IN THE LITTLE
HAVANA AREA AT 350 NORTI-IW11ST 9"' AVENUE,
MIAMI, FLORIDA.
BE IT RESO._,VF:I) BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The City Manager is aut:horizedl to execute- an
agreement, in form acceptable to the City Att=orney, With
Peni.nsul.a Housing Development, Inc. XIV (the "Developer"), a
not-for-profit corporation, for the disbursement of $150,000 in
Home Investment Partnership Program Funds awarded to the
developer_ by the City for the construction of the 100 -unit
`Phe herein authori.zati.on is further subject to compliance with all
requirements that, may be imposed by the City Antorney, includ .ng buc,
not iiaiited to t:.:osc: proscribed icy appl icable. City Charter and Code
provisions.
CITY COMMtB`MIQO
i4=Tt G
SET i
�4tF7�21�1C1A
01
V W
Victoria Residential Apartments Project, located in the L:iLLle
Havana area at 350 Northwest 9`'h Avenue, Miami., Florida.
Section 2.
This Resolution
shall
become effecr.ive
immediately upon
its adoption and signature
of the Mayor`/
PASSED AND ADOPTED this 13th day of September 2001.
JOE CAROLLO, MAYOR
In Cncoffiancn 41 li {t, ,,x ,i t {:1, -, ;!,)n tfir .&Ac 'Qr G'.:1 not inr ical'1 c. 1!11'C•1 i..i of
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rega dinoti9f' e, wititou! iiia
ATTEST:
Walt'(f• J. v gym. !, City CIGA —
WALTER J. POEMAN
CITY CLEIRK
APPROVED AS TO FORM
LLO
591 : db : L,13 : 1355
CORRECTNESS i%
T±= the Mayor does not: sign Lh_i. i Re:3a]ution, it shall become effecciVe
at the end of ten calendar days from the date it was passed and
adopted. T.f l:he Mayor votoes this Resolution, it-- shall become el:f:c'c.t:.i.ve
iilllnEidiEtely upon override of the veto by the Ci.ty L:oTmnissio{i.
Page 2 of 2 014. 875
CITY OF MIAMI, FLORIDA A=24
INTER -OFFICE MEMORANDUM
The Honorable Mayor and Members of
TO : DATE: FILE
the City Commission AUG 2 9
su6JEC1 ; Resolution Relating to Victoria
Residential Apartments Project
FROM: REFERENCES:
City Commission Meeting
e ENCLOSURES: of September 13, 2001
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the attached resolution,
authorizing and directing the City Manager to execute an agreement with Peninsula Housing
Development, Inc. XIV (CODEC, Inc.) for 5150,000 in Home Investment Partnership (HOME)
Program funding awarded by the City in connection with the financing of the 100 unit Victoria
Residential Apartments Project constructed in the Little Havana neighborhood.
BACKGROUND:
At its meeting of February 21, 2001, the City of Miami's I-[ousing and Commercial Loan
Committee approved $150,000 in Home Investment Partnership (HOME) Program funds to
CODEC, Inc. in connection with the financing of the one hundred (100) unit Victoria Residential
Apartments Project located at 350 Northwest 9'h Avenue in the Little Havana neighborhood.
In addition, CODEC, Inc. secured $7,166,000 in Section 202 Program funding the U.S.
Department of Housing and Urban Development to construct the project.
The legal name and owner of record for the Victoria Residential Apartments Project is Peninsula
Housing Development, Inc. XIV, a not-for-profit corporation, single asset entity created by
CODEC, Inc. to develop and own the project. As a result, prior to execution of an agreement
between the City and the developer/o Amer and the disbursement of the City funding, it is
necessary that the City Commission authorize the City Manager to execute an agreement with
the legal entity that will be receiving the HOME finds in connection with the financing of the
aforementioned housing project.
City Commission approval of the attached resolution is recommended.
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DB/GCW/JB1 I
0i~ 875