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CITY OF MIAMI, FLORIDA 56
INTER -OFFICE MEMORANDUM
TO: The Honorable Mayor and Members DATE: FE91 2 g 2000Lq FILE:
of the Cit ommission
SUBJECT:
Loan Subordination for
Regis House, Inc.
FROM: REFERENCES:
to arshaw City Commission Agenda
City Manager ENCLOSURES: March 9, 2000
At its meeting of February 17, 2000, the City Commission directed the Administration to work
with representatives of Regis House, Inc. to evaluate this Agency's request to subordinate a
previous City allocation of $50,000 of Community Development Block Grant (CDBG) funds to
acquire property at 2010 N.W. 7 Street.
As directed by the City Commission, staff from the Department of Community Development has
been working closely with this Agency to determine the loan to value status of the Agency's
request and its impact on the City. However, at this time, the Department of. Community
Development is unable to complete its assessment of the request until Regis House forwards a
copy of the certified appraisal and letter of commitment from the proposed first mortgage lender.
Regis House is currently in the process of securing these pending items.
Once the aforementioned support documentation is received, the Administration will be able to
complete its evaluation. If Regis House is able to submit this information prior to the actual City
Commission meeting, then the Administration will be in a position to make a recommendation
on the floor at that time. Representatives of Regis House have been advised of the status of the
request and the critical need to submit the documentation necessary for the Administration to
complete its assessment and report to the City Commission.
JFL/G /DF