HomeMy WebLinkAboutItem #17 - First Reading OrdinanceM
J-97-305
4/30/97
ORDINANCE NO.
AN ORDINANCE, WITH ATTACHMENT(S),
ESTABLISHING A NEW SPECIAL REVENUE FUND
ENTITLED "POINCIANA VILLAGE CONDOMINIUMS
PHASE III CONSTRUCTION GRANT" AND
APPROPRIATING FUNDS FOR THE OPERATION OF SAME
IN THE TOTAL AMOUNT OF $363,000.00,
CONSISTING OF FUNDS FROM THE SALE PROCEEDS OF
THE MELROSE TOWNHOMES; AUTHORIZING
EXPENDITURES FROM SAID FUND; FURTHER
AUTHORIZING THE CITY MANAGER TO EXECUTE THAT
CERTAIN GRANT AGREEMENT BETWEEN THE CITY OF
MIAMI, FLORIDA AND INDIAN RIVER INVESTMENTS
OF MIAMI, INC., IN SUBSTANTIALLY THE ATTACHED
FORM, AND ANY OTHER NECESSARY DOCUMENTS, IN A
FORM ACCEPTABLE TO THE CITY ATTORNEY TO
EFFECTUATE SAID GRANT; DIRECTING THE CITY
MANAGER TO REIMBURSE THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT
AGENCY TRUST FUND ACCOUNT IN THE AMOUNT OF
$221,417.60 FROM THE HEREIN ESTABLISHED
SPECIAL REVENUE FUND; CONTAINING A REPEALER
PROVISION AND A SEVERABILITY CLAUSE.
WHEREAS, pursuant to that certain Land Lease and Development
Agreement between the City of rV-aye Florida and Indian River
Investments of Miami, Inc. ("DeXej6perll), dated June 15, 1988,
Developer was obligated to
as "Poinciana Village;
"Project"), to be
Overtown/Park
truct a residential project known
sting of 155 dwelling units (the
in four phases, in the Southeast
lopment Area; and
WHEREAS, p nt to Resolution No. 96-430, adopted by the
City Commi Sion o June 13, 1996, the City Manager was directed
to prov' X363,000.00 in the form of a grant (the "City Grant")