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Home My WebLink AboutR-97-0057J-97-69 1 /22/97 RESOLUTION NO. 9=_57 A RESOLUTION, WITH ATTACHMENT, AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, WITH THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("HUD"), ACCEPTING THE AWARD OF A SECTION 108 LOAN GUARANTEE IN THE AMENDED AMOUNT OF $5 MILLION TO ASSIST WITH THE DEVELOPMENT OF THE S.W. 8TH STREET SHOPPING CENTER PLAZA, LOCATED IN THE EAST LITTLE HAVANA TARGET AREA; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE A LOAN AGREEMENT, 1N A FORM ACCEPTABLE TO THE CITY ATTORNEY, WITH S.W. 8TH STREET VENTURE, L.P., FOR DEVELOPMENT OF THE PROJECT. WHEREAS, the City of Miami is committed to assisting private investors create new jobs and remove slum and blight in the designated community development target areas; and WHEREAS, in April, 1996, the City, on behalf of S.W. 8th Street Venture, L.P. ("Developer"), submitted an application to HUD for a $5.6 million Section 108 Loan Guarantee; and WHEREAS, the Developer proposes to construct a strip shopping center between Second and Third Avenues along S.W. 8th Street in the East Little Havana Neighborhood ("Project"); and WHEREAS, HUD has approved the City's request to assist in financing this Project and awarded a Section 108 Loan Guarantee in the amount of $5.6 million; and ATTACHAll EI T (5) CO Y RED CITY CODT IISSION Iv EE,TBIG of P,esolufion No, j FAI W WHEREAS, the Developer has now indicated that the amount required for the Project has been reduced from $5.6 million to 5 million; and WHEREAS, the City is now accepting the said Loan Guarantee in the amended amount of $5 million for development of the Project; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. The City Manager is hereby authorized to execute an Agreement, in substantially the attached form, with the United States Department of Housing and Urban Development (HUD) accepting the award of a Section 108 Loan Guarantee, in the amended amount of $5 million, to assist with the development of the S. W. 8th Street Shopping Center Plaza ("Project"), located in the East Little Havana target area. Section 3. The City Manager is hereby further authorized' to execute a loan agreement, in a form acceptable to the City Attorney, with S.W. 8th Street Venture, L.P., for development of the Project. Section 4. This Resolution shall become effective immediately upon its adoption. The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code provisions. i 2- 9 7 - 57 PASSED AND ADOPTED this 23rd day of January—, 1997. CAROLLO, MAYOR ATTEST: WALTE J._F EMAN CITY CLERK NET REVIEW AND APPROVAL: fi ELBER L. WATERS, nib DEPARTMENT OF COMMUNITY DEVELOPMENT/NET PREPARED AND APPROVED BY: r ,r 'LINb%A K. KEARSON ASSISTANT CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: r m'J O , III CITY ATTO YY W 1404:csk:LKK 0 1r,Inq A,pproval/Agreemerit U.S. Departmont of Housing i% I of the Housing and Comm ''ty and Urban Dovelopmen' evelopment Act (PUblic Law 93--83) Office of Community F ng and Development 00515R of 20515R Community Development Block Grant Program Vame of Grantee (as shown in item 5 of Standard Form-424) 13. Grantee's 9-Digit Tax ID Number 4. Date Use of Funds May Y ty of Miami, Florida 5a. Project 1 Grant Number 1 Ga. Amount Approved irantea's Complete Address (as shown in Item 5 of Standard Form-424) 13-95-MC-12-0013-C 5b. Project 1 Grant Number 2 6b. Amount Approved 'fice of the City Manager �00 Pan American Drive 5c. Project 1 Grant Number 3 6c. Amount Approved ami, FL 33133 'ant Agreement ,is Grant Agreement between the Department of Housing and Urban Development (HUD) and the above named Grantee is made rsuant to the authority of Title I of the Housing and Community Development Act of 1974, as amended, (42 U:S.C. 5301 et seq). •e Grantee's submissions for Title I assistance, the HUD regulations at 24 CFR Part 570 (as now in effect and as may be amended tm time to time), and this Funding Approval, including any special conditions, constitute part of the Agreement. Subject to the visions of this Grant Agreement, HUD will make the funding assistance specified here available to the Grantee upon execution of Agreement by the parties. The funding assistance specified in the Funding Approval may be used to pay, costs incurred on or ter the date specified in 4 above provided the'.activities to which such costs are related are carried Out in compliance with all plicable requirements. Pre -agreement costs may not be paid with funding assistance specified here unless they are authorized in )D regulations or approved by waiver and listed in the special conditions to the Funding Approval. The Grantee agrees to assume of the responsibilities for environmental review,: decision making, and. actions, .as specified and required in regulations issued -by. S��rstaty'pursiiarit ta'•5e iiorf'1t14{g) 'Of.Title }'and,put�li�iied-in 24•'GF•R Part58., Tt1e;Grantee,•further••acknowledges: as..,..:.:...:: 3ponsibility f erence to the gr T1ent by subrecipient entities to which it makes funding assistance hereunder available:. t, Dopartr, of cu a pant (signature', nam title; data) Grantee (signature, name; title; date) plir Ke eth C..W.Miams, Deputy Assistant i( !cretary for Grant Pro rams City of Miami Florida.' Check Only One: Category of Title I A'scictance for this 8. Special 9a: Date HUD Received Submission: 10; Check One: Funding Action Conditions a. Orig.Funding Approval a• Entitlement, SaC1OG(b) (check one) 9b..Date Grantee Notified: b. Stote-Adminisferod, Sac 106(d)(1) None b. Amendment X 9c.'Dato of Start of (?rograT Year: c. Amendment Number C'r'FIUD Administzret) Srtial4Citios; Sec 10G(d)(2)(8) •Atthdhbd X d. Indian CDBG Programs, Sec 106 (a)(1) 11. Amount of Community o. Surplus Urban Renewal Funds, Sac 112(b) [Nock Developant men1 95 a. Funds Reserved For f. Special Purpose Grants, Sec 107 This Grantee g. Lean Guarantee, Sec 108 X b. Funds Now Being ;;:; Approved #>` Reservation 7 o.Ba c. Cancelled 1 1 a minus 11b } , a. Amount of Loan Guarantee Commitment Now Being Approved: r 12b, Name and Complete Address of Public Agency •' 5,Goo, Ob0 ; -an Guarantee Acceptance hrovisio.ns jbir :signated Agencies a public agency hereby accepts the Grant Agreement executed by the partmont of Housing and Urban Development;oh the above date with respect to 12c. Signature of Authorized Official (name, title, date) for t above grant number(s) as Grantee designated to rocoivo loan guarantee Designated Public Agency >istonco, and agrees to comply with the terms and conditions of the Agreement, X plicable regulations, and other requirements of HUD now or hereafter in effect, rtaining to the assistance provided it. D Accounting Use Only TAC 'A 'tch J 1 7 6ro P Y Ra Area Document No. ram a s m� Pro ect as Number " 2 r. 0013 Cate o —C Amount - Effective Date L F a _L Y Project Number Amount Y Pro'cct Number Amount a ;.o j J Date Entered PAS Date Entered LOCCS Batch Number rWr_actlon Code Entered by: __TVerified by: w)ous Editions Oro Obsolete form HUD-7082 (4/14193) 24 CFR 670 fit 7— 57