HomeMy WebLinkAboutR-97-04591
J-97-414
7/2/97
RESOLUTION NO. 9 7 459
A RESOLUTION RESCINDING IN ITS ENTIRETY,
RESOLUTION NO. 96-631, ADOPTED SEPTEMBER 12, 1996,
AUTHORIZING THE CITY MANAGER TO SUBMIT A
SECTION 108 LOAN GUARANTEE APPLICATION IN THE
AMOUNT OF $1.5 MILLION TO THE U.S. DEPARTMENT OF
HOUSING AND URBAN DEVELOPMENT (USHUD) AND
SUBSTITUTING, IN LIEU THEREOF, THE HEREIN
RESOLUTION, AUTHORIZING THE CITY MANAGER TO
SUBMIT AN APPLICATION TO USHUD, IN A FORM
ACCEPTABLE TO THE CITY ATTORNEY, FOR A SECTION
108 LOAN GUARANTEE IN THE AMOUNT OF $2,000,000.00,
TO ASSIST IN THE FINANCING OF THE FLAGLER
MARKETPLACE, A PUBLIC IMPROVEMENT PROJECT OF
THE DOWNTOWN DEVELOPMENT AUTHORITY (DDA), FOR
THE RESTORATION OF NEW CURBS AND SIDEWALKS,
STREET LANDSCAPING, SIGNAGE AND OTHER STREET
IMPROVEMENTS ALONG FLAGLER STREET IN THE
DOWNTOWN MIAMI NEIGHBORHOOD; FURTHER
PROVIDING FOR SAID LOAN TO BE REPAID BY DDA AND
TO BE SECURED BY A PLEDGE, AND FUTURE COMMUNITY
DEVELOPMENT BLOCK GRANT (CDBG) FUNDS, SUBJECT
TO APPROVAL BY THE BOARD OF DIRECTORS OF THE
DDA.
WHEREAS, the City of Miami is committed to improving the neighborhoods of which
the downtown community is an important part; and
WHEREAS, the Downtown Development Authority (DDA) has proposed a major street
redevelopment project for the downtown Flagler Street area; and
CITY COIulKMON
MEETING OF
J U L 10 19V
Resolution No.
97- 459
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Mumma-
x.
WHEREAS the City of Miami is desirous of restoring the public right-of-way and other
street improvements in downtown Miami; and
WHEREAS, the City Commission adopted Resolution No. 96-631 on September 12,
1996, authorizing a $1.5 million USHUD Section 108 loan request; and
WHEREAS, the application for said $l .5 million Section 108 loan was never submitted
to USHUD due to the effect of the proposed repayment on the City's adverse financial condition;
and
i
WHEREAS, DDA has agreed to repay the loan and has requested that the amount
thereof be increased to $2 million;
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. Resolution No. 96-631, adopted September 12, 1996, is hereby rescinded
in its entirety.
Section 3 The City manager is hereby authorized' to submit an application to the
United States Department of Housing and Urban Development (USI UD), in a form acceptable to
the City Attorney, for a Section 108 Loan Guarantee in the amount of $2,000,000.00 for the
purpose of assisting in financing the Flagler Marketplace Project of the Downtown Development
Authority (DDA) for the restoration of new curbs and sidewalks, street landscaping, signage and
other street improvements along Flagler Street in the downtown area, said loan to be repaid by
2 97- 459
DDA and to be secured by a pledge of Community Development Block Grant (CDBG) funds,
subject to approval by the Board of Directors of the DDA.
Section 4. This Resolution shall become effective immediately upon its adoption.
PASSED AND ADOPTED this l Oth day of Jam, 1997.
ATTEST:
'o
WALTE J. MAN, CITY CLERIC
DEPARTMENT OF COMMUNITY DEVELOPMENT
REVIEW AND APPROVAL:
, /sit /�.....�—
ELBERT WATERS, INTERIM DIRECTOR
FINANCIAL REVIEW:
ROLLER
JOE CAROLLO AYOR
BUDG T REV EW:
DIP PAREKH, DIRECTOR
BUDGET & MANAGEMENT
ANALYSIS
-`/ 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.
k�'
97- 459
ki
PREPARED AND APPROVED BY: APPROVED AS TO FORM AND
CORRECTNESS:
i
OLGA#;tAMIREZ-SEIYAS A. Q N J , 11I
ASSISTANT CITY ATTORNEY CITY ATT EY
W 1711: et: csk:ORS
1
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO: Honorable' Mayor and DATE: JUL - 1 1997 FILE:
Members of the City Commission
FROM: d t!Manrquez
City ag
RE NDATION:
SUBJECT: Submittal of Section
108 Loan Application to U.S. HUD
REFERENCES: DDA/Flagler Marketplace
City Commission Meeting of
ENCLOSURES: July 10, 1997
It is respectfully recommended that the City Commission approve the attached resolution, authorizing
the City manager to submit an application for a Section 108 Loan Guarantee to the U.S. Department
of Housing and Urban Development (HUD), in the amount of two million ($2,000,000.00) dollars, to
assist in financing the Flagler Marketplace Street Redevelopment Project of the Downtown
Development Authority (DDA). The loan, which would be secured by the City's future years
Community Development Block Grant (CDBG) funds, would be provided to the City of Miami at
approximately 6% for a period of twenty (20) years and would be repaid by DDA. The City had
previously approved a similar application in the amount of $1.5 million per Resolution 96-631 of
September 12, 1996. However, said application was not submitted to U.S. HUD because of the
intended repayment source (future CDBG Grant Funds) and the City's unanticipated financial
situation. Therefore, the City Administration respectfully recommends that the City Commission
rescind Resolution 96-631 and approve the attached resolution as presented in the above.
BACKGROUND:
The Department of Community Development has analyzed the need to submit a Section 108 Loan
Guarantee Application to U.S. HUD to assist in the street redevelopment of Flagler Street in
Downtown Miami.
This proposal, from the DDA provides for major public improvements to the curbs and sidewalks,
street landscaping and various signage along the entire Flagler Street, a $14 million -dollar project in
which Dade County and the State of Florida are also participating.
Approval of this application by U.S. HUD will allow the City to fulfill its obligations as a full partner
along with Dade County and the State of Florida, in helping secure funding for the completion of the
entire project.
<shared-memosvh>mayorcc 1
11
97- 459 1
CITY OF MIAMI
COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM
NOTICE OF PUBLIC HEARING
The City of Miami will conduct a public hearing to discuss applying for a Section 108 Loan
Guarantee in the amount of $2 million from the U.S. Department of Housing and Urban
Development (HUD) on behalf of the Downtown Development Authority (DDA), to assist in
funding various public street improvements along Flagler Street in downtown Miami, as part of
the Flagler Street Marketplace project of the DDA.
The proposed U.S. HUD Section 108 loan will be repaid by the Downtown Development
Authority (DDA) over a twenty-year period.
The date and time of: the Public Hearing is as follows:
Date: July 10, 1997
Time: 9:00 A.M.
Place: City of Miami Commission Chambers
3500 Pan American Drive
Miami, Florida 33133
All interested parties will be given an opportunity to comment on the proposed application.
U-
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97- 4593
4
C A 'RE80LVrl6N AUTHORIZINq THE -ITY'NANAGER TO,
APP UB IT'. , ''A' , AN LicATION 'IN 4.*F, :FO
RM; db
TO' THE ATrOWY Tq THE S. DEPARTMENT
c
US
`H`bbS,ING* AND URBAN EV`ELOPMtNT'.-' k3b)" - FOR
OF
A . idilbig MOUNT OF
08 LOAN G EE
u.� x4l
` N 1 FINANCING:; F j 9
0000" ASSIST
ttR
"TO'il *
R0J
.,A Pttftc ppovik9i4fjP- (ECT .
ME I AUTHORITY-` DDA DOWNTOW14 -btVZtb]*E'
W. CURBS,:
REST 'PION OF. NE 4�
At& b7h[�A
f J S.CAPING.' .7 . . .. . .,`
S CtrAGE
I . Mi�k&EkgirPS' ALONG. F�` 9 GLER .'STREE THE
DOWNTOWN" MfAMI N •dii*%
A`UTHIORi t !kd! REPAYMENT OF.:,SAID LOAN . FROM
VENUES OR,
FUT
URE YEARS COMMUNIS� B LO DgVVLOP
dRANT! ("tbhG7) ALLOCATI S.
-WHEREAS, the committed to improving t
City of Miami'is coun.. , . e
dN
heiqhbqr oods' o.f whidli the ..down own.- community is ai' irnt)ottaiit
Wk "AS, the DowntownDeve.14pment Authority has proto'se' 4• .4
-rede'velopment, projnct: for' - th6. downto';,in
."area; 'and
`WRE'MS the City :Conupls$iO has, approved - $Soo'# QOP toward
nd
b! Project; "
hC�sdesit60s,WiBRE,.l of restoring, the
]Oublic:.right-of -way and other s; rpov eimqnts -
459
f haft -�V '&b1i.-q'improveme project,
ci 9 of said
NOW; THEREFORE;OP TnR CITY
..9� T RESOLVE BY THE.COMMISSIPN
OR. MIA1<1, FLORTDA'i
.;Sdcti6n .'The recitals nd in ings coiitainod lh.:the
to'Chia. Resolution arer:hereby Opted .4 i d, by .:referbnce
..
t eret' d and ined :E'te s f, f�4 'Ehis
h a 4;herein i Y.. edt" forth t1i 'ih
s6*ftioli.
er tho, Sdbtidn 2. Th6 City Man' is he'r'eb' rize'd. to
'submit',.`ail application,* in a form Jcceptabie, '!to, t'he*` City'."Att0kney,'
ot�he "-;United S pa States bd 'rtment 'o Housinq,and ukban D61eiopmieht
_
in the amount 0*06
WtHtMy for a Section 108'loan guarantee
t6i7 tho the Flagler-M4rk6tbi6ce: turpo'e.pf.Assisting in financing
-Ut e
Downtown A hortty. (DDAj` f'i..' I�h'
�roJec�..::of' the DeveI6 ent
ke tbrg' sidewalks, street .1aiid :ajAn'
tion of new curbs and' P9 go
•
pignaqe and other, btreet, im,provem nts gong :Flagler Street: 'in. the
ri00M 0Viarea.
S4cftiqn 3. Rep Y(Ue t; n o 4 5aid Section 108 Tooari'td USHUD
L.
'18* '1i k4by authoxiied from Counit Development generatedel
: a 7 6r future, years Cbrorm nity - peyelopment ock* Qxant
(.11C.01W): allocatiftis.
-Skti6n. 4. This' Resolution - shall* become eff eq 3.ve
ii*deOi tely upon its adoppion.
herein authorization
is- fur.t. .'subject to,dcire►plfance
;I with al z�equirdmqftts - that may b'd iT�pogre�cribiad, by
- by" the -. -City
: th
se
tbriaey, incliiding,but not Ilimited 'to P
p�icable City Charter -and ode provisions:;
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