HomeMy WebLinkAboutR-97-0722J-97-699
9/30/97
RESOLUTION NO. 9 7 ` 7.22
A RESOLUTION, WITH ATTACHMENT(S), AUTHORIZING
THE CITY MANAGER TO EXECUTE AN AMENDMENT TO
AN EXISTING LOAN AGREEMENT, DATED JUNE 23,
1995, IN SUBSTANTIALLY THE ATTACHED FORM,
WITH MIAMI/BAHAMAS GOOMBAY FESTIVAL IN
COCONUT GROVE, INC., TO EXTEND THE MATURITY
DATE OF SAID LOAN AND MODIFY THE TERMS OF
REPAYMENT OF THE PRINCIPAL . BALANCE OF
$57,802.12.
WHEREAS, the City made a loan to Miami/Bahamas Goombay
Festival in Coconut Grove, Inc., in the principal sum of
$57,802.12, as evidenced by a Loan Agreement dated June 23, 1995;
and
WHEREAS, Miami/Bahamas Goombay Festival in Coconut Grove,
Inc. has defaulted under the Loan Agreement by failing to pay the
loan as of July 5, 1995, as required by said Loan Agreement; and
WHEREAS, on May 7, 1997, the City Commission adopted
Resolution No. 97-307, directing the City Manager to review and
make a recommendation related to the repayment of the principal
loan amount; and
WHEREAS, the City Manager recommends that Miami/Bahamas
Goombay Festival in Coconut Grove, Inc. pay the City $7,000.00 of
the principal balance of $57,802.12, simultaneously with the
execution of the herein Amendment to Loan Agreement which will
require the payment of the remaining principal balance of
$50,802.12 in forty-eight (48) monthly installments of $1,058.38,
until paid in full;
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 authorized1/ to
execute an Amendment to an existing Loan Agreement, dated
June 23, 1995, in substantially the attached form, with
Miami/Bahamas Goombay Festival in Coconut Grove, Inc., to extend
the maturity date of said loan and modify the terms of repayment
of the principal balance of $57,802.12.
Section 3. This Resolution. shall become effective
immediately upon its adoption.
i� 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. .
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PASSED AND ADOPTED this 14th
day of October , 1997.
ATTEST: JOE CAROLL , MAYOR
WALTER J. , CITY CLERK
PREPARED AND APPROVED BY:
P
OLGA IREZ-SEI S
ASSI&TANT CITY AttO EY
APPROVED AS TO FORM AND CORRECTNESS:
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CITY A TORN Y
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97- 722
AMENDMENT TO LOAN AGREEMENT
This Agreement is entered into as of the 29°i day of May, 1997, by and between the City
of Miami, a municipal corporation of the State, of Florida (the "City"), and Miami/Bahamas
Goornbay Festival in Coconut Grove, Inc_, a Florida not -for profit corporation (the "Borrower" )
WITNES SETH
WHEREAS, the City made a loan to the Borrower in the principal sum of $57,802.12 (the
"Loan"), which is evidenced by a Loan Agreement date June 23, 1995 (the "Loan Agreement"),
and
WHEREAS, Borrower has defaulted under the Loan Agreement by failing to pay the Loan on
July 5, 1995, as provided therein; and
WHEREAS, Borrower has requested an extension of the maturity date of the Loan and a
modification of the terms for repayment of same,
WHEREAS, on , 1997, the City Commission of the City of Miami
adopted Resolution No. 97- , agreeing to extend the maturity date of the Loan and to
modify the terms of its repayment, in accordance with, and subject to the terms and conditions set
forth herein.
NOW, THEREFORE, in consideration of the covenants contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the City,
the parties agree as follows:
1. Initial Payment: Simultaneously with the execution of this Agreement, Borrower
shall pay to the City the sum of $7,000, to reduce the principal balance of the Loan.
2. Repayment Schedule: Borrower agrees to repay to the City the principal balance
of the Loan in 48 monthly installments of $1,058.39, commencing on the first day of
1997, and thereafter, on the day of each month until paid in full.
3. Interest: The City hereby waives the payment of Interest under the Loan, provided,
however, that in the event Borrower shall fail to make a payment, when due, then the entire Loan
shall bear interest at the highest rate permitted by law, and, at the City's option, shall become
immediately due and payable.
Except as specifically provided herein, all of the terms and provisions of the Loan Agreement shall
remain in effect.
IN WITNESS WHEREOF, City and Borrower have executed this Agreement as of the date first
above written.
ORS:Goombav Festival Loan Amendment.doc 9 0— 722
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46 0
Name:
Corporate Secretary
ATTEST
By:
WALTER J. FOEMAN
City Clerk
APPROVED AS TO FORM AND
CORRECTNESS
wo
A. QUINN JONES III
City Attorney %;�
Miami/Bahamas Goombay Festival in Coconut
Grove, a Florida not -for profit Corporation
Bv:
Name:
Title: President
CITY OF MIAMI, a municipal corporation
of the State of Florida
By:
EDWARD MARQUEZ
City Manager
APPROVED AS TO INSURANCE
REQUIREMENTS
By:
MARIO SOLDEVILLA
Assistant Director, Risk Management
ORS:Goombay Festival Loan Amendment.doc
97- 722
TO
FROM
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_ CITY OF MIAMI, FLORIDA 6 33
INTER -OFFICE MEMORANDUM
Honorable Mayor and
Members of the City Commission
1
Edward M IQu�
City Manager
RECOMMENDATION:
DATE: OCT 2 FILE:
SUBJECT: Loan Agreement with
Miami/Bahamas Goombay
Festival
REFERENCES:
ENCLOSURES: City Commission Agenda
It is respectfully recommended that the City Commission adopt the attached resolution, amending a
loan agreement with Miami/Bahamas Goombay Festival in Coconut Grove, Inc., dated June 23,
1995, in order to extend the maturity date and modify the terms of repayment of the principal sum
of $57,802.12.
BACKGROUND:
On June 23, 1995, the City of Miami entered into a loan agreement with Miami/Bahamas Goombay
Festival in Coconut Grove, Inc., in the principal amount of $57,802.12. The terms of the
Agreement require that the loan be repaid before July 6, 1995. The organization failed to repay the
loan as provided by said Agreement.
On May 7, 1997, the City Commission adopted Resolution No. 97-307, instructing the City
Manager to work out an agreement related to the repayment of the loan.
The Administration met with representatives of the Miami/Bahamas Goombay Festival and it was
agreed that they pay the City an initial amount of $7,000.00 and the balance be repaid in 48 monthly
installments of $1,058.38 until paid in full.
Attachment: Proposed Resolution
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97- 722 1
_ Witia Df 'ffliamv
ELBERT L. WATERS
* IILI'/ IIILII *'�
Director
O �
FC0., FV,
May 29, 1997
Mr. William R. Rolle, Executive Director
Miami Bahamas Goombay Festival in Coconut Grove, Inc.
P. O. Box 330052
Miami, Florida 33133-0052
Dear Mr. Rolle:
EDWARD MARQUEZ
City Manager
On June 23, 1995, the City of Miami executed a Loan Agreement with your organization
in the amount of $57,802.12 to be used for payment of City of Miami services and fees
related to the 1995 Goombay Festival. According to the terms of said Agreement, your
organization agreed to repay the loan on or before July 5, 1995, with the proviso that any
amounts not paid when due would accrue interest at the highest rate permitted by law.
On May 22, 1997, City of Miami staff met with you to discuss the repayment of said
loan to the City of Miami. After extensive discussion, it was agreed that you will pay
the principal amount of $57.,802.12 by making an initial payment of $7,000 and to
repay the balance of $50,802.12 in 48 monthly installments of $1,058.38, interest
free.
We are hereby accepting your initial payment of $7,000 with the understanding that you
agree to modify your existing loan agreement in accordance with the terms set forth in the
preceding paragraph, and that you agree to sign any and all documents required by the
City of Miami in order to execute said modification. It is requested that you sign below,
accepting the terms set forth in this letter.
Sincerely,
Elbert LWaters, Interim Director
Department of Community Development
William R. Rolle,-Exe6utArve, Director
Miami Bahamas Goombay Fe8fival,
in Coconut Grove, Inc.
cc: Aaron Weeks, Chief of Staff
Robert Nachlinger, Assistant City Manager
DEPARTMENT OF COMMUNITI DEVELOPMENT
444 S.W. 2nd Ave., 2nd Floor Miami, Florida 33130.'t305) 416-2080iFax: (305) 416-2090 3
Mailing Address: P.O. Box 330708.Miami, FL 33233-0708 9 7 ^ 722
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CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
Edward Marquez, City Manager DATE May 22, 1997 FI;.E
Through: Robert Nachlinger
Assistant City Manager SUBJECT : Miami/Bahamas Goombay
Festival Loan
rRON1 Elbert L. • aters, Interim Director REFERENCES
Community Development Department ENCLOSURES:
On May 7t , 1997, the City Commission granted certain approvals to the
Miam/Bahamas Goombay Festival Committee, contingent upon repayment of an
existing loan in the principal amount of $57,802.12, which was used for the payment of
City services during the 1995 Miami/Bahamas Goombay Festival. The borrower agreed
to repay the loan before July 6", 1995, and, if defaulted, any amount .not paid at that
time would accrue interest at the highest rate permitted by law.
Today, at your directive, we met with representatives of the Miami/Bahamas Goombay
Festival Committee, namely, Mr. William Rolle, Executive Director and Ms. Dorothy Lee,
a member of the Board of Directors. Also present at the meeting was Assistant City
Attorney Olga Ramirez-Seijas, Mr. Louie Brennan and Jose Matas from the Department
of Budget, Espe Avalos, Special Events Coordinator of my staff.
After extensive discussion, the Miami/Bahamas Goombay Festival
representatives agreed to make an initial payment of $7,000 and to repay the
balance of the loan, $50,802.12 in 48 monthly installments at $1,058.38, interest
free.
It is recommended that the existing loan agreement be modified to reflect the
aforementioned repayment arrangement and the default interest be waived, since the
organization does not have the financial means to repay the loan in a more expeditious
manner.
ELW/bd
c:
Olga Ramirez-Seijas, Assistant City Attorney
Luie L. Brennan, Management Analyst Supervisor
Jose Matas, Accountant Supervisor
Espe Avalos, Special Events -6or . ator
LApprov d/Disapprovec
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