HomeMy WebLinkAboutR-96-0045J-95-971
11/28/95
RESOLUTION NO.
A RESOLUTION, WITH ATTACHMENT, AUTHORIZING
THE CITY MANAGER TO EXECUTE AN AGREEMENT WITH
THE UNITED STATES DEPARTMENT. OF HOUSING AND
URBAN DEVELOPMENT ("HUD"), IN SUBSTANTIALLY
THE ATTACHED FORM, FOR A SECTION 108 LOAN
GUARANTEE IN THE AMOUNT OF $2.7 MILLION TO
ASSIST IN FINANCING THE EXPANSION OF THE
EDISON PLAZA SHOPPING CENTER, A PROJECT OF
THE TACOLCY ECONOMIC DEVELOPMENT CORPORATION
("TEDC"), WITH NO ADDITIONAL AGREEMENT
BETWEEN THE CITY OF MIAMI AND TEDC UNTIL SUCH
TIME AS THE U.S. CONGRESS DETERMINES PENDING
LEGISLATION REGARDING THE COMMUNITY
DEVELOPMENT CORPORATION ("CDC") TAX CREDIT
PROGRAM, AN INTEGRAL PART OF THE TOTAL
FINANCING REQUIREMENTS OF THIS PROJECT;
FURTHER, ACCEPTING AN ECONOMIC DEVELOPMENT
INITIATIVE GRANT, IN THE AMOUNT OF $670,000,
TO BE USED WITH THE SECTION 108 LOAN
GUARANTEE, AND AUTHORIZING THE CITY MANAGER
TO EXECUTE THE NECESSARY ACCEPTANCE
DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY.
i
WHEREAS, the City of Miami is committed to assisting
nonprofit organizations in developing projects which will create
new jobs and remove slum and blight•in the community; and
WHEREAS, the City of Miami has applied for a $2.7 million
Section 108 Loan Guarantee from HUD for the expansion of the
Edison Plaza Shopping Center on behalf of TEDC; and
ATTACHMENT � q
CONTAINED
CITY COMMISSION,
MEETING OF
JAN 2 5 1996
Resolution No.
96- 45
WHEREAS, the City of Miami has also applied for an Economic
Development Initiative Grant, in the amount of $670,000, for the
same project; and
WHEREAS, HUD has officially approved the Section 108 Loan
Guarantee and the Economic Development Initiative Grant;
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,
for Section 108 Loan Guarantee in the amount of $2.7 million to
assist in financing the expansion of the Edison Plaza Shopping
Center, a project of the Tacolcy Economic Development Corporation
("TEDC"), with no additional agreement between the City of Miami i
and TEDC until such time as the U.S. Congress determines pending {
legislation regarding the Community Development Corporation Tax
Credit Program, an integral part of the total financing
requirements of this project. '
Section 3. The City Manager is hereby further
authorized to accept an Economic Development Initiative Grant,
in the amount of $670, 000, to be used with the Section 108 Loan
' 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.
2-
96-
Guarantee, and to execute the necessary acceptance documents, in
a form acceptable to the City Attorney.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 25tK day of JAnudry, 1995.
Oki
STEPHW P. CLARK, WJAYOR
ATTEST:
AC
J FOMAN
ERK
NET REVIEW AND APPROVAL:
NET 9ERVY.ATEp,S DIRECTOR
FINANCE AND BUDGETARY REVIEW:
MANOHAR S.
3-
APPROVED AS TO FORM AND
CORRECTNESS:
r
A. WXNN S, III
CITY ATT Y
96- 45
r'�
�i
un in Approval/Agreement
itl i of the Housing and Com,. jnity
ev lopment Act (Public Law 93-383)
-00 15R of 2051 SR
M. n! n, R.. ol.n. In Ifnm r. of Sfun,ler,i Gnrm_AJA1
CTY OF MIAMI, FLORIDA
U.S. Department of i •ing
and Urban Developm,
Office of Community Planning
and Development
Communitv Development Block Grant
59 6000375
B-95—MC-12-0013
Project / Grant Number 2
Ga. Amount Approved
00 BISCAYNE BOULEVARD r6c. Project / Grant Number 3 Go. Amount Approved
I_AMI, FL 33131
rant Agreement
1js Grant Agreement between the Department of Housing and Urban Development (HUD) and the above named Grantee is made
irsuant to the authority of Title I of the Housing and Community Development Act of 1974, as amended, (42 U.S.C. 5301 at seq).
ie Grantee's submissions for Title i assistance, the HUD regulations at 24 CFR Part 570 (as now in effect and as may be amended
om time to time), and this Funding Approval, including any special conditions, constitute part of the Agreement. Subject to the
•ovisions of this Grant Agreement, HUD will make the funding assistance specified here available to the Grantee upon execution of
;e 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
Iplicable requirements. Pre -agreement costs may not be paid with funding assistance specified here unless they are authorized in
UD 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
e Secretary pursuant to Section 104(g) of Title I and published in 24 CFR Part 58. The Grantee further acknowledges its
sponsibilitVf�/adherence tq ties Agreement by subrecipient entities to which it makes funding assistance hereunder available.
S. Departmelt of lopment (signature ®, date) Grantee (signature, name, title, date) .
r` �- i iC'tnr,,
,KEN C. I , DEPUTY ASSISTANT FOR ,(
G T PROGRAM CITY OF MIAMI FLORIDA
C eck Only One: Category o Title I Assistance for this B. Special 9a. Date HUD Received Submission: 10. Check One:
Funding Action Conditions a. Orig.Funding Approval
a. Entitlement, Sec10e(b) (check ono)
9b. Data Grantee Notified:
b. State -Administered, Sec 106(d)(1) None b. Amendment X
c. HUD -Administered Small Cities, Sec 1061d)(2)10) Attached X9c. Date of Start of Program Year: c. Amendment Number
d. Indian CDBG Programs, Sao 106 (a)(1) 11. Amount of
Community
a. Surplus Urban Renewal Funds, Sao 112(b) Development FY 95 FY FY
Block Grant
I. Special Purpose Grants, Sea 107 a. Funds Reserved For
This Grantee
g. Loan Guarantee, See 108 X b. Funds Now Being
pprove •>:>:• A vad
r
?> c. ese R rvat o 0 i n T Be
zz< Cancelled
a Ilad 11 a minus 1 tib 1 )
Amount of Loan Guarantee Commitment Now Being Approved: 12b. Name and Complete Address of Public Agency
2,700,000
)an Guarantee Acceptance Provisions for
esignated Agencies
is public agency hereby accepts the Grant Agreement executed by the
,partment of Housing and Urban Development on the above date with respect to 12c, Signature of Authorized Official (name, title, dote) for
e above grant number(s) as Grantee designated to receive loan guarantee Designated Public Agency
s(stance, and agrees to comply with the terms and conditions of the Agreement, X
Iplicable regulations, and other requirements of HUD now or hereafter in effect,
irtaining to the assistance provided it.
etch 17 6 pro ram
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Re[l Area Document No.
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Project Number
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Pro ect Number
Date Entered PAS Date Entered LOCCS Batch Number
evious Editions are Obsolete
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Amount i
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Amount
Transaction Code Entered by: Verified by:
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form HUD-7082 (4/14/93)
24 CFR 571)
96- 45
RM
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM 40
Honorable Mayor and Members of Fire! 9 1gg;
TO : DATE "''' FILE
the City Commission
FROM :Cesar
City M Dro
RECOMMENDATION
SUBJECT Agreement for HUD Section 108
Loan Guarantee with Tacolcy
Economic Development
REFERENCES: Corporation
ENCLOSURES: City Commission Meeting of
December 7 1995
It is respectfutty recommended that the City Commission approve the attached Resolution
authorizing the City Manager to enter into an agreement with the U.S. Department of Housing
and Urban Development (HUD) for a Section 108 Loan Guarantee in the amount of $2.7
million dollars, to help finance the Edison Plaza Expansion Project of the Tacolcy Economic
Development Corporation (TEDC), and further authorizes the City Manager to accept the
Economic Development initiative (EDI) grant of $670,000.00 for the same project to be used
with the Section 108 loan.
BACKGROUND
NET has analyzed the need to enter into agreement with HUD to assist in the development of
the Edison Plaza Expansion of TEDC.
On August 10, 1995, the City, on behalf of TEDC, submitted an application to HUD for a $2.7
million dollar Section 108 Loan Guarantee. TEDC proposes to expand the Edison Plaza
Shopping Center to provide for a larger supermarket anchor tenant and other commercial
tenants providing approximately 200 permanent jobs for the community. The plaza is located
on N.W. 62nd Street and N.W. 7th Avenue.
The City is not prepared at this time, to enter into an agreement with Tacolcy Economic
Development Corporation, due to pending legislation in the U.S. Congress affecting the
Community Development Corporation (CDC) Tax Credit Program.
Tacolcy Economic Development Corporation hopes to raise approximately $2 million in
qualified contributions through the Tax Credit Program. Because this amount is crucial to
financing the total project, and the fact that Congress may consider a repeal of the program,
further negotiations with Tacolcy Economic Development Corporation will be required prior to
any final contract.
96- ' 45