HomeMy WebLinkAboutR-96-005596 - 515
RESOLUTION NO.
A RESOLUTION AMENDING RESOLUTION NO. 95-888,
ADOPTED DECEMBER 7, 1995, AND THOSE CERTAIN
AGREEMENT(S) ATTACHED THERETO, TO ACCEPT THE
INCREASE IN THE AMOUNT OF THE LIEN OF THE CNB
MORTGAGE, TO WHICH THE LIEN OF THE CITY
MORTGAGE IS SUBORDINATE, FROM $2,400,000 TO
$2,985,000, FOR THE PURPOSE OF FINALIZING THE
FINANCING FOR THE DEVELOPMENT, BY WEST
BRICKELL APARTMENTS, LTD., OF ONE HUNDRED
THIRTY (130) UNITS OF AFFORDABLE HOUSING ON
THE PROPERTY LOCATED AT SOUTHWEST 10TH STREET
AND SOUTHWEST 2ND AVENUE, MIAMI, FLORIDA;
AUTHORIZING THE CITY MANAGER TO EXECUTE THE
NECESSARY DOCUMENTS, IN A FORM ACCEPTABLE TO
THE CITY ATTORNEY, TO INCORPORATE SAID
AMENDMENT.
WHEREAS, pursuant to Resolution No. 95-888, adopted
December 7, 1995, the City Commission authorized the City Manager
to execute a Subordination Agreement with West Brickell
Apartments, Ltd. wherein the City agreed to subordinate the lien
of the City Mortgage in the amount of $688,000 to the lien of the
CNB Mortgage in the amount of $2,400,000,
for the purpose of
finalizing the financing for the development, by West Brickell
Apartments, Ltd., of one hundred thirty (130) units of affordable
housing on the property
I
located at Southwest loth Street and
Southwest 2nd Avenue, Miami, Florida; and
WHEREAS, the lien of the CNB Mortgage has
$2,985,000;
i
increased to
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
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. 95-888, adopted December 7,
1995, and those certain agreements attached thereto, are hereby
amended to accept an increase in the amount of the lien of the
CNB Mortgage, to which the lien of the City Mortgage is
subordinate, from $2,400,000 to $2,985,000, for the purpose of
! finalizing the financing for the development of one hundred
thirty (130) units of affordable housing on the property located
at Southwest 10th Street and Southwest 2nd Avenue, Miami,
i Florida, to be developed by West Brickell Apartments, Ltd.
Section 3. The City Manager is hereby authorized!' to
execute the necessary document (s), in a form acceptable to the
City Attorney, to incorporate said amendment.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 25th day of January 1996.
ATEEN P. CLAR MAYOR
-' 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.
CITY OF MIAMI, FLORIDA 67
r
INTER -OFFICE MEMORANDUM
TO: �
Cesar O ' DATE : January 9, 1996 FILE
C� M ager
SUBJECT : Agenda Item
FROM : l.---`Yjfred0 (Willy) Gort
dice Mayor
REFERENCES:
ENCLOSURES:
At a prior City Commission meeting, the Commission adopted a Resolution authorizing
subordination of the City's first mortgage on the West Brickell Apartments for the
construction loans and permanent loan. The previous Resolution placed a maximum of
2.4 Million on the amount of loan to which the City was subordinate. During the loan
closing process, which occurred on December 29, 1995, it was found that the first
mortgage amount during construction will be $2.985 Million and $2.4 Million at the end
of construction.
It is necessary for the City Commission to amend the previous Resolution to recognize
this increased first mortgage during construction.
Please place this on the January 26, 1996 Commission agenda. I will inform Mr. A.
Quinn Jones, City Attorney so that the attorney's office can prepare the appropriate
amendments to the Resolution.
Thank you for your cooperation.
WG/rr
cc: Elvi Gallastegui, Agenda Office
A. Quinn Jones, City Attorney