HomeMy WebLinkAboutR-96-0631llftftI
J-96-996
9/12/96 9 6 3 1
RESOLtrrION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER To
SUBMIT AN APPLICATION, IN A FORM ACCEPTABLE
TO THE CITY A7TOWHY, TO THE U. S. DEPARTM17WP
OF HOUSING AND UPBAN DMLOPMENT (USHUD), FOR
A SECTION 108 LOAN GUARANTEE IN THE AMOUNT OF
$1,500,000, TO ASSIST IN FINANCING FLAGLER
MARKETPLACE., A PUBLIC impRovxmENT PRoiscr OF
THE DOWITrOWN DEVELOPMENT AUTHORITY (DDA), FOR
THE RBSTORATION OF NEW CURBS AND SIDEWALKS,
STREET LANDSCAPING, SIGNAGE AND aINER STREET
IMPROVEMENTS ALONG FLAGLER STREET IN THE
DOWN. -OWN MIAMI NEIGHBORHOOD; FURTHER
AUTHORIZING REPAYMENT OF SAID LOAN FROM
COMMUNITY DWiELOPIMENT GENERATED REVENUES OR
FUTURE YEARS COMR41TY DEVELOPMENT BLOCK
GRANT ("CMBG") ALLOCATIONS.
WHEREAS, the City of Miami is cotanitted to imprOving the
neighborhoods of which the downtown community is, vun important
part,, and
WHEREAS, the Downtown Development Authority has proposed a
t�jor street redevelopment project for the downtown Flagler
Street area; and
the City Commission has approved $'00'000 to xd
the Flagler Marketplace Project; and
WHEREAS, the City of Miami is desirous of rest:oring the,
publiLc right-of-way and other streetimprovements in downtOwn
Miami; axid
CM,
=TiNG OF
1 2.
Rb"AAQR *6
681
WHEREAS, the sum of $1,500,000 is not available from the
Community Development Block Grant. Program to assist with the
financing of ,said public improvement 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 teference
thereto and incorporated herein as if fully suet forth .in this
Section.
Section 2. The City Manager is hereby authorized-1 to
submit an application, in a form acceptable to the City Attorney,
to the United States Department of Housing and Urban Development.
(USH D) for a Section 108 loan guarantee in the amount $1,500,'000
for the purpose of assisting in financing the Fla ler Marketplace
� p rP g g �� p
i Project' of the Downtown Development Authority (DDA) for the
4i
restoration of new curbs and sidewalks, street landscaping,
signage and other street improvements along Flagler Street in the
ddwritowm ' area .
l Section 3 , RPpaymeai'E of said Section 208 Loran toUSHUD
is hereby authorized from Community Development generated
( revenues or future
("CDBG") allocations.
years Community Development Block Grant
SeCti.ozn 4. This Resolution shall become effective
immediately upon its adoption.
V The herein authorization is further subject to compliance
with all requirements that may be iwiposed by the City
' Attorney, including but not limited to those prescribed by
applicable City Charter and Code provisions.:
-2m
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01
0
PASSED AND ADOPTED this _12,LIL_clay of _aap.LemLgx __, 1996.
pJ
ATTHSTAt ---�7M-�CAROLLO, MAYOR
WALTER JL��
CITY CLERK
APPROVE'D AS TO FORM AND CORRECTNESS-.
A� I dNog, JII
CITY ATTOtr,
W1124:csk:BSS:ORS
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
Honorable Mgt�or and Members of
TO . the C%, Commission anrE
SUIVECT Authorize Submittal of a Section
108 Loan Application to U.S. ffUD
pmom Cesa REFERENCES' DDATkegler Markeg 1,11ace
'i0err
ENCLOSURES: 0# Commmission Meeting of
It is respec fully recommended that the City Commission approve the attached Resolution,
authorizing the City Manager to submit an applieadon for a Section 108 Loan Guarantee to the
U.S. Department of Housing and Urban Development (1114Q), in the amount of one j► Won, five
hundred thousand ($I,500,000.00) dollars, to assist in financing the Flagler Market Bace Street
Redevelopment Project of the Downtown Development Authority. The Loan would be provided to
the City of Miami at approximately 6% for a period of fifteen (15) years, and would be repaid to
HUD from the Qrs Community Development generated revenues or future years CDBG
allocations in the amount of approximately $I60,000.00 per year.
FlIX-1*107
AWT has analyzed the, need to submit a Section 108 Loan Guarantee Applie#Won 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 alsa pfarticipating.
Approval of this application by U.S R LTD will allow the City to fityliff its obligations as a full
partner along with Dade County and the ,Mate of Florida, in helping secure funding for the
completion of'the entire project.
96— 631
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CITY LOGO
C0MMUATrg'DV VEWPME,1�'1`BWC,,' C.cRAliiF.PROGt�i.�.,�+i
l 077CE OF P {.. �P.J1' ffF.4 lNC
The City oflWwd *YV conduct a public hesxIng to discuss appbdng for
a Section 103 Loan Guarantee in the amount of $1.5 .million from the
U.S. Department of Housing and Urban Development (HUD) on behaff
of the Downtown Development Authority (MA4 to assist In .aiding
various pubtic stmet improvements aloV FWr Stawet in downtown
Maml as hart of the Flagi'e r S&cct Marketplace project of the Z?DA
The proposed U.S. HUD Seetfon 108 low will be repaid by the: City of
Maml, from Community Development Block Grant (CMG) program
revenues or future years CDBG alloca,dons..
The elate and time of the Public Hearingis as follows:
Date: September 12, 1996
37ME• .9. 00 a.m.
Place: City of 1 ami CcDnz.Wssion Chambers
3500 Pan AmWcan give
Maanl. Florida 33133
Al Interested parties wM be given an opportunity to comment on the
proposed application.
96- 631